SoFi Technologies, Inc.

Company Overview

Business Model: SoFi Technologies, Inc. operates an integrated digital platform designed to help members achieve financial independence. The Company offers a comprehensive suite of financial products and services, enabling members to borrow, save, spend, invest, and protect their money through a digital-native application. Revenue is primarily generated through net interest income from its Lending segment, fee-based services from its Technology Platform segment (serving enterprises), and various financial services fees including interchange, brokerage, and loan platform fees. The Company's strategy, the "Financial Services Productivity Loop," aims to build durable member relationships, increase revenue per member, lower acquisition costs, and enhance lifetime value through cross-product adoption.

Market Position: SoFi Technologies, Inc. differentiates itself through speed, broad product selection, personalized financial education, and convenient 24x7 service. It competes across diverse financial sectors, including personal, student, and home lending; banking for deposits; investment and digital asset trading platforms; and technology platforms for enterprise services. As of December 31, 2025, the Company served over 13.6 million members and nearly 20.2 million products. Its competitive advantages include a proprietary underwriting model, a vertically-integrated technology stack, and a premium financial membership offering (SoFi Plus).

Recent Strategic Developments:

• Product Launches: In 2025, SoFi Technologies, Inc. launched the SoFi Smart Card for SoFi Plus members, introduced global remittance services in over thirty countries (including Mexico, India, Brazil, and Europe), and debuted a new digital asset trading platform, SoFi Crypto, in Q4 2025. SoFi Bank, National Association also launched its stablecoin, SoFiUSD, in December 2025, marking it as the first national bank to issue a stablecoin on a public, permissionless blockchain.
• Acquisitions: The Company acquired Wyndham Capital Mortgage in April 2023, enhancing its home loan origination capacity and capabilities.
• Regulatory Milestones: SoFi Bank, National Association and its affiliates became subject to supervision and examination by the Consumer Financial Protection Bureau (CFPB) starting January 1, 2024. The Company also became subject to the Durbin Amendment on July 1, 2023, and the Volcker Rule. The Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act) was enacted in July 2025, establishing a regulatory framework for stablecoins.

Geographic Footprint: SoFi Technologies, Inc. primarily operates within the United States. Its Technology Platform segment has international operations in Latin America, Canada, and Switzerland. SoFi Holdings (Hong Kong) Limited operates in Hong Kong. The Company expanded its global remittance services to over thirty countries in 2025.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Operating Margin: 14.55% (2025)
• Net Margin: 13.32% (2025)

Investment in Growth:

• R&D Expenditure (Technology and product development expense): $0.61 billion (16.8% of revenue)
• Strategic Investments:
  • Acquisition of Wyndham Capital Mortgage (April 2023).
  • Continued investment in technology platform development, including AI integration.
  • Launch of new products such as SoFi Crypto and SoFiUSD stablecoin.

Business Segment Analysis

Lending Segment

Financial Performance:

• Revenue: $1.85 billion (+24% YoY)
• Contribution Profit: $1.02 billion (+14% YoY)
• Contribution Margin: 55% (down from 60% in 2024)
• Key Growth Drivers: Net interest income increased by $398.8 million (+33%) in 2025, driven by a $3.1 billion (+20%) increase in average personal loan balances and a $3.1 billion (+43%) increase in average student loan balances. Total origination volume increased 57% year-over-year.

Product Portfolio:

• Personal Loans: Origination volume increased 56% YoY to $27.50 billion in 2025, including an $8.9 billion increase from third-party originations for the Loan Platform Business.
• Student Loans: Origination volume increased 46% YoY to $5.54 billion in 2025, primarily due to increased refinancing demand following the resumption of federal loan payments.
• Home Loans: Origination volume increased 86% YoY to $3.39 billion in 2025, supported by increased capacity and capabilities from the Wyndham Capital Mortgage acquisition and higher demand for home equity loans.
• Over $15.6 billion in personal, student, and home loans were sold or transferred via the Loan Platform Business in 2025.

Market Dynamics:

• The segment primarily targets prime and super-prime borrowers, with a weighted average origination FICO score of 749 in 2025.
• Noninterest income decreased 13% in 2025, mainly due to lower loan origination, sales, securitizations, and servicing income, including $479.4 million in losses on interest rate swap positions.
• Annualized net charge-off rates in Q4 2025 were 2.80% for personal loans and 0.76% for student loans.

