SoFi Technologies Inc (SOFI) 2025 Q4 法說會逐字稿

Good morning or good afternoon all. My name is Adam, and I'll be your conference operator today. At this time, I would like to welcome everyone to the SoFi Technologies fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions)

各位早安/下午好。我叫亞當，今天我將擔任你們的會議接線生。在此，我謹代表 SoFi Technologies 向大家歡迎參加 2025 年第四季及全年業績電話會議。（操作說明）

Thank you. With that, you may begin your conference.

謝謝。至此，你們可以開始會議了。

Thank you, and good morning. Welcome to SoFi's fourth-quarter and full-year 2025 earnings conference call. Joining me today to talk about our results and recent events are Anthony Noto, CEO; and Chris Lapointe, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website. Unless otherwise stated, we'll be referring to adjusted results for the fourth quarter and full year 2025 versus the fourth quarter and full year 2024.

謝謝，早安。歡迎參加 SoFi 2025 年第四季及全年業績電話會議。今天和我一起討論公司業績和近期活動的是執行長 Anthony Noto 和財務長 Chris Lapointe。您可以在我們網站的投資者關係版塊找到隨附的獲利報告簡報。除非另有說明，否則我們將把 2025 年第四季和全年的業績與 2024 年第四季和全年的業績進行比較。

Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties. These statements include, but are not limited to our competitive advantage and strategy, macroeconomic conditions and outlook, future products and services and future business and financial performance.

我們今天的演講將包含基於我們當前預期和預測的前瞻性陳述，這些陳述涉及風險和不確定性。這些聲明包括但不限於我們的競爭優勢和策略、宏觀經濟狀況和前景、未來產品和服務以及未來的業務和財務表現。

Our GAAP consolidated income statement and all reconciliations can be found in today's earnings release and the subsequent 10-K filing, which will be made available next month. Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are described in today's press release and our subsequent filings made with the SEC, including our upcoming Form 10-K.

我們的 GAAP 合併損益表和所有調整表都可以在今天的收益公告和隨後的 10-K 文件中找到，該文件將於下個月發布。我們的實際結果可能與這些前瞻性聲明中所設想的結果有重大差異。可能導致這些結果與預期存在重大差異的因素已在今天的新聞稿以及我們隨後向美國證券交易委員會提交的文件（包括即將提交的 10-K 表格）中進行了描述。

Any forward-looking statements that we may make on this call are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events.

我們在本次電話會議中可能作出的任何前瞻性陳述均基於截至今日的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

And now, I'd like to turn the call over to Anthony.

現在，我想把電話交給安東尼。

Thank you, and good morning, everyone. 2025 was a tremendous year on all fronts. Our member focus drove an unprecedented level of innovation across our business that led to the strongest financial performance in the history of our company. As we begin 2026, we're positioned for another year of unprecedented results, and I could not be more excited. We come into the year with a differentiated one-stop shop model with a full suite of products that allow members to borrow, save, spend, invest and protect better.

謝謝大家，早安。 2025年是各方面都碩果累累的一年。我們以會員為中心的經營理念推動了公司業務前所未有的創新，從而取得了公司歷史上最強勁的財務表現。2026 年伊始，我們已做好準備迎接又一個前所未有的佳績之年，我感到無比興奮。今年，我們推出了差異化的一站式服務模式，提供全套產品，讓會員能夠更好地借貸、儲蓄、消費、投資和保障。

A demonstrated track record of driving durable growth through continuous innovation resulted in compound annual growth of nearly 50% from $240 million in 2018 to $3.6 billion in 2025. A scaled member base of 13.7 million members, more than 20 times larger than the 650,000 members we had in 2018 and our highest brand awareness ever at nearly 10% versus roughly 2% in 2018.

透過持續創新推動永續成長的良好記錄，使公司實現了近 50% 的複合年增長率，從 2018 年的 2.4 億美元增長到 2025 年的 36 億美元。會員規模擴大至 1,370 萬，比 2018 年的 65 萬會員成長了 20 多倍，品牌知名度也達到了歷史最高水平，接近 10%，而 2018 年約為 2%。

Despite the unprecedented growth, we still have massive addressable markets across our existing businesses and huge opportunities for growth in newer areas like crypto, AI and business banking.

儘管實現了前所未有的成長，但我們在現有業務領域仍擁有龐大的潛在市場，並且在加密貨幣、人工智慧和商業銀行等新興領域也擁有巨大的成長機會。

And finally, we have a fortress balance sheet, which we further strengthened through $30.2 billion in new capital, increasing our tangible book value by $2 per share to $7 per share, giving us a broad range of optionality. This gives me great confidence that we will continue to drive durable compounding growth for years to come, resulting in superior financial returns.

最後，我們擁有穩固的資產負債表，並透過 302 億美元的新資本進一步加強了這一資產負債表，使我們的有形帳面價值每股增加 2 美元，達到每股 7 美元，從而賦予我們廣泛的選擇權。這讓我非常有信心，我們將在未來幾年繼續保持可持續的複合成長，從而獲得優異的財務回報。

I will discuss some of what we've planned for the year ahead in a moment, but first, let me begin with our key results for the fourth quarter. Starting with the drivers of our durable growth. We added a record 1 million new members in Q4, increasing total members by 35% year-over-year to 13.7 million SoFi members. This was our first time adding over 1 million members in a single quarter.

稍後我會討論我們為來年制定的一些計劃，但首先，讓我從我們第四季的主要成果開始。首先，我們來談談推動我們持續成長的因素。我們在第四季新增了創紀錄的 100 萬名會員，使 SoFi 會員總數年增 35%，達到 1,370 萬人。這是我們首次在一個季度內新增會員超過100萬。

We also added a record 1.6 million new products in Q4, increasing total products by 37% year-over-year. We now have over 20 million products. Cross-buy continues at an exceptional pace with 40% of new products opened by existing SoFi members. Over the past year, our cross-buy rate has increased by 7 percentage-points. This clearly demonstrates the effectiveness of our one-stop shop strategy and our ability to build deeper, multiproduct relationships with members. And as before, we fully leverage new technologies like artificial intelligence.

第四季度，我們新增了創紀錄的 160 萬種產品，產品總數較去年同期成長 37%。我們現在擁有超過2000萬種產品。交叉購買繼續保持驚人的速度，40% 的新產品是由 SoFi 現有會員購買的。過去一年，我們的交叉購買率提高了 7 個百分點。這清楚地表明了我們的一站式購物策略的有效性，以及我們與會員建立更深入、多產品關係的能力。和以前一樣，我們充分利用人工智慧等新技術。

Our strong member and product growth powered our revenue growth in the fourth quarter. Adjusted net revenue was a record at over $1 billion, up 37% year-over-year, marking our first $1 billion quarter. Together, financial services in our technology platform generated revenue of $579 million, an increase of 61% year-over-year and representing 57% of total revenue.

第四季度，我們強勁的會員成長和產品成長推動了營收成長。經調整後的淨收入超過 10 億美元，創歷史新高，年增 37%，這是我們第一個季度營收達到 10 億美元。我們科技平台中的金融服務業務合計創造了 5.79 億美元的收入，年增 61%，佔總收入的 57%。

In our Lending segment, adjusted net revenue grew 15% year-over-year to $486 million. This was driven by strong originations in this segment of $6.8 billion, a 13% increase from the prior year. Combined with the very strong loan platform business originations of $3.7 billion, total originations reached a record of $10.5 billion for the fourth quarter. This is our first quarter originating over $10 billion in loans, demonstrating our ability to originate high-quality loans at scale.

在我們的貸款業務板塊，調整後的淨收入年增 15%，達到 4.86 億美元。這主要得益於該領域強勁的新增貸款金額，達到 68 億美元，比上年增長 13%。加上強勁的貸款平台業務新增貸款額達 37 億美元，第四季貸款總額達到創紀錄的 105 億美元。這是我們首次在一個季度發放超過 100 億美元的貸款，證明了我們有能力大規模發放高品質貸款。

In fact, through all of 2025, we originated over $36 billion of loans. I am also proud to report that total fee-based revenue across our business was a quarterly record at $443 million, up more than 50% from the prior year, driven by a strong performance from our loan platform business, referral fees, interchange revenue and brokerage fee revenue.

事實上，到 2025 年全年，我們發放了超過 360 億美元的貸款。我還要自豪地宣布，我們業務的總費用收入創下季度新高，達到 4.43 億美元，比上年增長超過 50%，這主要得益於我們的貸款平台業務、推薦費、互換收入和經紀費收入的強勁表現。

On an annualized basis, we are now generating nearly $1.8 billion of fee-based revenue, up from less than $1.2 billion in the fourth quarter of 2024. This reflects our delivery diversification towards more capital-light revenue streams. In addition to delivering durable growth, we delivered strong returns and profitability.

以年計算，我們現在產生的費用收入接近 18 億美元，高於 2024 年第四季的不到 12 億美元。這體現了我們向更多輕資本收入來源轉型，實現交付方式多元化。除了實現永續成長外，我們還實現了強勁的回報和獲利能力。

In the fourth quarter, adjusted EBITDA was a record at $318 million, up 60% year-over-year. Our adjusted EBITDA margin for the quarter was 31%. This is above our original goal of long-term margins of 30% set when we went public. Our incremental EBITDA margin was 44% as we continue to balance reinvesting in the business to drive long-term growth and profitability. Net income in the quarter was $174 million at a margin of 17%. Earnings per share were $0.13.

第四季度，調整後 EBITDA 創下 3.18 億美元的紀錄，年增 60%。本季調整後的 EBITDA 利潤率為 31%。這高於我們上市時設定的長期利潤率目標 30%。我們的增量 EBITDA 利潤率為 44%，我們繼續平衡對業務的再投資，以推動長期成長和獲利能力。本季淨利潤為 1.74 億美元，利潤率為 17%。每股收益為 0.13 美元。

Finally, our tangible book value ended the year at $8.9 billion. In 2025, we grew tangible book value by over $4 billion and $2.54 per share. Our diversified business is uniquely built to deliver a winning combination of growth and returns. In the fourth quarter, we achieved a Rule of 40 score of 68%, once again demonstrating the strength of our model and our solid execution. The consistency with which we've exceeded the Rule of 40 continues to put us in rarefied air among fintech and technology companies more broadly.

最後，我們年底的有形帳面價值為 89 億美元。2025年，我們的有形帳面價值成長超過40億美元，每股成長2.54美元。我們多元化的業務結構獨特，能夠實現成長和回報的完美結合。第四季度，我們的「40法則」得分達到68%，再次證明了我們模型的強大實力和我們紮實的執行力。我們持續超越「40法則」的成就，使我們在金融科技公司乃至更廣泛的科技公司中處於領先地位。

Despite these exceptionally strong results, I know that we are just getting started. We are still just scratching the surface of the opportunity that exists across each of our existing products and the newer areas like crypto. Given these dynamics, I've never been more optimistic about our prospects than I am today. This is why we will continue to invest heavily to make our existing products even better by providing the best speed selection experience to build new products to help our members get their money right and to further strengthen our trusted brand name. Our investments will power a durable compounding growth and drive stronger returns as we continue to scale.

儘管取得了這些非常出色的成績，但我知道我們才剛起步。我們目前對現有產品和加密貨幣等新興領域所蘊藏的機會還只是略知皮毛。鑑於這些形勢，我從未像今天這樣對我們的前景充滿信心。因此，我們將繼續大力投資，透過提供最佳的快速選擇體驗來改進我們現有的產品，開發新產品，幫助我們的會員正確理財，並進一步鞏固我們值得信賴的品牌聲譽。我們的投資將推動持續的複合成長，並隨著我們規模的不斷擴大帶來更強勁的回報。

Let me now spend a moment discussing our brand-building efforts, which are key to driving new members to SoFi, feeding our productivity loop and growth. In 2025, we significantly increased our brand strength, and stature through our first ever music partnerships, including becoming the presenting partner of the CMA Fest and partnering with Country Music Star, Kelsea Ballerini and by expanding our sports partnerships.

