Figure Technology Solutions (FIGR) Q4 2025 earnings summary

Executive summary

• Achieved triple-digit year-over-year growth in Consumer Loan Marketplace volume, adjusted net revenue, and adjusted EBITDA in Q4 2025, with strong adoption of Figure Connect and expansion into new product categories such as residential transition loans and auto lending.

• Accelerated blockchain ecosystem initiatives, launching new digital asset products and partnerships, including $YLDS and Democratized Prime, and became the first public company to launch a blockchain-native share class on the OPEN exchange.

• Ended Q4 2025 with $1.2 billion in cash and cash equivalents, supporting a $200 million share repurchase program.

• Ended Q4 2025 with 307 active partners and an expanded third-party origination ecosystem.

• Focused on scaling the marketplace, expanding product offerings, and growing the blockchain ecosystem.

Financial highlights

• Q4 2025 Consumer Loan Marketplace volume reached $2.7 billion, up 131% year-over-year, with Figure Connect accounting for 54% of volume.

• Adjusted net revenue was $158 million, up 106% year-over-year; net take rate was 3.8%.

• Adjusted EBITDA was $81.3 million, up 426% year-over-year, with margin expanding to 51.6%.

• Q4 net income was $15.1 million, with a net income margin of 9.4%.

• Loans held for sale at year-end were $404 million.

Outlook and guidance

• Net take rate expected to range between 3.5%-4% in the near to medium term, reflecting product mix and market conditions.

• Medium-term goal for adjusted EBITDA margin is above 60%.

• Targeting further growth in auto lending with the Agora partnership, expecting $300 million in volume in 2026.

• Management expects continued growth in marketplace volume and adoption of blockchain-native products.

• Expects higher growth in March as seasonal headwinds subside.