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Figure Technology Solutions posts 192% jump in Q2 net income
Second-quarter Consumer Loan Marketplace volume rose 132% year over year to $4.3 billion, while net take rate held at 3.6%.
Figure Technology Solutions reported second-quarter net income of $87.4 million, up 192% year over year, as net revenue rose 113% to $225.6 million, HousingWire reports. Adjusted net revenue increased 95% year over year to $218.4 million, which compared against analyst expectations cited by the outlet.
The company said Consumer Loan Marketplace volume climbed 132% to $4.3 billion, and its net take rate was 3.6%. HousingWire notes analysts flagged a slight adjusted EBITDA miss, with adjusted EBITDA of $119.4 million versus a $121 million estimate tracked by KBW, though it was above a $110.4 million consensus estimate.
Figure CEO Michael Tannenbaum addressed the net take rate performance on the earnings call, according to HousingWire. He attributed the 3.6% result to partners going direct to Figure Connect with a tradeoff for take rate, higher interest rates during the quarter that hurt gains on sale, and a surge in first-lien loan volume, which he said typically carries a lower take rate.
For outlook, the company guided third-quarter 2026 Consumer Loan Marketplace volume to a range of $4.8 billion to $5.2 billion, HousingWire reports. The outlet also said Figure ended the quarter with 489 partners, up 102 from the prior quarter, and that the firm’s application volume surpassed $1 billion per week for the first time in early July.