SoFi Technologies (NASDAQ: SOFI) remained under pressure as investors weighed a more favorable inflation backdrop against questions about profitability and operating margins. The financial technology company, which operates as a digital banking platform offering personal loans, student loans, mortgages, and deposit accounts after receiving its bank charter in early 2022, had recently benefited from expectations that easing price pressures could improve the outlook for interest rates. However, the stock's latest move was more subdued.

July inflation data helped reshape rate expectations. Consumer prices rose 0.1% from the previous month, while annual inflation reached 3.4%. Core inflation increased 0.2% month over month and 2.5% from a year earlier.

The data also reduced market expectations for another Federal Reserve rate increase in September. According to the figures provided, traders lowered the probability of a September hike to 38%, from 48.4% previously.

Cooler Inflation Changes the Rate Outlook

For SoFi, a less restrictive interest-rate environment could offer several potential benefits. Lower funding costs may encourage consumers to borrow, while improved financing conditions could support demand across the company's lending products.

However, interest rates can affect different parts of SoFi's business in opposite ways. Lower rates may support loan demand, but they can also affect deposit spreads and the yields generated from financial assets. This dynamic is particularly relevant for SoFi because its bank charter allows it to fund loans through customer deposits rather than relying solely on wholesale funding or credit facilities, making net interest margin a central metric for evaluating its profitability. As a result, investors are likely to focus not only on rate expectations, but also on whether SoFi can convert its strong revenue growth into stronger profitability.

The company's latest financial results present a mixed picture. SoFi raised its 2026 adjusted revenue guidance to between $4.75 billion and $4.85 billion. That represents an increase of roughly $150 million at the midpoint compared with its previous outlook.

Despite the stronger revenue forecast, management kept its adjusted EBITDA expectation at approximately $1.6 billion. That gap has drawn greater attention to SoFi's ability to control expenses and expand margins as revenue rises.

SoFi Delivers Strong Growth

SoFi's second-quarter performance showed continued demand across its financial products. Adjusted net revenue reached $1.206 billion, up 40% from the same period a year earlier. Adjusted EBITDA climbed 44% to $357.8 million.

Loan originations were another major growth driver. Total originations reached $14.8 billion, up 69% year over year. Personal loans accounted for $10.7 billion, while student-loan originations jumped 170% to $2.7 billion.

The company also kept expanding its customer base. SoFi reported 15.8 million members during the quarter, a 35% increase from a year earlier. The number of products held by customers reached 24.4 million, up 42%.

Margins Remain a Key Concern

Despite the strong headline growth figures, investors still have reasons to remain cautious. SoFi's financial-services contribution margin fell six percentage points to 46%. At the same time, sales and marketing expenses rose 48% to $392.4 million.

Those higher expenses matter because the company's upgraded revenue outlook did not come with a higher EBITDA target. The tension between rapid member acquisition spending and profitability is a challenge shared across the broader fintech lending sector, where companies balancing growth investments against margin discipline face similar scrutiny from investors. Investors therefore have to determine whether SoFi's rapid expansion can eventually translate into stronger operating leverage.

The company's technology platform remains another weak point. Revenue from that segment fell 23% to $84.5 million after the loss of a major customer. Its contribution margin also declined to 14%, from 30% previously. The technology platform segment, which provides banking infrastructure to other companies through SoFi's Galileo unit, had been a key part of the bull case for SoFi as a higher-margin, scalable business less tied to interest-rate cycles, making its recovery a metric investors are likely to track closely in coming quarters.