SoFi Earnings: Strong Results From Lending and Technology Platforms Push SoFi Into Profitability

No-moat-rated SoFi reported solid fourth-quarter results as the company delivered its first profitable quarter ever. Net revenue increased 35% from last year and 15% from last quarter to $615 million. Net income increased to $48 million from a net loss of $40 million last year. Along with earnings, SoFi provided medium-term growth expectations. The company anticipates GAAP earnings per share of $0.55 to $0.80 in 2026, higher than our own projection of $0.48. As we incorporate these results, we do not plan to materially alter our $14.50 per share fair value estimate. We see the shares as meaningfully undervalued.