Figure Posts Fivefold Profit Growth, Revenue Spike Of 49% In 2025

Figure Technology Solutions Inc. reported robust financial results for the fourth quarter and full year ending Dec. 31, 2025, driven by strong growth in its consumer loan marketplace and expanded blockchain-based services, the company said Thursday.

Consumer Loan Marketplace volume, which measures activity on Figure’s platform, climbed to about $2.7 billion in the fourth quarter, a 131% increase from a year earlier, according to a press release. Full-year volume rose to $8.4 billion, up 63% from 2024.

The data correlates with Figure’s preliminary operating data, shared in January, that its loan origination system produced $2.705 billion in volume during Q4 2025, up 131% from the same period a year earlier. Compared to Q3 2025, volume increased 9.5%.

Minchung Kgil, Figure’s chief financial officer, said during the company’s Thursday evening earnings call that the Consumer Loan Marketplace volume was “primarily driven by new partner expansion with 307 partners and continued growth in volume from nascent products such as [small-business lending] loans and DSCR loans.”

Figure CEO Michael Tannenbaum told HousingWire at the start of the month that its small-business lending (SMB) channel had more than 90 SMB-focused partners onboarded to date. DSCR is also “getting a lot of traction,” he said.

“From a DSCR perspective, we do have now about 25 or so partners that have been activated, with another 15 agreements out,” Tannenbaum said, adding that Figure launched its DSCR product at the start of 2026.

Net revenue for the fourth quarter was $159.9 million, nearly double the prior-year period, while adjusted net revenue grew more than 100%. Quarterly net income climbed to about $15.1 million, a 156% increase, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) more than quadrupled to $81.3 million.

For all of 2025, Figure reported $506.9 million in net revenue, up 49% from 2024, and $134.3 million in net income, a more than fivefold increase.

Adjusted EBITDA for the year reached $251.2 million, with margins approaching 49%, the company said.

The company also announced that its board authorized a share repurchase program of up to $200 million of Class A and blockchain common stock over the next 12 months.

The buyback, which does not obligate the company to acquire any specific amount of stock, is subject to market conditions and regulatory requirements.

Tannenbaum said the results reflect strong demand for Figure’s blockchain-native marketplace and continued adoption of its technology. He cited “triple-digit year-over-year growth in Consumer Loan Marketplace volume” and expanding activity within the company’s blockchain ecosystem.

During the earnings call, Tannenbaum told investors about the company’s 2026 road map, which also includes a recently announced partnership with Bed Bath & Beyond.

“As we look ahead to 2026, there are three areas that we are focused on. First is continuing to scale our marketplace, particularly through Figure Connect and driving more volume into our capital-light exchange. Second is broadening the types of products that live inside that marketplace, especially across mortgage-adjacent categories where we already have strong partner relationships,” he said.

“Third is expanding the broader blockchain ecosystem around that marketplace, where tokenization, decentralized finance and atomic settlement are setting the standard of how a modern capital marketplace should function.”

Figure’s platforms, including Figure Connect and its Democratized Prime marketplace, a decentralized lending marketplace that connects crypto-based liquidity with borrowers, are designed to support the origination, funding, sale and trading of tokenized assets.

The company said reported that 2025 ended with more than 300 active partners and significant growth in new product categories such as crypto-backed loans and SMB.