SoFi Technologies, Inc.

These statements include but are not limited to our competitive advantage in strategy, macroeconomic conditions and outlook, future products and services, and future business and financial performance. Our GAAP consolidated income statement and all reconciliations can be found in today's earnings release and the subsequent 10-K filing, which will be made available next month. Factors that could cause these results to differ materially are described in today's press release and our subsequent filings made with the SEC, including our upcoming Form 10-K. Any forward-looking statements that we may make on this call are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events. And now, I'd like to turn the call over to Anthony.

Thank you, and good morning, everyone. 2025 was a tremendous year on all fronts. Our member focus drove an unprecedented level of innovation across our business and led to the strongest financial performance in the history of our company. As we begin 2026, we're positioned for another year of unprecedented results, and I could not be more excited. We come into the year with a differentiated one stop shop model with a full suite of products that allow members to borrow, save, spend, invest and protect better. A demonstrated track record of driving durable growth through continuous innovation resulted in compound annual growth of nearly 50% from $240 million in 2018 to $3.6 billion in 2025. A scaled member base of 13.7 million members, more than 20 times larger than the 650,000 members we had in 2018, and our highest brand awareness ever at nearly 10%, versus roughly 2% in 2018. Despite that unprecedented growth, we still have massive adjustable markets across our existing businesses and huge opportunities for growth in newer areas like crypto, AI, and business banking. And finally, we have a fortress balance sheet, which we further strengthened through $3.2 billion in new capital, increasing our tangible book value by $2 per share to $7 per share, giving us a broad range of optionality. This gives me great confidence that we will continue to drive durable compounding growth for years to come, resulting in superior financial returns. I will discuss some of what we've planned for the year ahead in a moment, but first let me begin with our key results for the fourth quarter. Starting with the drivers of our durable growth, we added a record 1 million new members in Q4, increasing total members by 35% year-over-year to 13.7 million SOFI members. This was our first time adding over 1 million members in a single quarter. We also added a record 1.6 million new products in Q4, increasing total products by 37% year-over-year. We now have over 20 million products. CrowdSpy continues at an exceptional pace, with 40% of new products opened by existing SoFi members. Over the past year, our CrowdSpy rate has increased by 7 percentage points. This clearly demonstrates the effectiveness of our one-stop-shop strategy and our ability to build deeper, multi-product relationships with members, and that is before we fully leveraged new technologies like artificial intelligence. Our strong member and product growth powered our revenue growth in the fourth quarter. Adjusted net revenue was a record at over $1 billion, up 37% year-over-year, marking our first billion-dollar quarter. Together, financial services in our technology platform generated revenue of $579 million, an increase of 61% year-over-year, and representing 57% of total revenue. In our lending segment, adjusted net revenue grew 15% year-over-year to $486 million. This was driven by strong originations in the segment of $6.8 billion, a 13% increase from the prior year. Combined with the very strong loan platform business originations of $3.7 billion, total originations reached a record of $10.5 billion for the fourth quarter. This is our first quarter originating over $10 billion in loans, demonstrating our ability to originate high-quality loans at scale. In fact, through all of 2025, we originated over $36 billion of loans. I am also proud to report that total fee-based revenue across our business was a quarterly record at $443 million, up more than 50% from the prior year, driven by a strong performance from our loan platform business, referral fees, interchange revenue, and brokerage fee revenue. On an annualized basis, we are now generating nearly $1.8 billion of fee-based revenue, up from less than $1.2 billion in the fourth quarter of 2024. This reflects our deliver diversification towards more capital light revenue streams. In addition to delivering durable growth, we delivered strong returns and profitability. In the fourth quarter, adjusted EBITDA was a record at $318 million, up 60% year over year. Our adjusted EBITDA margin for the quarter was 31%. This is above our original goal of long-term margins of 30% set when we went public. Our incremental EBITDA margin was 44% as we continue to balance reinvesting in the business to drive long-term growth and profitability. Net income in the quarter was $174 million at a margin of 17%. Earnings per share were 13 cents. Finally, our tangible book value ended the year at $8.9 billion. In 2025, we grew tangible book value by over $4 billion and $2.54 per share. Our diversified business is uniquely built to deliver a winning combination of growth and returns. In the fourth quarter, we achieved a Rule of 40 score of 68%, once again demonstrating the strength of our model and our solid execution. The consistency with which we've exceeded the Rule of 40 continues to put us in rarefied air among fintechs and technology companies more broadly. Despite these exceptionally strong results, I know that we are just getting started. We are still just scratching the surface of the opportunity that exists across each of our existing products and the newer areas like crypto. Given these dynamics, I've never been more optimistic about our prospects than I am today. This is why we will continue to invest heavily to make our existing products even better by providing the best speed selection experience to build new products to help our members get their money right. and to further strengthen our trusted brand name. Our investments will power our durable compounding growth and drive stronger returns as we continue to scale. Let me now spend a moment discussing our brand building efforts, which are key to driving new members to SoFi, feeding our productivity loop and growth. In 2025, we significantly increased our brand strength and stature through our first ever music partnerships, including becoming the presenting partner of the CMA Fest and partnering with country music star Kelsey Ballerini, and by expanding our sports partnerships. More recently, we signed reigning NFL MVP Josh Allen to Team SoFi. Josh has been instrumental in showcasing the most valuable product in financial services in SoFi Plus. This partnership included ads across some of the most watched NFL games of the season and has continued through the existing postseason playoffs. So far, this has been one of our most successful campaigns ever, more than doubling the effectiveness of our advertising in the target market. This year, we also kicked off season two of TGL presented by SoFi with exciting play from the biggest names in golf. So far the season off to a great start building on the momentum from last year with viewing audiences up 22% versus a year ago in the first five matches. And later this year, the world cup will be coming to SoFi stadium in Los Angeles, allowing fans worldwide to get a glimpse of the nation's most advanced stadium and the most ambitious stage in sports and entertainment. Our marketing efforts continue to have a strong effect, driving our native brand awareness to an all-time high of 9.6% during the quarter. That's up 250 basis points from the fourth quarter of 2024, a 33% improvement. Turning now to our product innovation across our business. At SoFi, we are one team united under a common purpose of helping people achieve financial independence to realize their ambitions. We are passionate about meeting our members' needs, driving us to work harder and innovate more rapidly to bring them the best products and services in the market. We call this the SoFi way. Guided by the SoFi way with a differentiated business model and capabilities, we are uniquely positioned to benefit from both the crypto and AI technology super cycles taking place. Only SoFi has the strength and stability that comes with being a national bank, a tech-driven culture with a track record of innovating in the financial services industry and a large and growing member base that embraces innovation. A full set of products that allow us to leverage crypto and blockchain technology in a number of innovative ways and a technology platform that allows us to innovate more rapidly and serves as a channel to support business clients. Since March, when the OCC made crypto permissible for national banks, we've moved with urgency to bring new products to our members. In October, we enhanced our unprecedented money movement offering with the launch of SoFi Pay. our first payment product that leverages blockchain technology to provide fast, seamless, low-cost, and safe international payments. We've already expanded SoFi Pay to include over 30 countries, including Mexico, India, the Philippines, Brazil, and much of Europe. SoFi Pay is available to all members right in their integrated SoFi app, making money movement easier than ever. In November, we announced SoFi Crypto, once again giving members the ability to invest in dozens of tokens directly in our SoFi app. As the first nationally chartered bank to launch crypto trading for consumers, our members can instantly buy cryptocurrencies from their FDIC-insured deposit account, which is a very meaningful difference. At other providers, a customer's funds sit uninsured, earning no interest as they wait to fund digital asset purchases. At SoFi, those funds sit in a SoFi money account, protected with insurance and earning up to 4% interest. In December, we took an even bigger step forward through the launch of our own stablecoin, SoFiUSD. This launch made us the first national bank to issue a stablecoin on public permissionless blockchain. Once again, this is a meaningful step forward in differentiation versus the landscape. For every SoFiUSD outstanding, we will have a dollar of cash in our Fed master account, which means there is no credit, liquidity, or duration risk. and we will share economics with partners for their marketing and distribution services. SoFiUSD will be a game changer for our business as it enables us to be an infrastructure provider for banks, fintechs, and enterprise platforms, positioning us at the center of the crypto ecosystem. As you can see, we're moving quickly, but we have a lot more to do to accomplish our ambitious plans over the near and medium-term horizons. This year, we will leverage SoFiUSD to power SoFiPay, and we'll continue to add more countries to the offerings. Over the medium term, we plan to offer a SoFi Pay experience to people outside the United States, allowing them to receive, send, hold, and spend money anywhere, all supported by SoFiUSD. This initiative could serve as a launching point to build our brand in a more global way. In 2026 and beyond, we will look to offer additional crypto products and services, including secured lending by cryptocurrencies, which will give members better rates on their loans, institutional trading, and correspondent payments and settlement via stablecoins. For members that hold SoFiUSD, we will look for innovative ways to provide them with benefits such as interest or other perks. Beyond our member-facing initiatives, we are hard at work building our business banking offering, which will begin to launch in 2026. Our ambition is to be the bank for businesses and other financial institutions that want to transact in both fiat and cryptocurrencies, filling a critical gap that has existed in the market. Leveraging our tech platform capabilities and SoFiUSD, over time, we will build an offering that includes institutional crypto trading, making us the first national licensed bank to offer this service, stable coin as a service, crypto card issuing, digital asset custody and infrastructure services, and the ability to interchange fiat and digital assets in real time through our SoFi exchange network, as well as the ability to settle transactions 24-7 on a virtual ledger. We have brought on significant expertise from the crypto and banking industries, and I couldn't be more excited to see this business take shape in the coming years. Turning now to SoFi Smart Card, which we launched in the fourth quarter. This new all-in-one card and account allows members to earn significant rewards and an industry-leading APY while also growing their credit score. Here's how it works. Members can use their SoFi Smart Card to make purchases just like a typical debit or credit card. Purchase amounts are automatically set aside from the deposits in their SoFi account in real time. The balance can be paid in full each month via funds on hand or an alternative bank account or source of funds. And all the while, members earn unlimited 5% cash back rewards at grocery stores. We built and launched SmartCard in just four and a half months with the help of our tech platform, a feat that would not have been possible had we relied on another party. This demonstrates once again how our tech platform gives us a greater ability to customize and launch financial services products faster than competition. Beyond helping drive innovation across SoFi's financial services products, we are excited to see renewed energy around innovation within financial services more broadly. This started to take shape in 2025 with big consumer brands like Southwest Airlines and United Airlines coming to us to help them launch new programs that drive greater loyalty and engagement from their customers. Now we are seeing strong interest from an even wider range of companies, including those based internationally, who see the highly supportive business environment in the U.S., particularly for crypto, and are interested in launching new products here. Our tech platform business is in a prime position to support these enterprise clients. Turn into invest. 2025 was a blockbuster year for SoFi Invest, in which we significantly expanded our offering to give members the best selection, including investments that have been traditionally reserved for the ultra-wealthy. We gave members access to private companies, including SpaceX and Epic Games, access to invest in alternative investments through private market funds managed by Cashmere, Fundrise, and Liberty Street Advisors, access to invest in IPOs, including Corona, Gemini, Figma, and StubHub, We launched level one options and our own SOFI-identity AI ETF. We made rolling over 401ks easier and more efficient, and we continue to make our user interface even more intuitive and engaging. This expanded offering helped drive a 2.2x year-over-year increase in that brokerage revenue, helping drive invest closer to full profitability, which we expect to achieve this year. Turning now to our lending segment, which continues to drive strong revenues and allows us to support members at key points in their lives. We show up with a simple but differentiated message. We are here to help you get your money right. Our personal loan product does just that. With a SoFi personal loan, members can refinance absurdly expensive credit card debt held at other institutions so they can stop paying for other people's rewards and focus on their own financial wellbeing. For example, If a member is able to refinance $40,000 of debt on which they are paying 24% interest with a SoFi personal loan that has an interest rate that's 10 points lower, they can reduce their monthly payment by nearly $200, moving closer to becoming debt-free. If we translate that example across the more than half a million loans that were originated in 2025, you can see that we're having a massive impact on our members' lives. SoFi