現在，我想花點時間談談我們的品牌建立工作，這對於吸引新會員加入 SoFi、促進我們的生產力循環和成長至關重要。2025年，我們透過首次音樂合作，大幅提升了品牌實力和地位，包括成為 CMA 音樂節的首席合作夥伴，並與鄉村音樂明星 Kelsea Ballerini 合作，以及擴大了體育合作。

More recently, we signed reigning NFL MVP, Josh Allen, to team SoFi. Josh has been instrumental in showcasing the most valuable product in financial services in SoFi Plus. This partnership included ads across some of the most watched NFL game of the season and has continued through the existing postseason playoffs.

最近，我們簽下了現任 NFL MVP 喬許艾倫加入 SoFi 隊。Josh 在 SoFi Plus 這款金融服務領域最有價值的產品展示中發揮了重要作用。這項合作包括在本賽季一些收視率最高的 NFL 比賽中投放廣告，並且一直延續到現有的季後賽。

So far, this has been one of our most successful campaigns ever, more than doubling the effectiveness of our advertising in the targeted market. This year, we also kicked off Season 2 of TGL presented by SoFi with an exciting plan from the biggest names in Dow. So far, the season is off to a great start, building on the momentum from last year with viewing audience up 22% versus a year ago in the first five matches. And later this year, the World Cup will be coming to SoFi Stadium in Los Angeles, allowing fans worldwide to get a glimpse of the nation's most advanced stadium and the most ambitious stage in sports and entertainment.

到目前為止，這是我們最成功的行銷活動之一，使我們在目標市場的廣告成效提高了一倍以上。今年，我們還推出了由 SoFi 贊助的 TGL 第二季，並邀請了陶氏化學的重量級人物製定了一項令人興奮的計劃。到目前為止，本賽季開局良好，延續了去年的勢頭，前五場比賽的收視率比去年同期增長了 22%。今年晚些時候，世界盃將在洛杉磯的 SoFi 體育場舉行，讓世界各地的球迷有機會一睹美國最先進的體育場和最具雄心的體育娛樂舞台。

Our marketing efforts continue to have a strong effect driving unaided brand awareness to an all-time high of 9.6% during the quarter. That's up 250 basis points from the fourth quarter of 2024, a 33% improvement.

我們的行銷努力持續取得強勁成效，本季將品牌知名度提升至歷史新高 9.6%。這比 2024 年第四季提高了 250 個基點，增幅達 33%。

Turning now to our product innovation across our business. At SoFi, we are one team united under a common purpose of helping people achieve financial independence to realize their ambitions. We are passionate about meeting our members' needs driving us to work harder and innovate more rapidly to bring them the best products and services in the market. We call this the SoFi way. Guided by the SoFi way with a differentiated business model and capabilities, we are uniquely positioned to benefit from both the crypto and AI technology super cycles taking place.

接下來，我們來談談公司各業務領域的產品創新。在 SoFi，我們是一個團結的團隊，擁有共同的目標：幫助人們實現財務獨立，從而實現他們的抱負。我們熱衷於滿足會員的需求，這激勵我們更加努力工作，更快地創新，為他們帶來市場上最好的產品和服務。我們稱之為SoFi模式。在 SoFi 的發展道路指導下，憑藉差異化的商業模式和能力，我們擁有獨特的優勢，能夠從正在發生的加密貨幣和人工智慧技術超級週期中獲益。

Only SoFi has the strength and stability that comes with being a national bank, a tech-driven culture with a track record of innovating in the financial services industry and a large and growing member base that embraces innovation. A full set of products that allow us to leverage crypto and blockchain technology in a number of innovative ways and a technology platform that allows us to innovate more rapidly and serve us as a channel to support business clients.

只有 SoFi 擁有作為一家全國性銀行所具備的實力和穩定性，擁有以技術為驅動的企業文化，在金融服務業擁有創新記錄，並且擁有龐大且不斷增長的、擁抱創新的會員群。一整套產品使我們能夠以多種創新方式利用加密貨幣和區塊鏈技術，以及一個技術平台，使我們能夠更快地進行創新，並為我們提供支援企業客戶的管道。

Since March, when the OCC made crypto permissible for national banks, we've moved with urgency to bring new products to our members. In October, we enhanced our unprecedented money movement offering with the launch of SoFi Pay, our first payment product that leverages blockchain technology to provide fast, seamless, low cost and safe international payments. We've already expanded SoFi Pay to include over 30 countries including Mexico, India, the Philippines, Brazil and much of Europe. SoFi Pay is available to all members right in their integrated SoFi App, making money movement easier than ever.

自 3 月美國貨幣監理署 (OCC) 允許國家銀行使用加密貨幣以來，我們已迅速採取行動，為我們的成員推出新產品。10 月，我們推出了 SoFi Pay，進一步增強了我們前所未有的資金流動服務。 SoFi Pay 是我們首款利用區塊鏈技術提供快速、無縫、低成本和安全的國際支付的支付產品。我們已將 SoFi Pay 的服務範圍擴展到 30 多個國家，包括墨西哥、印度、菲律賓、巴西和歐洲大部分地區。SoFi Pay 已整合到 SoFi App 中，所有會員均可使用，讓資金轉移比以往任何時候都更加便利。

In November, we announced SoFi Crypto, once again giving members the ability to invest in dozens of tokens directly in our SoFi App. As the first nationally chartered bank to launch crypto trading for consumers, our members can instantly buy crypto currencies from their FDIC insured deposit account, which is a very meaningful difference. At other providers, customers funds uninsured earning no interest as they wait to fund digital asset purchases. At SoFi, those funds sit in a SoFi money account protected with insurance and earning up to 4% interest.

11 月，我們推出了 SoFi Crypto，再次讓會員能夠直接在我們的 SoFi App 中投資數十種代幣。作為首家為消費者推出加密貨幣交易的全國特許銀行，我們的會員可以立即從其受聯邦存款保險公司 (FDIC) 承保的存款帳戶中購買加密貨幣，這是一個非常有意義的區別。在其他供應商那裡，客戶的資金沒有保險，在等待購買數位資產期間也無法獲得利息。在 SoFi，這些資金存放在 SoFi 貨幣帳戶中，受到保險保護，並可賺取高達 4% 的利息。

In December, we took an even bigger step forward through to the launch of our own stablecoin SoFiUSD. This launch made us the first national bank to issue a stable coin on public permissionless blockchain. Once again, this is a meaningful step forward in differentiation versus the landscape. For every SoFiUSD outstanding, we will have a dollar of cash into our Fed master account, which means there is no credit, liquidity or duration risk, and we will share economics with partners for their marketing and distribution services.

12 月，我們邁出了更大的一步，推出了我們自己的穩定幣 SoFiUSD。此次發行使我們成為首家在公共無需許可區塊鏈上發行穩定幣的國家銀行。這再次表明，這是在與現有格局進行差異化方面邁出的重要一步。每發行一枚 SoFiUSD，我們就會在美聯儲主帳戶中存入一美元現金，這意味著不存在信用風險、流動性風險或久期風險，並且我們將與合作夥伴共享經濟效益，用於他們的營銷和分銷服務。

SoFiUSD will be a game changer for our business as it enables us to be an infrastructure provider for banks, fintechs and enterprise platforms, positioning us at the center of the crypto ecosystem. As you can see, we're moving quickly, but we have a lot more to do to accomplish our ambitious plans over the near and medium-term horizons. This year, we will leverage SoFi USD to power SoFi Pay and we'll continue to add more countries to the offering.

SoFiUSD 將改變我們的業務格局，因為它使我們能夠成為銀行、金融科技公司和企業平台的基礎設施提供商，使我們處於加密生態系統的中心。如您所見，我們進展迅速，但要在近期和中期內實現我們雄心勃勃的計劃，我們還有很多工作要做。今年，我們將利用 SoFi 美元為 SoFi Pay 提供支持，並將繼續增加服務覆蓋的國家。

Over the medium term, we plan to offer a SoFi Pay experience to people outside the United States, allowing them to receive, send, hold and spend money anywhere, all supported by SoFiUSD. This initiative could serve as a launching point to build our brand in a more global way.

從中長期來看，我們計劃向美國以外的用戶提供 SoFi Pay 體驗，讓他們可以在任何地方接收、發送、持有和消費資金，所有這些都由 SoFiUSD 提供支援。這項舉措可以成為我們向全球推廣品牌的跳板。

In 2026 and beyond, we will look to offer additional crypto products and services, including secured lending by crypto currencies, which will give members better rates on their loans, institutional trading and correspondent payments and settlement via stable coins. For members that hold SoFiUSD, we will look for innovative ways to provide them with benefits such as interest or other perks.

2026 年及以後，我們將尋求提供更多加密貨幣產品和服務，包括加密貨幣擔保貸款，這將為會員提供更優惠的貸款利率，以及透過穩定幣進行機構交易和代理支付與結算。對於持有 SoFiUSD 的會員，我們將尋找創新的方法，為他們提供利息或其他優惠等福利。

Beyond our member-facing initiatives, we are hard at work building our business banking offering, which we will begin to launch in 2026. Our ambition is to be the bank for businesses and other financial institutions that want to transact in both fiat and cryptocurrencies filling a critical gap that has existed in the market.

除了會員的舉措之外，我們正在努力打造我們的企業銀行服務，並將於 2026 年開始推出。我們的目標是成為企業和其他金融機構進行法定貨幣和加密貨幣交易的首選銀行，填補市場上存在的關鍵空白。

Leveraging our tech platform capabilities and SoFiUSD, over time we will build an offering that includes institutional and crypto trading, making us the first national licensed bank to offer this service, stable coin as a service, crypto card issuing, digital asset custody and infrastructure services, and the ability to interchange VAT and digital assets in real time through our SoFi exchange network as well as the ability to settle transactions 24/7 on a virtual ledger. We have brought on significant expertise from the crypto and banking industries, and I couldn't be more excited to see this business take shape in the coming years.

憑藉我們的技術平台能力和 SoFiUSD，我們將逐步構建包括機構和加密貨幣交易在內的服務，使我們成為首家提供此項服務的全國性持牌銀行，同時提供穩定幣即服務、加密貨幣卡發行、數位資產託管和基礎設施服務，以及透過我們的 SoFi 交易網絡實時交換增值稅和數位虛擬資產的能力，以及在虛擬資產上結算的能力。我們從加密貨幣和銀行業引進了大量專業知識，我非常期待看到這項業務在未來幾年成長。

Turning now to SoFi Smart Card, which we launched in the fourth quarter. This new all-in-one card and account allows members to earn significant rewards and an industry-leading API while also growing their credit score. Here's how it works. Members can use their SoFi Smart Card to make purchases just like a typical debit or credit card. Purchase amounts are automatically set aside from the deposit in the SoFi account in real time. The balance can be paid in full each month via funds on hand or an alternative bank account or source of funds. And all the while, members are on unlimited 5% cash back rewards at grocery stores.

接下來我們來談談我們在第四季推出的 SoFi 智慧卡。這張全新的多合一卡片和帳戶讓會員能夠獲得豐厚的獎勵和業界領先的 API，同時還能提高他們的信用評分。運作方式如下。會員可以使用 SoFi 智慧卡購物，就像使用普通金融卡或信用卡一樣。購買金額將即時從 SoFi 帳戶的存款中自動扣除。餘額可以每月用手頭資金或備用銀行帳戶或其他資金來源全額支付。同時，會員在超市購物可享有無限量的 5% 現金回饋獎勵。

We built and launched Smart Card in just 4.5 months with the help of our tech platform, a feat that would not have been possible had we relied on another party. This demonstrates once again how our tech platform gives us a greater ability to customize and launch financial services products faster than competition. Beyond helping drive innovation across SoFi's financial services products, we are excited to see renewed energy around innovation within financial services more broadly. This started to take shape in 2025 with big consumer brands like Southwest Airlines and United Airlines come with us to help them launch new programs that drive greater loyalty and engagement from their customers.

