FIGURE TECHNOLOGY SOLUTIONS REPORTS THIRD QUARTER 2026 RESULTS
Figure Technology Solutions, Inc. (FIGR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 FIGURE TECHNOLOGY SOLUTIONS REPORTS THIRD QUARTER 2026 RESULTS NEW YORK, November 12, 2026 (GLOBE NEWSWIRE) — Figure Technology Solutions (Nasdaq: FIGR; OPEN: FGRS), the leading blockchain-native capital marketplace for the origination, funding, sale and trading of t
How this was made
The 30-second read
Why it matters
The earnings release provides the first public disclosure of Q3 performance and Q4 outlook, offering fresh data for traders.
Market read
First‑report earnings with strong growth metrics and forward guidance, creating a trading opportunity.
What to watch
Integration risk of Kiavi acquisition and potential regulatory scrutiny on tokenized lending.
Q3 2026 net revenue up 84% to $287,122 thousand and Adjusted EBITDA up 91%, while net income was flat at $89,315 thousand after a $31 million one-time tax benefit in the prior-year quarter
Net revenue and Adjusted EBITDA grew strongly and Loan Marketplace Volume rose 135%. Net income was flat against Q3 2025, which the filing says included a one-time tax benefit of $31 million, and net income margin fell 26 percentage points to 31%. Gross take rate fell to 3.9% from 5.2%, and the Q4 guide for gross take rate is 3.1% to 3.4%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net revenue (Q3 2026)GAAP | $287.1M | – | 84% |
| Total net revenue (9M 2026)GAAP | $679.7M | – | 96% |
| Net income (Q3 2026)GAAP | $89.31M | – | (1)% |
| Net income (9M 2026)GAAP | $221.8M | – | 86% |
| Net income margin (Q3 2026)GAAP | 31% | – | -26 p.p. |
| Net income margin (9M 2026)GAAP | 33% | – | -2 p.p. |
| Earnings per share, basic (Q3 2026)GAAP | $0.40 | – | (5)% |
| Earnings per share, diluted (Q3 2026)GAAP | $0.36 | – | 6% |
| Earnings per share, basic (9M 2026)GAAP | $1.00 | – | 108% |
| Earnings per share, diluted (9M 2026)GAAP | $0.90 | – | 137% |
| Adjusted Net Revenue (Q3 2026)non-GAAP | $283.3M | – | 83% |
| Adjusted Net Revenue (9M 2026)non-GAAP | $668.6M | – | 89% |
| Adjusted EBITDA (Q3 2026)non-GAAP | $163.6M | – | 91% |
| Adjusted EBITDA (9M 2026)non-GAAP | $365.6M | – | 119% |
| Adjusted EBITDA margin (Q3 2026)non-GAAP | 58% | – | +3 p.p. |
| Adjusted EBITDA margin (9M 2026)non-GAAP | 55% | – | +8 p.p. |
| Loan Marketplace Volume (Q3 2026)other | $5.80B | – | 135% |
| Loan Marketplace Volume (9M 2026)other | $12.96B | – | 128% |
| Figure Connect Volume (Q3 2026)other | $4.26B | – | 276% |
| Figure Connect Volume (9M 2026)other | $8.64B | – | 264% |
| Gross Take Rate (Q3 2026)other | 3.9% | – | -1.3 p.p. |
| Gross Take Rate (9M 2026)other | 4.1% | – | -0.8 p.p. |
| Net Take Rate (Q3 2026)other | 3.5% | – | -0.9 p.p. |
| Net Take Rate (9M 2026)other | 3.6% | – | -0.5 p.p. |
| Ecosystem and technology fees (Q3 2026)GAAP | $109.8M | – | – |
| Ecosystem and technology fees (9M 2026)GAAP | $230.0M | – | – |
| Servicing fees (Q3 2026)GAAP | $18.36M | – | – |
| Servicing fees (9M 2026)GAAP | $39.49M | – | – |
| Interest income (Q3 2026)GAAP | $29.98M | – | – |
| Interest income (9M 2026)GAAP | $72.16M | – | – |
| Origination fees (Q3 2026)GAAP | $28.19M | – | – |
| Origination fees (9M 2026)GAAP | $77.67M | – | – |
| Gain on sale of loans, net (Q3 2026)GAAP | $57.75M | – | – |
| Gain on sale of loans, net (9M 2026)GAAP | $164.7M | – | – |
| Gain on servicing asset, net (Q3 2026)GAAP | $39.44M | – | – |
| Gain on servicing asset, net (9M 2026)GAAP | $81.4M | – | – |
| Marketable securities income, net (Q3 2026)GAAP | $1.86M | – | – |
| Marketable securities income, net (9M 2026)GAAP | $9.50M | – | – |
| Other revenue (Q3 2026)GAAP | $1.75M | – | – |
| Other revenue (9M 2026)GAAP | $4.87M | – | – |
| Total expenses (Q3 2026)GAAP | $185.3M | – | – |
| Total expenses (9M 2026)GAAP | $458.2M | – | – |
| General and administrative (Q3 2026)GAAP | $59.01M | – | – |
| General and administrative (9M 2026)GAAP | $156.0M | – | – |
| Technology and product development (Q3 2026)GAAP | $20.13M | – | – |
