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EarningsQ2 2026 Earnings Report

Figure Technology Solutions, Inc. Class A (FIGR) Q2 2026 Earnings Report

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Previous Report: Q1 2026

FIGR Q2 2026 EPS Results

Actual EPS$0.35

Consensus EPS$0.24

Beat/MissBeat by +$0.11

One Year Ago EPS$0.07

FIGR Q2 2026 Revenue Results

Actual Revenue$188.22M

Expected Revenue$208.23M

Beat/MissMissed by -$20.01M

YoY Revenue Growth―

Earnings Announcement Details

QuarterQ2 2026

Date08/13/2026

TimeBefore Open

Conference CallThursday, August 13, 2026

FIGR Upcoming Earnings

Figure Technology Solutions, Inc. Class A's next earnings date is estimated for November 12, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

FIGR Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 13, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a strongly positive operational and financial story: very large top-line growth (CLM volume +132% YoY), rapid and broad partner adoption (489 partners, Figure Connect at 65% mix), improving unit economics (adjusted EBITDA +126% YoY and 55% margin), and strengthening capital markets execution and credit metrics. Key near-term challenges center on take-rate pressure driven by strategic mix shift into the lower-take-rate, capital-light Figure Connect channel, volatility in gain-on-sale from higher interest rates, and temporary margin dilution from retained loans to support Democratized Prime. Management provided clear growth drivers (Connect, Democratized Prime, Kiavi acquisition, AI and stablecoin-led operational improvements) and guidance that reflects confidence in Q3 volumes. Overall, positives materially outweigh the cited headwinds, which are largely strategic mix or macro-rate driven and accompanied by supporting profitability and credit-strength trends.

Company Guidance

Management guided Q3 consumer loan marketplace (CLM) volume of $4.8B–$5.2B (midpoint ≈ $5.0B), citing July actuals of $1.7B and historical Aug/Sep seasonality that points to the midpoint; they expect the net take rate to stay near the low end of the 3.5%–4% range (Q2 take rate 3.6%) and reiterated that Figure Connect will keep scaling. They reiterated medium‑term targets of ~60% EBITDA margin (Q2 adjusted EBITDA $119M, margin 55%; excl. a $5.9M gain margin ≈52%), said Figure Connect was 65% of CLM in Q2 (up from 56% last quarter and 42% a year ago) and likely to approach ~70% medium‑term, announced Kiavi closing in H2/end‑2026 (expected to add ~40% to volume and ~$100M of EBITDA with <4‑year unlevered payback) financed in part by a $600M senior note at 8.5%, and noted balance‑sheet posture with $1.44B cash, roughly $600M loans on balance sheet (≈$360M retained to support Democratized Prime), Democratized Prime matched offers $392M and $170M of third‑party assets.

Record Consumer Loan Marketplace Volume

CLM volume of $4.3 billion in Q2, up 132% year-over-year (from $1.8B) and 4% above the top end of guidance; application volumes surpassed $1.0 billion per week in early July, indicating continued momentum into Q3.

Rapid Partner Expansion

Platform partners increased to 489, up 102 from prior quarter (and up from ~250 at IPO); partner-branded volume now 83% of CLM volume, demonstrating broad and accelerating partner adoption across IMBs, depositories, servicers and fintech SMBs.

Figure Connect Adoption and Mix Shift

Figure Connect represented 65% of CLM volume (up from ~56% last quarter and 42% a year ago), growing to >$2.0 billion YoY in absolute Connect volume; management expects Connect to approach ~70% mix in the medium term, shifting business toward fee-based, capital-light economics.

Strong Revenue and Profitability Growth

Adjusted net revenue of $218 million, up 95% YoY (from $112M); adjusted EBITDA of $119 million, up 126% YoY (from $53M) with a 55% margin (vs 47% a year ago) — margin would be ~52% excluding a $5.9M realized gain — and management targeting ~60% medium-term EBITDA margins.

GAAP Profitability and Cash Position

GAAP net income of $87 million (vs $30M a year ago, ~190% increase); cash and cash equivalents of $1.44 billion at quarter end; subsequent $600 million unsecured senior notes issued at 8.5% to finance the Kiavi acquisition and broaden funding sources.

Democratized Prime and Third-Party Demand

Democratized Prime matched-offers balance of $392 million and $170 million of third-party assets on the platform, signaling growing two-sided demand and third-party capital preferring Figure's infrastructure over legacy warehouse lines.

Credit Quality and Capital Markets Execution

Weighted average FICO at origination increased to 756 (from 737 in 2020); weighted average CLTV improved to 62.1%; securitized collateral base nearly doubled YoY to $7.7 billion; AAA spreads tightened ~120 bps from ~255 bps (2023) to ~135 bps YTD across 22 priced deals; buyer base expanded to over 100 unique note buyers (70% active across multiple deals).

Operational Leverage and Efficiency

Operations and processing costs improved to ~67 basis points of volume (down from ~79 bps a year ago) despite processing more than double the volume; continued investments in AI reduced onboarding/time-to-standardization (AI adapter completed Agora auto asset standardization in 5 weeks).

Strategic Acquisition Pipeline

Kiavi acquisition expected to close by year-end, projected to add ~40% to volume and ~$100 million of EBITDA with an under 4-year unlevered payback, accelerating product breadth (RTL/DSCR) and giving an inorganic lever to speed the marketplace flywheel.

New Revenue Verticals Gaining Traction

SMB and home improvement/home equity for business financing reached a $470 million run rate as of June; SMB volume grew 57% quarter-over-quarter, and the company launched an SMB pool in July to serve a less standardized market.

FIGR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 12, 2026	2026 (Q3)	0.27 / -	0.34	―
Aug 13, 2026	2026 (Q2)	0.24 / 0.35	0.07	400.00% (+0.28)
May 11, 2026	2026 (Q1)	0.19 / 0.18	―	―
Feb 26, 2026	2025 (Q4)	0.15 / 0.06	―	―
Nov 13, 2025	2025 (Q3)	0.16 / 0.34	0.03	1033.33% (+0.31)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed