NEW YORK, July 27, 2026 – Shares of SoFi Technologies (NASDAQ:SOFI) moved higher in U.S. premarket trading on Monday, gaining 1.8% to an indicated opening price of $16.76, following Friday's close at $16.46. The uptick comes as market participants prepare for the company's second-quarter earnings report, scheduled for release on Wednesday, July 29, at 7 a.m. EDT.
The primary focus for investors is whether SoFi can sustain its margin improvement momentum. The company has set a full-year adjusted EBITDA margin target of approximately 34.4%, which would require significant acceleration in the second half of 2026. Based on first-quarter results and implied second-quarter guidance, the average quarterly adjusted EBITDA margin needed for the remainder of the year stands at roughly 37.7%.
Initial consensus estimates for the second quarter project revenue of about $1.11 billion and earnings of 11 cents per share. In the first quarter, SoFi reported adjusted net revenue of $1.087 billion and adjusted EBITDA of $339.9 million, representing a margin of 31.3%. The company's guidance for the second quarter implies a slight dip to around 30%.
To achieve its full-year objectives, SoFi would need to generate approximately $463 million in adjusted EBITDA each quarter during the second half – a figure about 38% higher than the implied second-quarter run rate. This steep ramp-up underscores the importance of the upcoming earnings report and any forward-looking guidance management may provide.
The stock has faced headwinds recently, falling 4.7% over the past week compared with a 2.1% decline in the Nasdaq Composite. On Friday, shares ended the session nearly 50% below their 52-week high of $32.73.
In the first quarter, SoFi delivered record highs in both total revenue and loan originations, which reached $12.2 billion. Membership grew 35% year over year to 14.7 million. However, the company maintained its full-year forecast, disappointing some investors and leading to a 12% drop on the day of the report. William Blair analyst Andrew Jeffrey noted at the time that SoFi, unusually, did not reflect its first-quarter revenue and EBITDA beat in its guidance.
Revenue composition remains a point of interest. Fee-based revenue rose 23% to $386.8 million, while net interest income advanced 39% to $693 million. However, Technology Platform revenue declined 27%, and the number of enabled accounts fell 16% following the full departure of a major client.
Analyst Matthew Coad of Truist Financial Corp. maintained a Hold rating on SoFi shares on Friday, with a price target of $18, implying roughly 9% upside from the last close.
Risks to the margin outlook include softer consumer credit conditions, higher deposit expenses, reduced loan appetite, and ongoing weakness at Galileo. A small quarterly beat may not be sufficient to reassure the market; stronger guidance or a more detailed margin outlook for the second half would carry greater weight.
