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SOFI −3.93% on Nov 12 · Analysis updated Nov 12, 2026, 5:31 PM ET
Why is SoFi Technologies, Inc. (SOFI) stock down?
SoFi continues to benefit from strong operating leverage following its standout Q3 2026 earnings release, which featured 44% year-over-year adjusted net revenue growth to $1.4 billion, record origination volume of $16.9 billion, and upgraded full-year 2026 revenue guidance of $5.04 billion alongside initial 2027 targets of $6.4 billion in revenue and $0.90 in EPS. In addition to core lending and deposit expansion ($51.3 billion deposit base), the company is expanding its platform utility by securing a retail distributor role for the Anthropic IPO allocation and broadening its SoFiUSD stablecoin integration via Polygon's Open Money Stack. In the market, SOFI shares pulled back to $15.63 on November 12 after peaking near $17.74 post-earnings, representing healthy consolidation and profit-taking on moderate volume above key post-earnings support levels.
News behind the analysis
- SoFi Selected as Retail Distributor for Upcoming Anthropic IPO AllocationAnthropic's amended S-1 filing named SoFi among six retail distributors offering up to 20% of its mega-cap IPO shares to retail customers.
- SoFiUSD Stablecoin Expands to Polygon's Open Money Stack for PaymentsPolygon Labs announced that SoFiUSD is now live on its Open Money Stack, allowing over 17 million SoFi members to trade and use the bank-issued stablecoin.
- SoFi's Q3 Loan Originations Surge 71% to Record $16.9 BillionSoFi generated record loan originations of $16.9 billion in Q3, fueled by a 69% increase in personal loan volumes and strong deposit growth.
- SoFi Raises 2026 Guidance and Targets $0.90 EPS for 2027Following 44% net revenue growth to $1.4B in Q3, SoFi raised full-year 2026 adjusted revenue guidance to $5.04B and introduced preliminary 2027 revenue guidance of $6.4B.
- SoFi Reports Third Quarter 2026 Results with Record Revenue and EBITDASoFi delivered record Q3 adjusted net revenue of $1.4 billion and adjusted EBITDA of $470 million, adding 1.2 million new members.
About SoFi Technologies, Inc. Common Stock
SoFi Technologies is a US online-only bank and finance app that lets members borrow, save, spend, invest and buy insurance in one place, with about 17 million members as of Q3 2026. It stands out because it holds a national bank charter and also sells its banking and payments technology (Galileo and Technisys) to other companies.
How it makes money
Most of SoFi's revenue comes from lending. It earns interest on personal, student and home loans, and also collects fees when it makes loans or sells them to outside investors through its Loan Platform Business. Fee-based revenue (loan origination fees, card interchange, brokerage fees, Loan Platform fees and its Tech Platform business) was about 42% of revenue in Q3 2026, when quarterly net revenue was roughly $1.4 billion. Its Financial Services segment (deposits, SoFi Money, investing, credit cards) and its Technology Platform segment make up the rest.
What usually moves SOFI
- Interest rates and funding costs
- Personal loan demand and credit losses
- Member and product growth
- Demand for selling loans to outside investors
- Fintech and growth-stock sentiment