San Francisco-based digital financial services company SoFi Technologies, Inc. (NASDAQ: SOFI) reported strong first-quarter 2025 financial results, marking its sixth consecutive quarter of GAAP profitability. The company announced a net income of $71 million and diluted earnings per share of $0.06 for the quarter ended March 31, 2025, surpassing analyst expectations. This performance was driven by record adjusted net revenue of $771 million, representing a 33% increase year-over-year, which also exceeded market forecasts.
SoFi's robust financial performance for the quarter included a record adjusted EBITDA of $210 million, a 46% increase compared to the prior year period. These figures underscore the company's operational efficiency and its consistent ability to translate revenue growth into sustainable profitability across its diverse financial services offerings.
The quarter also saw substantial expansion in SoFi's user base, with the addition of 800,000 new members, bringing the total to 10.9 million, a 34% year-over-year increase. Product growth was equally strong, adding 1.2 million new products for a total of 15.9 million. This significant growth highlights the effectiveness of SoFi's "Financial Services Productivity Loop" strategy, which encourages cross-buying among its various financial products.
Anthony Noto, CEO of SoFi, expressed confidence in the company's trajectory, stating, "We are off to a tremendous start in 2025. In Q1, we delivered durable growth and strong returns driven by our relentless focus on product innovation and brand building." Following these strong results, SoFi's management raised its full-year 2025 guidance for both adjusted net revenue and adjusted EBITDA, signaling optimism for continued performance throughout the year.
The positive earnings report was met with an immediate favorable market reaction. As noted on social media by user "amit," "$SOFI +7%" following the announcement, reflecting investor confidence in the company's growth trajectory and profitability. SoFi continues to position itself as a comprehensive digital financial platform, offering services across borrowing, saving, spending, investing, and protecting money, aiming to be a one-stop shop for its members' financial needs.