| Technology and product development (9M 2026)GAAP | $51.29M | – | – |
| Operations and processing (Q3 2026)GAAP | $37.37M | – | – |
| Operations and processing (9M 2026)GAAP | $87.73M | – | – |
| Sales and marketing (Q3 2026)GAAP | $36.85M | – | – |
| Sales and marketing (9M 2026)GAAP | $93.07M | – | – |
| Interest expense (Q3 2026)GAAP | $29.74M | – | – |
| Interest expense (9M 2026)GAAP | $66.30M | – | – |
| Other expense (income) (Q3 2026)GAAP | $2.23M | – | – |
| Other expense (income) (9M 2026)GAAP | $3.83M | – | – |
| Operating income (Q3 2026)GAAP | $101.8M | – | – |
| Operating income (9M 2026)GAAP | $221.5M | – | – |
| Income tax provision (benefit) (Q3 2026)GAAP | $12.87M | – | – |
| Income tax provision (benefit) (9M 2026)GAAP | $1.47M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Ecosystem and technology feesRevenue line in the statement of operations. Prior-year Q3 figure is $35,691 thousand. The filing gives no line-level explanation. | $109,783 thousand (Q3 2026) | – | – |
| Servicing feesRevenue line in the statement of operations. Prior-year Q3 figure is $7,882 thousand. The filing gives no line-level explanation. | $18,358 thousand (Q3 2026) | – | – |
| Interest incomeRevenue line in the statement of operations. Prior-year Q3 figure is $13,420 thousand. The filing gives no line-level explanation. | $29,978 thousand (Q3 2026) | – | – |
| Origination feesRevenue line in the statement of operations. Prior-year Q3 figure is $21,415 thousand. The filing gives no line-level explanation. | $28,192 thousand (Q3 2026) | – | – |
| Gain on sale of loans, netRevenue line in the statement of operations. Prior-year Q3 figure is $62,618 thousand. The filing gives no line-level explanation. | $57,753 thousand (Q3 2026) | – | – |
| Gain on servicing asset, netRevenue line in the statement of operations. Prior-year Q3 figure is $9,332 thousand. The filing gives no line-level explanation. | $39,440 thousand (Q3 2026) | – | – |
| Marketable securities income, netRevenue line in the statement of operations. Prior-year Q3 figure is $5,387 thousand. The filing gives no line-level explanation. | $1,865 thousand (Q3 2026) | – | – |
| Other revenueRevenue line in the statement of operations. Prior-year Q3 figure is $620 thousand. The filing gives no line-level explanation. | $1,753 thousand (Q3 2026) | – | – |
| Figure Connect Volume (volume, not revenue)The filing states Figure Connect reached 72% of standalone Loan Marketplace volume in the quarter, which it says reflects the transition toward its capital-light model. | $4,259 million (Q3 2026 volume) | – | 276% |
Q4 2026 outlook
- NoteLoan Marketplace Volume $6.2 - $6.7 billion
- NoteGross Take Rate 3.1% - 3.4%
Capital returns
- Board of Directors authorized a $200 million increase to the share repurchase program, bringing total authorization to $400 million.
- Treasury stock, at cost, was $(9,700) thousand for 312,500 shares at September 30, 2026, versus no treasury stock at December 31, 2025.
- The filing does not print the amount repurchased during Q3 2026 or the amount of repurchase authorization used to date.
What drove it
- The filing states that Loan Marketplace Volume includes $677 million contributed by Kiavi, which was acquired effective September 1, 2026. Kiavi is described as adding $8 billion in annual run-rate volume.
- The filing states that Figure Connect reached 72% of standalone Loan Marketplace volume in the quarter, which it attributes to the transition toward its capital-light model.
- The company states that it has actioned $30 million in initial cost synergies since the Kiavi closing.
- The company states that a new agentic Loan Officer Assistant, deployed with Sierra, has processed roughly $260 million in funded loans and driven a 29% increase in funded dollars per loan approval.
- Partner base: 612 standalone partners and 894 including Kiavi, including over 20 active depository partners. SMB loan originations crossed a $500 million run-rate volume with over 150 active partners.
