NEW YORK, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Figure Technology Solutions (Nasdaq: FIGR; OPEN: FGRS), the leading blockchain-native capital marketplace for the origination, funding, sale and trading of tokenized assets, today announced financial results for the year and quarter ended December 31, 2025.
"We closed the year with strong fourth quarter results, with triple-digit year-over-year growth in Consumer Loan Marketplace volume, increased adoption of Figure Connect, and expanding activity within our blockchain ecosystem. Our momentum reflects the diversity and scalability of our model. Looking ahead, we remain focused on expanding our partner network, deepening our marketplace liquidity, and advancing our blockchain-native infrastructure. This quarter's strong results demonstrate both the industry tailwinds and our operational execution as we modernize capital markets with blockchain."
- Michael Tannenbaum, CEO
Q4 2025 Quarterly Financial Highlights
-- Consumer Loan Marketplace volume was $2.7 billion in the quarter, a 131%
increase from the prior year. This included Figure Connect volume of $1.5
billion, up from $1.1 billion in the third quarter of 2025. The Figure
Connect platform was launched in June 2024.
-- Net revenue increased 91% year-over-year. Adjusted Net Revenue was $158
million, up 106% from the fourth quarter 2024. The revenue model of
Figure Connect is such that less net revenue is captured per unit of
volume, but with higher Adjusted EBITDA margins.
-- Net income increased 156% year-over-year to $15 million; net income
margin reached 9.4%, up 2 percentage points year-over-year.
-- Adjusted EBITDA increased 426% year-over-year to $81 million; Adjusted
EBITDA margin reached 51.6%, up 31 percentage points year-over-year.
-- Cash and cash equivalents, excluding restricted cash and stablecoins,
totaled $1.2 billion.
-- Loans held for sale totaled $404 million.
Full Year 2025 Financial Highlights
-- Consumer Loan Marketplace volume was $8.4 billion for the year, a 63%
increase from the prior year. This included Figure Connect volume of $3.8
billion.
-- Net revenue increased 49% year-over-year. Adjusted Net Revenue was $515
million, up 52% year-over-year.
-- Net income increased 574% year-over-year to $134 million; net income
margin reached 26.5%, up 21 percentage points year-over-year.
-- Adjusted EBITDA increased 148% year-over-year to $251 million; Adjusted
EBITDA margin reached 48.8%, up 19 percentage points year-over-year.
Share Repurchase Program
Figure today announced that its Board of Directors has authorized a share repurchase program under which the Company may repurchase up to $200 million of its Class A common stock and Blockchain common stock over the next 12 months, expiring on February 27, 2027, subject to market conditions, contractual restrictions and other factors.
Repurchases under the program may be made from time to time in the open market, through privately negotiated transactions, accelerated share repurchase transactions, or by other means in accordance with applicable securities laws and regulations. The timing, number of shares repurchased, and prices paid will depend on market conditions, share price, trading volume, corporate considerations, and other factors. Open market repurchases will be structured to occur within the pricing and volume requirements of Rule 10b-18. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization.
This program does not obligate the Company to acquire any particular amount of stock and the program may be extended, modified, suspended or discontinued at any time at the Company's discretion.
Q4 2025 and FY 2025 Financial Highlights
$ in
thousands,
except per
share or
otherwise
noted Q4 Q4 FY FY Q4 FY
------------ ----------- ------------ ------------ --------- ---------
(Unaudited) 2025 2024 2025 2024 YoY % YoY%
------- ------ ------- ------- --------- ---------
GAAP
Results:
Net
Revenue $159,913 $83,855 $506,865 $340,885 90.7% 48.7%
Net Income 15,078 5,889 134,281 19,915 156.0% 574.3%
Net Income +20.7
margin 9.4% 7.0% 26.5% 5.8% +2.4 p.p. p.p.
Earnings
per Share
- Basic $ 0.07 $ 0.00 $ 0.54 $ 0.00 n/a n/a
Earnings
per Share
-
Diluted 0.06 0.00 0.44 0.00 n/a n/a
Non-GAAP
Results:
Adjusted
Net
Revenue $157,632 $76,636 $514,804 $339,182 105.7% 51.8%
Adjusted
EBITDA 81,330 15,455 251,157 101,443 426.2% 147.6%
Adjusted
EBITDA +31.4 +18.9
margin 51.6% 20.2% 48.8% 29.9% p.p. p.p.
Selected Metrics
$ in
millions
unless
noted Q4 Q4 FY FY Q4 FY
---------- ---------- ---------- ---------- --------- --------
(Unaudited) 2025 2024 2025 2024 YoY % YoY%
----- ----- ----- ----- --------- --------
Ecosystem
Volume $3,047 $1,535 $9,088 $5,879 98.5% 54.6%
Consumer
Loan
Marketplace
Volume 2,705 1,172 8,377 5,128 130.8% 63.3%
Figure
Connect
Volume 1,466 8 3,842 8 n.m. n.m.
Net Take -0.2
Rate 3.8% 3.4% 4.0% 4.2% +0.4 p.p. p.p.
$ in millions unless noted As of
----------------------------------------
(Unaudited) December 31, 2025 December 31, 2024 YoY%
------------------- ------------------- ----
$YLDS in Circulation $ 328 $ -- n.m.
Democratized Prime:
Matched Offers 206 n.m. n.m.
Borrower Demand 246 n.m. n.m.
Available Lender Supply 213 n.m. n.m.
Recent Business Highlights
-- Figure Connect volume reached 54% of Consumer Loan Marketplace volume in
the quarter.
-- First-lien volume as a percentage of Consumer Loan Marketplace volume
increased to 19%.
-- Volume from new product categories reached $97 million in the fourth
quarter, including Crypto Backed Loans, Small/Medium Business Loans $(SMB)$,
Debt Service Coverage Ratio $(DSCR)$ Loans and Residential Transition Loans
$(RTL)$.
-- Figured added auto finance as a vertical via a strategic
partnership with Agora Data, Inc. to bring externally originated
auto loans onto Figure's marketplace.
-- Figure ended the quarter with 307 active partners in its ecosystem, and
expanded its third-party origination ecosystem.
-- Democratized Prime matched offers reached approximately $337 million as
of February 15, 2026.
-- $YLDS balance reached approximately $464 million as of February 15, 2026,
reflecting continued adoption across lending and settlement use cases and
expansion onto additional blockchain ecosystems.
-- Figure launched OPEN, the on-chain public equity network and became the
first company to launch a blockchain-native share class of any security,
advancing its strategy to modernize capital markets infrastructure.
Webcast Information
Figure will host a conference call and webcast at 4:30 p.m. Eastern Time, February 26, 2026 to discuss its results and outlook. A link to the live discussion and accompanying presentation will be made available on the Company's investor relations website at https://investors.figure.com/. A replay will also be made available following the discussion at the same website.
Forward-Looking Statements Disclosure
This press release contains forward-looking statements intended to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including without limitation statements regarding our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses; our ability to determine reserves, and ability to remain profitable; our ability to maintain, expand, and enter into new relationships with partners and loan purchasers on the secondary market; our ability to broaden our network of partners; and our ability to successfully execute our business and growth strategy; marketplace volume, adoption, and liquidity, including the growth and performance of our Consumer Loan Marketplace, Figure Connect, and Democratized Prime platforms; our blockchain ecosystem and infrastructure initiatives, including our ability to expand the adoption of our blockchain-native products and services and the development and performance of our digital asset offerings; and our share repurchase program, including the timing, number of shares, and prices at which repurchases may occur. These statements involve known and unknown risks, uncertainties, and other important factors that may cause actual results to differ materially from those expressed or
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