SoFi Technologies, Inc. stock research
FY2026 Q1
SoFi Technologies (SOFI) Gross Margin & Quarterly History
Explore SoFi Technologies, Inc. (SOFI) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue decreased compared to both the prior quarter and the same quarter last year, while cost of revenue increased relative to both periods. Gross profit turned negative, resulting in a weakened gross margin.
- The most observable driver is the increase in cost of revenue, which exceeded the decline in revenue, causing gross profit to shift from positive to negative.
- Compared to the prior quarter, revenue was lower and cost of revenue was higher, leading to a weakened gross margin. Compared to the same quarter one year earlier, revenue was lower and cost of revenue was higher, also resulting in a weakened gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-32.1%
Gross profit
-$41.6M
Revenue
$129.5M
Cost of revenue
$171.1M
Quarter-over-quarter change
-37.2 pts
Year-over-year change
-35.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $151.9M | $1.5M | $150.4M | 1.0% |
| Sep 30, 2025 | $156.8M | -$4.6M | $161.4M | -3.0% |
| Dec 31, 2025 | $170.3M | $8.7M | $161.6M | 5.1% |
| Mar 31, 2026 | $129.5M | -$41.6M | $171.1M | -32.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-37.2 pts
Year-over-year change
Mar 31, 2025
-35.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver is the increase in cost of revenue, which exceeded the decline in revenue, causing gross profit to shift from positive to negative.
Compared to the prior quarter, revenue was lower and cost of revenue was higher, leading to a weakened gross margin. Compared to the same quarter one year earlier, revenue was lower and cost of revenue was higher, also resulting in a weakened gross margin.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| SoFi Technologies, Inc. (SOFI) | -32.1% |