SoFi
SoFi Technologies, Inc.
20 quarters tracked through Q1 2026
Key takeaways
- 01
The fastest-growing card book in coverage.
SoFi's card receivables reached $0.51B in Q1 2026, up roughly 42% year-over-year — small in absolute terms but growing faster than any other issuer in the launch set.
- 02
Losses are volatile, and improving off a high base.
Net charge-off rate registered 6.21% in Q1 2026, down sharply from 9.34% a year earlier but bouncing quarter to quarter — the normal signature of a young, rapidly-seasoning loan book.
- 03
Revenue is compounding.
Card-related net revenue of $0.64B grew strongly year-over-year, outpacing the receivables growth — the unit economics are scaling, not just the balance.
- 04
Too small to move the cycle; the trajectory is the point.
SoFi's card book is a rounding error next to JPMorgan's $206B. What matters is the slope: a fintech card franchise still in its steep-growth phase.
Q1 2026 · Editorial brief · By the numbers
+42%
Receivables growth, YoY
Fastest in the launch universe, off a small base.
6.21%
Net charge-off rate
Down from 9.34% a year ago; quarter-to-quarter volatile.
$0.51B
Card receivables
Small absolute book; steep growth slope.
$0.64B
Card net revenue
Compounding faster than the balance.
Q1 2026 · Editorial brief
Small, Fast, Volatile
SoFi's card book is the smallest in Cardintel's coverage and the fastest-growing — receivables up roughly 42% year-over-year to $0.51B. Its net charge-off rate of 6.21% is down sharply from 9.34% a year ago but still bounces quarter to quarter, the normal signature of a young loan book seasoning in real time. SoFi is not a credit-cycle read; it is a growth-curve read.
For the megabanks, the question is whether losses creep up. For SoFi, the question is whether the growth holds.
What the headline numbers say
SoFi's card net charge-off rate ran 9.34% (Q1 2025), 6.90%, 5.97%, 4.25%, and 6.21% in Q1 2026 — a downward trend with real quarter-to-quarter volatility, characteristic of a book where new originations are a large share of the total and vintage mix shifts fast. Receivables grew to $0.51B, up ~42% YoY. Card net revenue reached $0.64B.
At this size, a single quarter's vintage mix swings the headline NCO rate more than any macro signal would. The durable story is the growth slope and the improving revenue-to-receivables ratio.
What we'll be watching
The fintech-card questions are about scale and seasoning:
1 · Growth durability
Does receivables growth hold near 40%+ as the base gets larger, or does it decelerate as the easy-acquisition phase ends?
2 · NCO stabilization
As the book seasons, the volatile loss rate should settle into a tighter band. Where it settles will define SoFi's underwriting quality.
3 · Unit economics
Revenue is outgrowing receivables — a healthy sign. Watch that it persists as the book matures and acquisition costs normalize.
SoFi's Q1 2026 is the launch universe's one true growth story — small enough to ignore on the cycle, fast enough to matter on the trajectory.
By the editors. Cardintel.
Cardintel
Issuer brief · Q1 2026
SoFi
Small, Fast, Volatile
24 pages · cardintel.co
Full report
Download the 24-page Q1 2026 brief
Designed to forward, print, or take into a meeting. Includes the full editorial brief, a standardized P&L / balance sheet / key drivers summary, peer-by-peer comparison tables, signal-by-signal commentary against the watchpoints, and methodology notes.
Personal email addresses are not accepted. Reports delivered as signed, single-use download links that expire in 24 hours. We never share your address.
Credit quality
Net charge-off rate
6.21%
+2.0 pp
Q1 2026, annualized
30+ day delinquency rate
—
Q1 2026
Net interest margin
—
card segment NIM — sparse
Return on assets
—
consolidated, Q1 2026, annualized
Scale & earnings
Card receivables (EOP)
$507.06M
-0.6%
end of Q1 2026
Card net revenue
$642.42M
+30.2%
Q1 2026, card segment
Provision for credit losses
$0.00
Q1 2026, card segment
Net charge-offs ($)
$7.90M
+54.6%
Q1 2026
Financial summary
P&L, balance sheet, and key drivers
Standardized issuer-summary format used across all coverage. Switch tabs to compare SoFi against a peer; change the table quarter independently of the page anchor.
| Metric | SoFi Q1 2026 | Prior Q Q4 2025 | Prior Y Q1 2025 | QoQ | YoY |
|---|---|---|---|---|---|
| Card net revenue | $642.42M | — | $413.37M | — | +55.4% |
| Provision for credit losses | $0.00 | — | $0.00 | — | — |
| Fee income (non-interest) | $142.19M | — | $52.75M | — | +169.5% |
| Net interest incomeSprint 8 — split out of card net revenue | — | — | — | — | — |
| Noninterest expenseSprint 8 — segment expense extraction | — | — | — | — | — |
| Pretax income | — | — | — | — | — |
| Net income | — | — | — | — | — |
Generated commentary
SoFi's P&L in Q1 2026: fee income (non-interest) rose 169.5% to $142.19M vs Q1 2025; card net revenue rose 30.2% to $642.42M vs Q3 2025; provision for credit losses held at $0.00. Period-over-period changes flagged below; sparse rows compare against the metric's last reported period rather than the calendar prior quarter.
$ in cents (formatted as $B / $M / $). Rows marked “pending” are tracked and will populate as the corresponding ingestion lands. Source: SEC EDGAR 10-K / 10-Q segment data and FFIEC Call Reports.
Net charge-off rate — 5-year history
Net charge-off rate for SoFi (solid) vs. the bank peer median (dashed) and 90th percentile (dotted). Use the controls above to overlay individual peers or a macroeconomic series on the right axis. Source: SEC 10-K/10-Q filings and FFIEC Call Reports; macro series via FRED.
Source: SEC EDGAR 10-Q filings + FFIEC Call Reports. Updated June 4, 2026.Methodology