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SOFI · Forward model · Corporate/Other · Bull case

What has to happen in Corporate/Other

Model as of

This page changes Corporate/Other inside the complete SOFI model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

SOFI forward model
Horizon
Consolidated fair value $28.31 all other verticals held in this portfolio case
Final-quarter revenue −$73M -2% of company revenue
Explicit segment contribution −$973M EBITDA less segment capex, before corporate items

The mix shift actually happens. Cross-buy at 51% — up sixteen points in a year — turns into revenue per member rising instead of falling, and the Technology Platform rebuilds the account base it lost, so the two capital-light lines grow faster than the loan book. This is the case that gets fee-based revenue over half of the total, which is the condition SoFi itself attaches to the return target. What it does NOT assume is any improvement in Lending: the loan book and its yield follow base here, and the entire difference is the two lines that are 45% of reportable revenue today.

Corporate/Other

Basis quarter−$57M
Final quarter−$73M
Final revenue mix-2%

Not a business — the reconciling column, and it is carried here because it is a revenue line rather than an expense. Negative $56.9M in the basis quarter: unallocated net interest expense at the holding company, the elimination of the intersegment fees SoFi's businesses pay Galileo, and items the chief operating decision maker does not push down to a segment. It is included so that the four lines sum to reported total net revenue instead of running 4.7% above it. It is also the least forecastable line on the page — it was positive $16.0M across the first nine months of 2024 and has been negative in every quarter since.

Last four quarters
2025 Q3 −$66M Reported
2025 Q4 −$53M Estimated
2026 Q1 −$46M Reported
2026 Q2 −$57M Reported
Unallocated net interest expenseElimination of intersegment Technology Platform feesItems not allocated to reportable segments
Sequential growth +2.0%/qtr decaying toward +1.0% 2% a quarter more negative. Half of this column is intersegment elimination that grows with Galileo.
Corporate/Other

Latest: −$73M (2031Q2E)

Period Value
2024Q3 −$40M
2024Q4 −$43M
2025Q1 −$48M
2025Q2 −$61M
2025Q3 −$66M
2025Q4 −$53M
2026Q1 −$46M
2026Q2 −$57M
2026Q3E −$58M
2026Q4E −$59M
2027Q1E −$60M
2027Q2E −$61M
2027Q3E −$62M
2027Q4E −$63M
2028Q1E −$63M
2028Q2E −$64M
2028Q3E −$65M
2028Q4E −$66M
2029Q1E −$66M
2029Q2E −$67M
2029Q3E −$68M
2029Q4E −$69M
2030Q1E −$69M
2030Q2E −$70M
2030Q3E −$71M
2030Q4E −$71M
2031Q1E −$72M
2031Q2E −$73M

Assumptions & reasoning

  • This line exists so the model's consolidated revenue equals SoFi's reported total net revenue in every historical quarter. Without it the three operating segments sum to $1,275.6M in the basis quarter against a reported $1,218.7M.
  • It has changed sign inside the history window — positive $15.97M across the first nine months of 2024, negative $56.9M now — which is why its projection is the assumption on this page a reader should trust least.
  • Roughly half of the basis-quarter figure is the elimination of the $27.8M of intersegment fees SoFi's own businesses pay the Technology Platform. That half is structural and grows with Galileo's internal usage rather than with anything external.
  • Because the projection grows it slowly more negative, this line becomes a smaller drag as a share of revenue over the horizon — from 4.7% of the basis quarter to under 1% at the terminal. That is a real assumption, not an accounting identity.
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