SoFi stock jumps as consumer lending boom kicks into higher gear

Shares of SoFi Technologies Inc. ( SOFI ) jumped more than 11% in early trading on Tuesday after the fintech bank reported better-than-expected third quarter revenue and profit as its lending engine roared.

The San Francisco-based lending and investing app reported net income rose 73% to $241 million, or $0.18 in adjusted earnings per share, while revenue climbed 43% to $1.38 billion. Both figures outpaced analyst expectations of $1.27 billion and $226 million.

"These are strong results in any environment, but they're even more remarkable when considering how 2026 has turned out," CEO Anthony Noto said at the beginning of SoFi's call with analysts.

The company also raised its adjusted revenue for the full year to $5 billion from a range of $4.75 billion to $4.85 billion and upped its forecast for annual earnings per share by one cent to $0.61.

SoFi's stock rose more than 10% early Tuesday, putting it on pace for its best day in twelve weeks, according to Yahoo Finance's tally. The rally brings relief for shareholders who have seen the value in their holdings drop 50% from its peak a year ago through its Monday closing price.

2026 hasn't been an easy year for the fintech bank. Along with a short seller attack , the company has faced valuation concerns amid its move to take more balance sheet risk by growing its core lending business as borrowing costs have climbed.

During Tuesday's earnings call, CEO Noto said the company is thriving despite borrowing costs rising more than management initially expected at the beginning of the year. He also took aim at the company's critics.

"Leading our team is a privilege, especially this year as we've methodically delivered results that directly refute many of the prognostications of the haters," he said.

SoFi's lending engine drove the upbeat results. Adjusted revenue from SoFi's lending business was $807 million, far exceeding analyst expectations of $711 million.

The bank's total loan originations jumped 71% from a year ago to a record $16.9 billion. Personal loan originations jumped 69% to $12.6 billion. Student loan originations nearly doubled to $2.9 billion, while home loan originations rose 44% to $1.36 billion.

Lending revenue accounted for 59% of SoFi's total adjusted net revenue, up from 51% a year ago.

Credit quality remained stable despite rising borrowing costs in the quarter. The bank's annualized charge-off rate for personal loans fell to 2.26% from 2.62% in the previous quarter.

"We are not seeing evidence of a slowdown in how many members borrow, spend… save, or invest," Noto added.