We got some earnings. So, PayPal. I think Noto's on CNBC right now. I've seen the results. They beat on top and bottom EPS two cents EPS revenue like 20 million. But here's not and then we'll get into everything else.

Good morning to you. Congratulations on some nice earnings there. We're looking at the stock this morning. Help us understand what's driving this and then we can try to maybe look out into the future to understand a little bit better what 2026 may portend.

Sure. Well, thanks for having me on this morning. We had an exceptional quarter in every way. What's driving our growth is our unique strategy. We're the only place that on the digital platform, you can get all your financial needs served across big decisions that you'll make like buying a home or paying for college, day-to-day activity like a SoFi money account or investing for your future or needing a charge card to pay at the point of sale.

That diversification has driven really strong member and product growth. Our members grew 35% year-over-year, products grew 36% year-over-year, and that manifests itself in revenue growth of 38%. We've been public for 17 quarters and every quarter of those last 17 we've achieved the rule of 40 or more we've averaged about 58% and that's taking your revenue growth and your ebidom market and this quarter was 67. So it's a combination of durable growth innovation and brand building.

Anthony, what is the product right now when you look at the multiple different products that you offer in terms of the tip of the spear that's bringing new customers into your ecosystem which then you're effectively selling, and upselling them other products? What is it that's happening here? Sure. So money is by far one of the things that are the tip of the spear. We have 6 million members. It's a very unique offering. It's the best of checking and savings in one. We give high interest about a 3.88% APY today. We charge no fees. We provide reward points. You can pay anybody anywhere that you would like. You can pay via an email address, via a phone number, via your debit card, via a you can now do instant wires as well. So, we tried to deliver the best place to save, the best place to spend, to do it safely, quickly, and cheaply.

In addition to that, you also become a member and you get free certified financial planning because we're trying to help you spend less than you make and invest the rest. Half of the Americans in the United States don't invest today and it's primarily because they have no discretionary income to achieve their goals. So, that is at the tip of the sword. Another product, Relay. Both products are over 6 million products, both Relay and SoFi money. Those are the tip of the sword. And then we drive about 40% crossby. It was a record this quarter because we have this breath of products. We're using information that we have about you to help you borrow better, save better, spend better, and invest better. And so that is helping.

Who are you taking share from? If you were sitting around on a Monday morning with a whiteboard looking at sort of who you actually think of as your competitor set today, who is it? Because obviously there's the banks, there's a number of the digital platforms. I'm just curious what you would I won't answer. What do you think? Yeah. It's not what I think, it's what I know. We can actually see where the money is coming from directly every day, and it's really coming from the banks. In the United States, there's over 5,000 banks. The large banks have trillions of dollars of deposits. We're at about $33 billion of deposits today. We added a record of $3 billion of deposits. And those deposits are coming from the big banks, the largest banks in our country.

That's on the SoFi money product, which as I mentioned is the tip of the sword. In invest, we're really actually creating new investors as well as novice investors and helping them get up the learning curve. Within student loan refinancing, we really don't compete against anyone because it's a product that's not really offered by big financial institutions. I would say in mortgage, the big banks do not offer mortgage to everyday Main Street customers. And so in each product category, the competitor is different, but overall, it's the big banks.

Okay. I don't know if you saw the news this morning and I don't know how early you've been up because I imagine you're on the West Coast, but PayPal and OpenAI just announced a partnership where you're going to actually be able to effectively pay for things using PayPal inside of Chat GPT going forward. And to me, this has huge implications for the entire sort of financial community because there's a question both of the opportunity set to effectively partner with some of these large language models and and chat bots, but there's also the possibility of remarkable amounts of disruption that could ultimately take place. How are you thinking about that? Sure. There are two technology super cycles happening at the same time. Both of which that impact the fintech sector and SoFi specifically. One is AI and the other is blockchain. We launched this quarter SoFi pay and you can now send dollars from the United States through a level two blockchain via SoFi to someone in Mexico and have it convert into the local fiat there in pesos. We'll roll that out throughout the entire world.

And then we'll take the SoFi pay app which will allow you to pay not just via blockchain and stable coin which SoFi will issue but allow you to pay any other way that you would like to. So it's a universal payment capability. So, we're going to put the SoFi app in these foreign countries to allow international payments to be made. What I'd say about these press releases with Chat GPT and others is we're launching products. We're not putting out press releases. There was one yesterday about a stable coin with a big bank. Let's watch what people actually launch and the impact that they're having.

The reaction that we got from US consumers and our members from launching international remittance cheaper, faster, and safer than the current mechanisms was really positive. And so you'll continue to see us innovate behind both AI and blockchain. One thing that we didn't talk about is that we will be the first national bank in the United States to launch buy, sell, and hold crypto on our platform. First national bank to offer that by the end of the year. We'll launch a stable coin in Q1 which will help us really drive faster, cheaper, and safer payments as well.

