Q3 revenue rose 44% YoY to $1.4bn.
FY revenue guidance was raised to $5.04bn, and, ahead of schedule, the company issued a 2027 guide of $6.4bn. However, rate hikes drove over $800mn of fair value losses, largely offset by hedges, while management anchors a 2030 goal of 100mn products under a three-pronged framework.
Below is Dolphin Research's Trans of SoFi Technologies' Q2 FY26 earnings call.
Section I: Key financial highlights recap.1) Guidance (revenue raised): management lifted FY26 Adj. net revenue to $4.75bn–$4.85bn.
This implies ~32%–35% YoY growth vs. prior ~30%...
In Part I, we unpacked SoFi's business framework and identified its growth engines: expansion of the Loan Platform Biz. (LPB) and the revival of student lending.
In Part II, guided by Muddy Waters' short case, we surfaced several 'hidden wounds' — shifting credit losses on/off balance sheet to manage the NPL ratio, profit inflation from fair value accounting, and equity dilution.Put together, a somewhat contradictory picture emerges: despite inherent flaws under constant market scrutiny, SoFi still spiked to a $42bn market cap in H2 2025...In the prior piece, after reviewing $SoFi Tech(SOFI.US)'s core biz., we noted that current earnings are largely driven by expansion of the Lending Platform Business (LPB), with a smaller lift from the gradual comeback in student loans.
On Mar 23, Muddy Waters released a short report that squarely targeted these key segments.In its view, SOFI's conduct is comparable to past cases like GE and Enron.Market reaction was muted.
After the CEO swiftly stepped in with share purchases to back the stock, it fell just 2.6% the next day.It even looked restrained vs. the typical impact of a short report...$SoFi Tech(SOFI.US) has been public for five years. Early on, it was cast as the next LendingClub, a scaling digital bank, and a high-beta fintech meme stock.
Since its 2021 debut, the shares have crashed multiple times. At the 2022 trough, they fell to about 60% of the IPO price.Even after clawing back, turbulence has persisted. In Mar, SoFi was targeted by famed short-seller Muddy Waters.As the short case is not without merit, Dolphin Research will unpack it in the next note. That said, whatever Muddy Waters alleges, in management’s eyes...