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…
Earnings analysis · 10-Q
FIGR earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
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…
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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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Earnings per share
- $0.35
- Operating margin
- 34.5%
What stood out
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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.
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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.