SoFi Technologies, Inc.SOFI
SoFi Technologies, Inc. Revenue Disclosure
Note 3. Revenue
In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services.
Technology Products and Solutions
We earn fees for providing an integrated technology platform as a service for financial and non-financial institutions. Our single performance obligation is the promise to stand ready to provide integrated technology platform services as needed throughout the contract term. The integrated technology platform service fees are determined based on the number of accounts supported on the platform and on the volume of transactions generated on the platform. We satisfy our performance obligation continuously throughout the contractual arrangements and our customers receive and consume the benefits simultaneously as we perform. Our integrated technology platform as a service is a stand-ready obligation, as we provide the service regardless of the timing and quantity of accounts on the platform and transactions generated on the platform. Under this stand-ready obligation, our performance obligation is satisfied over time throughout the contract term rather than at a point in time. The service of standing ready to fulfill our integrated platform as a service offering is substantially the same each day and has the same pattern of transfer to the customer. Therefore, we determined that our stand-ready performance obligation comprises a series of distinct days of service. We are the principal in our integrated technology platform services arrangements as we control the service of completing transactions on the platform.
We earn fees for providing software licenses and associated services, including implementation and maintenance, related to our cloud-native digital and core banking platform. We charge a recurring fee for the software license and related maintenance services. Other software-related services are billed on a periodic basis as the services are provided.
The Company’s software license arrangements provide the customer with the right to use functional intellectual property for the duration of the contract term. We recognize revenue related to software licenses at a point in time upon delivery of the license and the close of the user-acceptance testing period. When implementation services are distinct, we recognize revenue over time during the implementation period. We recognize maintenance services ratably over the contractual maintenance term.
We allocate fees charged for software licenses and associated services to our performance obligations on the basis of the relative standalone selling price using observable standalone selling prices and the adjusted market assessment approach. The standalone selling prices either represent the prices at which we separately sell each license or service or are estimated using available information, such as market conditions and internal pricing policies. The standalone selling price of the software license and related maintenance are determined based on the value relationship for these products as well as the term of the software license.
Referrals
We earn specified referral fees in connection with certain referral activities we facilitate through our platform. In one type of referral arrangement, we refer end users through our platform to third-party enterprise partners. Our referral fee is calculated as either a fixed price per successful referral or a percentage of the transaction volume between the enterprise partners and referred consumers. In another type of referral arrangement, we earn referral fulfillment fees for providing pre-qualified borrower referrals to a third-party partner who separately contracts with a loan originator. Our referral fees are based on the referred loan amount, subject to a referral fulfillment fee penalty if a loan is determined to be ineligible and becomes a charged-off loan as defined in the contract. We recognize revenue upon origination for each referred loan, less the estimated referral fulfillment fee penalty. The estimated referral fulfillment fee penalty was immaterial for the years ended December 31, 2025, 2024 and 2023.
Interchange
We earn interchange fees from debit and credit cardholder transactions conducted through payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized
daily, concurrently with the transaction processing services provided to the cardholder. Interchange is presented net of cardholder rewards associated with card transactions.
Costs of Obtaining Contracts with Customers
We capitalize incremental costs of obtaining a contract with a customer, which are certain commissions paid to third-parties in connection with the acquisition of member accounts. Capitalized costs are amortized over the life of the account. We elected the practical expedient to expense the incremental costs of obtaining a contract when the amortization period is one year or less. The expense is reported in noninterest expense—sales and marketing on the consolidated statements of operations and comprehensive income (loss).
Brokerage
We earn fees in connection with facilitating investment-related transactions through our platform, which we refer to as brokerage revenue. Our brokerage revenue performance obligation is generally completely satisfied upon the completion of an investment-related transaction. In general, we act as the agent in these arrangements as we do not oversee the execution of the transactions and ultimately lack the requisite control.
Disaggregated Revenue
The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income.
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Revenue from contracts with customers | |||||||||||||||||
Financial Services | |||||||||||||||||
Referrals, loan platform business(1) | $ | 79,985 | $ | 52,129 | $ | 33,602 | |||||||||||
Referrals, other(2) | 12,454 | 8,197 | 4,841 | ||||||||||||||
Interchange(2) | 114,315 | 66,829 | 35,247 | ||||||||||||||
Brokerage(2) | 39,666 | 21,494 | 21,127 | ||||||||||||||
Other(2)(3) | 12,141 | 2,797 | 2,647 | ||||||||||||||
Total financial services | 258,561 | 151,446 | 97,464 | ||||||||||||||
Technology Platform | |||||||||||||||||
Technology services | 355,721 | 346,185 | 319,845 | ||||||||||||||
Other(3) | 5,071 | 5,492 | 4,145 | ||||||||||||||
Total technology platform(4) | 360,792 | 351,677 | 323,990 | ||||||||||||||
Total revenue from contracts with customers | 619,353 | 503,123 | 421,454 | ||||||||||||||
Other sources of revenue | |||||||||||||||||
| Loan origination, sales, securitizations and servicing | 242,947 | 278,114 | 409,140 | ||||||||||||||
Loan platform business, other(1) | 495,926 | 89,479 | — | ||||||||||||||
Other(5) | 36,172 | 87,662 | 30,455 | ||||||||||||||
| Total other sources of revenue | 775,045 | 455,255 | 439,595 | ||||||||||||||
| Total noninterest income | $ | 1,394,398 | $ | 958,378 | $ | 861,049 | |||||||||||
(1) Presented within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss).
(2) Presented within noninterest income—other in the consolidated statements of operations and comprehensive income (loss).
(3) Financial Services includes revenues from wire fee income, enterprise services, SoFi Plus subscriptions, and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs.
(4) Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the consolidated statements of operations and comprehensive income (loss). Related to these technology platform services, we had deferred revenue of $8,535
and $7,474 as of December 31, 2025 and 2024, respectively, which are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. During the years ended December 31, 2025, 2024 and 2023, we recognized revenue of $10,260, $7,112 and $8,327, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the consolidated statements of operations and comprehensive income (loss).
(5) Includes gain on extinguishment of convertible debt of $62,517 during the year ended December 31, 2024.
Contract Balances
As of December 31, 2025 and 2024, accounts receivable, net associated with revenue from contracts with customers was $56,154 and $61,569, respectively, reported within other assets in the consolidated balance sheets.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 1, 2023 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.