Technology Platform Segment

Financial Performance:

• Revenue: $0.45 billion (+14% YoY)
• Contribution Profit: $0.14 billion (+14% YoY)
• Key Growth Drivers: Increased processing and service arrangement activity among integrated technology solutions clients. Intercompany revenue from the Financial Services segment increased by $48.7 million. Banco Nación selected the Cyberbank Digital platform in 2025.

Product Portfolio:

• Event and authorization platform via APIs.
• Cloud-native digital and core banking platform.
• Add-on solutions including a conversational AI engine and a real-time payment risk platform.

Market Dynamics:

• Serves financial institutions, government entities, and non-financial institutions, primarily in North America and Latin America.
• Total accounts decreased by 23% to 128.5 million in 2025, primarily due to a large client fully transitioning off the platform.
• Revenue is fee-based, derived from platform use, licenses, and maintenance.

Financial Services Segment

Financial Performance:

• Revenue: $1.54 billion (+88% YoY)
• Contribution Profit: $0.79 billion (+158% YoY)
• Key Growth Drivers: Significant growth in the Loan Platform Business, which contributed $434.3 million to noninterest income growth. Interchange fee revenue increased 71% year-over-year. Net interest income grew due to increased deposits from the SoFi Money product. This segment achieved contribution profit for the first time in Q3 2023.

Product Portfolio:

• SoFi Money: Checking and savings accounts at SoFi Bank, National Association, offering competitive interest rates and expanded FDIC insurance coverage up to $3 million.
• SoFi Invest: Mobile-first platform for active investing (stocks, ETFs, options, fractional shares, retirement accounts) and robo-advisory.
• SoFi Crypto: A new digital asset trading platform launched in Q4 2025, supporting Bitcoin, Ethereum, and Solana.
• Loan Platform Business: Generated $575.9 million in loan platform fees and $12.3 million in servicing cash flow in 2025.
• SoFi Credit Card: Credit card products with flexible cash back rewards. The total delinquency rate improved to 3.5% in 2025.
• SoFi Relay: Personal finance management tool.
• SoFi Protect: Insurance products offered through partners.
• SoFi Travel: Travel search and booking services through partners.
• SoFi At Work: Financial benefits provided to employees through enterprise partnerships.

Market Dynamics:

• Focuses on driving daily member interactions and cross-product adoption.
• Total products increased by 38% to 17.5 million in 2025.
• Noninterest income increased by 208% in 2025.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: No share repurchases were made during the fourth quarter of 2025.
• Dividend Payments: SoFi Technologies, Inc. has never declared nor paid cash dividends on its common stock and does not intend to do so for the foreseeable future.
• Future Capital Return Commitments: No specific future capital return commitments were disclosed beyond the current dividend policy.

Balance Sheet Position:

• Cash and Equivalents: $4.93 billion (as of December 31, 2025)
• Total Debt: $1.82 billion (as of December 31, 2025)
• Net Cash Position: $3.11 billion
• Debt Maturity Profile (as of December 31, 2025, in thousands):
  • Revolving credit facility: $547,646 (due in 3-5 years)
  • Convertible notes: $1,328,256 (with $428,022 due in 1-3 years and $900,234 due in 3-5 years)
  • Total contractual obligations: $2,850,554 (including operating lease obligations, sponsorship, advertising, and cloud computing agreements)
• Total deposits: $37.51 billion (up 44% YoY). Approximately 97% of total deposits were insured as of December 31, 2025.
• Total assets: $50.66 billion (up 40% YoY).
• Total permanent equity: $10.49 billion (up 61% YoY), primarily driven by common stock offerings and net income.

Cash Flow Generation:

• Operating Cash Flow: $(3.74) billion (net cash used in operating activities in 2025), primarily due to $30.9 billion in loans held for sale originations and $119.5 million in loan purchases, partially offset by $11.2 billion in principal loan payments and $15.1 billion in principal loan sales.
• Net cash provided by financing activities: $13.11 billion in 2025, primarily from SoFi Bank, National Association deposits and common stock offerings in Q3 and Q4 2025.
• The Company maintains diverse funding sources and $15.3 billion in total liquidity reserves as of December 31, 2025, which management believes is sufficient for the next 12 months.

