In Q4'25, SOFI's total operating expenses reached $672.7M USD, with SG&A Expenses at $499.9M USD comprising the majority (74%) and R&D Expenses at $172.8M USD making up the remainder. This marks the highest quarterly figure in the observed period, reflecting continued escalation in cost structures. From Q1'23 to Q4'25, operating expenses exhibited a steady upward trend, growing from $415.9M USD to $672.7M USD, driven primarily by SG&A Expenses which surged 67% over the period amid expanding operations. R&D Expenses also increased 48%, from $117.1M USD to $172.8M USD, with minor fluctuations in earlier quarters but consistent growth post-Q1'24; the stacked bar chart highlights SG&A's dominance throughout, underscoring its role in overall expense inflation.