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Specialty & Consumer Finance: Non-GAAP measures in MD&A

Note: Item 10(e) of Regulation S-K: non-GAAP measures and reconciliation to GAAP.
SoFi Technologies, Inc. (SOFI) · Form 10-Q for period ended 2026-03-31 · filed 2026-05-07 · Section: TAB LE OF CONTENTS

The following table: (i) reconciles adjusted net income to net income, the most directly comparable GAAP measure, (ii) reconciles adjusted EPS to diluted earnings per share, the most directly comparable GAAP measure, and (iii) presents the computations of adjusted net income margin and incremental adjusted net income margin:

Three Months Ended March 31,2026 vs 2025
($ and shares in thousands, except per share amounts) (1)20262025$ Change
Net income (GAAP)166,73171,11695,615
Adjusted net income (non-GAAP)166,73171,11695,615
Numerator:
Net income attributable to common stockholders – diluted (GAAP) (2)167,07571,455
Adjusted net income attributable to common stockholders – diluted (non-GAAP)167,07571,455
Denominator:
Weighted average common stock outstanding – diluted (GAAP)1,378,0111,185,466
Non-GAAP adjustments:
Dilutive impact of convertible notes (3)(22,032)(31,412)
Adjusted weighted average common stock outstanding – diluted (non-GAAP)1,355,9791,154,054
Earnings per share – diluted (GAAP) (2)0.120.06
Impact of adjustments per share——
Adjusted earnings per share – diluted (non-GAAP) (2)0.120.06
Net income margin (GAAP)159
Adjusted net revenue (non-GAAP) (4)1,087,232770,720
Adjusted net income margin (non-GAAP)159
Incremental adjusted net income margin (non-GAAP)30

(1) Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers.

(2) Diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method.

(3) This non-GAAP adjustment excludes the dilutive impact of the 2026 and 2029 convertible notes, to the extent that the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.

(4) Refer to ' Adjusted Net Revenue ' above for reconciliation of this non-GAAP measure.

The table below presents the key business metrics that management uses to evaluate our business, measure our performance, identify trends and make strategic decisions:

Verbatim excerpt (333 words), formatting simplified. View full filing on EDGAR →

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