SoFi Reports Net Revenue of $734M and Net Income of $332M Million for Q4 2024

SoFi Technologies, Inc. (NASDAQ: SOFI), a “one-stop” shop for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results for its fourth quarter and fiscal year ended Dec 31, 2024.

Anthony Noto, CEO of SoFi Technologies, Inc. said:

“Our ability to deliver durable growth and strong returns throughout the year was once again the direct result of our relentless focus on innovation and brand building. SoFi set new records in revenue, profit, members, and products in 2024, and we look forward to continuing to build momentum on this in 2025.”

Noto continued by noting that during the fourth quarter, their Financial Services and Tech Platform segments “made up a record 49% of SoFi’s adjusted net revenue, up from 40% in the year ago quarter.”

He added that these businesses grew revenue by a “combined 52% year-over-year, a testament to their execution and deliberate shift towards capital-light, higher ROE, cash, fee based revenue streams.”

SoFi reported $0.05 EPS for the quarter, which beat the consensus estimate of $0.04 by $0.01. SoFi reported a net margin of 8.38% and a return on equity of 3.71%.

During the same quarter this past year, the Fintech company reportedly earned $0.04 EPS. SoFi updated its Q1 2025 guidance to 0.030-0.030 EPS and its FY 2025 guidance to 0.250-0.270 EPS.

SOFI stock traded down $2.11 during trading hours on Monday (Jan 27, 2025), reaching $15.82. 91,013,992 shares of the firm’s stock were exchanged, compared to its average volume of 46,631,609. Today, SoFi is trading little changed from yesterday’s close.

SoFi received several ratings boosts following its earnings with UBS increasing its price target to $14 from its current target of $10.50, so little help there. Goldman did not help either changing its price target from $8.50 to $9.50.

On a more positive note, Needham raised its target to $20, and Citi set a price estimate of $18.


Among the highlights:

  • Member and product adds in Q4 reached 785 thousand and 1.1 million, respectively, setting new quarterly records.
  • SoFi Money reached record highs in Accounts, Total Deposits, and Direct Deposit members. Additionally, we introduced Zelle and improved our self-service wire transfers.
  • SoFi Invest continued to provide Main Street investors with the tools to help them achieve their ambitions. We launched access to unique investment products like the Templum Cosmos Fund, which offers sole exposure to SpaceX, and our new robo-advisor platform in partnership with BlackRock.
  • Loan Platform Business posted record results, generating $63.2 million in loan platform fees driven by $1.1 billion of personal loan volume generated on behalf of third parties in the quarter. In the full year of 2024, our Loan Platform Business originated and transferred a record $2.1 billion of personal loan volume.
  • Tech Platform signed several new partnerships across a broad range of industries. Galileo was selected by the US Department of the Treasury as the processing partner for Direct Express, a prepaid debit card program which provides millions of people access to federal benefits. The company also signed a large retail financial services provider of short-term consumer loans, card services, check cashing, and other products.
  • Lastly, they signed a leading hotel rewards brand for a new co-branded debit card program.
  • Student Loans saw its best quarter of originations since the end of 2021, reaching $1.3 billion, a 71% year-over-year increase.
  • Home Loans saw its best quarter of originations since 2021 across all products — purchase, refinancing and home equity loans — with originations of $577 million, a 87% year-over-year increase.
  • Credit performance continues to improve. On-balance sheet 90 day personal loan delinquency rate decreased to 55 basis points from 57 basis points in the prior quarter, while personal loan annualized charge-off rate decreased to 3.37% from 3.52% in the prior quarter.
  • SoFi ended the quarter with its highest average unaided brand awareness of all time, reaching over 7%, a 170 basis point increase from the prior year period.


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