FIGR earnings analysis
What we found in FIGR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Figure delivered strong Q2 growth, with revenue up 112.7% year over year to $225.588 million, net income up 191.5% to $87.436 million, and EPS of $0.35 above the $0.30 consensus estimate. Marketplace volumes and both Figure-branded and Partner-branded revenue expanded sharply, although the net take rate declined to 3.6% from 4.0%. Liquidity was strong at $1.438 billion of cash and $2.0 billion of available debt capacity, but operating cash flow was negative $72.969 million for the first six months and leverage increased materially alongside the proposed $532.4 million Kiavi acquisition.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue and EPS accelerated
- Q2 net revenue reached $225.588 million, up $119.511 million or 112.7% year over year, and approximately 35.1% sequentially from $167 million in Q1 2026. Diluted EPS was $0.35 versus $0.18 in Q1 2026 and consensus of $0.30.
- Operating profit more than doubled
- Operating income increased 180.4% year over year to $77.737 million from $27.724 million. Operating margin was approximately 34.5%, compared with 35.2% in Q1 2026.
- Marketplace volumes surged
- Consumer Loan Marketplace Volume increased 131.7% year over year to $4.259 billion, while Figure Connect Volume increased 261.7% year over year to $2.773 billion. Digital Asset Marketplace Volume rose to $691.539 million from $86.214 million.
- Both revenue channels grew strongly
- Partner-branded net revenue increased 99.1% year over year to $106.650 million, led by ecosystem and technology fees of $71.690 million, up 159.7%. Figure-branded net revenue rose 84.7% to $50.133 million.
- Liquidity remained substantial
- Cash and cash equivalents increased 20.0% to $1.438 billion from $1.198 billion at December 31, 2025. Management reported $2.0 billion of available debt capacity as of June 30, 2026.
- Adjusted profitability expanded
- Adjusted EBITDA increased to $119.379 million from $52.866 million, and adjusted EBITDA margin expanded to 54.6% from 47.2% year over year. Net income increased 191.5% to $87.436 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operating cash flow reversed
- Operating cash flow turned negative at $(72.969) million in the first six months of 2026 versus positive $76.089 million in the prior-year period. Management cited $114.0 million of negative working-capital adjustments, including the funding of loan originations and purchases.
- Debt and interest burden increased
- Total debt, including related-party debt, increased $405.8 million, or 72.8%, to support platform growth. The company subsequently issued $600.0 million of 8.500% Senior Notes due 2031, generating $586.5 million of net proceeds.
- Kiavi acquisition execution risk
- The proposed Kiavi acquisition requires approximately $532.4 million of cash consideration and remains subject to regulatory approvals and other closing conditions. Figure may owe Kiavi a $25.0 million termination fee under certain circumstances.
- Monetization rate compressed
- Net take rate declined to 3.6% from 4.0% year over year. Management also noted that ecosystem fees use a sliding scale that decreases as higher volume tiers are reached, creating potential monetization pressure as volumes expand.
- Balance-sheet exposure expanded
- Loans held for sale increased 47.7% to $597.400 million, while accounts receivable increased 70.2% to $88.527 million. Management said it continues to monitor customer credit exposure and collection trends.
- No formal risk-factor update
- The filing states there were no material changes to the risk factors in the 2025 Form 10-K. Nonetheless, Q2 included $4.676 million of acquisition-related costs and the company has committed to a transaction requiring approximately $532.4 million in cash.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.35
- Operating margin
- 34.5%
- Segment
- Figure-branded net revenue: $50.133 million, up 84.7% year over year and up from $41.656 million in Q1 2026.
- Segment
- Partner-branded net revenue: $106.650 million, up 99.1% year over year and up from $78.136 million in Q1 2026.
- Segment
- Total net revenue was $225.588 million, up 112.7% year over year and approximately 35.1% from $167 million in Q1 2026.
What they said about what is next.
The filing does not provide numeric revenue or EPS guidance. It references Q3 2026 Consumer Loan Marketplace Volume guidance of $4.8 billion-$5.2 billion, with no comparable prior outlook disclosed. Management expects existing cash, operating cash flows, and available debt capacity to meet requirements for at least the next 12 months and does not currently expect additional external financing for long-term operations.
The filing reads better than the one before it.
What came before.
- 10-Q · May 15, 2026
- Figure Technology Solutions reported solid Q1 results with net revenue of $167 million, surpassing expectations, albeit with a lower-than-expected EPS of $0.18. The company highlighted significant growth in its Consumer…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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