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 net revenue of $167 million and net income of $45 million.

• Adjusted EBITDA rose to $83 million, up 192% year-over-year, with a margin of 50%.

• Added a record 80 new partners, including major institutions like Flagstar Bank, expanding the ecosystem to 387 active partners.

• Launched new blockchain-native capital market verticals, including the On-Chain Public Equity Network (OPEN), Figure Forge, and expanded DeFi offerings.

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

Financial highlights

• Net revenue reached $167 million, a 98% increase 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 take rate improved to 3.8% from 3.6% year-over-year.

• GAAP net income was $45 million, with a net income margin of 27.0%, including a one-time $7 million tax benefit.

• Ended the quarter with $1.5 billion in cash and cash equivalents.

Outlook and guidance

• Q2 2026 Consumer Loan Marketplace volume guidance is $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.

• Management expects existing liquidity and funding capacity to support operations and growth for at least the next 12 months.