SoFi Technologies, Inc exceeded analysts’ expectations across the board in the first quarter of 2025.
SoFi posted a net income of $71 million in the three months ended March 31, down 19% from $88 million in the same period last year. Analysts polled by S&P had expected $38 million.
SoFi reported $770 million in revenue, up 33% compared with $580 million in the same period a year prior. That number exceeded expectations of analysts polled by S&P, who expected $739 million of revenue for the first quarter. Chief Executive Officer Anthony Noto on the earnings call Tuesday morning said it was the highest net revenue in five quarters.
“Our strong financial performance is the direct result of our continued investments in brand building and product innovation,” Noto said. “These investments attract new members and clients into our digital one-stop-shop ecosystem and lead them to adopt more products over time. This virtuous cycle — which we call our Financial Services Productivity Loop or FSPL — fuels our growth and ultimately our returns as we scale.”
SoFi reported an increase of 6 cents on a per-share basis, beating analysts’ expectations by 100%. Analysts polled by S&P had expected earnings of 3 cents per share.
Chief Financial Officer Christopher Lapointe said on the call that SoFi exceeded in every metric guided on its last call and accelerated growth led to “our sixth consecutive profitable quarter.”
Membership grew 34% to a record 10.9 million users with 800,000 new members. The company also reported 1.2 million new product sales, up 35% from the prior year, to a total of 15.9 million products.
The company reported revenue doubling in the financial services segment compared to a year ago to $303 million, which it attributed to strong member adoption of the SoFi Money product as well as expansion of the loan platform business, adjustments for improved user experience in SoFi Invest and expanded partnership with Templum, allowing members access to more investment opportunities.
SoFi reported its expanded loan business led to more than $7.25 billion in new loan originations. The company in 2025 finalized deals with Blue Owl, Fortress and Edge Focus and it attributed $1.6 billion in originated loans in the first quarter solely to third party partners. Personal loan originations were up 69% from the first quarter of last year with student loan originations up 59% and home loan originations up 54% compared to the same period.
The company was optimistic for the remainder of the year for its loan business with plans to unveil a new personal loan product for prime credit card customers with revolving balances as well as a new student loan refinancing product, SmartStart.
SoFi pointed to its aggressive marketing strategy as a reason for increased brand awareness and new customers. More than 20 million viewers watched the inaugural season of “TGL presented by SoFi,” a new golf league launched by Tiger Woods and Rory McIlroy in partnership with the PGA Tour that plays at the SoFi Center. Its SoFi Invest promotion tied to player performance in the playoffs led to “record engagement” for the investment arm, Noto said. The company also recently partnered with the Country Music Association’s CMA Fest.
“A significant amount of our marketing investment goes towards building the SoFi brand name via broad scale, high reach branded marketing,” Noto said. “This investment is centered on building SoFi into a trusted household brand name, which we measure based on unaided brand awareness. Having a strong brand creates a halo effect that makes our performance marketing of each product more efficient. Our unaided brand awareness continued to be very strong through the quarter at 7%.”
Noto also said the “evolving regulatory landscape” is providing SoFi with “an opportunity to reenter the crypto and blockchain space more comprehensively.” He said in addition to letting users invest in cryptocurrencies, the company plans to enter other areas of the sphere in the next six to 24 months, “but potentially much sooner via acquisition or if the changing regulatory landscape allows.”
“Our aspirations over time are as broad and deep as they are for our existing SoFi business, including developing crypto and blockchain offerings across borrowing, investing, paying and saving in our Technology Platform services for third parties,” Noto said.
All told, Noto said the company’s strategy has delivered “great results” and SoFi decided to increase innovation while increasing its full year guidance.
“Our value proposition has never been more relevant to the members and clients we serve,” Noto said. “We are stepping on the gas to launch new products faster and iterate to improve our existing products at an even more rapid pace. The opportunity in front of us is too massive to risk underinvesting to capture it.”