is the preeminent company offering personal loans originating roughly 15% of total U.S. prime volume. However, the opportunity remains massive as the real adjustable market is the nearly $1 trillion of prime revolving credit card debt just sitting there waiting to be refinanced at up to half the rate. And that trillion-dollar opportunity is before even considering the additional debt that is outside of our traditional credit box but could be refinanced through our loan platform business. Our student loans are also designed to help our members get their money right. Here, too, we have become the preeminent company for refinancing student debt, having a massive impact on our members' lives. We estimate that we will save our members over $400 million in interest expense just on the student loans we refinanced in 2025. Despite our strong market share in the student loan refinance market, we see continued opportunity for growth. We estimate the total market opportunity to be around $400 billion, which would increase by 25% if rates were to drop 50 basis points. In addition to refinance, we've launched new private in-school student loans options to help people finance their education, filling the gaps left by the federal graduate programs. These include medical, veterinary, dental, and STEM loans, with more coming soon. Turning now to home loans, where we had our best year of originations, and where we are primed for an acceleration in growth when rates decline. In 2025, we originated $3.4 billion of total home loans, surpassing our prior record set in 2021 when the real estate market was added tight. In fact, in the fourth quarter, we originated home loans at an annualized pace of $4.5 billion, nearly 2x the pace of the prior year. And the opportunity for continued growth is massive. Within our own member base, about 90% of those that have home loans have them with other institutions. As rates come down and many of these members look to refinance, we'll be in a prime position to win that business. Additionally, as others within our 13.7 million strong member base look to purchase a home for the first time, we believe they will come to SoFi as a trusted partner. As you can see, 2025 was an incredible year by any measure, our best year ever. We leaned into what sets us apart, our unique one-stop shop strategy, our ability to innovate, and our relentless focus on helping members get their money right. Heading into 2026, we see a tremendous opportunity, and we continue to be energized by our values and the SoFi way to capture it. With that, let me now turn the call over to Chris to discuss our financial results for Q4 and 2025.

Thank you, Anthony. 2025 was an exceptional year. Adjusted net revenue for the year was a record at $3.6 billion, up 38% year-over-year. Adjusted EBITDA was also a record at $1.1 billion, up 58% year-over-year, at a margin of 29%. This was our first time surpassing $1 billion of EBITDA. Net income was $481 million, at a margin of 13%. Net income was up 2.1x, excluding one-time items in the prior year. And earners per share was 39 cents. We finished the year strong with a great fourth quarter. In Q4, adjusted net revenue grew 37% year over year to a record $1.013 billion. Adjusted EBITDA was also a record at $318 million and a margin of 31%. Net income was $174 million at a margin of 17%. And earnings per share was 13 cents. This was our ninth consecutive profitable quarter. An important driver of our growth was the increased contribution from capital light, non-lending, and fee-based revenue sources. Our financial services and tech platform businesses generated $579 million of revenue, up 61% year over year, and we also generated record fee-based revenue across all segments of $443 million, up 53% year over year. Turning now to our segment performance, starting with financial services. Financial services generated record revenue of over $1.5 billion in 2025, up 88% from the prior year. For the fourth quarter, net revenue was $457 million, up 78% year-over-year. Contribution profit was $231 million, up 2x from last year. And contribution margin was 51%, up from 45% last year. Net interest income for this segment was $208 million, up 30% year-over-year, which was primarily driven by growth in member deposits. Non-interest income grew 2.6x to $249 million for the quarter, which equates to nearly $1 billion in high-quality, fee-based income on an annualized basis. Importantly, improved monetization continues its strong contribution to revenue growth. Annualized financial services revenue per product was $104 in the fourth quarter. That's up from $81 in the fourth quarter of 2024, a year-over-year increase of 29%, and we see continued upside as newer products mature. The successful expansion of our loan platform business was one of our greatest achievements in 2025, further diversifying our revenue and making our growth more durable. We've built this business into a powerhouse. In Q4, a loan platform business generated $194 million in adjusted net revenue, an annualized pace of $775 million, which is nearly 3x higher than the same period last year. And as we head into 2026, we continue to see strong demand from both existing and new partners. Beyond our loan platform business revenue, we continue to see healthy growth in interchange, 66% year-over-year, driven by close to $22 billion in total annualized spend in