Figure revenue rises 84% to $287 million on loan marketplace surge

Figure Technology Solutions reported net revenue of $287 million for the third quarter on 12 November 2026, up 84% from a year earlier. Loan marketplace volume rose 135% to $5.8 billion. The company called it a record quarter.

Those figures came from the company's earnings release, filed with the US Securities and Exchange Commission. Net revenue a year earlier was $156 million. Chief executive Michael Tannenbaum said the results marked "another consecutive quarter of over 100% volume growth."

Where the growth came from

Most of the increase ran through Figure's loan marketplace, the platform where it originates loans and sells them on to buyers. Volume there reached $5.8 billion, listed as $5,796 million in the filing. About $4.3 billion of that moved through Figure Connect, the company's standalone marketplace, which made up 72% of the total. Connect is the part Figure leans on hardest. It is where outside lenders list loans and buyers bid for them, so the company earns a fee on volume it does not have to fund itself.

A chunk of the growth was bought, not built. Figure closed its purchase of Kiavi, a lender that funds property investors and house flippers, on 1 September 2026. Kiavi added $677 million of marketplace volume in the few weeks that followed. The company said the deal brings roughly $8 billion in annual run-rate volume and has delivered about $30 million in early cost savings. Only one month of Kiavi sits inside these numbers. Its full weight lands next quarter, which is part of why management sounded confident about the months ahead.

Profit on an adjusted basis grew faster than revenue. Adjusted earnings before interest, taxes, depreciation and amortization reached $164 million, up 91% from a year earlier. That margin sat near 58%, a level most lenders never see.

Profit stayed flat

Revenue nearly doubled. Profit did not. Net income was $89 million, down about 1% from a year earlier, even as the top line climbed 84%.

The gap has a plain cause. Figure's third quarter of 2025 carried a one-time tax benefit of about $31 million, which flattered that period's bottom line and makes this year look stuck by comparison. Diluted earnings per share were $0.36, up from $0.34, a rise of 6%. Basic earnings came to $0.40 a share. Net income margin held at 31%. Judged on what the business actually earned, the quarter grew. Judged on the headline profit line, it did not.

A lending business with a blockchain label

Figure bills itself as an onchain lender, and CoinDesk described it as a blockchain-based lending platform. In plain terms, it runs a digital marketplace that matches loans with buyers. Much of its book is home equity lines of credit, the money people borrow against the value of their house. These are ordinary loans. What differs is the plumbing Figure uses to pool, record and sell them.

That branding tends to draw a richer valuation than a plain mortgage lender would get. It also sets expectations the results have to meet. The company has not broken out how much of its revenue comes from its blockchain and tokenization products rather than from ordinary lending. For now, the loan marketplace is the engine, and home equity is the fuel.

Rivals are moving in the same direction. Securitize, a tokenization firm, recently agreed to buy a lender to push deeper into asset-backed finance, a sign that the race to put credit on a blockchain is widening beyond Figure.

What to watch

For the fourth quarter, Figure guided to loan marketplace volume of $6.2 billion to $6.7 billion, with a gross take rate of 3.1% to 3.4%. The take rate is the slice Figure keeps on each loan that passes through, so it matters as much as the raw volume. Its board authorized another $200 million for share buybacks, lifting the total program to $400 million.

Not every firm tied to crypto had a strong quarter. The trading platform eToro reported a 74% drop in third-quarter profit as trading volumes fell. Figure's loan engine leans on housing far more than on token prices, which has shielded it from the worst of the recent slide. That link cuts both ways. A weaker housing market would hit Figure where a crypto selloff does not.

Two things are worth tracking. First, how much of the Kiavi business stays once the one-time integration gains fade. Second, whether the wider market mood bites. Bitcoin fell to a three-month low this week as hotter inflation data lifted bets on a Federal Reserve rate hike, and anything carrying a crypto label has felt the chill. Figure has so far stayed on the right side of that line.