Here's the 1 Thing to Look for When SoFi Reports Earnings on July 29

SoFi Technologies (SOFI) is set to report its second-quarter earnings on July 29, with analysts and investors closely watching the performance of the financial services segment. After a three-year rally that saw the stock surge roughly 468%, SoFi has fallen more than 30% so far in 2026, pressured by a high valuation, a critical short-seller report, and a slowdown in its Tech Platform segment.

Financial Services Growth in Focus

The financial services segment, which includes non-lending products such as savings accounts and investing tools (excluding the B2B Tech Platform), has been a key growth driver. In the 2025 fourth quarter, financial services revenue jumped 78% year over year, outpacing lending revenue growth of 19%. However, the segment has since decelerated. In the first quarter of 2026, financial services revenue rose 41% year over year, and product growth came in at 40%. Meanwhile, lending revenue rebounded 55% in the same period.

Despite the deceleration, financial services still accounted for 89% of SoFi's product growth in the first quarter. Management has guided for a similar growth trajectory for the full year, though it did not provide specific second-quarter segment-level guidance.

SpaceX IPO Boost

One potential positive factor for the second quarter is SoFi's participation in the highly anticipated Space Exploration Technologies (SpaceX) initial public offering. SoFi was among five trading platforms that offered retail access to the IPO, which was reportedly heavily oversubscribed. That could show up in the financial services metrics, as new and existing customers used SoFi's investment tools to access the deal.

Investors should view the financial services segment as the main lens for evaluating SoFi's long-term cross-selling strategy and customer engagement. With the stock under pressure this year, Q2 results for this segment will be critical in determining whether the growth narrative remains intact.