===Figure Technology Solutions (FIGR) reported earnings on Thur 13 Aug 2026 (b/o)

 

Figure Technology Solutions Q2 2026 non-GAAP EPS $0.35 (+150% YoY) and revenue $225.6M (+102% YoY) beat estimates as Connect mix boosts margins

• Investor Takeaway: Strong volume and revenue beat with expanding margins as capital-light Connect scales rapidly.
• Biggest Positive: Figure Connect now 65% of volume, driving 55% adjusted EBITDA margin and capital efficiency.
• Biggest Risk: Take rate at 3.6% pressured by faster-than-expected mix shift and rate volatility.
• Key Results: $4.3B CLM volume (+132% YoY, 4% above guidance top), $218M adjusted net revenue (+95%).
• Profitability: Net income $87M (+190% YoY); adjusted EBITDA $119M (+126%), 55% margin despite 1.7-point Democratized Prime drag.
• Guidance: Q3 CLM volume $4.8–5.2B (midpoint $5B); management "feels very strongly confident" based on July seasonality.
• Growth Drivers: HELOC-led demand, new SMB/home improvement verticals, 489 partners (+102 QoQ), Democratized Prime third-party assets $170M.
• Problem Areas: Take rate expected to stay near low end of 3.5–4% range; interest-rate moves hurt gain-on-sale.
• Balance Sheet & Capital: $1.44B cash; $600M 8.5% senior notes fund Kiavi deal and broaden funding access.