SoFi Technologies reported GAAP net revenue of $734.1 million for the fourth quarter of 2024, an increase of 19% year-over-year. Adjusted net revenue reached a record $739.1 million, growing 24% from the prior year period. The company achieved its fifth consecutive quarter of GAAP profitability, with net income of $332.5 million and diluted earnings per share of $0.29 for Q4 2024.
For the full year 2024, GAAP net revenue was $2.7 billion, up 26% year-over-year, and adjusted net revenue was $2.6 billion, also up 26%. Full-year GAAP net income reached $498.7 million, with diluted earnings per share of $0.39. Adjusted EBITDA for Q4 2024 was a record $198.0 million, up 9% year-over-year, with a 27% margin, while full-year adjusted EBITDA was $666.5 million, up 54% year-over-year, with a 26% margin.
Total members grew to over 10.1 million, up 34% year-over-year, and total products reached over 14.7 million, up 32% year-over-year. The Financial Services and Technology Platform segments accounted for a record 49% of SoFi's adjusted net revenue in Q4 2024, growing a combined 52% year-over-year. Fee-based revenue for Q4 2024 was $289.5 million, increasing 63% year-over-year, and for the full year 2024, it was $969.9 million, up 74% year-over-year. The Loan Platform Business generated $63.2 million in loan platform fees from $1.1 billion in personal loan volume in Q4 2024.
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