借助我們的技術平台，我們僅用了 4.5 個月就建立並推出了智慧卡，如果我們依賴其他方，這是不可能的壯舉。這再次證明，我們的技術平台使我們能夠比競爭對手更快地客製化和推出金融服務產品。除了幫助推動 SoFi 金融服務產品的創新之外，我們也很高興看到金融服務領域整體創新煥發出新的活力。到 2025 年，這一趨勢開始形成，西南航空和聯合航空等大型消費品牌與我們合作，幫助他們推出新的項目，以提高客戶的忠誠度和參與度。

Now we are seeing strong interest from an even wider range of companies, including those based internationally, who see the highly supportive business environment in the US, particularly for crypto and are interested in launching new products here. Our tech platform business is in a prime position to support these enterprise clients.

現在我們看到，包括一些國際公司在內的更多公司對美國表現出濃厚的興趣，他們看到了美國，特別是加密貨幣領域，非常有利的商業環境，並有興趣在這裡推出新產品。我們的技術平台業務處於有利地位，能夠為這些企業客戶提供支援。

Turning to Invest. 2025 was a blockbuster year for SoFi Invest in which we significantly expanded our offering to give members the best selection, including investments that have been traditionally reserved for the ultra wealthy. We give members access to private companies, including SpaceX and Epic Games, access to invest in alternative investments through private market funds managed by Cashmere, Fundrise and Liberty Street Advisors, access to invest in IPOs, including Klarna, Gemini, Figma and StubHub.

轉向投資。 2025 年是 SoFi Invest 的輝煌之年，我們大幅擴展了產品範圍，為會員提供最佳選擇，包括傳統上只有超級富豪才能投資的產品。我們為會員提供投資私人公司的機會，包括 SpaceX 和 Epic Games；透過 Cashmere、Fundrise 和 Liberty Street Advisors 管理的私募市場基金投資另類投資的機會；以及投資 IPO 的機會，包括 Klarna、Gemini、Figma 和 StubHub。

We launched Level 1 options in our own SoFi agentic AI ETF. We made rolling over 401(k)s easier and more efficient, and we continue to make our user interface even more intuitive and engaging. This expanded offering helped drive a 2.2x year-over-year increase in the brokerage revenue, helping drive invest closer to full profitability, which we expect to achieve this year.

我們在我們自己的 SoFi 智慧 AI ETF 中推出了 Level 1 選擇權。我們讓 401(k) 帳戶的轉移變得更加容易和高效，並且我們將繼續使我們的用戶介面更加直觀和吸引人。這項擴展服務幫助經紀業務收入年增了 2.2 倍，幫助投資業務更接近完全獲利，我們預計今年將實現這一目標。

Turning now to our Lending segment, which continues to drive strong revenues and allows us to support members at key points in their lives. We show up with a simple but differentiated message. We are here to help you get your money right. Our personal loan product does just that. With a SoFi personal loan, members can refinance absurdly expensive credit card debt held at other institutions so they can stop paying for other people's rewards and focused on their own financial well-being.

現在讓我們來看看我們的貸款業務，該業務持續帶來強勁的收入，並使我們能夠在會員人生的關鍵時刻為他們提供支持。我們以簡潔但又不失特色的訊息亮相。我們在此幫助您妥善管理資金。我們的個人貸款產品正是為此而設計的。透過 SoFi 個人貸款，會員可以對在其他機構持有的過高信用卡債務進行再融資，從而停止為他人的獎勵買單，專注於自身的財務健康。

For example, if a member is able to refinance $40,000 of debt on which they are paying 24% interest with a SoFi personal loan that has an interest rate that's 10 points lower, they can reduce their monthly payment by nearly $200 moving closer to becoming debt-free.

例如，如果會員能夠用 SoFi 個人貸款對 40,000 美元的債務進行再融資，而該債務的利率為 24%，並且 SoFi 個人貸款的利率比 24% 的債務低 10 個百分點，那麼他每月可以減少近 200 美元的還款額，從而更接近無債一身輕債的目標。

If we would translate that example across the more than 0.5 million loans that were originated in 2025, you can see that we're having a massive impact on our members' lives. SoFi is the preeminent company offering personal loans originating roughly 15% of total US prime volume. However, the opportunity remains massive as the real addressable market is the nearly $1 trillion of prime revolving credit card debt, just sitting there, waiting to be refinanced at up to half the rate. And that $1 trillion opportunity is before even considering the additional debt that is outside of our traditional credit box but could be refinanced through our loan platform business.

如果我們把這個例子應用在 2025 年發放的超過 50 萬筆貸款中，就會發現我們對會員的生活產生了巨大的影響。SoFi 是提供個人貸款的領先公司，其發放的貸款約占美國優質貸款總量的 15%。然而，機會仍然巨大，因為真正的潛在市場是近 1 兆美元的優質循環信用卡債務，這些債務就這樣閒置著，等待以高達一半的利率進行再融資。而且，這1兆美元的機會還不包括我們傳統信貸範圍之外但可以透過我們的貸款平台業務進行再融資的額外債務。

Our student loans are also designed to help our members get their money rate. Here, too, we have become the preeminent company for refinancing student debt, having a massive impact on our members' lives. We estimate that we will save our members over $400 million in interest expense just under student loans we refinanced in 2025. Despite our strong market share in the student loan refinance market, we see continued opportunity for growth. We estimate the total market opportunity to be around $400 billion, which would increase by 25% if rates were to drop 50 basis points.

我們的助學貸款也旨在幫助我們的會員獲得理想的利率。在這裡，我們也成為了學生債務再融資領域的佼佼者，對我們會員的生活產生了巨大的影響。我們預計，光是2025年我們為學生貸款再融資後，就能為我們的會員節省超過4億美元的利息支出。儘管我們在學生貸款再融資市場擁有強大的市場份額，但我們仍然看到持續的成長機會。我們估計總市場機會約為 4000 億美元，如果利率下降 50 個基點，這一數字將增加 25%。

In addition to refinance, we've launched new private in-school student loans options to help people finance their education along the gaps left by the federal graduate programs. These include medical, veterinary, dental and stem loans with more coming soon.

除了再融資之外，我們還推出了新的私人在校學生貸款方案，以幫助人們彌補聯邦研究生計畫留下的資金缺口，從而更好地完成學業。這些貸款包括醫療貸款、獸醫貸款、牙科貸款和STEM貸款，更多貸款項目即將推出。

Turning now to home loans where we had our best year of originations and where we are primed for an acceleration in growth when rates decline. In 2025, we originated $3.4 billion of total home loans, surpassing our prior record set in 2021 when the real estate market was added tight.

現在讓我們來看看房屋貸款，這是我們發放貸款最高的一年，而且隨著利率下降，我們已做好加速成長的準備。2025 年，我們發放了 34 億美元的房屋貸款，超過了 2021 年創下的紀錄，當時房地產市場更加緊張。

In fact, in the fourth quarter, we originated home loans at an annualized pace of $4.5 billion, nearly 2x the pace of the prior year, and the opportunity for continued growth is massive. Within our own member base, about 90% of those that have home loans have them with other institutions. As rates come down and many of these members look to refinance, we'll be in a prime position to win that business. Additionally, as others within our 13.7 million strong member base look to purchase a home for the first time, we believe they will come to SoFi as a trusted partner.

事實上，在第四季度，我們以年率計算發放了 45 億美元的房屋貸款，幾乎是去年同期的兩倍，而且持續成長的機會巨大。在我們自己的會員群體中，約有 90% 的房屋貸款客戶是在其他機構辦理的。隨著利率下降，許多會員尋求再融資，我們將處於贏得這部分業務的有利地位。此外，在我們 1,370 萬會員中，當其他人首次購屋時，我們相信他們會把 SoFi 視為值得信賴的合作夥伴。

As you can see, 2025 was an incredible year by any measure, our best year ever. We leaned into what sets us apart, our unique one-stop shop strategy, our ability to innovate and our relentless focus on helping members get their money rate. Heading into 2026, we see a tremendous opportunity, and we continue to be energized by our values in the SoFi Way to capture it.

如你所見，2025 年無論從哪個角度來看都是令人難以置信的一年，是我們有史以來最好的一年。我們充分發揮自身優勢，包括我們獨特的一站式服務策略、創新能力以及我們始終致力於幫助會員獲得理想利率的堅定決心。展望 2026 年，我們看到了巨大的機遇，我們將繼續秉持 SoFi Way 的價值觀，並充滿熱情地抓住這些機會。

With that, let me now turn the call over to Chris to discuss our financial results for Q4 and 2025.

接下來，我將把電話交給克里斯，讓他來討論我們第四季和 2025 年的財務表現。

Thank you, Anthony. 2025 was an exceptional year. Adjusted net revenue for the year was a record at $3.6 billion, up 38% year-over-year. Adjusted EBITDA was also a record at $1.1 billion, up 58% year-over-year at a margin of 29%. This is our first time surpassing $1 billion of EBITDA. Net income was $481 million at a margin of 13%. Net income was up 2.1x, excluding onetime items in the prior year, and earnings per share was $0.39.

謝謝你，安東尼。 2025年是意義非凡的一年。經調整後的年度淨收入創下歷史新高，達到 36 億美元，年增 38%。調整後 EBITDA 也創下歷史新高，達到 11 億美元，年增 58%，利潤率為 29%。這是我們首次實現 EBITDA 超過 10 億美元。淨利潤為 4.81 億美元，利潤率為 13%。淨收入較上年同期成長 2.1 倍（不包括一次性項目），每股收益為 0.39 美元。

We finished the year strong with a great fourth quarter. In Q4, adjusted net revenue grew 37% year-over-year to a record $1.013 billion. Adjusted EBITDA was also a record at $318 million and a margin of 31%. Net income was $174 million at a margin of 17% and earnings per share was $0.13. This was our ninth consecutive profitable quarter.

我們以出色的第四季度表現為今年畫上了圓滿的句號。第四季度，經調整後的淨收入年增 37%，達到創紀錄的 10.13 億美元。調整後 EBITDA 也創下歷史新高，達到 3.18 億美元，利潤率為 31%。淨利為1.74億美元，利潤率為17%，每股收益為0.13美元。這是我們連續第九個季度獲利。

An important driver of our growth was the increased contribution from capital-light, non-lending and fee-based revenue sources. Our financial services and tech platform businesses generated $579 million of revenue, up 61% year-over-year, and we also generated record fee-based revenue across all segments of $443 million, up 53% year-over-year.

我們成長的一個重要驅動力是來自輕資本、非貸款和收費收入來源的貢獻增加。我們的金融服務和科技平台業務創造了 5.79 億美元的收入，年增 61%；此外，所有業務部門的手續費收入也創下歷史新高，達到 4.43 億美元，年增 53%。

Turning now to our segment performance, starting with Financial Services. Financial Services generated record revenue of over $1.5 billion in 2025, up 88% from the prior year. For the fourth quarter, net revenue was $457 million, up 78% year-over-year. Contribution profit was $231 million, up 2x from last year. And contribution margin was 51%, up from 45% last year.

現在來看我們各業務板塊的業績，首先是金融服務板塊。2025 年金融服務業創造了超過 15 億美元的創紀錄收入，比前一年增長了 88%。第四季淨收入為 4.57 億美元，年增 78%。貢獻獲利為2.31億美元，比去年增加了2倍。貢獻毛利率為 51%，高於去年的 45%。

Net interest income for this segment was $208 million, up 30% year-over-year, which was primarily driven by growth in member deposits. Noninterest income grew 2.6x to $249 million for the quarter, which equates to nearly $1 billion in high-quality fee-based income on an annualized basis.