the quarter across money and credit card. Turning to our tech platform, which generated record revenue of over $450 million in 2025. For the fourth quarter, the tech platform business delivered net revenue of $122 million, up 19% year-over-year. Contribution profit was $48 million at a contribution margin of 39%. This includes the remaining revenue earned from a large client who fully transitioned off our platform prior to year end. Turning to our lending segment. Lending generated record adjusted net revenue of over $1.8 billion in 2025, up 24% from the prior year. For the fourth quarter, adjusted net revenue was $486 million, up 15% from the same period last year. Contribution profit was $272 million, with a 54% contribution margin. These strong results were primarily driven by growth in net interest income, which increased 29% year-over-year to $445 million. During the quarter, we had record total loan originations of $10.5 billion, up 46% year-over-year. Personal loan originations were a record at $7.5 billion, of which $3.7 billion was originated on behalf of third parties through LPB. In total, personal loan originations were up 43% year-over-year. Student loan originations were $1.9 billion, up 38% from the same period last year. Home loan originations were a record $1.1 billion, a year-over-year increase of nearly 2x. Capital markets activity was very strong in the fourth quarter. We sold and transferred through our loan platform business $4.5 billion of personal and home loans. In terms of personal loans, we closed $100 million of sales in whole loan form at a blended execution of 106.5%. All deals had similar structures to other recent personal loan sales with cash proceeds at or near par and the majority of the premium consisting of contractual servicing fees that are capitalized. These sales included a small loss share provision that is above our base assumption of losses and immaterial relative to the exposure we would have have otherwise had if we held on to the loans. Additionally, we sold $90 million of late-stage delinquent personal loans. By selling these loans, we're able to generate positive incremental value over time versus selling after they charge off, both from our improved recovery capabilities and by maintaining servicing. In terms of home loan sales, we closed $692 million at a blended execution of 102.3%. In addition to our loan sales, we executed a $463 million securitization of loans originated through the loan platform business. This channel provides our partners with meaningful liquidity to support their ongoing investment in the loan platform business. The transaction priced at an industry-leading cost of funds level with a weighted average spread of 101 basis points. Turning to credit performance. Our credit remains strong, performing in line with expectations and driving attractive returns across all loan types. Our personal loan borrowers have a weighted average income of $158,000 and a weighted average FICO score of 746, while our student loan borrowers have a weighted average income of $149,000 with a weighted average FICO score of 765. For personal loans, the annualized charge-off rate was 280 basis points, up 20 basis points from the third quarter. I would note that while this is up from last quarter, it is down slightly from the second quarter and down over 50 basis points from a year ago. In fact, this is our second best quarter since 2022. Importantly, the increase in our balance sheet charge off rate is driven by a mix rather than credit deterioration. In Q4, as a result of increased LPB activity, we retained fewer new loans on the balance sheet. This naturally increases the average age or seasoning of our personal loan portfolio held on the balance sheet. Adjusting for this seasoning, underlying credit trends actually improved quarter over quarter. Had we not sold any late stage delinquencies, we estimate that including recoveries between 90 and 120 days delinquent, we would have had an all in annualized net charge off rate for personal loans of approximately 4.4% versus 4.2% last quarter. The on-balance sheet 90-day delinquency rate was 52 basis points, up nine basis points from last quarter, also driven by portfolio seasoning. I would note that the delinquency rate is down year over year. For student loans, the annualized charge-off rate was 76 basis points, up slightly from 69 basis points in the prior quarter, driven primarily by seasonality, as well as the impact of a student loan repurchase that began in Q1 2025 and concluded during the fourth quarter. The on balance sheet 90 day delinquency rate was 14 basis points consistent with the prior quarter. The data continues to support our 7 to 8% net cumulative loss assumption for personal loans in line with our underwriting tolerance, although we continue to trend below these levels. Our recent vintages originating from Q4 2022 to Q1 2025 have net cumulative losses of 4.55% with 37% unpaid principal balance remaining. This is well below the 6.27% observed at the same point in time for the 2017 vintage, the last vintage that approached our 7 to 8% tolerance. The gap between the newer cohort curve and the 2017 cohort curve widened by eight basis points during the fourth quarter. In fact, this gap has widened in each of the past six quarters since we began measurement. Additionally, looking at our Q1 2020 through Q3 2025 originations, 