Q2 FY2026
Filed Aug 13, 2026Filed under $FIGRFigure Technology Solutions reports strong second quarter 2026 results
Q2 net revenue increased 113%, Consumer Loan Marketplace Volume increased 132%, net income increased 192%, and Adjusted EBITDA increased 126%, while Q3 Consumer Loan Marketplace Volume guidance calls for $4.8 - $5.2 billion.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net revenueGAAP | $ 225,588 | – | 113 % |
| Ecosystem and technology feesGAAP | $ 72,865 | – | – |
| Servicing feesGAAP | $ 11,303 | – | – |
| Interest incomeGAAP | $ 22,809 | – | – |
| Origination feesGAAP | $ 26,346 | – | – |
| Gain on sale of loans, netGAAP | $ 57,572 | – | – |
| Gain on servicing asset, netGAAP | $ 29,093 | – | – |
| Marketable securities income, netGAAP | $ 3,971 | – | – |
| Other revenueGAAP | $ 1,629 | – | – |
| Operating incomeGAAP | $ 77,737 | – | – |
| Net incomeGAAP | $ 87,436 | – | 192 % |
| Net income marginGAAP | 38.8 % | – | +10.5 p.p. |
| Net income attributable to Figure Technology Solutions, Inc.GAAP | $ 87,446 | – | – |
| Earnings per Share - BasicGAAP | $ 0.39 | – | 255 % |
| Earnings per Share - DilutedGAAP | $ 0.35 | – | 338 % |
| Total expensesGAAP | $ 147,851 | – | – |
| General and administrativeGAAP | $ 51,428 | – | – |
| Technology and product developmentGAAP | $ 15,551 | – | – |
| Operations and processingGAAP | $ 28,914 | – | – |
| Sales and marketingGAAP | $ 30,738 | – | – |
| Interest expenseGAAP | $ 19,670 | – | – |
| Adjusted Net Revenuenon-GAAP | $ 218,445 | – | 95 % |
| Adjusted EBITDAnon-GAAP | $ 119,379 | – | 126 % |
| Adjusted EBITDA marginnon-GAAP | 54.6 % | – | +7.4 p.p. |
| Consumer Loan Marketplace Volumeother | $4.3 billion | – | 132 % |
| Figure Connect Volumeother | $2.8 billion | – | 262 % |
| Net Take Rateother | 3.6 % | – | -0.4 p.p. |
| $YLDS in Circulationother | $ 556 | – | – |
| Democratized Prime: Matched Offersother | $ 392 | – | – |
| Borrower Demandother | $ 414 | – | – |
| Available Lender Supplyother | $ 522 | – | – |
Q3 2026 outlook
- NoteConsumer Loan Marketplace Volume: $4.8 - $5.2 billion
What drove it
- Consumer Loan Marketplace Volume was $4.3 billion in the quarter, a 132% increase from the prior year.
- Figure Connect Volume was $2.8 billion, and Figure Connect reached 65% of Consumer Loan Marketplace volume in the quarter.
- The company added 102 origination partners in the quarter, reaching 489 total active partners.
- SMB loan volume increased 57% quarter-over-quarter.
- Third-party borrowing activity on Democratized Prime reached approximately $170 million as of August 6, 2026.
- Operations and processing costs declined to approximately 67 basis points of Consumer Loan Marketplace volume, down from 79 basis points in Q2 2025.
Concerns
- Net Take Rate was 3.6 %, compared with 4.0 % in Q2 2025, a -0.4 p.p. change.
- Debt, current to related parties was $ 424,640 at June 30, 2026, compared with $ 166,135 at December 31, 2025.
- The Kiavi, inc. transaction remains on track to close in the second half of 2026.
- The company stated that it added acquisition-related costs to its definition of Adjusted EBITDA effective June 30, 2026, and recast prior period amounts in the reconciliation table.
What to watch
- Q3 2026 Consumer Loan Marketplace Volume guidance of $4.8 - $5.2 billion.
- The pending completion of the Kiavi, inc. transaction in the second half of 2026.
- Figure Connect's share of Consumer Loan Marketplace volume following its 65% contribution in Q2.
