Record Quarter Drives SoFi (SOFI) Shares 15% Higher, Crypto Products Top 503,000

SoFi Technologies disclosed record Q3 2026 results earlier on Tuesday, while its crypto segment hit 503,070 products by the end of the quarter. As of this writing, SoFi's stock had gained 14.59% on the day to $16.56.

The company also lifted its full-year outlook. SoFi re-entered crypto investing in Q4 2025, when it became the first bank with a national U.S. charter to offer crypto trading to retail clients.

Nonetheless, crypto contributed only a minor part of the overall results. Gross crypto transaction revenue came in at $161.6 million for the quarter, while related costs hit $160.0 million. That left net crypto transaction revenue at $1.6 million, representing 0.1% of total net revenue.

SoFi charges a fee for every buy and sell transaction, with most of the gross volume passing through as cost. Over the first nine months of 2026, net crypto transaction revenue amounted to $3.7 million on gross revenue of $417.5 million.

According to SoFi, trading activity among members increased in September. There were 218,469 trades placed, up 14% from August's 191,359. Buy trades climbed 18% to 133,937, while sell trades increased 8% to 84,532. Buy volume stood at $33.8 million, and sell volume at $39.1 million.

Twenty-five trades of $100,000 or more were executed by members. Bitcoin accounted for 39% of trading volume, the largest share. Much of the activity came from new traders. In September, 44% of traders made their first-ever trade that month, 20% had traded previously but not in August, and 36% traded during both months.

SoFi's crypto customer base is relatively young. The company noted that 43% of members are millennials (born 1981-1996), and the median age is 36. On the stablecoin front, SoFi became the first national bank to launch stablecoin settlement on Mastercard's global payments network.

SoFi's monster quarter

Broadly speaking, beyond crypto, SoFi surpassed Wall Street's expectations for the third quarter. On an adjusted basis, the company posted earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.17 and up from $0.11 a year earlier. Revenue came in at $1.37 billion, 9.08% above consensus and compared with $949.63 million a year ago.

SoFi has outperformed consensus EPS forecasts three times in the past four quarters and exceeded revenue projections in all four. The stock has declined 44.8% year-to-date, whereas the S&P 500 has risen 12.1%.

Zacks now gives SoFi a Rank #3 (Hold), indicating market-matching performance. For the next quarter, analysts anticipate $0.20 per share on $1.32 billion in revenue, and for the full year, $0.60 per share on $4.87 billion.

Originally a student loan refinancing company, SoFi has grown into a comprehensive financial services platform with products including IPO investing, credit cards, and high-yield savings accounts. The company's market capitalization is $21.5 billion.