Figure Q3 Volume Jumps 135% to $5.8B, Kiavi Adds $677M

Figure Technology Solutions (Nasdaq: FIGR; OPEN: FGRS) reported third-quarter 2026 results on November 12, with Loan Marketplace volume reaching $5.8 billion, a 135% year-over-year increase, and net revenue of $287 million, up 84% from the prior-year quarter. The company said its capital-light Figure Connect marketplace accounted for 72% of standalone volume. Net income was flat at $89 million, while Adjusted EBITDA rose 91% to $164 million. The Kiavi acquisition, effective September 1, 2026, contributed $677 million of quarterly volume.

Context — why Figure's Q3 growth matters now

The company's own comparison shows how much of the quarter's expansion came from a single acquisition. Kiavi, closed effective September 1, added $677 million of volume in just one month of ownership, against the $8 billion annual run-rate Figure attributed to the acquired platform. That means roughly 12% of Q3 volume arrived from a business Figure controlled for a third of the quarter.

The rest of the growth is organic. Figure Connect volume reached $4.3 billion, up 276% year-over-year, and the marketplace now represents 72% of standalone volume. The company said this reflects a rapid transition toward a capital-light model in which Figure matches third-party loans rather than holding them on balance sheet.

Gross take rate fell to 3.9% from 5.2% a year earlier, and net take rate declined to 3.5% from 4.4%. The company's Q4 guidance implies further compression, with a gross take rate of 3.1% to 3.4% on volume of $6.2 billion to $6.7 billion. The mix shift toward lower-fee marketplace transactions is the stated driver.

Net income margin fell 26 percentage points to 31%, but the prior-year figure included a one-time $31 million tax benefit tied to deferred tax assets recognized after the recombination of FT Intermediate and Figure Markets Holdings. Adjusted EBITDA margin expanded 3 points to 58%.

Data — what the numbers show

The balance sheet expanded sharply. Cash and cash equivalents, excluding restricted cash, totaled $1.6 billion, up $392 million or 33% from December 31, 2025. Loans held for sale rose $240 million, or 59%, to $644 million over the same period. Total assets reached $4.16 billion from $2.32 billion.

Goodwill of $319 million and intangible assets of $207 million appeared on the balance sheet for the first time, reflecting the Kiavi acquisition. Debt, non-current, rose to $998 million from $230 million.

Metric	Q3 2026	Q3 2025	Change
Loan Marketplace Volume	$5.8B	$2.5B	+135%
Net revenue	$287M	$156M	+84%
Adjusted EBITDA	$164M	$85M	+91%
Net income	$89M	$90M	-1%
Gross take rate	3.9%	5.2%	-1.3 p.p.

The $YLDS stablecoin in circulation reached $504 million, up from $328 million at year-end 2025. On the Prime lend-borrow platform, matched offers rose to $588 million from $206 million, borrower demand to $600 million from $246 million, and available lender supply to $825 million from $213 million.

Partner count expanded to 612 standalone partners and 894 including Kiavi, with more than 20 active depository partners. The company said its Small/Medium Business loan originations crossed a $500 million run-rate with over 150 active partners.

Analysis — what it means for markets and sectors

Figure's results land in a rate environment where the yield curve and credit spreads shape demand for tokenized real-world assets. The company's own metrics suggest institutional participation is scaling: 28 participants now use the YLDS stablecoin for marketplace transactions, and Prime lender supply more than tripled in nine months.

The take-rate compression is the central tension. Volume grew 135% but gross take rate fell 1.3 percentage points, meaning revenue per dollar of volume declined. If the capital-light model continues to grow as a share of the mix, the company's revenue growth will keep trailing volume growth. The Q4 guidance brackets that tradeoff explicitly.

Kiavi brings exposure to Residential Transition Loans and Debt Service Coverage Ratio products, asset classes Figure did not previously originate at scale. The company said it actioned $30 million in initial cost synergies since closing. Amortization of Kiavi intangibles, at $8.4 million in the quarter, will weigh on GAAP earnings even as Adjusted EBITDA excludes it.

The board authorized a $200 million increase to the share repurchase program, bringing total authorization to $400 million. That signals management views the equity as undervalued relative to its own capital position, though the company did not disclose pacing or timing.

A counter-argument: net income was flat year-over-year, and the prior-year quarter benefited from a one-time tax item. Absent that benefit, the comparison would look different. The company's own reconciliation shows the $31 million benefit is non-recurring.

Outlook — what to watch next

Figure guided Q4 2026 Loan Marketplace volume to $6.2 billion to $6.7 billion, with gross take rate of 3.1% to 3.4%. That implies continued mix shift toward marketplace transactions and further take-rate compression from the 3.9% reported in Q3.

The company will host a conference call and webcast at 8:30 a.m. Eastern Time on November 12, 2026, with a replay available on its investor relations site. Investors will watch for commentary on Kiavi integration, cost overlap realization beyond the $30 million actioned, and the pace of Figure Connect adoption.

Key metrics to track include the YLDS in circulation balance, which reached $504 million, and Prime platform matched offers, which rose to $588 million. Growth in either would indicate deepening institutional adoption of Figure's blockchain rails.

Frequently Asked Questions

What does Figure Technology's Q3 2026 earnings mean for retail investors?

Figure reported net revenue of $287 million and Adjusted EBITDA of $164 million, with Adjusted EBITDA margin at 58%. Net income was flat at $89 million, partly because Q3 2025 included a $31 million one-time tax benefit. The company authorized a $400 million total share repurchase program. Retail investors should note the company is not providing per-share guidance and has not disclosed repurchase pacing.

Why did Figure's take rate decline in Q3 2026?

Gross take rate fell to 3.9% from 5.2%, and net take rate to 3.5% from 4.4%. The company attributed the shift to its capital-light Figure Connect marketplace, which reached 72% of standalone volume. Marketplace transactions generate lower fees per dollar than Figure-branded originations, so the mix shift compresses revenue per unit of volume even as total volume grows.

What happens next for Figure Technology after the Kiavi acquisition?

Kiavi closed effective September 1, 2026, contributing $677 million to Q3 volume and an $8 billion annual run-rate. Figure actioned $30 million in initial cost synergies. Q4 guidance of $6.2 billion to $6.7 billion in volume will be the first full quarter including Kiavi. The company did not disclose remaining overlap targets or integration costs.

Bottom Line

Figure's 135% volume growth masks take-rate compression that its own Q4 guidance extends, making the capital-light pivot a margin question, not just a scale story.

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