該業務板塊的淨利息收入為 2.08 億美元，年增 30%，主要得益於會員存款的成長。本季非利息收入成長 2.6 倍，達到 2.49 億美元，以年計算，高品質的費用收入接近 10 億美元。

Importantly, improved monetization continues its strong contribution to revenue growth. Annualized financial services revenue per product was $104 in the fourth quarter. That's up from $81 in the fourth quarter of 2024, a year-over-year increase of 29%, and we see continued upside as newer products mature.

重要的是，貨幣化能力的提高繼續為收入成長做出強勁貢獻。第四季度，每款產品的年度金融服務收入為 104 美元。這比 2024 年第四季的 81 美元有所增長，年增 29%，隨著新產品的成熟，我們認為還有持續上漲的空間。

The successful expansion of our loan platform business was one of our greatest achievements in 2025, further diversifying our revenue and making our growth more durable. We've built this business into a powerhouse. In Q4, our loan platform business generated $194 million in adjusted net revenue, an annualized pace of $775 million, which is nearly 3x higher than the same period last year.

2025年，我們貸款平台業務的成功擴張是我們最大的成就之一，進一步實現了收入多元化，使我們的成長更加永續。我們已將這家公司打造成為產業巨頭。第四季度，我們的貸款平台業務實現了 1.94 億美元的調整後淨收入，以年化速度計算為 7.75 億美元，幾乎是去年同期的 3 倍。

And as we head into 2026, we continue to see strong demand from both existing and new partners. Beyond our loan platform business revenue, we continue to see healthy growth in interchange, up 66% year-over-year, driven by close to $22 billion in total annualized spend in the quarter across money and credit card.

展望 2026 年，我們持續看到來自現有合作夥伴和新合作夥伴的強勁需求。除了貸款平台業務收入外，我們還看到交易手續費持續保持健康成長，年增 66%，這主要得益於本季現金和信用卡年度總支出接近 220 億美元。

Turning to our tech platform, which generated record revenue of over $450 million in 2025. For the fourth quarter, the Tech Platform business delivered net revenue of $122 million, up 19% year-over-year. Contribution profit was $48 million and a contribution margin of 39%. This includes the remaining revenue earned from a large client who fully transitioned off our platform prior to year-end.

再來看看我們的科技平台，在 2025 年創造了超過 4.5 億美元的創紀錄收入。第四季度，技術平台業務實現淨收入 1.22 億美元，年增 19%。貢獻利潤為 4,800 萬美元，貢獻毛利率為 39%。這包括一位大客戶在年底前完全退出我們平台後所獲得的剩餘收入。

Turning to our Lending segment. Lending generated record adjusted net revenue of over $1.8 billion in 2025, up 24% from the prior year. For the fourth quarter, adjusted net revenue was $486 million, up 15% from the same period last year. Contribution profit was $272 million with a 54% contribution margin. These strong results were primarily driven by growth in net interest income, which increased 29% year-over-year to $445 million.

接下來我們來看看貸款業務部門。2025 年，貸款業務調整後淨收入創歷史新高，超過 18 億美元，比前一年成長 24%。第四季調整後淨收入為 4.86 億美元，比去年同期成長 15%。貢獻利潤為 2.72 億美元，貢獻毛利率為 54%。這些強勁的業績主要得益於淨利息收入的成長，淨利息收入年增 29% 至 4.45 億美元。

During the quarter, we had record total loan originations of $10.5 billion, up 46% year-over-year. Personal loan originations were a record at $7.5 billion, of which $3.7 billion was originated on behalf of third parties through [LPB]. In total, personal loan originations were up 43% year-over-year.

本季度，我們的貸款發放總額創下歷史新高，達到 105 億美元，年增 46%。個人貸款發放額創下75億美元的紀錄，其中37億美元是透過以下方式代表第三方發放的：[LPB].個人貸款發放總量年增 43%。

Student loan originations were $1.9 billion, up 38% from the same period last year. Home loan originations were a record $1.1 billion, a year-over-year increase of nearly 2x. Capital markets activity was very strong in the fourth quarter. We sold and transferred through our loan platform business, $4.5 billion of personal and home loans. In terms of personal loans, we closed $100 million of sales in whole loan form at a blended execution of 106.5%.

學生貸款發放額為 19 億美元，比去年同期成長 38%。房屋貸款發放達到創紀錄的 11 億美元，年增近 2 倍。第四季資本市場活動非常強勁。我們透過貸款平台業務售出和轉讓了 45 億美元的個人和房屋貸款。在個人貸款方面，我們以 1 億美元的整體貸款形式完成了 1 億美元的銷售，綜合執行率為 106.5%。

All deals had similar structures to other recent personal loan sales with cash proceeds at or near par and the majority of the premium consisting of contractual servicing fees that are capitalized. These sales included a small loss share provision that is above our base assumption of losses and immaterial relative to the exposure we would have had otherwise had if we held on to the loans.

所有交易的結構都與其他近期個人貸款銷售類似，現金收益等於或接近面值，溢價的大部分由資本化的合約服務費構成。這些銷售中包含了一筆小額損失分攤準備金，該準備金高於我們對損失的基本假設，並且相對於我們如果繼續持有這些貸款將會面臨的風險而言微不足道。

Additionally, we sold $90 million of late-stage delinquent personal loans. By selling these loans, we're able to generate positive incremental value over time versus selling after they charge off, both from our improved recovery capabilities and by maintaining servicing.

此外，我們還出售了價值 9,000 萬美元的後期逾期個人貸款。透過出售這些貸款，我們能夠隨著時間的推移產生正的增量價值，而如果等到貸款被註銷後再出售，則無法實現這一目標，這既得益於我們提高的回收能力，也得益於我們維持的貸款服務。

In terms of home loan sales, we closed $692 million at a blended execution of 102.3%. In addition to our loan sales, we executed a $463 million securitization of loans originated through the loan platform business. This channel provides our partners with meaningful liquidity to support their ongoing investment in the loan platform business. The transaction priced at an industry-leading cost of funds level with a weighted average spread of 101 basis points.

在房屋貸款銷售方面，我們完成了 6.92 億美元的交易，綜合執行率為 102.3%。除了貸款銷售外，我們還完成了透過貸款平台業務發放的 4.63 億美元貸款證券化。該管道為我們的合作夥伴提供充足的流動資金，以支持他們對貸款平台業務的持續投資。該交易的定價處於業界領先的資金成本水平，加權平均利差為 101 個基點。

Turning to credit performance. Our credit remains strong, performing in line with expectations and driving attractive returns across all loan types. Our personal loan borrowers have a weighted average income of $158,000 and a weighted average FICO score of 746, while our student loan borrowers have a weighted average income of $149,000 with a weighted average FICO score of 765.

接下來關注信用表現。我們的信貸狀況依然強勁，表現符合預期，所有類型的貸款都帶來了可觀的回報。我們的個人貸款借款人加權平均收入為 158,000 美元，加權平均 FICO 信用評分為 746 分；而我們的學生貸款借款人加權平均收入為 149,000 美元，加權平均 FICO 信用評分為 765 分。

For personal loans, the annualized charge-off rate was 280 basis points, up 20 basis points from the third quarter. I would note that while this is up from last quarter, it is down slightly from the second quarter and down over 50 basis points from a year ago. In fact, this is our second best quarter since 2022.

個人貸款的年化核銷率為 280 個基點，比第三季上升了 20 個基點。需要指出的是，雖然這比上個季度有所上升，但比第二季度略有下降，比一年前下降了 50 多個基點。事實上，這是我們自 2022 年以來業績第二好的季度。

Importantly, the increase in our balance sheet charge-off rate is driven by mix rather than credit deterioration. In Q4, as a result of increased LTV activity, we retained fewer new loans on the balance sheet. This naturally increases the average age or seasoning of our personal loan portfolio held on the balance sheet. Adjusting for this seasoning, underlying credit trends actually improved quarter-over-quarter.

重要的是，我們資產負債表核銷率的上升是由資產組合變動而非信用惡化所造成的。第四季度，由於貸款價值比 (LTV) 活動增加，我們在資產負債表上保留的新貸款數量減少。這自然會增加我們資產負債表上個人貸款組合的平均年齡或期限。剔除這些因素的影響，信貸基本面實際上較上季有所改善。

And we not sold any late-stage delinquencies, we estimate that including recoveries between 90 and 120 days delinquent, we would have had an all-in annualized net charge-off rate for personal loans of approximately 4.4% versus 4.2% last quarter. The on-balance sheet 90-day delinquency rate was 52 basis points, up 9 basis points from last quarter, also driven by portfolio seasoning. I would note that the delinquency rate is down year-over-year.

而且我們沒有出售任何後期逾期貸款，我們估計，如果包括逾期 90 至 120 天的貸款回收，我們的個人貸款綜合年化淨核銷率將約為 4.4%，而上一季為 4.2%。資產負債表上的 90 天逾期率為 52 個基點，比上一季上升了 9 個基點，這也是由於投資組合成熟所致。我注意到，違約率年減。

For student loans, the annualized charge-off rate was 76 basis points, up slightly from 69 basis points in the prior quarter, driven primarily by seasonality as well as the impact of a student loan repurchase that began in Q1 2025 and concluded during the fourth quarter. The on-balance sheet, 90-day delinquency rate was 14 basis points, consistent with the prior quarter. The data continues to support our 7% to 8% net cumulative loss assumption for personal loans in line with our underwriting tolerance, although we continue to trend below these levels.

學生貸款的年化核銷率為 76 個基點，較上一季的 69 個基點略有上升，主要受季節性因素以及 2025 年第一季開始、第四季結束的學生貸款回購的影響。資產負債表上的 90 天逾期率為 14 個基點，與上一季一致。數據繼續支持我們對個人貸款7%至8%的淨累計損失假設，這符合我們的承保容忍度，儘管我們目前的趨勢仍然低於這些水準。

Our recent vintages originating from Q4 2022 to Q1 2025 have net cumulative losses of 4.55% with 37% unpaid principal balance remaining. This is well below the 6.27% observed at the same point in time for the 2017 vintage, the last vintage that approached our 7% to 8% tolerance. The gap between the newer cohort curve and the 2017 cohort curve widened by 8 basis points during the fourth quarter. In fact, this gap has widened in each of the past six quarters since we began measurement.

我們最近發行的年份（2022 年第四季至 2025 年第一季）累計淨虧損為 4.55%，剩餘未償還本金餘額為 37%。這遠低於 2017 年同期觀察到的 6.27%，2017 年是最後一個接近我們 7% 至 8% 容忍度的年份。第四季度，新隊列曲線與 2017 年隊列曲線之間的差距擴大了 8 個基點。事實上，自從我們開始測量以來，過去六個季度中，這一差距都在擴大。

Additionally, looking at our Q1 2020 through Q3 2025 originations, 60% of principal has already been paid down with 6.8% in net cumulative losses. Therefore, the life of loan losses on its entire cohort of loans to reach [8%], the charge-off rate on the remaining 40% of unpaid principal would need to be approximately 10%. This will be well above past levels at similar points of seasoning, further underscoring our confidence in achieving loss rates below our 8% tolerance.

此外，從 2020 年第一季到 2025 年第三季的貸款發放情況來看，60% 的本金已償還，淨累計損失為 6.8%。因此，要使所有貸款的貸款損失達到 [8%]，剩餘 40% 未償還本金的核銷率需要達到約 10%。這將遠高於過去類似調味階段的水平，進一步凸顯了我們對實現低於 8% 容忍度的損耗率的信心。

Turning to our fair value marks and key assumptions. As a reminder, we've marked our loans at fair value each quarter, which considers a number of factors, including the weighted average coupon, the constant default rate, the conditional prepayment rate and the discount rate comprised of benchmark rates and spreads.

