Figure Technology Solutions (FIGR) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 results with adjusted EBITDA of $86.4M, up 75% year-over-year, and net income of $89.8M, more than triple last year’s quarter.

• Consumer loan marketplace volume reached $2.5B, a 70% increase year-over-year, driven by partner network expansion and Figure Connect adoption.

• First-lien lending volumes nearly tripled year-over-year, now representing 17% of marketplace activity, with new product categories (crypto-backed, SMB, DSCR loans) contributing over $80M in Q3 volume.

• Transitioned to a capital-light, fee-based marketplace model, with Figure Connect comprising nearly half of total loan volume and facilitating $2.4B in transactions since June 2024.

• Completed IPO on September 12, 2025, raising $663.4M in net proceeds and converting all preferred stock to common stock.

Financial highlights

• Adjusted net revenue was $156M, up 42% year-over-year, with net revenue for Q3 up 55% and total net revenue for the nine months ended September 30, 2025, at $346.95M, up 35% year-over-year.

• Adjusted EBITDA margin reached 55.4%, up from 44.9% a year ago, and net income margin for the nine months was 34.3%.

• Variable expenses as a percentage of adjusted net revenue declined from 36% to 28% year-over-year.

• Cash and cash equivalents increased to $1.1B as of September 30, 2025, from $287.3M at year-end 2024.

• Marketable securities at fair value rose 46.6% to $239.7M.

Outlook and guidance

• Targeting annual adjusted EBITDA margins above 60% as more activity shifts to Figure Connect and Democratized Prime.

• Management expects continued growth in ecosystem and technology fees as Connect platform adoption expands.

• Sufficient liquidity and funding capacity to support planned growth for at least the next 12 months.

• Expect typical seasonality in home equity loan origination, with Q4 and Q1 volumes historically below annual averages.

• Ongoing investment in technology and compliance to support new product launches and regulatory requirements.