Operational Excellence

Production & Service Model: SoFi Technologies, Inc. employs an in-application, digital borrowing experience that supports the entire transaction lifecycle. The Company directly services personal loans and credit cards. For student loans and GSE conforming home loans, it utilizes sub-servicers while retaining master servicing rights.

Supply Chain Architecture: Key Suppliers & Partners:

• Cloud Services: AWS (Amazon Web Services)
• Payment Services: Third-party payment service providers
• Market Data & Clearing Systems: Third-party providers
• Banking Technology: Third-party providers
• Insurance Products: Partners for various insurance products (auto, life, homeowners, renters, cyber) and estate planning.
• Travel Search & Booking: Partner for travel search and booking services.
• Enterprise Benefits: Partners with enterprises to provide financial benefits to employees (SoFi At Work).

Facility Network:

• Headquarters: San Francisco, California (102,000 sq ft).
• Key Operational Centers (U.S.): Utah (Cottonwood Heights, Sandy - 103,000 sq ft), North Carolina (Charlotte - 64,000 sq ft), Florida (Jacksonville - 37,000 sq ft), New York (New York City - 24,000 sq ft), Montana (Helena - 20,000 sq ft), Texas (Frisco - 18,000 sq ft), Washington (Seattle - 10,000 sq ft), Kansas (Overland Park - 10,000 sq ft).
• International Technology Platform Centers: Uruguay (Montevideo - 14,000 sq ft), Argentina (Buenos Aires - 8,000 sq ft), Mexico (Cuauhtémoc - 7,000 sq ft).
• Total leased properties: Approximately 434,000 square feet.

Operational Metrics:

• Lending Segment:
  • Weighted average origination FICO score: 749 (2025).
  • Personal Loans: Weighted average coupon rate 13.11%, weighted average annual default rate 4.46%, weighted average conditional prepayment rate 26.87% (as of Dec 31, 2025).
  • Student Loans: Weighted average coupon rate 5.87%, weighted average annual default rate 0.68%, weighted average conditional prepayment rate 11.21% (as of Dec 31, 2025).
• Credit Card: Total delinquency rate improved to 3.5% in 2025 (down approximately 130 basis points from 2024).
• Total Net Charge-off Ratio: 2.07% (2025), an improvement from 2.63% in 2024.
• Allowance for Credit Losses to Total Loans Outstanding (amortized cost): 3.29% (Dec 31, 2025), an improvement from 3.63% in 2024.

Market Access & Customer Relationships

Go-to-Market Strategy: Distribution Channels:

• Direct Sales: Utilizes an enterprise sales force and direct customer relationships.
• Channel Partners: Engages in offline partnerships and sponsorship arrangements.
• Digital Platforms: Leverages social media, online affiliations, search engine optimization, search engine marketing, preapproved direct mailings, and television advertising. Operates digital platforms for online sales and e-commerce initiatives.

Customer Portfolio: Enterprise Customers:

• Tier 1 Clients: The Technology Platform segment serves financial institutions, government entities, and non-financial institutions. Banco Nación selected the Cyberbank Digital platform in 2025.
• Strategic Partnerships: Partners with providers for insurance, travel, and enterprise employee benefits (SoFi At Work).
• Customer Concentration: The Technology Platform segment's revenue is highly concentrated, with a significant Galileo Financial Technologies client recently transitioning to a competitor. The Company also sells loans to a concentrated number of whole loan purchasers and originates personal loans for a concentrated number of Loan Platform Business counterparties.

