Figure Technology Solutions (FIGR) Q1 2026 earnings summary

Executive summary

• Achieved record Consumer Loan Marketplace volume of $2.9 billion in Q1 2026, up 113% year-over-year, with adjusted EBITDA margin at 50% and a rule of 140, far exceeding industry benchmarks.

• Added a record 80 new partners, expanding the ecosystem to 387 active partners, including major institutions like Flagstar Bank and the 6th largest U.S. mortgage lender.

• Launched new blockchain-native capital market verticals, including the On-chain Public Equity Network (OPEN), Ethereum PRIME, and expanded DeFi offerings through Democratized Prime and YLDS.

• Continued rapid expansion in SMB and business purpose lending, with DSCR and residential transition loans growing 70% quarter-over-quarter.

• AI-driven operational efficiencies led to a 20% decline in operations and processing costs as a percent of volume.

Financial highlights

• Q1 2026 adjusted net revenue was $167 million, up 92% year-over-year; adjusted EBITDA was $83 million, up 192% year-over-year.

• Consumer loan marketplace volume reached $2.9 billion, up 113% year-over-year.

• Net income was $45 million, with a net income margin of 27.0%, up 28 percentage points year-over-year.

• Net take rate for the quarter was 3.8%, in line with guidance.

• Ended the quarter with $1.5 billion in cash and cash equivalents; loans held for sale were $504 million.

Outlook and guidance

• Q2 2026 consumer loan marketplace volume guidance set at $3.8–$4.1 billion, reflecting confidence in continued growth.

• Medium-term Adjusted EBITDA Margin target set at 60% for 2026–2028.

• Operations and processing costs expected to remain flat as a percent of volume, with further AI-driven improvements anticipated in H2 2026.

• Full-year effective tax rate expected to normalize to around 20%, barring further one-time benefits.