60% of principal has already been paid down with 6.8% in net cumulative losses. Therefore, the life of loan losses on this entire cohort of loans to reach 8%, the charge off rate on the remaining 40% of unpaid principal would need to be approximately 10%. This would be well above past levels at similar points of seasoning, further underscoring our confidence in achieving loss rates below our 80% tolerance. Turning to our fair value marks and key assumptions. As a reminder, we mark our loans at fair value each quarter, which considers a number of factors, including the weighted average coupon, the constant default rate, the conditional prepayment rate, and the discount rate comprised of benchmark rates and spreads. At the end of the fourth quarter, our personal loans were marked at 105.7%, down eight basis points from the prior quarter. This included an increase in the annual default rate, which was primarily driven by loan vintage seasoning, not changes to the individual loan loss assumptions, partially offset by a lower benchmark rate. At the end of the fourth quarter, our student loans were marked at 105.6%, down eight basis points from the prior quarter, driven by minor changes in the average coupon and annual default rate. Turning to our balance sheet. In December, we raised $1.5 billion of new capital in the form of common equity. This was our second opportunistic raise of 2025, giving us great flexibility to pursue organic and inorganic growth opportunities. It also allowed us to further improve our funding base. Over the past two quarters, we fully paid down our warehouse lines, reducing our funding costs by an estimated $110 million on an annualized basis, fully mitigating the bottom line impact of the additional shares. In the fourth quarter, including the $1.5 billion in new capital, total assets grew by $5.4 billion. This was driven by $3.1 billion of loan growth and approximately $1.7 billion of growth in cash, cash equivalents, and investment securities. Total company-wide cash at quarter end was $5.4 billion. On the liability side, total deposits grew by $4.6 billion to $37.5 billion, primarily driven by growth in member deposits. Our net interest margin was 5.72% for the quarter, down 12 basis points sequentially. This included a 30 basis point decrease in average asset yields as we saw a modest mixed shift from personal loans to home and student loans, partially offset by a 15 basis point decrease in cost of funds. We continue to expect a healthy net interest margin above 5% for the foreseeable future. In terms of our regulatory capital ratios, we are very well capitalized. Our total capital ratio of 22.9 percent at quarter end is well above the regulatory minimum of 10.5 percent, as well as our additional internal stress buffer. Tangible book value grew $4 billion year-over-year to $8.9 billion, including the benefit from the new capital raised. And tangible book value per share at quarter end is $7.01, up from $4.47 a year ago, a 57 percent increase. Let me finish by providing our outlook for 2026 in the medium term, starting with the macro assumptions that underpin our financial guide. In line with market expectations, our 2026 assumptions are as follows. An interest rate outlook consistent with the Fed funds futures and two rate cuts to get us to a 3.0 to 3.25% exit rate in 2026. Real GDP growth of approximately 2.5% and an unemployment rate in the 4.5 to 5% range. Now for our specific guidance. For the full year 2026, we expect to increase total members by at least 30% year over year. We expect adjusted net revenue of approximately $4.655 billion, which equates to year over year growth of approximately 30%. We expect adjusted EBITDA of approximately $1.6 billion, which equates to an EBITDA margin of approximately 34%. We expect adjusted net income to be approximately $825 million, which equates to a margin of approximately 18%. We expect adjusted EPS to be approximately 60 cents per share. The guidance assumes a mid-teens tax rate, which we currently believe to be our effective tax rate in 2026. For the first quarter of 2026, we expect to deliver adjusted net revenue of approximately $1.04 billion, which is a 35% year-over-year increase compared to 33% in the same period last year. Adjusted EBITDA of approximately $300 million, which equates to a margin of 29% versus 27% in the same period last year. Adjusted net income of approximately $160 million, which equates to a margin of 15% versus 9% in the same period last year. And adjusted EPS of approximately 12 cents, two times the six cents delivered in the same period last year. It's important to note that each year we have seasonal payroll taxes during the first two quarters of the year, and we plan to accelerate marketing expenses in the first half of 2026 relative to Q4 2025. Overall, 2025 has been a remarkable year for SoFi. We are proud of the strong results we delivered and are excited to build on this momentum in the year ahead. Looking beyond 2026, given our differentiated model, the strength of our balance sheet, and the tremendous opportunities that exist across our business and in newer areas, we expect to deliver compounded annual adjusted net revenue growth of at least 30% from 2025 to 2028. Additionally, we expect to deliver compounded annual adjusted earnings per share growth of 38 to 42% from 2025 to 2028. Let's now begin the Q&A.