SoFi Technologies (NASDAQ: SOFI) heads into its July 29 second-quarter earnings report carrying a stark contrast between its declining stock price and its underlying business performance.

The stock has shed 37.13% year to date, yet the company posted record loan originations and more than doubled its net income in the most recent quarter.

Q1 2026 delivered record loan originations of $12.18 billion, representing a 68% year-over-year increase that underscores the company’s expanding lending momentum.

GAAP net income reached $166.73 million in Q1, a gain of 134.45% year over year, while operating income surged 150.12% over the same period.

Member growth came in at 35% year over year, and 43% of new products were taken up…