Geographic Revenue Distribution:

• United States: $3.36 billion (93.1% of total net revenue) in 2025.
• All foreign countries: $0.25 billion (6.9% of total net revenue) in 2025.
• Growth Markets: Expanded global remittance services to over thirty countries in 2025, including Mexico, India, Brazil, and Europe. International operations for the Technology Platform are in Latin America, Canada, and Switzerland.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The financial services industry is characterized by rapid technological evolution and frequent product introductions. The prime lending market is highly fragmented and competitive. The Company's business performance is sensitive to general economic conditions, including interest rates, inflation, and market volatility.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors:

• Lending: Other personal loan, student loan refinancing, in-school student loan, and home loan lenders (including traditional banks, credit unions, specialty finance lenders, and alternative technology-enabled lenders).
• Banking: Traditional banks and other financial institutions for checking, savings accounts, and rewards credit cards.
• Investing: Brokerage platforms (online/mobile, robo-investing, fractional share investing, crypto investing, and options trading).
• Payments & Digital Assets: Social media and other commerce platforms offering payment capabilities, as well as other digital asset and global remittance service providers.
• Enterprise Technology: Technology platforms providing platform-as-a-service, cloud-native digital, and core banking services to enterprises.

Emerging Competitive Threats: The Company faces ongoing threats from new market entrants, disruptive technologies, and alternative financial solutions. The evolving regulatory landscape for digital assets also presents competitive and operational challenges.

Competitive Response Strategy: SoFi Technologies, Inc. maintains its competitive advantage by focusing on its integrated digital platform, broad product selection, personalized financial education, 24x7 convenience, and proprietary underwriting models. Strategic acquisitions, such as Wyndham Capital Mortgage, and continuous product innovation, including the launch of SoFi Crypto and SoFiUSD stablecoin, are key components of its competitive response.

Risk Assessment Framework

Strategic & Market Risks

Market Dynamics:

• Interest Rate Sensitivity: The consolidated balance sheet is liability sensitive, indicating that net interest income is expected to be higher in decreasing interest rate scenarios. The Federal Reserve decreased benchmark interest rates in September, October, and December 2025.
• Economic Conditions: Business performance is influenced by general economic, political, social, and health conditions, including interest rates, inflation, and market volatility.
• Technology Disruption: Reliance on proprietary technology and the integration of AI carry risks of technological obsolescence and necessitate continuous innovation.

Operational & Execution Risks

Supply Chain Vulnerabilities:

• Third-Party Dependency: The Company relies on various third-party computer systems and service providers, including cloud providers (e.g., AWS), payment services, market data, clearing systems, and banking technology.
• Geographic Concentration: International operations in Latin America, Canada, Switzerland, and Hong Kong, along with global remittance services in over thirty countries, expose the Company to regional operational and geopolitical risks.

Financial & Regulatory Risks

Market & Financial Risks:

• Interest Rate Risk: Managed through derivative hedges, the investment portfolio, and asset liability management.
• Credit Risk: Mitigated by robust underwriting processes and fraud detection measures.
• Counterparty Risk: Managed by selecting financially strong counterparties, diversifying risk exposure, and utilizing netting agreements. No losses due to nonperformance were incurred in 2025.
• Liquidity Risk: The Company maintains diverse funding sources and ample liquidity, with total liquidity reserves of $15.3 billion as of December 31, 2025. It was in compliance with all debt covenants and regulatory capital requirements.

Regulatory & Compliance Risks:

• Extensive Regulation: SoFi Technologies, Inc. is subject to extensive federal and state regulation as a bank holding company (Federal Reserve), a national bank (OCC, FDIC), and a financial services company (CFPB, SEC, FINRA, state regulators).
• Bank Holding Company Requirements: Required to serve as a source of financial strength for SoFi Bank, National Association, and is subject to limitations on acquisitions of common stock.
• Consumer Protection Laws: Complies with numerous federal and state consumer protection laws, including the Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), Equal Credit Opportunity Act (ECOA), Fair Credit Reporting Act (FCRA), and prohibitions on unfair, deceptive, or abusive acts or practices (UDAAP).
• Digital Asset Regulation: The regulatory framework for digital assets is evolving, with new legislation such as the GENIUS Act of 2025 impacting stablecoin operations. SoFi Bank, National Association expects to request OCC approval for a subsidiary to become a Permitted Issuer for SoFiUSD.
• AI Regulation: Subject to the U.S. Presidential administration’s Executive Order "Ensuring a National Policy Framework for Artificial Intelligence" (effective December 11, 2025) and the EU’s Artificial Intelligence Act (effective August 2, 2026).
• Legal Proceedings: Entered into a settlement agreement on April 18, 2022, related to a putative class action alleging lending discrimination. In December 2023, FINRA found that SoFi Securities LLC failed to supervise its fully paid securities lending offerings.

