Key facts
- Figure's Q2 revenue more than doubled to $226 million, with net income nearly tripling to $87 million.
- Consumer Loan Marketplace volume surged 132% to $4.3 billion.
- Figure Connect accounted for 65% of the total marketplace volume.
- CEO Michael Tannenbaum cited partner direct access, rising interest rates, and increased first-lien loans as reasons for a lower net take rate.
- The company expects third-quarter 2026 Consumer Loan Marketplace volume between $4.8 billion and $5.2 billion.
Figure Technology Solutions reported a significant increase in its second-quarter financial performance, with revenue more than doubling to $226 million and net income nearly tripling to $87 million. The company's consumer loan marketplace volume surged 132% year-over-year to $4.3 billion.
CEO Michael Tannenbaum attributed the strong results to a 132% surge in loan marketplace volume and noted that Figure Connect, the company's asset-light marketplace, accounted for 65% of the total volume. He explained that the net take rate, while slightly below analyst expectations, was impacted by factors including partners going direct to Figure Connect, rising interest rates, and an increase in first-lien loan volume.
Adjusted EBITDA was $119.4 million, slightly below some analyst estimates but above consensus. The company added 102 origination partners in the quarter, bringing the total to 489. Figure also guided to third-quarter 2026 Consumer Loan Marketplace volume between $4.8 billion and $5.2 billion, and reiterated its medium-term target of a 60% adjusted EBITDA margin.
Figure's strategy focuses on contribution margin, and ecosystem fees have become the company's largest revenue line. First-lien volume increased threefold year-over-year, and small and medium business loan volume rose 57%. The pending acquisition of Kiavi is expected to close by year-end.