Figure Technology (NASDAQ: FIGR) delivered robust second-quarter 2026 financial results, driven by record-breaking marketplace activity and significant margin expansion. The company reported adjusted net revenue of $218 million, representing a 95 percent year-over-year increase from $112 million in the same period last year. This top-line growth was underpinned by consumer loan marketplace volume of $4.3 billion, which grew 132 percent year-over-year from $1.8 billion and surpassed the top end of guidance by 4 percent.

Profitability metrics showed substantial improvement alongside the revenue surge. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $119 million, up 126 percent year-over-year from $53 million. The adjusted EBITDA margin expanded to 55 percent, compared to 47 percent in the prior year period. On a GAAP basis, net income climbed 190 percent to $87 million, up from $30 million a year ago. This GAAP result included a $4.4 million tax benefit from excess benefits on stock option exercises.

What the Numbers Show

The divergence between the 132% growth in marketplace volume and the 95% growth in adjusted net revenue highlights a strategic shift toward fee-based economics. While volume accelerated rapidly, the revenue growth was slightly more moderate due to a lower net take rate of 3.6 percent, which was at the bottom end of the company's guided range. This compression in take rate was primarily driven by the mix shift toward Figure Connect, the company's capital-light tokenized loan marketplace, which now represents 65 percent of total consumer loan marketplace volume, up from 56 percent last quarter and 42 percent a year ago. Despite the lower take rate, Figure Connect contributed to higher overall profitability, as evidenced by the expansion in EBITDA margins to 55 percent.

The operational efficiency gains were further reflected in operations and processing costs, which fell to approximately 67 basis points of volume, down from roughly 79 basis points a year ago. This reduction occurred even as the company processed more than double the volume, indicating strong operating leverage supported by investments in AI and automation.

Strategic Developments and Guidance

Figure Technology’s partner ecosystem continued to expand, with the total number of partners on its platform reaching 489, an increase of 102 from the previous quarter. The company emphasized that ecosystem and technology fees became the largest contributor to adjusted net revenue for the first time, reflecting the ongoing migration toward Figure Connect.

Looking ahead, Figure Technology provided guidance for the third quarter of 2026, projecting consumer loan marketplace volume in the range of $4.8 billion to $5.2 billion. Management noted that July performance, with $1.7 billion in volume, indicated a strong start to the quarter. The company also highlighted the anticipated closing of its Kiavi acquisition by the end of the year, which is expected to add 40 percent to volume and $100 million of EBITDA, further enhancing its market leadership and diversifying its asset classes.

On the balance sheet, Figure Technology ended the quarter with $1.44 billion in cash and cash equivalents. Subsequent to the quarter end, on July 14, the company closed a $600 million senior notes offering at 8.5 percent, securing financing for the Kiavi acquisition and broadening its funding base. Credit quality remained disciplined, with weighted average FICO scores at origination rising to 756 year-to-date, up from 737 in 2020, and weighted average combined loan-to-value (CLTV) decreasing to 62.1 percent.

Figure Technology Solutions, Inc. will report its Second Quarter 2026 financial results before the market opens on August 13, 2026. The blockchain-native capital marketplace announced it will host a conference call later that day to discuss the results, outlook, and related business matters.

The conference call is scheduled to begin at 8:30 a.m. Eastern Time. Investors can access a live webcast of the call and supporting materials through the company's investor relations website. A replay of the broadcast will be made available on the same platform following the event for those unable to listen live.

Figure operates a capital marketplace that connects origination, funding, and secondary market activity for tokenized assets. The company reports that more than 380 partners utilize its loan origination system and capital marketplace. Collectively, Figure and its partners have originated approximately $29 billion of home equity to date.

The company's ecosystem includes Figure Connect, a consumer credit marketplace, and Democratized Prime, an on-chain lend-borrow marketplace. Additional components include DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, an SEC-registered yield-bearing stablecoin functioning as a tokenized money market fund.

Figure has received AAA ratings from S&P and Moody’s on multiple loan securitizations. The company is recognized as the market leader in real world asset (RWA) tokenization and is the largest non-bank provider of Home Equity Lines of Credit (HELOCs).