SoFi Technologies Just Reported Earnings. Here's the One Number That Matters Most for the Next Year.

SoFi Technologies (SOFI) reported Q2 adjusted net income of $160 million, up 65% year-over-year, while adding 1.1 million customers to reach 15.8 million total. Management projects 40% annualized EPS growth from 2025 through 2028, signaling sustained profitability acceleration despite a challenging macro environment for fintechs.

The stock trades at 30x forward price-to-earnings but sits 39% below its peak. SOFI has underperformed the S&P 500 by 44 percentage points in 2026, creating a disconnect between operational momentum and market sentiment. The customer acquisition pace—nearly 7% quarterly growth—supports the long-term earnings trajectory, but valuation compression suggests investors are skeptical of the multi-year growth forecast.

The company's shift from growth-at-any-cost to consistent profitability has yet to re-rate the multiple. With adjusted net income now scaling at double the customer growth rate, the unit economics inflection is clear, but macro headwinds and competitive pressure in digital banking continue to weigh on the stock.