Figure’s loan marketplace volume jumps 135% to $5.8 billion in third quarter
Key Facts
Figure Technology Solutions reported results on Nov. 12 for the third quarter ended Sept. 30, 2026, posting net revenue of $287 million, up 84% year over year, while loan marketplace volume jumped 135% to $5.8 billion. The company said adjusted net revenue was $283 million, up 83% from the same period a year earlier. Net income was $89 million, down 1% year over year, according to company data. The results put growth in activity and revenue alongside stable net income in a single quarter. Investing.com also reported that the stock rose 7.1% in premarket trading on the day results were announced.
Loan marketplace volume also accelerated from the previous quarter, rising from $4.3 billion in the second quarter to $5.8 billion in the third. Adjusted EBITDA was $164 million, compared with $119 million in the second quarter. Year over year, third-quarter volume included $677 million contributed by Kiavi, whose acquisition was completed effective Sept. 1, 2026. Figure said the deal added new asset classes to its ecosystem. As a result, some of the volume recorded in the quarter came from activity brought into the company through the acquisition.
Revenue details showed ecosystem and technology fees expanding to $109.8 million in the third quarter, from $35.7 million a year earlier, an annual increase of 207%. At the same time, gross yield rose to 3.9% from 3.5%, while net yield was 3.5%, versus 4.4% a year earlier. Quarter over quarter, the increase in loan volume coincided with higher adjusted EBITDA. The company said small and medium-sized business loan originations had reached an annualized run rate of $500 million. Its data also showed that the partner network reached 894 following the Kiavi deal.
Initial matched offers totaled $588 million during the quarter, including $193 million in third-party borrowing, an increase of about 337% from the previous quarter. These figures offer a view of one aspect of marketplace activity alongside total loan volume, with borrowing from outside parties expanding compared with the prior period. Figure also said small and medium-sized business loan originations exceeded an annualized run rate of $500 million, supported by more than 150 active partners. The number of partners reached 894 following the Kiavi transaction, according to the company’s presentation. These indicators highlight the expansion of the business network and the variety of sources behind the quarter’s reported volume.
Net income remained close to its year-earlier level, but the comparison included a one-time tax benefit of $31 million in the third quarter of 2025. Net income margin was 31%, down 26 percentage points year over year, according to Figure’s statement. Revenue, which rose 84%, therefore moved differently from net income, which fell 1% in the annual comparison. Cash and cash equivalents, excluding restricted cash, totaled $1.6 billion at the end of the period. That balance increased by $392 million, or 33%, compared with Dec. 31, 2025.
In a separate decision announced with the results, the board increased its share repurchase authorization by $200 million, bringing the total authorization to $400 million. This represents an increase in the authorized limit for the buyback program, according to the company’s announcement. Figure also held its third-quarter earnings call on Nov. 12 at 8:30 a.m. Eastern time. In its guidance for the fourth quarter of 2026, the company set a loan marketplace volume range of $6.2 billion to $6.7 billion. It set an expected gross yield range for the period of 3.1% to 3.4%.