SoFi shares fall 12% after company holds 2026 forecast steady

SoFi delivered a record quarter, but Wall Street fixated on what management did not do: raise the 2026 outlook. The stock fell 12% in early trading on April 29 after the company held its full-year revenue forecast steady, a reaction that showed how sharply investors are now judging fintech growth by forward acceleration rather than headline beats.

The San Francisco-based lender and digital finance platform said first-quarter total net revenue reached $1.100 billion, up 43% from $771.8 million a year earlier. Adjusted net revenue rose 41% to $1.087 billion, adjusted EBITDA climbed 62% to $339.9 million, and net income jumped 134% to $166.7 million, or 12 cents a diluted share, compared with 6 cents a year earlier. Loan originations hit a record $12.2 billion, while members increased 35% to 14.7 million and total products rose 39% to 22.2 million.

The market’s disappointment centered on guidance, not execution. SoFi left its 2026 revenue forecast unchanged and continued to expect full-year profit of 60 cents per share on revenue of about $4.66 billion. That was enough to meet expectations, but not enough to excite investors looking for a higher bar after such a strong start to the year. For the second quarter, SoFi said it expects about $1.115 billion in adjusted net revenue, roughly 30% growth from the same period in 2025.

Chief executive Anthony Noto said, “We’ve had a remarkable start to 2026,” and pointed to the company’s expanding scale across borrowing, saving, spending, investing and protecting money. SoFi said 43% of new products came from existing members, a sign that cross-selling inside the platform remains one of its most important growth engines. The company also said its Rule of 40 score was 72 in the quarter, marking the 18th consecutive quarter it has cleared that benchmark.

Analysts said the problem was not the quarter itself, but the message attached to it. William Blair’s Andrew Jeffrey said SoFi did not flow through first-quarter revenue and EBITDA upside into its guidance, leaving investors with less reason to revisit their expectations. The muted outlook comes against a backdrop of persistent macro uncertainty, with higher oil prices tied to Middle East tensions and still-high interest rates complicating the outlook for lenders and consumers alike.

SoFi had already crossed the $1 billion quarterly revenue mark in the fourth quarter of 2025, and this report extended that run rather than redefining it. The numbers show a company still growing quickly; the stock move shows markets now want more than proof of growth. They want evidence that the pace can keep climbing.