- Net Take Rate after the Q2 decline to 3.6 % from 4.0 % in Q2 2025.
- Growth in Democratized Prime activity and the recently launched SMB pools.
Balance sheet and cash flow
- Cash and cash equivalents: $ 1,437,511 at June 30, 2026; $ 1,198,141 at December 31, 2025.
- Restricted cash: $ 95,887 at June 30, 2026; $ 68,637 at December 31, 2025.
- Loans held for sale, at fair value: $ 597,400 at June 30, 2026; $ 404,337 at December 31, 2025.
- Total assets: $ 3,017,688 at June 30, 2026; $ 2,317,523 at December 31, 2025.
- Debt, current: $ 222,505 at June 30, 2026; $ 160,959 at December 31, 2025.
- Debt, current to related parties: $ 424,640 at June 30, 2026; $ 166,135 at December 31, 2025.
- Debt, non-current: $ 315,850 at June 30, 2026; $ 230,143 at December 31, 2025.
- Total liabilities: $ 1,604,578 at June 30, 2026; $ 1,080,325 at December 31, 2025.
- Total stockholders' equity: $ 1,413,110 at June 30, 2026; $ 1,237,198 at December 31, 2025.
Analysis
Figure reported a strong Q2, with GAAP net revenue of $ 225,588, up 113 %, and Consumer Loan Marketplace Volume of $4.3 billion, up 132 %. The marketplace expansion was led by Figure Connect Volume of $2.8 billion, up 262 %, and Figure Connect reached 65% of Consumer Loan Marketplace volume. The company also added 102 origination partners during the quarter, reaching 489 total active partners.
Profitability scaled alongside revenue. GAAP net income was $ 87,436, up 192 %, and net income margin increased to 38.8 % from 28.3 %. Operating income was $ 77,737 versus $ 27,724. Adjusted EBITDA was $ 119,379, up 126 %, while Adjusted EBITDA margin rose to 54.6 % from 47.2 %. Operations and processing costs declined to approximately 67 basis points of Consumer Loan Marketplace volume from 79 basis points in Q2 2025.
Revenue mix showed increases across the principal reported revenue lines, including ecosystem and technology fees of $ 72,865, gain on sale of loans, net of $ 57,572, and gain on servicing asset, net of $ 29,093. The key reported monetization pressure was Net Take Rate, which was 3.6 % compared with 4.0 % in Q2 2025. The company also reported SMB loan volume growth of 57% quarter-over-quarter and approximately $170 million of third-party borrowing activity on Democratized Prime as of August 6, 2026.
The balance sheet expanded as cash and cash equivalents rose to $ 1,437,511 from $ 1,198,141 at December 31, 2025, while loans held for sale increased to $ 597,400 from $ 404,337. Current debt and current debt to related parties were $ 222,505 and $ 424,640, respectively, at June 30, 2026. The Q3 guide calls for Consumer Loan Marketplace Volume of $4.8 - $5.2 billion, above Q2's $4.3 billion reported volume. The Kiavi, inc. transaction remains expected to close in the second half of 2026.
Management, verbatim
We delivered our strongest quarter yet, headlined by 132% year-over-year volume growth in our Consumer Loan Marketplace, the addition of over 100 origination partners, and the scaling of our capital-light marketplace, with 65% of our volumes now on Figure Connect. With weekly applications now surpassing $1 billion as of July and the pending completion of our Kiavi acquisition, which we expect will significantly grow our platform into adjacent asset classes, we are accelerating our growth flywheel and our first-mover advantage in bringing the capital markets on-chain.
Michael Tannenbaum, CEO
Not in the filing
stated, not guessed- Gross profit and gross margin
- GAAP operating margin
- Free cash flow
- Operating cash flow
- Capital expenditures
- Share repurchases during the quarter
- Dividends
- Revenue guidance
- Gross margin guidance
- Operating expense guidance
- Tax rate guidance
- Prior-quarter figures for Q2 financial metrics except where separately stated
- Previous-quarter outlook for comparison with actual results
- Reportable segment revenue
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.