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 including auto lending and digital assets.

• Ended Q4 2025 with $1.2 billion in cash and cash equivalents and 307 active partners, reflecting strong liquidity and ecosystem expansion.

• Launched OPEN, the on-chain public equity network, and became the first public company to launch a blockchain-native share class.

• Announced a $200 million share repurchase program, reflecting confidence in long-term growth.

• Accelerated blockchain ecosystem initiatives, including new digital asset products and partnerships, with $YLDS in circulation up 22x since Q3'25.

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; adjusted EBITDA was $81.3 million, up 426% year-over-year, with a margin of 51.6%.

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

• FY 2025 Consumer Loan Marketplace volume was $8.4 billion, net revenue $506.9 million, net income $134.3 million, and adjusted EBITDA $251.2 million.

• Ended Q4 with $404 million in loans held for sale.

Outlook and guidance

• Medium-term adjusted EBITDA margin target set above 60%, with net take rate expected between 3.5%-4% due to evolving product mix.

• Management expects continued growth in marketplace volume, expansion of auto lending (targeting $300 million in 2026), and further scaling of blockchain-native products.

• Focus remains on expanding partner network, deepening marketplace liquidity, and advancing blockchain-native infrastructure.