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 and gross profit both decreased compared to the prior quarter and the same quarter last year, while cost of revenue rose relative to both periods. The gross margin turned negative, reflecting a weakening in the relationship between revenue and cost of revenue.
- The most observable driver is the increase in cost of revenue relative to revenue, which directly pressured gross profit and margin.
- Compared to the immediately preceding quarter, revenue was lower and cost of revenue was higher, resulting in a weakened gross margin. Versus the same quarter one year earlier, revenue was lower and cost of revenue was higher, with gross margin also weakening.
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 |
|---|---|---|---|---|
| Mar 31, 2023 | $95.5M | $11.6M | $83.9M | 12.1% |
| Jun 30, 2023 | $104.7M | $10.8M | $93.9M | 10.3% |
| Sep 30, 2023 | $104.9M | $6.7M | $98.3M | 6.4% |
| Dec 31, 2023 | $116.3M | $12.4M | $103.9M | 10.6% |
| Mar 31, 2024 | $115.6M | $15.5M | $100.1M | 13.4% |
| Jun 30, 2024 | $120.8M | $11.1M | $109.7M | 9.2% |
| Sep 30, 2024 | $131.2M | $7.5M | $123.7M | 5.7% |
| Dec 31, 2024 | $135.5M | $7.4M | $128.2M | 5.4% |
| Mar 31, 2025 | $140.4M | $4.9M | $135.5M | 3.5% |
| 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 relative to revenue, which directly pressured gross profit and margin.
Compared to the immediately preceding quarter, revenue was lower and cost of revenue was higher, resulting in a weakened gross margin. Versus the same quarter one year earlier, revenue was lower and cost of revenue was higher, with gross margin also weakening.
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% |