"We are closing the year with strong fourth quarter results, reflecting growing momentum for Figure. We achieved triple-digit year-over-year growth in Consumer Loan Marketplace volume, increased adoption of Figure Connect, and saw expanding activity within our blockchain ecosystem, reinforcing the diversity and scalability of our model.
Looking ahead, we remain focused on expanding our partner network, deepening our marketplace liquidity, and advancing our blockchain-native infrastructure. This quarter's strong results reflect the meaningful progress we've already made in modernizing capital markets and position us to further accelerate that transformation."
- Michael Tannenbaum, CEO
Fourth Quarter 2025 Preliminary Expected Results
Consumer Loan Marketplace Volume of $2.7 billion, an increase of 131% year-over-year.
Net Revenue of $158.0 to $162.0 million
Adjusted Net Revenue of $155.5 to $160.5 million
GAAP Net Income of $12.5 to $13.5 million
Adjusted EBITDA of $80.0 to $83.0 million
Adjusted EBITDA margin of 49.8% to 53.4%
Full Year 2025 Preliminary Expected Results
Consumer Loan Marketplace Volume of $8.4 billion, an increase of 63% year-over-year.
Net Revenue of $505.0 to $509.0 million
Adjusted Net Revenue of $512.5 to $517.5 million
GAAP Net Income of $131.5 to $132.5 million
Adjusted EBITDA of $249.0 to $252.0 million
Adjusted EBITDA margin of 48.1% to 49.2%
Webcast Information
Figure will host a conference call and webcast at 4:30 p.m. Eastern Time, Thursday, February 26, 2026 to discuss its results and outlook. A link to the live discussion and accompanying presentation will be made available on the Company's investor relations website at https://investors.figure.com/. A replay will also be made available following the discussion at the same website.
Preliminary Unaudited Financial Data
We have presented above certain preliminary operating results representing our estimates for the fourth quarter and year ended December 31, 2025. These preliminary estimates are based on currently available information and do not present all information necessary for an understanding of our operating results as of and for the three months and year ended December 31, 2025. This information has been prepared by and is the responsibility of our management. Our independent registered public accounting firm has not audited, reviewed, or completed performing their procedures with respect to the preliminary operating results included below and does not express an opinion or any other form of assurance with respect thereto. We will complete the preparation of our consolidated financial statements as of and for the fourth quarter and year ended December 31, 2025 following the completion of this offering. Although we are currently unaware of any items that would require us to make adjustments to the information set forth below, it is possible that we or our independent registered public accounting firm may identify such items as we complete our consolidated financial statements, and any resulting changes could be material. Accordingly, undue reliance should not be placed on these preliminary estimates. There can be no assurance that the range of our preliminary estimates of total net revenue, net income, Adjusted Net Revenue, and Adjusted EBITDA for the three months and year ended December 31, 2025 are indicative of what our results will be for the three months and year ended December 31, 2025 or for any future period. These preliminary estimates should be read together with the sections titled "Risk Factors" and "Special Note Regarding Forward-Looking Statements" and our consolidated financial statements and related notes included elsewhere in this prospectus. Adjusted Net Revenue and Adjusted EBITDA are supplemental measures that are not calculated or presented in accordance with GAAP. See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures" for more information about our non-GAAP measures.
About Non-GAAP Financial Measures and Other Performance Metrics
Financial Measures
In order to better help understand our financial performance, we use several key performance metrics that should be viewed independently of GAAP items, as these metrics are not intended to be combined with those items. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.
Adjusted Net Revenue
Adjusted Net Revenue is a non-GAAP financial measure used by our management to evaluate operating performance. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, Adjusted Net Revenue provides a useful measure for period-to-period comparisons of our business, as it removes the effect of a non-cash, non-realized adjustment that is included in net revenue. Adjusted Net Revenue is defined as net revenue excluding the change in fair value of MSR associated with changes in our estimates that management has determined are not reflective of our operating performance.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure used by our management to evaluate operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash items, variable charges, non-recurring items, unrealized gains or losses or other similar non-cash items that are included in net income or expenses associated with the early stages of the business that are expected to ultimately terminate, pursuant to the terms of certain existing contractual arrangements or expected to continue at levels materially below the historical level, or that otherwise do not contribute directly to management's evaluation of its operating results. Adjusted EBITDA is defined as net income excluding interest expense incurred in connection with our debt obligations other than debt associated with our funding of loans held for sale, income taxes, amortization and depreciation expense, stock-based compensation expense, non-cash changes in certain financial instruments, and other items that management has determined are not reflective of our operating performance.
Full reconciliations of each historical adjusted measure to the most comparable GAAP financial measure are set forth below.
Three Months Ended
2025
2024
$ in thousands
Low(estimated)
High(estimated)
Actual
Total Net Revenue
$
158,000
$
162,000
$
83,855
Plus: Valuation Changes in Fair Value of MSRs
(2,500
)
(1,500
)
(7,219
)
Adjusted Net Revenue
$
155,500
$
160,500
$
76,636
Net Income (A)
$
12,500
$
13,500
$
5,889
Plus: Valuation Changes in Fair Value of MSRs
(2,500
)
(1,500
)
(7,219
)
Plus: Change in Fair Value of Digital Assets and Related Investments (B)