Geopolitical & External Risks

Geopolitical Exposure:

• Geographic Dependencies: International operations and global remittance services expose the Company to country-specific risks and operational challenges in various regions.
• Sanctions & Export Controls: Complies with anti-money laundering policies and procedures, including screening against OFAC sanctions lists.

Innovation & Technology Leadership

Research & Development Focus: Core Technology Areas:

• AI Integration: Actively integrates Artificial Intelligence into its technology platform to enhance product offerings and operational efficiency.
• Cloud-Native Platforms: Focuses on developing and utilizing cloud-native digital and core banking platforms.
• API-driven Services: Continues to develop event and authorization platforms via APIs to facilitate seamless integration and service delivery.

Innovation Pipeline:

• Digital Assets: Launched SoFi Crypto in Q4 2025, enabling members to buy, sell, and hold digital assets such as Bitcoin, Ethereum, and Solana.
• Stablecoin: SoFi Bank, National Association launched SoFiUSD stablecoin in December 2025.
• Global Remittance: Introduced self-serve global remittance services in over thirty countries in 2025.
• Smart Card: Launched the SoFi Smart Card for SoFi Plus members in 2025.

Intellectual Property Portfolio:

• Patent Strategy: Holds several patents for its Technology Platform, contributing to its competitive moat.
• Trademarks: Protects key brands including "SoFi", SoFi’s logo, "Get Your Money Right", "SoFi Money", and "SoFi Invest".
• IP Litigation: No material IP litigation was explicitly disclosed.

Technology Partnerships:

• Strategic Alliances: Not explicitly detailed beyond general third-party service providers.
• Research Collaborations: Not explicitly detailed.

Leadership & Governance

Executive Leadership Team

Leadership Continuity: Not explicitly detailed beyond the CISO's tenure.

Board Composition: The Board of Directors has delegated oversight of the cybersecurity program to the Risk Committee. Further details on board composition, such as independence or specific expertise areas, were not explicitly provided in the filing.

Human Capital Strategy

Workforce Composition:

• Total Employees: Approximately 6,100 employees as of December 31, 2025.
• Geographic Distribution: Approximately 82% of employees are based in the United States, with 18% located internationally.
• Skill Mix: Not explicitly detailed, but the Company invests in attracting, developing, motivating, and retaining highly qualified employees, indicating a focus on specialized skills for its technology and financial services operations. None of the U.S.-based employees are represented by a labor union.

Talent Management: Acquisition & Retention:

• Hiring Strategy: Focuses on attracting highly qualified employees.
• Retention Metrics: Not explicitly detailed, but the Company offers a comprehensive benefits program.
• Employee Value Proposition: Offers competitive compensation and a comprehensive benefits program, including medical plans (SoFi pays ~95% of monthly premium for one core plan in the U.S.), fertility and parental benefits, paid parental leave, subsidized back-up family care, mental health benefits, tuition reimbursement, and student loan repayment programs. A 401(k) retirement savings plan with matching contributions will be offered starting in 2026.

Diversity & Development:

• Diversity Metrics: Not explicitly detailed.
• Development Programs: Provides tuition reimbursement and student loan repayment programs, demonstrating an investment in employee development and career advancement.
• Culture & Engagement: The "SoFi Gives" program supports employee volunteer opportunities, fostering community involvement.

Environmental & Social Impact

Environmental Commitments: Climate Strategy:

• Emissions Targets: Specific emissions reduction targets or timelines were not explicitly stated in the filing.
• Carbon Neutrality: No explicit commitments to carbon neutrality or net-zero were disclosed.
• Renewable Energy: No specific clean energy adoption or sourcing strategies were detailed.

Supply Chain Sustainability:

• Supplier Engagement: No explicit details on ESG requirements for suppliers or supplier diversity programs were provided.
• Responsible Sourcing: No specific information on materials sourcing or conflict minerals compliance was disclosed.

