The quarter cleared a meaningful market hurdle. Published Q2 expectations were roughly $0.24 of EPS and $211.9 million of revenue; Figure delivered $0.35 diluted EPS and $225.6 million of revenue, or approximately 46% and 6% above consensus, respectively.
| $ in millions, except per-share data | Q2 2026 | Q2 2025 | YoY / comparison |
|---|---|---|---|
| Net revenue | $225.6 | $106.1 | +113%; ~$211.9M consensus |
| Diluted EPS | $0.35 | $0.08 | +338%; ~$0.24 consensus |
| Adjusted net revenue | $218.4 | $111.9 | +95% |
| Adjusted EBITDA | $119.4 | $52.9 | +126% |
| Adjusted EBITDA margin | 54.6% | 47.2% | +7.4 percentage points |
| Consumer Loan Marketplace volume | $4.26B | $1.84B | +132% |
| Figure Connect volume | $2.77B | $0.77B | +262% |
| Net take rate | 3.6% | 4.0% | Down 0.4 percentage points |
Underlying operating momentum was broad and substantial. Consumer Loan Marketplace volume rose 132% year over year, while Figure Connect volume more than tripled and represented roughly 65% of marketplace volume. The growth is translating into sharply higher ecosystem and technology fees, gain on sale revenue, and servicing-asset revenue. (Financial Highlights; Operating Metrics; Income Statement)
The beat was partly telegraphed, but the profitability magnitude was still new. Figure had already disclosed preliminary June and Q2 operating data that exceeded the top end of its prior volume guidance, so the volume headline was not a complete surprise. The full release adds the stronger-than-expected earnings conversion: adjusted EBITDA margin reached 54.6%, versus 47.2% a year earlier. (Financial Highlights; Non-GAAP Reconciliation)
The main quality caveat is monetization and dilution, not demand. Net take rate fell to 3.6% from 4.0%, meaning Figure is processing substantially more volume but retaining slightly less revenue per dollar of volume. Diluted weighted-average shares also rose to 247.0 million from 87.8 million, so the EPS result came despite heavy dilution. Adjusted EBITDA additionally excludes $26.1 million of stock-based compensation and $4.7 million of acquisition-related costs in the quarter. (Operating Metrics; Income Statement; Non-GAAP Reconciliation)
Net read: a genuine beat with the growth engine ahead of expectations. The lower take rate and dilution prevent this from being a flawless result, but they do not offset the combination of revenue upside, a large EPS beat, accelerating Figure Connect adoption, and materially higher operating margins. The pending Kiavi acquisition is now the next test of whether this growth can extend into adjacent asset classes. (Press Release; Non-GAAP Reconciliation)
Read the original 8-K on SEC EDGAR ↗