接下來，我們來看看公允價值評估和關鍵假設。再次提醒，我們每季都會以公允價值對貸款進行估值，其中考慮了多種因素，包括加權平均票息、固定違約率、有條件提前還款率以及由基準利率和利差構成的折現率。

At the end of the fourth quarter, our personal loans were marked at 105.7%, down 8 basis points from the prior quarter. This included an increase in the annual default rate, which was primarily driven by loan vintage seasoning, not changes to the individual loan loss assumptions, partially offset by a lower benchmark rate. At the end of the fourth quarter, our student loans were marked at 105.6%, down 8 basis points from the prior quarter, driven by minor changes in the average coupon and annual default rate.

在第四季末，我們的個人貸款利率為 105.7%，比上一季下降了 8 個基點。這其中包括年度違約率的上升，這主要是由於貸款帳齡的增長，而不是個別貸款損失假設的變化，部分被較低的基準利率所抵消。在第四季末，我們的學生貸款利率為 105.6%，比上一季下降了 8 個基點，主要原因是平均票息和年度違約率略有變化。

Turning to our balance sheet. In December, we raised $1.5 billion of new capital in the form of common equity. This was our second opportunistic raise of 2025, giving us great flexibility to pursue organic and inorganic growth opportunities. It also allowed us to further improve our funding base. Over the past two quarters, we fully paid down our warehouse lines, reducing our funding costs by an estimated $110 million on an annualized basis, fully mitigating the bottom-line impact of the additional shares.

接下來來看看我們的資產負債表。12 月，我們以普通股的形式籌集了 15 億美元的新資金。這是我們 2025 年的第二次機會性融資，讓我們能夠靈活地尋求有機和無機成長機會。這也有助於我們進一步改善資金來源。在過去的兩個季度裡，我們全額償還了倉儲貸款，按年計算，我們的融資成本估計減少了 1.1 億美元，完全抵消了新增股份對利潤的影響。

In the fourth quarter, including the $1.5 billion of new capital, total assets grew by $5.4 billion. This was driven by $3.1 billion of loan growth and approximately $1.7 billion of growth in cash, cash equivalents and investment securities. Total company-wide cash at quarter end was $5.4 billion.

第四季度，包括15億美元的新資本在內，總資產增加了54億美元。這主要得益於貸款成長 31 億美元，以及現金、現金等價物和投資證券成長約 17 億美元。截至季末，公司整體現金餘額為54億美元。

On the liability side, total deposits grew by $4.6 billion to $37.5 billion, primarily driven by growth in member deposits. Our net interest margin was 5.72% for the quarter, down 12 basis points sequentially. This included a 30 basis points decrease in average asset yields as we saw a modest mix shift from personal loans to home and student loans, partially offset by a 15 basis points decrease in cost of funds. We continue to expect a healthy net interest margin above 5% for the foreseeable future.

在負債方面，存款總額增加了 46 億美元，達到 375 億美元，主要原因是會員存款的成長。本季淨利差為 5.72%，季減 12 個基點。這其中包括平均資產收益率下降 30 個基點，因為我們看到貸款結構從個人貸款略微轉向房屋貸款和學生貸款，但資金成本下降 15 個基點部分抵消了這一影響。我們預計在可預見的未來，淨利差將維持在 5% 以上。

In terms of our regulatory capital ratios, we are very well capitalized. Our total capital ratio of 22.9% at quarter end is well above the regulatory minimum of 10.5% as well as our additional internal stress buffer. Tangible book value grew $4 billion year-over-year to $8.9 billion, including the benefit from the new capital raised. Intangible book value per share at quarter end is $7.01, up from $4.47 a year ago, a 57% increase.

就我們的監理資本適足率而言，我們的資本非常充足。截至季末，我們的總資本適足率為 22.9%，遠高於 10.5% 的監管最低標準以及我們額外的內部壓力緩衝。有形帳面價值年增 40 億美元，達到 89 億美元，其中包括新籌資帶來的收益。截至季末，每股無形帳面價值為 7.01 美元，高於去年同期的 4.47 美元，增幅達 57%。

Let me finish by providing our outlook for 2026 in the medium term, starting with the macro assumptions that underpin our financial guide. In line with market expectations, our 2026 assumptions are as follows: an interest rate outlook consistent with the Fed funds futures and two rate cuts to get us to a 3.0% to 3.25% exit rate in 2026. Real GDP growth of approximately 2.5% and an unemployment rate in the 4.5% to 5% range.

最後，我將介紹我們對 2026 年的中期展望，首先從支撐我們財務指南的宏觀假設開始。與市場預期一致，我們對 2026 年的假設如下：利率前景與聯邦基金期貨一致，並降息兩次，使我們在 2026 年達到 3.0% 至 3.25% 的退出利率。實質GDP成長率約2.5%，失業率在4.5%至5%之間。

Now for our specific guidance. For the full year 2026, we expect to increase total members by at least 30% year-over-year. We expect adjusted net revenue of approximately $4.655 billion, which equates to year-over-year growth of approximately 30%. We expect adjusted EBITDA of approximately $1.6 billion, which equates to an EBITDA margin of approximately 34%. We expect adjusted net income to be approximately $825 million, which equates to a margin of approximately 18%.

現在，讓我們給出具體指導。預計到 2026 年全年，會員總數將比上年增長至少 30%。我們預計調整後淨收入約為 46.55 億美元，相當於年增約 30%。我們預計調整後的 EBITDA 約為 16 億美元，相當於 EBITDA 利潤率約為 34%。我們預計調整後淨收入約為 8.25 億美元，利潤率約為 18%。

We expect adjusted EPS to be approximately $0.60 per share. The guidance assumes a mid-teens tax rate, which we currently believe to be our effective tax rate in 2026. For the first quarter of 2026, we expect to deliver adjusted net revenue of approximately $1.04 billion, which is a 35% year-over-year increase compared to 33% in the same period last year.

我們預計調整後每股收益約為0.60美元。該指導意見假設稅率為十度，我們目前認為這是我們 2026 年的實際稅率。預計 2026 年第一季調整後淨收入約為 10.4 億美元，年增 35%，去年同期年增 33%。

Adjusted EBITDA of approximately $300 million, which equates to a margin of 29% versus 27% in the same period last year. Adjusted net income of approximately $160 million, which equates to a margin of 15% versus 9% in the same period last year. And adjusted EPS of approximately $0.12, 2 times the $0.06 delivered in the same period last year. It's important to note that each year, we have seasonal payroll taxes during the first two quarters of the year, and we plan to accelerate marketing expenses in the first half of 2026 relative to Q4 2025.

調整後 EBITDA 約 3 億美元，利潤率為 29%，去年同期為 27%。經調整後的淨收入約為 1.6 億美元，利潤率為 15%，去年同期為 9%。調整後每股收益約為 0.12 美元，是去年同期 0.06 美元的 2 倍。值得注意的是，每年前兩個季度我們都會繳納季節性工資稅，而且我們計劃在 2026 年上半年加快行銷支出，與 2025 年第四季相比。

Overall, 2025 has been a remarkable year for SoFi. We are proud of the strong results we delivered and are excited to build on this momentum in the year ahead. Looking beyond 2026, given our differentiated model, the strength of our balance sheet and the tremendous opportunities that exist across our business and in newer areas, we expect to deliver compounded annual adjusted net revenue growth of at least 30% from 2025 to 2028. Additionally, we expect to deliver compounded annual adjusted earnings per share growth of 38% to 42% from 2025 to 2028.

整體而言，2025 年對 SoFi 來說是意義非凡的一年。我們為取得的優異成績感到自豪，並期待在未來一年繼續保持這一勢頭。展望 2026 年後，鑑於我們差異化的模式、強勁的資產負債表以及我們業務和新興領域存在的巨大機遇，我們預計從 2025 年到 2028 年，年均調整淨收入複合增長率將至少達到 30%。此外，我們預計從 2025 年到 2028 年，調整後每股盈餘的複合年增長率將達到 38% 至 42%。

Let's now begin the Q&A

現在開始問答環節。

(Operator Instructions)

（操作說明）

John Hector, Jefferies.

約翰‧赫克托，傑富瑞集團。

Morning guys. Congratulations on the good momentum. I guess first, I guess my question is, you guys gave some good consolidated guidance. Maybe can you break some of those details out at the segment level?

早上好，各位。恭喜你們取得如此良好的發展動能。首先，我想問的是，你們提供了一些很好的全面指導。或許您可以把這些細節細化到細分市場層面？

Sure. I can take that one, John. So overall, like we've said in the past, given that we're right in the middle of 2 super cycles with blockchain and crypto and AI and the fact that we have significant capital cushion in any scenario that we could have possibly imagined, that makes us extremely excited about the outlook for our business, both in the immediate and the longer term.

當然。約翰，我可以應付這件事。總的來說，正如我們過去所說，鑑於我們正處於區塊鏈、加密貨幣和人工智慧兩大超級週期的中間，而且我們擁有在任何我們可能想像到的情況下都相當可觀的資本緩衝，這讓我們對公司業務的前景，無論是短期還是長期，都感到非常興奮。

In terms of our 2026 outlook, we expect continued very strong revenue growth of roughly 30% year-over-year. As it relates to the segments for Financial Services, we expect revenue growth of 40% or more. For lending, we expect revenue to grow approximately 23% year-over-year. And then for Tech Platform, normalized for the transition of a large client, we expect revenue growth of approximately 20%.

展望 2026 年，我們預計營收將持續保持強勁成長，年增約 30%。就金融服務部門而言，我們預計收入成長將達到 40% 或更高。貸款業務方面，我們預計營收將年增約 23%。然後，對於技術平台而言，考慮到大型客戶的過渡，我們預計收入成長約為 20%。

And then for our Corporate segment, revenue should generally be in line with what we saw in 2025 on a dollar basis. As we look forward out to the medium term, we're expecting at least 30% annual revenue growth compounded between 2025 and 2028 and 38% to 42% annual compounded EPS growth between 2025 and 2028. From a segment perspective, we expect to see continued momentum across all segments.

至於我們的企業部門，收入應該大致與我們 2025 年的預期（以美元計）一致。展望中期，我們預期 2025 年至 2028 年間，年營收複合成長率至少 30%，年每股盈餘複合成長率為 38% 至 42%。從細分市場來看，我們預期所有細分市場都將保持成長動能。

And given the investments that we've made to date, we see the opportunity to accelerate growth in 2027 and '28 across a number of products that are just starting to scale, including our crypto business, our brokerage business, home loans and student loans given the rate environment. So overall, really optimistic about the outlook given everything ahead of us.

鑑於我們迄今為止的投資，我們看到了在 2027 年和 2028 年加速成長的機會，尤其是在一些剛開始擴大規模的產品領域，包括我們的加密貨幣業務、經紀業務、房屋貸款和學生貸款，考慮到當前的利率環境。所以總的來說，考慮到我們未來面臨的一切，我對前景非常樂觀。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Hi, good morning. Great to see the momentum in the business. Anthony, you've talked about driving awareness. And I think you mentioned today on the call, the opportunity for refinancing at $1 trillion. It looks like perhaps that messaging hit an inflection point this quarter, and you mentioned some of the celebrity partnerships.

您好，早安。很高興看到公司業務發展勢頭良好。安東尼，你之前談到提高駕駛意識。我想您今天在電話會議上也提到了，1兆美元的再融資機會。看來本季訊息傳遞可能達到了一個轉折點，你也提到了一些名人合作計畫。

Can you elaborate a little bit on the acceleration in KPI growth, whether it's sustainable, whether you think this is sort of the tipping point at which consumers say, hey, look, this is simply a better answer than traditional banks. Can we sort of declare that we've reached that point in your business model?

