Key Highlights

  • Figure reported second-quarter 2026 total net Revenue of $225.6m, up 113 per cent, and Net Income of $87.4m.
  • The Consumer Loan Marketplace processed $4.3bn of volume, up 132 per cent, while the net take rate fell to 3.6 per cent from 4.0 per cent.
  • The company guided third-quarter marketplace Volume of $4.8bn to $5.2bn and expects the Kiavi Acquisition to close in the second half of 2026.

Second-quarter results in brief

Figure Technology Solutions, Inc. (NASDAQ:FIGR) reported second-quarter 2026 results on 13 August 2026 for the quarter ended 30 June. Total net revenue was $225.6m, up 113 per cent from $106.1m a year earlier, while adjusted net revenue, a non-GAAP measure, was $218.4m, up 95 per cent. Net income reached $87.4m, up 192 per cent, a 38.8 per cent margin.

Adjusted EBITDA, also non-GAAP, was $119.4m, a 54.6 per cent Margin against 47.2 per cent a year earlier. The company redefined parts of its adjusted measures during 2026 and recast prior periods, so comparisons should use the recast figures. Chief executive Michael Tannenbaum described it as the company's best quarter to date.

Marketplace volume and the take rate

The Consumer Loan Marketplace, which handles home Equity lines of credit, debt-service-coverage-ratio loans and personal loans, processed $4.3bn of volume, up 132 per cent. Figure Connect, the company's consumer Credit marketplace launched in June 2024, accounted for $2.8bn, or 65 per cent of the total, and active origination partners rose to 489, with 102 added in the quarter.

Growth did not come with a rising net take rate. The company reported a net take rate of 3.6 per cent, down from 4.0 per cent a year earlier, and 3.9 per cent for the first half against 4.1 per cent. Operations and processing costs fell to about 67 basis points of volume from 79. In short, volume growth and efficiency drove profit, rather than higher pricing per loan.

The release also said weekly applications surpassed $1bn in July and that small-business loan volume rose 57 per cent quarter on quarter. Those operating indicators are management-reported and unaudited. Marketplace volume also relies on third-party buyers continuing to purchase loans, which links results to credit-market conditions.

On-chain products and the balance sheet

Beyond loans, the company highlighted Democratized Prime, its on-chain lend-borrow marketplace, where third-party borrowing reached about $170m by 6 August 2026. It also reported that circulation of $YLDS, a yield-bearing Stablecoin security structured as a tokenised Money Market fund, rose to $556m from $328m, with the company keeping a 35 basis point spread on balances.

At 30 June 2026 cash and equivalents were $1.44bn, loans held for sale $597m and total Debt about $963m, of which $425m was owed to related parties. Stockholders' equity was $1.41bn and the accumulated Deficit narrowed to $54m from $187m at the end of 2025. Leverage and related-party funding are worth understanding alongside the profit growth.

Guidance and what to watch

For the third quarter, the company guided to Consumer Loan Marketplace volume of $4.8bn to $5.2bn. That is a forecast, not a result, and the release did not include full-year guidance. Management also said the planned acquisition of Kiavi is on track to close in the second half of 2026, which it expects to extend the platform into adjacent asset classes.

The company is expected to report third-quarter Earnings around 12 November 2026, a date it should confirm. Points of focus include whether marketplace volume lands within the guided range, how the take rate behaves as Figure Connect grows, the progress and funding of the Kiavi deal, and how much of earnings depends on fair-value accounting. Disclosure on the cost of funding loans held for sale will also help.