SoFi Technologies, Inc. stock research
FY2025 Q4
SoFi Technologies (SOFI) Gross Margin — Quarter Ended Dec 31, 2025
Revenue increased while cost of revenue remained nearly stable, leading to a shift from negative gross profit to positive gross profit and a higher gross margin. Compared to the same quarter last year, revenue was higher but gross profit was slightly lower, resulting in a slightly weakened gross margin.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue increased while cost of revenue remained nearly stable, leading to a shift from negative gross profit to positive gross profit and a higher gross margin. Compared to the same quarter last year, revenue was higher but gross profit was slightly lower, resulting in a slightly weakened gross margin.
- The strongest observable margin driver is the increase in revenue with cost of revenue nearly unchanged, which directly improved gross profit and gross margin from the prior quarter.
- Compared to the immediately preceding quarter, gross margin improved from negative to positive, driven by higher revenue and stable cost of revenue. Versus the same quarter one year earlier, gross margin weakened slightly as revenue growth was outpaced by a larger increase in cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
5.1%
Gross profit
$8.7M
Revenue
$170.3M
Cost of revenue
$161.6M
Quarter-over-quarter change
+8.0 pts
Year-over-year change
-0.3 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, 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% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+8.0 pts
Year-over-year change
Dec 31, 2024
-0.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the increase in revenue with cost of revenue nearly unchanged, which directly improved gross profit and gross margin from the prior quarter.
Compared to the immediately preceding quarter, gross margin improved from negative to positive, driven by higher revenue and stable cost of revenue. Versus the same quarter one year earlier, gross margin weakened slightly as revenue growth was outpaced by a larger increase in cost of revenue.
Monitor the trend in cost of revenue relative to revenue, as its stability this quarter was key to the margin improvement.