您能否詳細闡述KPI成長加速的原因，這種成長是否可持續，您是否認為這是否是一個轉捩點，讓消費者意識到，嘿，這比傳統銀行要好得多？我們是否可以宣布，您的商業模式已經發展到了那個階段？

Thank you for the question, Andrew. Thank you for the question, Andrew. We're just -- we are a 9.6% unaided brand awareness. We would love our unaided brand awareness to continue to grow to get into the mid-20s, which would -- when we get there, likely put us as a top 10 financial institution. When I joined, our unaided brand awareness was around 2%. And for those that aren't familiar with that measure, unaided brand awareness is asked in the following way.

謝謝你的提問，安德魯。謝謝你的提問，安德魯。我們的品牌知名度目前只有 9.6%（未經任何輔助宣傳）。我們希望我們的品牌知名度能持續成長到20多位，如果我們達到這個目標，我們很可能會成為排名前10名的金融機構。當我加入公司時，我們未經任何宣傳的品牌知名度約為 2%。對於那些不熟悉這項衡量標準的人來說，未經提示的品牌認知度是這樣詢問的。

When you're thinking about a financial services product, please name 3 companies you would consider. So it doesn't ask about student loans. It doesn't ask about personal loans or any of the other products that we have. It just asks that generic question. The ability to move it from 2% to 9.6% is really, really challenging in the time period that we have. The largest banks in our country, the most well-known banks in our country, the most trusted banks in our country, they've been doing it for centuries.

在考慮金融服務產品時，請列出您會考慮的 3 家公司。所以它不會詢問學生貸款的情況。它不會詢問個人貸款或我們提供的任何其他產品。它只是問了一個很籠統的問題。在有限的時間內將其從 2% 提高到 9.6% 確實是一個非常非常具有挑戰性的目標。我們國家最大的銀行、我們國家最知名的銀行、我們國家最值得信賴的銀行，他們幾個世紀以來一直在做這件事。

And some of them less than centuries, but a very, very long time. So our team has really crushed it in leveraging a combination of branded advertising and performance-based advertising. And we absolutely partner with big, well-known stars, big well-known entities like SoFi Stadium and innovative things like SoFi TGL. We'll continue to look for those opportunities.

有些不到幾個世紀，但有些卻非常非常長。所以我們的團隊在結合品牌廣告和成效廣告方面取得了巨大的成功。我們絕對會與像 SoFi Stadium 這樣的大牌明星、大牌知名企業以及像 SoFi TGL 這樣的創新項目合作。我們將繼續尋找這些機會。

But I'm more than confident than ever that we've reached the point where I can go some place and someone will say, Oh, do you work for SoFi, I have a SoFi account., that wasn't happening 8 years ago. It happens all the time now. And so one of our priorities in 2026 is trying to build product quality to such an extent that we drive virality and our customer acquisition costs go down meaningfully because of word of mouth, because of referrals.

但我比以往任何時候都更加確信，我們已經達到了這樣一個階段：我去任何地方，都會有人說：“哦，你在 SoFi 工作嗎？我有一個 SoFi 帳戶。”，這在 8 年前是不會發生的。現在這種情況屢見不鮮。因此，我們在 2026 年的首要任務之一是努力提高產品質量，使其達到一定程度，從而推動病毒式傳播，並透過口碑傳播和推薦，顯著降低客戶獲取成本。

We're doing incredibly well now as it relates to our return on marketing spend. You can see that in our margins. We delivered more than our long-term margin originally stated when we went public, which we've now increased directionally. So we do believe we can spend money and get a return on it. We have the analytics of that nailed down. That's what's allowing us to drive more than 30% member growth consistently over the last eight years and coupling it with product growth.

就行銷支出回報率而言，我們目前做得非常好。你可以從我們的頁邊距看出這一點。我們實現的利潤率超過了上市時最初設定的長期利潤率，而且我們現在也提高了這個目標。所以我們相信，投資可以獲得回報。我們已經掌握了這方面的分析方法。正是這一點讓我們在過去八年中持續實現了超過 30% 的會員成長，並同時實現了產品成長。

The 40% cross-buy number in -- that is a number that's up almost 10% versus a year ago. And that's not easy to do when you're growing the business so quickly on a new member basis. So we're really hitting on all cylinders. We feel like we have the right marketing formula, but we're not going to rest on our laurels. I really want us to get that escape velocity where the amount that we spend becomes more and more efficient. And this is before implementing AI. It's really about product quality and awareness and that filtering down to greater productivity of our marketing dollars.

交叉購買比例達到 40%，比一年前成長了近 10%。當你以新會員數量快速成長業務時，要做到這一點並不容易。所以我們現在狀態非常好。我們感覺我們已經找到了正確的行銷策略，但我們不會就此止步。我真心希望我們能達到那種逃逸速度，讓我們的每一分每一秒都發揮出越來越高的效率。而這還是在應用人工智慧之前的情況。這其實關乎產品品質和品牌知名度，以及最終如何提高我們行銷投入的效率。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Hey guys, Great quarter and Epic medium-term guidance. Congratulations. I wanted to ask you, maybe, Chris, about LPB in terms of like how do you think about originations specifically? And like how much should be allocated to LPB versus the other stuff? Thank you.

各位，本季表現出色，中期業績指引也十分亮眼。恭喜。克里斯，我想問你關於LPB的問題，例如你對髮片環節的具體看法？那麼，LPB和其他項目應該分配多少資金呢？謝謝。

Sure. Thanks, Dan. So I'll step back and talk a little bit about our origination outlook for the entire business. Overall, we had record originations in 2025, which were fueled by strong borrower demand across each and every one of our asset classes. What we're seeing so far in 2026 is that, that demand remains extremely robust, and we have more flexibility than we've ever had as a company entering 2026.

當然。謝謝你，丹。所以，我將退後一步，談談我們整個業務的貸款發放前景。總體而言，我們在 2025 年實現了創紀錄的貸款發放量，這得益於我們所有資產類別中強勁的借款人需求。到目前為止，我們看到 2026 年的需求仍然非常強勁，而且作為一家公司，我們在進入 2026 年時擁有的靈活性也比以往任何時候都更大。

We expect that total originations for the company will be up strongly year-over-year, and we have the luxury of, a, choosing to drive capital-light fee-based revenue through our strong capital market pipeline, particularly in the loan platform business, as you mentioned, where we just signed a new partner, and we have several partners at final term sheet stages; or b, we have the opportunity to keep these higher returning assets on our balance sheet and putting our newly raised capital to work.

我們預計公司貸款發放總量將同比增長，我們有以下選擇：a. 透過我們強大的資本市場管道，特別是貸款平台業務（正如您所提到的，我們剛剛簽署了一項新的合作協議，並且還有幾項合作協議已進入最終條款清單階段），來推動輕資本的收費收入；或者 b. 我們有機會將這些高債務資產回報

Ultimately, how we're going to allocate those assets is going to be determined by our overarching goals of serving our members and driving durable growth to maximize returns for our shareholders in the long run. Given that we have significantly scaled our loan platform business to over $14.5 billion in annualized volume, we've diversified our revenue to 44% in fees, and we have the excess capital, we have phenomenal optionality today.

最終，我們將如何分配這些資產將取決於我們服務會員和推動永續成長的整體目標，從而在長期內最大限度地提高股東的回報。鑑於我們的貸款平台業務已大幅擴展至年化交易額超過 145 億美元，我們的收入來源多元化，手續費收入佔比達到 44%，而且我們擁有充足的資本，因此我們今天擁有巨大的選擇餘地。

Holding these loans on our balance sheet results in the highest total return for each and every one of our loans, while transferring them through the loan platform business carries no risk and results in immediate revenue and cash as well as attractive returns for us. So we're really in an enviable position of choosing between two great options, and we're going to balance them accordingly.

將這些貸款保留在我們的資產負債表上，可以使每一筆貸款獲得最高的總回報；而透過貸款平台業務轉移這些貸款則沒有風險，可以立即為我們帶來收入和現金，以及可觀的回報。因此，我們現在處於一個非常有利的位置，可以在兩個絕佳的選擇之間做出決定，我們將相應地權衡利弊。

Kyle Peterson, Needham and Co.

Kyle Peterson，Needham and Co.

Great, good morning. Thanks guys, and nice results. I wanted to touch on the deposit growth this quarter. It was really impressive and good to see. So I guess, is this still largely coming from member deposits? And then could you guys give us a refresher on what the recent downward beta has been? That would be really helpful. Thank you.

太好了，早安。謝謝各位，結果很棒。我想談談本季的存款成長情況。真是令人印象深刻，很高興看到這樣的景象。所以我想，這筆資金主要還是來自會員存款嗎？那麼，你們能否給我們回顧一下最近的下跌beta值情況？那真的很有幫助。謝謝。

So a couple of things on deposits. I've said since we -- since we opened the bank that we have a competitive advantage in being able to offer our members a better value proposition than anyone else on something like SoFi Money, a combination of a high APY reward opportunities as well as other services that we provide like free certified financial planning, et cetera. I think as rates continue to go down, our advantage will make itself more clear.

關於存款，有幾點需要說明。自從我們——自從我們開設這家銀行以來，我就一直說，我們在為會員提供比任何其他機構都更有價值的產品（例如 SoFi Money）方面具有競爭優勢，這包括高年利率獎勵機會以及我們提供的其他服務，例如免費的認證財務規劃等等。我認為隨著利率持續下降，我們的優勢將會更加明顯。

Everyone that we compete against in that top quartile, they kind of fall into 2 buckets. One, they're a newer bank that actually does lending and they have an ability to provide a rate above Fed funds, but they have a deposit base that's so big, they can't be too aggressive because they'll reprice their entire deposit base. And that's a structural issue that we fundamentally don't have.

所有與我們競爭的頂尖球隊，大致可以分為兩類。第一，他們是一家較新的銀行，確實在進行貸款業務，並且有能力提供高於聯邦基金利率的利率，但是他們的存款基礎非常龐大，所以他們不能過於激進，因為這會重新調整整個存款基礎的利率。而這正是我們根本不存在的結構性問題。

Second is people that are not actual banks that are using sponsor banks, and they can only get Fed funds plus 20 basis points or 30 basis points. Because we have such a large and profitable lending business, we can use that -- those profit pools to give a rate that's unmatched by other people. We haven't had to do that yet because we've had such great demand for our product, and that's driven the deposits.

第二種情況是，並非真正的銀行，而是使用贊助銀行，他們只能獲得聯邦基金利率加 20 個基點或 30 個基點。因為我們擁有如此龐大且獲利豐厚的貸款業務，我們可以利用這些利潤池提供其他公司無法比擬的利率。我們目前還沒有採取那種措施，因為我們的產品需求量很大，這推動了訂金的增加。

And I think we'll continue to show that we can be in a top quartile APY and achieve the level of deposit funding that we want, and it remains relatively sticky. The bulk of our deposits, almost 97% are direct deposit customers, and that is high-quality primary account relationships, and that's what we're aimed at.

我認為我們將繼續證明，我們可以維持前四分之一的年收益率，並達到我們想要的存款資金水平，而且存款資金還能保持相對穩定。我們的存款大部分（幾乎 97%）來自直接存款客戶，這代表著高品質的主要帳戶關係，而這正是我們所追求的。

Yes. And the only other thing I would add to Anthony's comments because you asked about it is the downward beta. We've -- since we launched the bank, we've been at roughly a 60% to 70% beta, and we would expect that to stay consistent going forward.

是的。因為你問到了，我唯一想補充的是 Anthony 的評論中的向下 beta 值。自從我們推出這家銀行以來，我們的 beta 值一直保持在 60% 到 70% 左右，我們預計未來這一比例將保持不變。

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

Congrats on the quarter and strong guidance. Real quick for me. I guess it sounded like, Anthony, you sounded very, I guess, bullish on some of the new products. I'm thinking about the crypto, I'm thinking about the stablecoin, I'm thinking about the smart card. And I'm curious, do you think that the innovation that we're seeing on the fintech side could spur more interest in demand from your platform -- tech platform customers.

