Why Wall Street Keeps Ignoring SoFi’s Record Growth for Robinhood Insider Monkey Team Thu, August 6, 2026 at 7:02 PM GMT+2 4 min read SoFi Technologies (NASDAQ:SOFI) just posted the best quarter in its history, and the stock fell anyway. Membership hit a record, loan originations hit a record, and tangible book value grew faster than almost anyone expected. Yet shares dropped roughly 9% the day the numbers came out, part of a stretch that has left the stock down nearly 42% this year.
The gap between what the business is doing and what the market is doing has rarely been this wide. A Flywheel That Keeps Getting Cheaper To Spin The growth engine behind that record quarter keeps compounding. SoFi added 1.1 million new members in FQ2 2026, a record, pushing its base to 15.8 million people, up 35% year over year.
What matters more is how it is selling to them: 51% of new products went to existing members, up from 43% the prior quarter and 35% a year earlier, and the average member now uses 1.54 products, up from 1.46 twelve months ago. That is a company getting cheaper to grow, since selling another product to someone already banking with you costs far less than acquiring a stranger. The balance sheet backs up that growth.
Tangible book value jumped 80% year over year to $9.5 billion, or $7.34 per share, while deposits reached $45.5 billion and the total capital ratio sat at 18.8%, comfortably above the 10.5% regulatory minimum. Loan originations hit a record $14.8 billion, up 69%, and the personal loan charge-off rate actually fell 21 basis points even as that book expanded, a sign SoFi is not chasing volume by loosening standards. SoFi's brokerage arm was also among the firms chosen for the record-breaking Space Exploration Technologies IPO, and brokerage revenue climbed 141% for the quarter.
William Blair's Andrew Jeffrey called the results reason to "aggressively accumulate" the stock, arguing the larger balance sheet efficiently supports management's 20% to 30% long-term return-on-equity target. Pixabay/Public Domain The Profit Line That Refuses To Move None of that explains why the profit outlook didn't move. Management raised full-year adjusted net revenue guidance to $4.75 billion to $4.85 billion, up from $4.66 billion, but left adjusted EBITDA guidance at $1.6 billion and adjusted earnings per share at $0.60.
More revenue with no more profit attached is exactly the kind of detail the market prices quickly. CEO Anthony Noto pointed to a shift in the bank's own rate expectations, from two cuts to two hikes this year, as the reason for the caution, alongside a choice to reinvest rather than bank the upside. Story Continues KBW's Tim Switzer flagged this as a weaker-quality beat, since so much of the revenue growth traced back to balance sheet expansion rather than fee income.
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