Figure shares rise 6%; Q3 profit tops estimates

Figure Technology Solutions (FIGR) topped third-quarter profit estimates, with diluted earnings of 36 cents per share against the 28 cents consensus estimate.

Shares rose 6.1% at 3:59 p.m. ET, from a $24.19 close.

Net revenue for the three months ended Sept. 30 rose 84% to $287.1 million, from $156.4 million a year earlier. Adjusted net revenue, which strips out certain valuation changes, was $283.35 million and topped the $252.28 million consensus estimate.

Net income was $89.3 million, roughly flat from $89.8 million a year earlier. The year-earlier quarter included a one-time tax benefit of $31 million, tied to the recognition of deferred tax assets after the recombination of FT Intermediate, Inc. and Figure Markets Holdings, Inc.

Adjusted EBITDA, a measure of earnings before interest, taxes, depreciation and amortization that also excludes stock-based compensation and other items, rose 91% to $163.6 million.

Here's how the company did:

• Diluted EPS: 36 cents vs. 34 cents a year earlier, 28 cents expected
• Adjusted net revenue: $283.35 million vs. $155.12 million a year earlier, $252.28 million expected
• Net revenue: $287.12 million vs. $156.37 million a year earlier
• Net income: $89.32 million vs. $89.82 million a year earlier
• Adjusted EBITDA: $163.56 million vs. $85.44 million a year earlier
• Loan Marketplace Volume: $5.80 billion vs. $2.47 billion a year earlier

Loan Marketplace Volume rose 135% to $5.8 billion, including $677 million contributed by Kiavi. Figure Connect volume was $4.3 billion, and Figure Connect made up 72% of standalone Loan Marketplace volume in the quarter.

Revenue has risen in each of the last three quarters, from $156.4 million in the third quarter of 2025 to $225.6 million in the second quarter of 2026.

Kiavi acquisition

The company completed its acquisition of Kiavi on Sept. 1.

The acquisition adds $8 billion in annual run-rate volume and expands Figure into residential transition loans, or RTL, and debt service coverage ratio loans, or DSCR. The company has actioned $30 million in initial cost synergies since closing.

Gross take rate fell to 3.9% from 5.2% a year earlier, and net take rate fell to 3.5% from 4.4%.

2026 guidance

For the fourth quarter of 2026, the company expects Loan Marketplace Volume of $6.2 billion to $6.7 billion and a gross take rate of 3.1% to 3.4%.

Costs and capital returns

Restructuring costs were $2.4 million and acquisition-related costs were $15.5 million in the quarter, both excluded from adjusted EBITDA.

Cash and cash equivalents, excluding restricted cash, totaled $1.6 billion, up $392 million, or 33%, from Dec. 31, 2025.

The board authorized a $200 million increase to the share repurchase program, bringing total authorization to $400 million.

Credit facility

On Nov. 10, Figure entered into a credit and guarantee agreement with JPMorgan Chase Bank, N.A., as administrative agent. The senior secured revolving credit facility carries aggregate commitments of $465 million and matures Nov. 10, 2029.

Under certain circumstances, the commitments can rise by up to $35 million within the first month after closing and by an additional $250 million at any time, for total commitments of up to $750 million.

Borrowings would bear interest at a base rate plus a margin of 1.25% to 1.625%, or at term SOFR, or Secured Overnight Financing Rate, plus 2.25% to 2.625%, depending on the company's long-term debt rating. Unused commitments carry a fee of 0.35% to 0.55%, paid quarterly.

The obligations are guaranteed by the company's domestic, wholly-owned subsidiaries and secured by a first-priority lien on substantially all assets of the company and those guarantors. Proceeds may fund working capital and general corporate purposes.