- 28 participants now use the YLDS stablecoin for marketplace transactions, according to the filing.
- Net income in Q3 2025 included a one-time tax benefit of $31 million, which the filing states was primarily due to the recognition of deferred tax assets following the recombination of FT Intermediate, Inc. and Figure Markets Holdings, Inc.
Concerns
- Net income margin fell to 31% from 57%, a decrease of 26 percentage points, with net income flat at $89,315 thousand versus $89,822 thousand.
- Gross Take Rate was 3.9% versus 5.2% in Q3 2025, and Net Take Rate was 3.5% versus 4.4%. The Q4 2026 guide for Gross Take Rate is 3.1% to 3.4%.
- Interest expense rose to $29,742 thousand from $12,450 thousand, and Non-funding interest expense in the Adjusted EBITDA reconciliation rose to $16,127 thousand from $4,752 thousand.
- Non-GAAP adjustments in Q3 2026 included stock-based compensation expense of $24,271 thousand (versus $17,469 thousand) and acquisition-related costs of $15,455 thousand.
- Debt rose sharply: non-current debt is $998,275 thousand versus $230,143 thousand, and current debt to related parties is $593,049 thousand versus $166,135 thousand.
- Operations and processing expense rose to $37,374 thousand from $18,217 thousand, and sales and marketing expense rose to $36,847 thousand from $22,144 thousand. The filing does not explain these increases.
What to watch
- Whether Q4 2026 Loan Marketplace Volume lands in the $6.2 to $6.7 billion guided range.
- Whether Gross Take Rate lands in the 3.1% to 3.4% guided range, compared with the 3.9% reported for Q3 2026.
- Progress on Kiavi integration and the cost synergies, including the $30 million actioned to date.
- Trajectory of Figure Connect's share of standalone Loan Marketplace volume, which was 72% in Q3 2026.
- Net income and tax line in future quarters, given the prior-year one-time tax benefit of $31 million in Q3 2025 and the reported Q3 2026 provision of $12,866 thousand.
- Debt levels and funding, given the rise in non-current and related-party debt, and the use of the expanded $400 million repurchase authorization.
Balance sheet and cash flow
- Cash and cash equivalents, excluding restricted cash: $1,590,346 thousand at September 30, 2026 versus $1,198,141 thousand at December 31, 2025. The release describes this as an increase of $392 million, or 33%.
- Restricted cash: $204,666 thousand at September 30, 2026 versus $68,637 thousand at December 31, 2025.
- Loans held for sale, at fair value: $644,266 thousand at September 30, 2026 versus $404,337 thousand at December 31, 2025. The release describes this as an increase of $240 million, or 59%.
- Total assets: $4,164,440 thousand at September 30, 2026 versus $2,317,523 thousand at December 31, 2025.
- Goodwill: $318,742 thousand and intangible assets, net: $206,983 thousand at September 30, 2026, versus nil for both at December 31, 2025.
- Debt, non-current: $998,275 thousand at September 30, 2026 versus $230,143 thousand at December 31, 2025.
- Debt, current: $151,958 thousand at September 30, 2026 versus $160,959 thousand at December 31, 2025.
- Debt, current to related parties: $593,049 thousand at September 30, 2026 versus $166,135 thousand at December 31, 2025.
- Total liabilities: $2,645,840 thousand at September 30, 2026 versus $1,080,325 thousand at December 31, 2025.
- Total stockholders' equity: $1,518,600 thousand at September 30, 2026 versus $1,237,198 thousand at December 31, 2025.
- $YLDS in Circulation: $504 million at September 30, 2026 versus $328 million at December 31, 2025.
- Prime Matched Offers: $588 million at September 30, 2026 versus $206 million at December 31, 2025. Borrower Demand: $600 million versus $246 million. Available Lender Supply: $825 million versus $213 million.
- The filing does not include a cash flow statement, so operating cash flow and free cash flow are not reported.
Analysis
Figure reported Q3 2026 net revenue of $287,122 thousand, up 84% from $156,365 thousand in Q3 2025, and nine-month net revenue of $679,717 thousand, up 96% from $346,952 thousand. Adjusted Net Revenue was $283,347 thousand, up 83%. Loan Marketplace Volume was $5,796 million, up 135% from $2,469 million, and the release states that this includes $677 million of volume contributed by Kiavi, which closed September 1, 2026. Figure Connect Volume was $4,259 million, up 276%, and the company states it made up 72% of standalone volume. Within revenue, ecosystem and technology fees rose to $109,783 thousand from $35,691 thousand and gain on servicing asset, net rose to $39,440 thousand from $9,332 thousand, while gain on sale of loans, net declined to $57,753 thousand from $62,618 thousand. The filing does not explain the line-level movements.