Social Impact Initiatives:

• Community Investment: Operates a "SoFi Gives" program to facilitate employee volunteer opportunities. The Company has a $30.0 million commitment to fund a line of credit for low-to-moderate-income communities, with $7.5 million funded and $22.5 million outstanding as of December 31, 2025.
• Product Impact: The Company's mission is to help members achieve financial independence, implying a broader social benefit from its product offerings.

Business Cyclicality & Seasonality

Demand Patterns:

• Seasonal Trends: No specific seasonal trends in demand patterns were explicitly detailed in the filing.
• Economic Sensitivity: The Company's business is sensitive to interest rates and general economic conditions. The Federal Reserve decreased benchmark interest rates in September, October, and December 2025, which can impact net interest income, particularly for a liability-sensitive balance sheet.
• Industry Cycles: The prime lending market is competitive and influenced by broader economic cycles.

Planning & Forecasting: No specific details on demand forecasting, inventory management, or capacity planning were explicitly provided.

Regulatory Environment & Compliance

Regulatory Framework: Industry-Specific Regulations:

• Bank Holding Company: SoFi Technologies, Inc. is regulated by the Federal Reserve under the Bank Holding Company Act of 1956 (BHCA).
• National Bank: SoFi Bank, National Association is regulated by the Office of the Comptroller of the Currency (OCC) and secondarily by the Federal Deposit Insurance Corporation (FDIC).
• Consumer Protection: SoFi Bank, National Association and its affiliates became subject to supervision and examination by the Consumer Financial Protection Bureau (CFPB) beginning January 1, 2024. The Company is subject to the Durbin Amendment (applicable to SoFi Bank, National Association since July 1, 2023) and the Volcker Rule. It complies with numerous federal and state consumer protection laws, including TILA, RESPA, ECOA, FCRA, and prohibitions on unfair, deceptive, or abusive acts or practices (UDAAP).
• Securities: SoFi Securities LLC is regulated by the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC). SoFi Wealth LLC is an SEC-registered investment adviser.
• Digital Assets: The regulatory framework for digital assets is evolving. The Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act) was enacted in July 2025, providing a framework for stablecoins. SoFi Bank, National Association expects to request OCC approval for a subsidiary to become a Permitted Issuer for SoFiUSD.
• AI Regulation: Subject to the U.S. Presidential administration’s Executive Order "Ensuring a National Policy Framework for Artificial Intelligence" (effective December 11, 2025) and the EU’s Artificial Intelligence Act (effective August 2, 2026).

Trade & Export Controls:

• Sanctions Compliance: The Company complies with anti-money laundering policies and procedures, including screening against OFAC sanctions lists.
• Export Restrictions: No specific export restrictions were detailed beyond OFAC compliance.

Legal Proceedings:

• Lending Discrimination: The Company entered into a settlement agreement on April 18, 2022, related to a putative class action alleging lending discrimination.
• Securities Lending Supervision: In December 2023, FINRA found that SoFi Securities LLC failed to establish, maintain, and enforce a supervisory system for its fully paid securities lending offerings.
• Regulatory Inquiries: The Company is subject to inquiries, investigations, and enforcement matters from various regulatory bodies.

Tax Strategy & Considerations

Tax Profile:

• Effective Tax Rate: The effective tax rate for 2025 was 8.5%.
• Geographic Tax Planning: The effective tax rate reconciliation includes considerations for state and local income taxes (net of federal income tax benefit), foreign tax effects (statutory tax rate differences and other factors), and the effect of cross-border tax laws.
• Tax Reform Impact: The OBBB (Omnibus Budget Reconciliation Act) was enacted on July 4, 2025, with no material impact on the Company's 2025 results.

Insurance & Risk Transfer

Risk Management Framework:

• Risk Governance Framework (RGF): The Company employs an RGF that defines its approach to identifying, measuring, monitoring, and controlling various risks, including interest rate risk, credit risk, deposit risk, market risk, foreign currency exchange rate risk, liquidity risk, strategic risk, operational risk, and cybersecurity risk.
• Insurance Coverage: The Company maintains cyber liability insurance.
• Risk Transfer Mechanisms: Uses derivative hedges to manage interest rate risk. Employs contractual risk allocation and standard representations and warranties for loan transfers, including repurchase obligations for non-compliant loans or credit-related events. Accrued liabilities for estimated repurchase obligations were $18.4 million in 2025.