Revenue Hits $734M in SoFi Q4 2024, $332M Net Income
SoFi Technologies, Inc. (NASDAQ: SOFI), a leading member-centric digital financial services platform, reported impressive financial results for the fourth quarter and fiscal year ended December 31, 2024.
Anthony Noto, CEO of SoFi Technologies, expressed his satisfaction with the company’s performance, calling 2024 the best year in its history. “Our ability to deliver durable growth and strong returns was the direct result of our relentless focus on innovation and brand building. We set new records in revenue, profit, members, and products in 2024, and we look forward to continuing this momentum in 2025,” said Noto.
One of the key achievements in 2024 was the continued strong performance of SoFi’s Financial Services and Tech Platform segments, which together accounted for a record 49% of SoFi’s adjusted net revenue, up from 40% in the previous year. These segments grew by 52% year-over-year, demonstrating the effectiveness of SoFi’s shift toward capital-light, higher return on equity (ROE) business models that emphasize cash and fee-based revenue.
Financial Results
SoFi’s consolidated financial results for the fourth quarter and fiscal year 2024 reflect its strong performance. For Q4 2024, GAAP net revenue reached $734.1 million, a 19% increase from the same period in 2023. Adjusted net revenue for Q4 was a record $739.1 million, up 24% year-over-year. For the full year of 2024, SoFi generated $2.7 billion in GAAP net revenue, a 26% increase from 2023, while adjusted net revenue reached $2.6 billion, also up 26%.
SoFi’s net income for Q4 2024 was $332.5 million, marking a 594% increase from $47.9 million in Q4 2023. Full-year net income was $498.7 million, a dramatic improvement compared to a net loss of $300.7 million in 2023. Diluted earnings per share (EPS) for Q4 were $0.29, up significantly from $0.02 in the previous year, and for the full year, diluted EPS reached $0.39, compared to a loss of $0.36 per share in 2023.
Non-GAAP measures also showed significant growth. Adjusted EBITDA for Q4 2024 was $198.0 million, a 9% increase from the prior year, with an adjusted EBITDA margin of 27%. Full-year adjusted EBITDA reached $666.5 million, up 54% from 2023, with an adjusted EBITDA margin of 26%.
SoFi’s adjusted net income for Q4 was $61.0 million, a 27% increase from Q4 2023, and adjusted EPS were $0.05, up 150% year-over-year. For the full year, adjusted net income was $227.2 million, a significant turnaround from a loss of $53.6 million in 2023, and adjusted EPS were $0.15, compared to a loss of $0.10 in 2023.
Product and Member Growth
SoFi’s growth was also reflected in its expanding member base and product offerings. In Q4 2024, SoFi added 785,000 new members, bringing its total membership to over 10.1 million, a 34% increase from the previous year. Product additions were equally strong, with SoFi adding 1.1 million new products in Q4, resulting in a total of over 14.7 million products, up 32% from 2023.
The growth in financial services products was particularly notable, with products like SoFi Money, Relay, and Invest driving 90% of the total product growth. Lending products grew by 21% year-over-year, mainly due to strong demand for personal, student, and home loans.
SoFi’s technology platform, which includes Galileo, grew its enabled accounts by 15% year-over-year, further expanding SoFi’s footprint in the digital financial services space.
Segment Performance
SoFi’s Financial Services segment had a standout year. In Q4 2024, the segment generated $256.5 million in net revenue, an 84% increase from the prior year. Net interest income within this segment grew 47% year-over-year, driven by a rise in consumer deposits, while non-interest income surged by 220% year-over-year, totaling $96.2 million in Q4.
For the full year, Financial Services segment revenue reached $821.5 million, an 88% increase from 2023. Net interest income was $573.4 million, up 71%, while non-interest income increased 144% to $248.1 million.
SoFi’s Loan Platform Business also had a record quarter, generating $63.2 million in loan platform fees, driven by $1.1 billion in personal loan volume originated on behalf of third parties. The Loan Platform Business originated and transferred a total of $2.1 billion in personal loan volume for the year.
In terms of interchange and transaction-based revenue, SoFi saw substantial growth, with a 63% increase in Q4 and a 90% increase for the full year, driven by over $14 billion in total annualized spend across SoFi Money and SoFi Credit Card.
Balance Sheet and Capital
SoFi ended the quarter with a solid balance sheet. Permanent equity grew by $403.7 million in Q4, reaching $6.5 billion, and tangible book value increased by $465.3 million, ending at $4.9 billion. This solid capital foundation provides SoFi with the flexibility to continue investing in its growth and innovation.
SoFi also benefitted from strong net interest income in Q4, which totaled $470.2 million, a 21% increase year-over-year. This was driven by a 23% rise in average interest-earning assets and a decrease in the cost of funds.