Profitability is mixed. Net income was $89,315 thousand, down 1% from $89,822 thousand, and net income margin was 31% versus 57%. The release states that Q3 2025 net income included a one-time tax benefit of $31 million from the recognition of deferred tax assets following the recombination of FT Intermediate, Inc. and Figure Markets Holdings, Inc. The income tax line was a provision of $12,866 thousand in Q3 2026 against a benefit of $(31,463) thousand in Q3 2025. Operating income rose to $101,794 thousand from $52,718 thousand, and Q3 interest expense rose to $29,742 thousand from $12,450 thousand. Adjusted EBITDA was $163,564 thousand, up 91%, with an Adjusted EBITDA margin of 58% versus 55%. Nine-month GAAP diluted EPS was $0.90 versus $0.38, and Q3 diluted EPS was $0.36 versus $0.34.
Take rates moved lower. Gross Take Rate was 3.9% versus 5.2% in Q3 2025, and Net Take Rate was 3.5% versus 4.4%. The filing does not state the cause of these changes. Total expenses were $185,328 thousand versus $103,647 thousand, with general and administrative at $59,007 thousand versus $36,366 thousand and operations and processing at $37,374 thousand versus $18,217 thousand. Q3 Adjusted EBITDA excludes stock-based compensation of $24,271 thousand and acquisition-related costs of $15,455 thousand, as reconciled in the release.
The balance sheet expanded alongside the acquisition. Total assets were $4,164,440 thousand versus $2,317,523 thousand at year-end 2025, and goodwill of $318,742 thousand and intangible assets of $206,983 thousand were recorded at September 30, 2026, against nil at year-end. Total liabilities rose to $2,645,840 thousand from $1,080,325 thousand, with non-current debt of $998,275 thousand versus $230,143 thousand and current debt to related parties of $593,049 thousand versus $166,135 thousand. Cash and cash equivalents, excluding restricted cash, were $1,590,346 thousand. The Board increased the share repurchase authorization by $200 million to $400 million, and treasury stock stood at $(9,700) thousand. The filing does not include a cash flow statement.
The Q4 2026 guide calls for Loan Marketplace Volume of $6.2 to $6.7 billion and Gross Take Rate of 3.1% to 3.4%. No prior outlook was supplied, so no guidance comparison is made. The guided take-rate range sits below the 3.9% Q3 2026 Gross Take Rate as printed in this release, and the guide does not include revenue, margin, operating expense or tax figures. Readers should weigh the strong top-line and volume growth against flat net income, the lower take rates and the substantially higher debt load.
Management, verbatim
This was a record quarter for Figure, highlighted by another consecutive quarter of over 100% volume growth and the rapid expansion of our capital-light marketplace, with Figure Connect now making up 72% of our standalone volume.
Michael Tannenbaum, CEO
Not in the filing
stated, not guessed- No previous-period outlook was provided, so vs_prior_guidance is empty and no guided figure is compared with an actual.
- Q4 2026 guidance for revenue, gross margin, operating expenses and tax rate is not given.
- Q2 2026 (prior-quarter) comparatives are not printed, so all qoq_change and prior_quarter fields are null.
- Year-over-year percentage changes are not printed for the revenue sub-lines, operating expense lines, operating income, interest expense, income tax, or total expenses, so those fields are null.
- Analyst consensus estimates, price targets and the share-price reaction are not in the documents.
- A cash flow statement is not included, so operating cash flow, free cash flow and capital expenditure are not reported.
- The amount of share repurchases executed in Q3 2026 is not printed.
- The filing does not give segment reporting beyond revenue line items and volume metrics, and does not explain the causes of individual revenue line movements.
- Balance sheet comparisons are against December 31, 2025, not against the same period of the prior year, and have been placed in balance_sheet_cash_flow rather than key_metrics.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Figure Technology Solutions is a Nasdaq‑listed blockchain‑native capital marketplace that recently acquired Kiavi.
Ticker impact
Figure Technology Solutions reported Q3 2026 results with 135% YoY loan volume growth and issued Q4 guidance.
potential upside as investors price in higher loan marketplace volume and improved margins.
Quarterly numbers are materially better than prior year and the company provided forward‑looking volume guidance, a fresh primary disclosure.
Market effects
Highlights growth in blockchain‑enabled lending platforms, may benefit peer fintechs.
U.S. fintech sector could see modest uplift.
Shows expanding use of tokenized assets globally.
Counterpoint
Volume growth may be unsustainable; flat net income suggests margin pressure.
Key entities
- companyFigure Technology Solutions
Nasdaq‑listed fintech platform.
- companyKiavi
Acquired loan originator now part of Figure's ecosystem.
