I own both, so today was a weird one.

SoFi:

- Adjusted EPS $0.18 vs $0.17 expected

- Revenue up 44% to a record $1.37B

- 17.1M members, a record 1.2M added in the quarter

- Raised 2026 guidance and gave 2027 guidance early

- Closed +13.4%

Robinhood:

- Diluted EPS $0.51, below estimates

- Revenue $1.42B, just under expectations

- Record trading in stocks, options and prediction markets

- Fell about 7% after hours

Both growing, both had record quarters in different ways. The difference seems to be that SoFi raised its outlook and Robinhood missed by a few cents.

Is the Robinhood drop an overreaction, or is the market right that trading activity cools from here?

I Own SoFi and Robinhood. Today They Went Opposite Ways.

Last week I modeled SoFi's Q3 from the June 30 balance sheet and called a narrow beat: $1,273.7M of adjusted net revenue against a ~$1,264M consensus. Actual: $1,371.1M. Right direction, but I was $97M short (consensus was $107M short).

• What I missed: loans grew $5.8B again in Q3, to $53.7B. I had assumed about $2.6B. Net interest income came in at $929.5M vs my $853.7M, and the margin rose to 6.14% instead of slipping.
• What held: adjusted EBITDA margin of 34.3% vs my 34%. The personal loan mark did fall 137bp, to 103.3% of par, but origination fees of $270.9M covered it.
• The new guide implies Q4 of about $1,376M, only 0.4% above Q3. The September 30 balance sheet alone, at Q3's margin, gets me to about $1,394M.

Is the Q4 guide just conservative, or is SoFi planning to sell a big piece of its $34B held-for-sale book?

Not financial advice.