Figure Technology reports preliminary Q4 2025 results

Figure Technology Solutions (NASDAQ: FIGR) announced preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2025. The blockchain-based capital marketplace also filed a registration statement on Form S-1 containing these preliminary results.

For the fourth quarter of 2025, the company expects Consumer Loan Marketplace volume of $2.7 billion, representing a 131% increase year-over-year. Net revenue is projected between $158.0 million and $162.0 million, while GAAP net income is estimated at $12.5 million to $13.5 million.

The company's adjusted EBITDA for the fourth quarter is expected to range from $80.0 million to $83.0 million, with margins between 49.8% and 53.4%. Adjusted net revenue is projected between $155.5 million and $160.5 million.

For the full year 2025, Figure expects Consumer Loan Marketplace volume of $8.4 billion, up 63% from the prior year. Annual net revenue is projected between $505.0 million and $509.0 million, with GAAP net income estimated at $131.5 million to $132.5 million.

Full-year adjusted EBITDA is expected to range from $249.0 million to $252.0 million, representing margins of 48.1% to 49.2%. Adjusted net revenue for the year is projected between $512.5 million and $517.5 million.

The company noted that these preliminary estimates are unaudited and based on currently available information. Figure's independent registered public accounting firm has not completed procedures on these results, and the final figures may differ when consolidated financial statements are completed.

Figure will host a conference call and webcast on February 26, 2026, at 4:30 p.m. Eastern Time to discuss the results. The company operates as a blockchain-native capital marketplace connecting origination, funding, and secondary market activity, with more than 200 partners using its loan origination system.

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