SOFI · Q2 FY2026
SoFi Technologies, Inc. Q2 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $153.6M | $150.0M (yr ago) | Beat |
| EPS | $0.12 | $0.08 (yr ago) | Beat |
| Free Cash Flow | -$3.89B | -$1.47B (yr ago) | Miss |
| Gross Margin | Not meaningful for a financial company | Not meaningful (yr ago) | Miss |
| Operating Margin | 133.0% pre-tax margin | 73.9% pre-tax margin (yr ago) | Beat |
What changed
Revenue increased only modestly from the rounded $150.0 million reported a year earlier, but EPS rose 50.0% to $0.12 and the supplied pre-tax-margin proxy expanded to 133.0%. The counterweight was a $3.89 billion free-cash-flow outflow, although conventional free cash flow is not a reliable performance measure for a balance-sheet-driven financial company.
Impact on the investment thesis
With no prior SageNoodle fair value to update, we establish a $17.50 base-case value rather than claim a quarter-driven revision. Better earnings support the profitability thesis, but modest revenue growth and the limitations of the cash-flow data prevent a more bullish valuation.