恭喜本季業績出色，並給予了強勁的業績指引。我很快就能搞定。安東尼，我猜你聽起來好像對一些新產品非常看好。我在思考加密貨幣，我在思考穩定幣，我在思考智慧卡。我很好奇，您認為我們在金融科技領域看到的創新是否會刺激您的平台—科技平台客戶—產生更大的需求？

Historically, I think you guys have led with kind of card processing and things like that. Good stuff, not as interesting as some of the newer things that are kind of coming down the pipe. Maybe can you talk a little bit about that and if this could signal or catalyze like a change in adoption and growth in tech platform.

從歷史上看，我認為你們一直走在卡片處理等方面的前沿。不錯，但不如一些正在醞釀中的新東西那麼有趣。您能否就此談談您的看法，以及這是否預示著或催化了技術平台採用率和成長方式的轉變。

Sure. The tech platform business is definitely benefiting from -- let me say, it could benefit from the areas that you just mentioned. So a year ago, the amount of demand or interest that we had in blockchain, in stablecoins, and wallets, et cetera, for tech platform partners was really nonexistent. But since the administration changed and the OCC came out with the permissibility of crypto and blockchain among banks, the amount of interest in leveraging the tech platform services has really increased quite meaningfully.

當然。技術平台業務肯定會從——或者說，可能會從你剛才提到的領域中受益。所以一年前，科技平台合作夥伴對區塊鏈、穩定幣、錢包等產品的需求或興趣幾乎是零。但自從政府換屆，以及貨幣監理署 (OCC) 允許銀行使用加密貨幣和區塊鏈技術以來，人們對利用科技平台服務的興趣確實顯著增加。

We don't have anything to announce yet. We're in tons of dialogues with different types of companies. There are companies that are launching a debit card type of product in LatAm countries that's backed 100% by stablecoins. It's not backed by fiat dollars at all. And so there's a fair amount of that. There's also a fair amount of program managers for that type of product. And then in the US, I think there's less activity from financial institutions for those services, it's more in the LatAm countries.

我們目前還沒有任何消息可以宣布。我們正在與各種類型的公司進行大量的對話。有些公司正在拉丁美洲國家推出金融卡類型的產品，該產品100%由穩定幣支持。它根本沒有法定美元支持。所以這類事情還蠻多的。這類產品也有相當數量的專案經理。然後，我認為美國金融機構對這些服務的活動較少，而拉丁美洲國家則更多。

But we do anticipate it will spill over to the US and some of the international companies will look to the US because it's a more inviting environment from an administrative standpoint. I think the Clarity Act is very important because it will establish into law the permissibility of crypto and blockchain by banks. Right now, we're all relying on the OCC's interpretive letters, and it'd be much better if it was locked into law, especially if the administration changes in a couple of years.

但我們預期這種情況會蔓延到美國，一些國際公司會把目光投向美國，因為從行政角度來看，美國的環境更具吸引力。我認為《清晰法案》非常重要，因為它將以法律形式確立銀行使用加密貨幣和區塊鏈的合法性。目前，我們都依賴貨幣監理署的解釋信，如果能將其寫入法律就好了，尤其是在幾年後政府換屆的情況下。

But I'd say the outlook and opportunities that crypto provide for the tech platform as well as our own business are pretty enormous, and I couldn't be more excited about it. It adds a whole another dimension of growth for us, but it also drives a whole another sort of lens of innovation across all of our products. And when you have as many products that we have and you have an entirely new technology platform at a lower cost at faster speed and safer, it could fundamentally change everything that we do.

但我認為，加密貨幣為科技平台以及我們自身的業務帶來的前景和機會非常巨大，我對此感到無比興奮。它為我們帶來了全新的成長維度，同時也為我們所有產品帶來了全新的創新視角。當你擁有像我們這樣多的產品，並且擁有一個成本更低、速度更快、更安全的全新技術平台時，它可能會從根本上改變我們所做的一切。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Hey, good morning, guys. Thanks for taking my questions. On the third quarter call, we talked a lot about capital markets, and I think you guys referenced a flight to quality from investors. Just kind of looking to get an update there. Obviously, sentiment changed. But yes, a little bit of a capital markets update and any implications on the competitive front on the personal loan side of things. Thanks.

嘿，大家早安。謝謝您回答我的問題。在第三季財報電話會議上，我們談了很多關於資本市場的事情，我想你們提到了投資者湧向優質資產的現象。我只是想了解一下最新情況。顯然，人們的情緒發生了變化。是的，這裡簡單介紹一下資本市場的最新情況，以及這對個人貸款領域的競爭格局可能產生的影響。謝謝。

Yeah. Sure. Thanks, Kyle. So overall, capital markets activity and demand remains extremely robust. We continue to see that flight to quality that we mentioned during the Q3 call. We just had a phenomenal quarter in our loan platform business, transferring $3.7 billion of loans on behalf of others. We just signed a new partner this week for 2026 LTV, and we have several other partners who are in final term sheet stages.

是的。當然。謝謝你，凱爾。整體而言，資本市場活動和需求仍然非常強勁。我們繼續看到我們在第三季財報電話會議上提到的「避險購屋」趨勢。我們的貸款平台業務剛剛經歷了一個非常出色的季度，代表他人轉移了 37 億美元的貸款。我們本週剛與一位新合作夥伴簽署了 2026 年 LTV 協議，還有幾位合作夥伴也正在進入最終條款清單階段。

So overall, demand couldn't be better from an investor perspective. As it relates to personal loan competition, we just had record originations of $7.5 billion in the quarter. We're seeing that trend persist into 2026. So all else equal, we feel great both from a capital markets perspective as well as a borrower demand perspective.

因此，從投資人的角度來看，整體需求再好不過了。就個人貸款競爭而言，我們本季的貸款發放量創下歷史新高，達到 75 億美元。我們看到這一趨勢將持續到 2026 年。因此，在其他條件相同的情況下，無論從資本市場角度或藉款人需求角度來看，我們都感覺非常好。

In terms of how we're thinking about just as it relates to personal loans and growth in the balance sheet, we are expecting to grow the balance sheet in the double-digit billion, which is in line with what we did in 2025. We're seeing great momentum so far here in early 2026, and we expect that to persist throughout the year.

就我們對個人貸款和資產負債表成長的思考而言，我們預期資產負債表將成長到兩位數十億美元，這與我們 2025 年的預期一致。2026年初至今，我們看到了強勁的發展勢頭，預計這種勢頭將持續到年底。

Peter Christiansen, Citigroup.

彼得‧克里斯蒂安森，花旗集團。

Thank you. Good morning. Congrats on a great momentum here. Anthony, I'm curious your perspective. There's been some areas within private credit which have seen some sentiment change more recently. It doesn't seem like it's too much in the direct consumer lending portion of that area. I'm just curious from your perspective, what you're seeing from some of your private credit partners and demand flows there? Thank you.

謝謝。早安.恭喜你們取得如此強勁的勢頭。安東尼，我很想聽聽你的看法。最近，私人信貸領域的一些方面出現了一些情緒變化。看起來，這在該地區直接面向消費者的貸款部分並沒有造成太大的影響。我只是好奇，從你的角度來看，你從一些私人信貸合作夥伴那裡看到了什麼？那裡的需求流向如何？謝謝。

Yeah. What I'd say is the attractiveness of our assets and our loans is tied to the returns that they have. And we obviously are focused on a prime customer in the business that we're putting on our balance sheet and mostly what we're doing with partners. And the key is to make sure we're delivering our return -- our target return against that.

是的。我認為，我們資產和貸款的吸引力與它們的收益息息相關。顯然，我們關注的是我們資產負債表上的主要客戶，以及我們與合作夥伴共同開展的業務。關鍵在於確保我們實現預期回報——達到我們的目標回報。

We've been able to manage the performance of prepayments, the performance of defaults and the performance of interest rates and our cost of funding to deliver great value for our partners. And as long as we keep doing that, they'll continue to be in more demand than supply. with the amount of capital we have on our balance sheet now, I think you could see our growth in originations and revenue in lending start to close a little bit.

我們能夠有效管理提前還款、違約、利率以及融資成本，從而為我們的合作夥伴創造巨大價值。只要我們繼續這樣做，它們的需求就會持續大於供應。以我們目前資產負債表上的資本規模來看，我認為我們貸款發放量和貸款收入的成長動能可能會開始放緩。

In the fourth quarter, our originations were up 40% year-over-year, but our lending revenue was up 15%. And so we're really servicing our partners in a great way, but we could keep more of that production if we so chose, especially given our confidence in our returns.

第四季度，我們的貸款發放量年增 40%，但貸款收入僅成長了 15%。因此，我們確實在以一種非常好的方式服務於我們的合作夥伴，但如果我們願意，我們可以保留更多的產量，特別是考慮到我們對收益的信心。

Moshe Orenbuch, TD Securities.

Moshe Orenbuch，TD Securities。

Great, thanks. Chris, you talked a little bit about the allocation between the loan platform business and the core and the balance sheet for your lending segment. Could you just kind of tell us what the contribution from the loan platform business you're expecting in the '26 guide?

太好了，謝謝。克里斯，你剛才談到了貸款平台業務與核心業務之間的分配，以及你們貸款業務的資產負債表。您能否簡要說明一下，您預期貸款平台業務在 2026 年指南中將做出怎樣的貢獻？

Sure. We aren't guiding specifically to origination volumes or LTV volumes for 2026. But what I would say is we just exited 2025 at a $3.65 billion quarter annualizes to about $14.5 billion of originations. We feel good about that level heading into 2026. We have sufficient demand from borrowers, like I said, the new one we just signed up. We have all of our existing partners as well have extended their contracts and often upsize their commitments in period.

當然。我們並未具體預測 2026 年的貸款發放量或貸款成數 (LTV) 金額。但我想說的是，我們剛結束了 2025 年，當時的季度貸款額為 36.5 億美元，年化貸款額約為 145 億美元。我們對2026年能達到這個水準感到樂觀。正如我所說，我們有充足的借款需求，還有我們剛簽約的新借款人。我們所有現有合作夥伴都已延長合同，並且經常在一段時間內增加他們的投入。

So there's sufficient demand from capital markets participants in our LTV program. But like we said, we have a very robust balance sheet. high capital ratios, and we're going to balance the allocation between the 2 to maximize shareholder value.

因此，資本市場參與者對我們的貸款價值比 (LTV) 項目有足夠的需求。但正如我們所說，我們的資產負債表非常穩健，資本充足率很高，我們將平衡兩者之間的資源配置，以最大限度地提高股東價值。

William Nance, Goldman Sachs.

威廉·南斯，高盛集團。

Hey, thank you for taking the question. Just a lot of good questions already on the call. I just wanted to clarify the comment on the expectation for segment growth rate on the Tech Platform business. I think you mentioned it was pro forma for the large customer migration. Is there any way you could give us a baseline for -- or just a jumping off point there as we think about kind of rolling forward to next quarter?

嘿，謝謝你回答這個問題。電話會議上已經有很多很好的問題了。我只是想澄清一下關於技術平台業務細分市場成長率預期方面的評論。我想你之前提到過，這是為了大規模客戶遷移而做的預演。您能否給我們一個基準線——或者說一個起點，以便我們思考如何推進到下一個季度？

And then I think separately, I think that customer had spoken about like a fairly large termination fee that they would have to recognize. Could you just confirm if that was in this quarter or if you've already recognized that or just how that's being treated? I appreciate the detail in the questions here.

另外，我認為那位客戶也提到了一筆相當大的終止費，他們需要承擔這筆費用。您能否確認一下這件事是在本季發生的，還是您已經意識到了，或者俱體是如何處理的？我很欣賞這些問題的細緻度。

Yes, sure. So as it relates to the outlook that Chris mentioned, he said 20% growth for the Tech platform, apples-to-apples without the large customer in both years. We're not going to give you more granularity than that. Our outlook assumes no revenue in 2026 from that large customer. The deal with that large customer ended. The revenue also ended in Q4 and the revenue in the quarter from that large customer was part of our contract, and it was equal to the average of the revenue in the last 6 quarters.