These are the results on the top line for those that haven't seen it. You got a 22% EPS beat, 6% revenue beat, 950,000 members, or sorry, 76% financial services growth. And I mean it's is a pretty damn good quarter. They crushed it. I mean, Triple Beat, just like I said, they absolutely crushed it. On the surface, there is nothing to be mad at. I'm sure I'll nitpick and find something, but you can't be mad at these numbers. And they grew what? 950,000 new members. They're very close to getting a million a quarter.

PayPal said the magic word. Open AI for PayPal. Why is PayPal up this morning, dude? They're up 15%. PayPal is up 15%. And the reason they're up is because yeah, it was a good EPS and revenue beep. But Andrew Chris or whatever his name is was like, "Nothing else is going to get this stock to go up. Let's just freaking mention Open AI and become an AI company and you were going to go up."

Did they give a dividend, guys? I heard that they gave a dividend. Yeah, they've announced a dividend. They're listening. Look at that. You've been asking for this for a while, right? Been asking for it. They just became a prime candidate to be in every single dividend ETF. Company initiates a quarterly dividend of 14 cents a share. I mean, dude, that's it's a big deal. It's a big deal in my opinion.

They're buying back stock and they're doing divvies. And then they announced an opening eye partnership. They're going to be like an integrated payments partner inside of SHABT. I mean, you put all three of those together. Revenues beat by 7% or revenues up 7% year-over-year. They beat by 12% on EPS, beat by 2% on revenue. We all knew the stock was undervalued, so it just needed a little bit of a bolt. And the dividend and open eye partnership was enough, it seems, to make a move. Starting next year, PayPal user will be able to shop and check out directly in chatbt using merchants can list and sell their inventory there. PayPal will handle routing, validation, buyer protection, tracking, and dispute resolution for AI powered commerce. That is actually something if Chat GBT really wants to make shopping a thing that can significantly increase PayPal's transaction volumes. Now again, I'm not sure how many people are going to be buying on Chat GBT, but if there's any level of significant amount, that's going to be important. This open AAI thing can it's a narrative that can finally get people like, okay, this is I can see them in a different level.

Thank you and good morning everyone. We had an excellent third quarter. Our one-stop shop strategy is firing on all cylinders as we continue to deliver exceptional financial performance while also investing in our business to drive durable growth and strong returns over the long term. In fact, our focus on product innovation and brand building has never been stronger. There's more happening at SoFi today than at any other time in my eight years with the company. We are stepping on the gas to accelerate the investment in our existing businesses and entering new areas like crypto and blockchain AI SoFi pay providing fiat and crypto banking services and so much more.

Starting with the drivers of our durable growth, we added a record 95,000 new members in Q3, increasing total members by 35% year-over-year. a slight acceleration to 12.6 million SoFi members. We also added a record 1.4 million new products, also representing an acceleration in growth to 36% year-over-year and over 18.6 million products. Crossby reached its highest level since 2022 with 40% of new products opened by existing SoFi members. Our cross by rate has increased in each of the past four quarters, demonstrating the effectiveness of our one-stop shop strategy.

Our strong member and product growth powered our revenue growth in the third quarter. Adjusted net revenue was a record at $950 million, up 38% year-over-year. Together, our financial services and technology platform segments generated revenue of $534 million, which is up 57% year-over-year and now represents 56% of total revenue. This is the first time these segments have generated more than half a billion dollars of quarterly revenue.

Despite these exceptionally strong results, I know that we are just getting started. The addressable markets across each of our products are massive in the United States, let alone in addition to international markets. In 2026 and beyond, we will uniquely start to benefit from both of the technology super cycles in AI and blockchain where almost every other industry only benefits from one. And with nearly 13 million members, the unmatched capabilities of our technology, and the business scale of $3.8 $20 billion in annualized revenue and a $45 billion balance sheet. We have a rock-solid foundation to build on. Given these dynamics, I've never been more optimistic about our prospects than I am today.

During the third quarter, we launched an exciting new partnership with the NFL's most valuable player, Josh Allen, to promote the most valuable product and financial services, SoFi Plus. I'm pleased to report that this week we launched our first payment product that leverages blockchain technology to provide fast, seamless, lowcost, and safe international payments with the launch of SoFi Pay. I am also excited to share that this quarter we'll be launching actually relaunching the ability to buy, sell, and hold crypto assets which will give members access to dozens of tokens directly in our SoFi app. The SoFi Pay wallet will over time integrate SoFi USD stablecoin that we hope to launch in 2026.

The result is excellent credit performance that continues today. In fact, during the third quarter, we saw our net charge off rates improve even as there has been moderate signs of stress showing up for some other companies. In fact, today we are incredibly excited to announce our newest partnership with one of the largest airlines in North America, Southwest Airlines, to power their rapid rewards debit card.

SoFi is dumping 29.40. SoFi, baby. We knew it was going to happen. We all tried faking it. We all tried saying, "Oh, maybe this time is different." It's not different. No, you're right. At least today it wasn't different. Overall, on the quarter, stocks up about 3%. PayPal and UNH are moving a bit more. So, PayPal right here. We'll talk about PayPal. Now, PayPal was up 15. Now, it's up eight. I don't know what they're saying on the call, but it did lose a decent chunk of its gains.