當然可以。所以，就克里斯提到的前景而言，他說，如果排除大客戶，科技平台在這兩年都能實現 20% 的成長。我們不會提供更詳細的資訊。我們預期 2026 年該大客戶不會帶來任何收入。與那位大客戶的交易終止了。第四季的收入也已結束，該季度來自這位大客戶的收入是我們合約的一部分，並且等於過去 6 個季度的平均收入。

So I think people will characterize that revenue in a lot of different ways, but the simplistic way to look at it is -- the revenue was tied to the ending of the contract. Our revenue came in at a level that was equal to the average of the last 6 quarters. Chris, I don't know if you'd add anything to that.

所以我認為人們會用很多不同的方式來描述這筆收入，但最簡單的理解方式是——這筆收入與合約的結束有關。我們的營收水準與過去六個季度的平均值持平。克里斯，我不知道你是否還有什麼要補充的。

No, that's spot on.

沒錯，完全正確。

Jill Shea, UBS.

Jill Shea，瑞銀集團。

Good morning. Thanks so much for taking the question. I just wanted to touch on profitability. You've posted some really nice progress on ROTCE. I think you posted 9% in the fourth quarter. And clearly, there's a lot of momentum in the business, and you've been leaning into capital-light businesses and growing the fee income mix.

早安.非常感謝您回答這個問題。我只是想簡單談談獲利能力。您在 ROTCE 方面取得了非常好的進展。我認為你們第四季的成長率是9%。顯然，該業務發展勢頭強勁，你們一直在向輕資本業務轉型，並擴大收費收入組成。

I'm just wondering if you could touch on the ROE of the business over a longer-term horizon. I think you've mentioned 20% to 30% in the past. Has that changed at all? Is the timing of the past changed at all? Perhaps you can just touch on the overall profitability of the business that you're building.

我想請您談談貴公司長期的淨資產收益率（ROE）。我想你以前有提到20%到30%這個數字。情況有改變嗎？過去的時間順序有改變嗎？或許您可以簡單談談您正在創建的企業的整體獲利能力。

So I would say this, we believe we're building a business that will have superior return on equity and return on tangible equity. We still believe it's in the 20% to 30% range. We are not going to underinvest in the business to get to that number while we're growing at the rate that we're growing. You should expect that we are going to continue to manage the business to a 30% incremental EBITDA margin and as opposed to trying to drive it higher to maximize ROE in the near term.

所以我想說的是，我們相信我們正在打造一家能夠獲得優異的股本回報率和有形股本回報率的企業。我們仍然認為這個比例在 20% 到 30% 之間。我們不會為了達到那個數字而減少對業務的投資，因為我們目前的成長速度是這樣的。你們應該預期，我們將繼續把業務管理目標設定為實現 30% 的增量 EBITDA 利潤率，而不是在短期內試圖透過提高利潤率來最大化 ROE。

Ultimately, if you see us growing less than 15% revenue, you're going to see meaningful margin expansion and us driving to our long-term ROE. Between there and here, which hopefully I'm long gone by the time we get down to 15% from not the earth any longer because I expect to be here for the rest of time unless for some reason someone asked me to leave, I hopefully never see 15%. But we would be under-delivering on the opportunity in front of us if we didn't keep investing.

最終，如果我們的營收成長低於 15%，我們將實現利潤率的顯著提升，並朝著長期淨資產收益率目標邁進。從那裡到這裡，希望到地球距離地球表面只剩 15% 的時候，我已經離開很久了，因為除非有人讓我離開，否則我希望永遠留在這裡，我希望永遠不會看到 15%。但如果我們不繼續投資，我們就錯失了眼前的機會。

So we're not just dropping it all into investment. We're dropping some to the bottom line, at least $0.30 of every incremental dollar in an annual period, and that will give you a good indication of how we can drive returns over the long term. But the growth rates of over 30% that are in front of us this year at the scale that we're at just says we're just getting started. So we don't want to underinvest in that. Chris, do you have anything else?

所以我們不會把所有錢都投入投資。我們正在降低成本，每年每增加 1 美元，至少會降低 0.30 美元，這將很好地表明我們如何在長期內獲得回報。但就我們目前的規模而言，今年超過 30% 的成長率表明，我們才剛剛起步。所以我們不想在這方面投入不足。克里斯，你還有其他事嗎？

Devin Ryan, Citizens Financial Group.

Devin Ryan，Citizens Financial Group。

Hey, this is Noah Katz on for Devin. Thank you for the question. With over $3 billion raised in the back half of the year, you're entering 2026 with a substantially stronger capital position. How should we think about capital allocation towards balance sheet growth versus other strategic opportunities? And can you speak on your appetite for M&A? And also on M&A, please remind us of the hurdles and considerations there? Thank you.

大家好，我是諾亞‧卡茨，替德文報道。謝謝你的提問。今年下半年籌集了超過 30 億美元的資金，使你們在進入 2026 年時擁有了更強大的資本實力。我們該如何看待資本配置，是應該優先考慮資產負債表成長，還是應該優先考慮其他策略機會？能否談談您對併購的興趣？另外，關於併購，請您提醒我們其中存在的障礙和需要考慮的因素？謝謝。

Yeah. So in terms of how we're thinking about capital allocation, like you said, we have 23% capital ratios today. It's over 1,000 basis points higher than our regulatory minimum and meaningfully higher than the regulatory minimum plus our internal stress buffer. So we feel great about the position that we're in.

是的。所以，就我們對資本配置的思考而言，正如你所說，我們目前的資本適足率為 23%。這比我們的監管最低標準高出 1000 多個基點，並且明顯高於監管最低標準加上我們的內部壓力緩衝。所以我們對目前的處境感到非常滿意。

We're in that enviable position where we can grow and put more assets on the balance sheet. These are very good returning assets. that we're underwriting today, and we feel good about that as well as the LTV partnerships, as I've mentioned a few times during this call.

我們現在處於一個令人羨慕的位置，可以發展壯大，並在資產負債表上增加更多資產。這些都是回報非常好的資產，我們今天正在承銷這些資產，我們對此以及LTV合作關係都感到滿意，正如我在這次電話會議中多次提到的那樣。

I'll let Anthony touch on anything as it relates to M&A.

關於併購方面的任何問題，讓安東尼來談談。

There's a lot of opportunities out there, I would say, more than we've ever seen in our 8 years here. But I'd also say the bar is really high for us. And when I say really high, we've looked at dozens and dozens of things, some of which were for sale, some of which were interesting to us. What we're prioritizing are things that can accelerate our growth versus the time it would take to build it ourselves. So one area we're very interested in is technology platform capabilities.

我認為，這裡有很多機會，比我們過去8年在這裡看到的都要多。但我也想說，這對我們來說標準真的很高。我說價格非常高，是因為我們看過幾十個項目，其中一些是待售的，有些是我們感興趣的。我們優先考慮的是那些能夠加速我們發展的事情，而不是那些需要我們自己慢慢建構的事情。因此，我們非常感興趣的一個領域是技術平台能力。

And so wallets as a custody as a service, stablecoin as a service, being able to provide a market exchange for fiat and for different types of stablecoins. Our pay product, SoFi Pay, we launched in September. It is currently using Bitcoin in the Lightning network to transport fiat dollars from the US to fiat dollars in over 30 countries internationally.

因此，錢包作為一種託管服務，穩定幣作為一種服務，能夠為法幣和不同類型的穩定幣提供市場交易。我們的支付產品 SoFi Pay 於 9 月推出。目前，它正在使用閃電網路中的比特幣，將法定美元從美國轉移到國際上 30 多個國家的法定美元。

And so is there a way for us to accelerate SoFi Pay's international expansion through a technology platform type of acquisition or infrastructure. We're also very interested in international countries and the licenses some small companies could have. In addition to that, in technology platform, we don't have revolving credit card processing and issuing.

那麼，我們能否透過技術平台類型的收購或基礎設施來加速 SoFi Pay 的國際擴張呢？我們對國際市場以及一些小公司可能擁有的許可證也非常感興趣。除此之外，在科技平台方面，我們沒有循環信用卡處理發行功能。

It's something we can build ourselves, but if there's a technology that's not that expensive and we don't have to pay for a business, we may do that and leverage our technology platform and core plus their processing to enter the revolving credit technology platform services space. There are some horizontal things that we've looked at, but nothing of interest.

我們可以自己開發，但如果有一種技術成本不高，而且我們不必為一家公司付費，我們可能會採用這種技術，利用我們的技術平台和核心加上他們的處理能力，進入循環信貸技術平台服務領域。我們研究了一些橫向方面的內容，但沒有發現任何有價值的資訊。

As you know, we've talked about building big business banking, and we look at some SMB platforms to see if they would accelerate our opportunity there. The fact of the matter is they don't. We're likely going to build that ourselves, big business banking that is, which we have seen really strong positive response from the marketplace as it relates to the need of these services to be a bank that can do both fiat and crypto.

如您所知，我們一直在討論如何建立大型企業銀行業務，並且我們正在研究一些中小企業平台，看看它們是否能加速我們在該領域的發展機會。事實是他們並沒有。我們很可能會自己打造這樣的大型企業銀行服務，我們已經看到市場對這類服務（即能夠同時處理法定貨幣和加密貨幣的銀行）的需求給予了非常積極的反饋。

So we feel really good about having optionality in our balance sheet. I don't feel good about finding stuff at the price that we want. So, so far, what I'd say is it's all going to be organic. But if something presents itself in the area that I mentioned at the right price versus doing it internally, we would act on that. But the bar is really high.

因此，我們對資產負債表中擁有選擇權感到非常滿意。我覺得很難找到我們想要的價格的商品。所以，就目前來看，我認為一切都會是自然而然發生的。但是，如果在我提到的領域內，有價格合適的機會出現，而不是我們自己內部開發，我們會選擇外部開發。但標準真的很高。

I know that was our last question, so I just want to wrap the call up. First, thank you all for joining. 2025 was an exceptional year by any measure. The more I went through our results in preparation for earnings day, the more I was able to truly grasp how exceptional the fourth quarter and full year are looking through any lens and how far we've come over the last 8 years. I could not be more proud of our team for building a diverse, resilient business that is impacting our members in an unbelievable way and that positions us to overcome whatever obstacles are thrown our way.

我知道這是我們最後一個問題了，所以我想結束這通通話。首先，感謝各位的參與。無論從哪個角度來看，2025年都是非同尋常的一年。在準備財報發布日的過程中，我越是仔細研究我們的業績，就越能真正理解第四季度和全年的業績無論從哪個角度來看都多麼出色，以及我們在過去 8 年裡取得了多麼大的進步。我為我們的團隊感到無比自豪，他們創造了一個多元化、有韌性的企業，以不可思議的方式影響我們的會員，並使我們能夠克服任何遇到的障礙。

All of that said, I think it's an understatement to say that we're just getting started, and I am more excited about what lies ahead than I have ever been at SoFi. You can rest assured that we will move faster than we ever have. We will work smarter than we ever have, and we'll be more resilient than we ever have to capture the massive opportunity in front of us, fresh horses we ride and look forward to seeing you next quarter. Goodbye.

綜上所述，我認為說我們才剛起步是輕描淡寫了，我對未來充滿期待，這種感覺比我在 SoFi 的任何時候都要強烈。您可以放心，我們的行動速度將比以往任何時候都更快。我們將比以往任何時候都更加聰明地工作，我們將比以往任何時候都更加堅韌地抓住擺在我們面前的巨大機遇，我們將以全新的姿態迎接挑戰，期待下個季度與您相見。再見。

This concludes today's conference call. You may now disconnect your lines.

今天的電話會議到此結束。現在您可以斷開線路了。