Despite strong net income of $87.4M in Q2 2026, operating cash flow was negative $73.0M, a divergence that suggests reported earnings are not yet translating into consistent operational cash generation and may indicate aggressive portfolio building.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) cash flow statement — 3-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Cash from Operations | -4.03B | 62.57M | -136.01M | -28.87M |
| Operating CF Growth % | -33.91% | 146% | -371.16% | - |
| Net Income | 237.13M | 134.28M | 19.91M | -52.44M |
| Depreciation & Amortization | 8.97M | 1.02M | 17.11M | 19.38M |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.35B | 6.43B | -151.58M | -57.47M |
| Working Capital Changes | -6.68B | -6.56B | -60.19M | 48.22M |
| Cash from Investing | 3.79B | -61.27M | -30.86M | -22.11M |
| Purchase of Investments | -231.35M | -116.68M | -30.1M | -817K |
| Sale/Maturity of Investments | 68.82M | 75.25M | 16.09M | 0 |
| Net Investment Activity | -162.54M | -41.42M | -14.01M | -817K |
| Acquisitions | 0 | 0 | 0 | 0 |
| Other Investing | 3.96B | 797K | -221K | -4.03M |
| Cash from Financing | 1.29B | 918.04M | 336.12M | 65.79M |
| Dividends Paid | 0 | 0 | -2.81M | -345K |
| Share Repurchases | 0 | 0 | -1M | 0 |
| Stock Issued | 681.34M | 667.44M | 0 | 0 |
| Net Stock Activity | 681.34M | 667.44M | -1M | 0 |
| Debt Issuance (Net) | 3M | 1000K | 1000K | 1000K |
| Other Financing | 337.68M | -160K | -273K | 527K |
| Net Change in Cash | 1.09B | 919.33M | 169.25M | 14.81M |
| Exchange Rate Effect | 51.87M | 0 | 0 | 0 |
| Cash at Beginning | 1.54B | 347.45M | 175.78M | 160.97M |
| Cash at End | 1.53B | 1.27B | 345.03M | 175.78M |
| Interest Paid | 0 | 0 | 55.11M | 44.83M |
| Income Taxes Paid | 0 | 0 | 48K | 30K |
| Free Cash Flow | -4.03B | 41.92M | -152.64M | -46.13M |
| FCF Growth % | - | 127.46% | -230.9% | - |
Quick answers to the most common questions about buying FIGR stock.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) generated $62.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) generated $41.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) spent $20.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
HELOC concentration in cooling housing market
Metrics are mathematically derived from official filings.
Earnings Retention Amidst Cash Flow Volatility
Despite a strong $87.4M net income in Q2 2026, operating cash flow was negative $73.0M, suggesting that reported earnings are not yet translating into consistent operational cash generation, a dynamic that warrants monitoring for capital sustainability.
The persistent disconnect between net income and operating cash flow, particularly the negative OCF/NI ratio of -0.83 in the most recent quarter, indicates that earnings are being consumed by working capital dynamics, likely tied to the origination and holding of loans for sale. This pattern implies that the company's impressive profitability is currently funding its own balance sheet growth rather than generating distributable cash, which could constrain future capital return or investment capacity without external funding.
Aggressive Securities Purchases Signal Portfolio Build
The company deployed $128.0M into investment securities in Q2 2026, a significant acceleration from prior quarters, while realizing minimal sales, indicating a strategic shift toward building a larger, potentially longer-duration investment portfolio.
The substantial increase in securities purchases, especially compared to the modest $5.4M in Q3 2025, suggests management is actively deploying its large cash position into yield-bearing assets. This activity may be an attempt to enhance net interest income or manage liquidity, but it also introduces greater interest rate risk and could be a source of the negative operating cash flow observed, as cash is used to acquire these assets.
Loan Loss Provisions Signal Portfolio Expansion
Loan loss provisions surged to $17.8M in Q2 2026 from a negative $5.8M in Q2 2025, as reported in the cash flow data, indicating a significant shift from reserve releases to building reserves for a rapidly growing loan book.
This swing in provisions aligns with the reported 132% YoY volume growth in the Consumer Loan Marketplace, suggesting the company is proactively reserving for credit risk associated with its expanding origination volume. The magnitude of the provision increase implies that the growth is being funded on-balance sheet, at least temporarily, which consumes cash and may reflect a strategic choice to hold more loans rather than immediately securitizing them.
Cash Flow Statement Obscures True Liquidity Drivers
The cash flow statement's volatility, with OCF swinging from positive $215.2M to negative $2.1B, is largely driven by loan origination and securities activity, masking the underlying fee-based earnings power and making traditional cash flow metrics less informative.
For a company like FIGR, the statement of cash flows is distorted by the core business of originating and selling loans. The massive negative OCF in Q4 2025 and Q3 2025 likely reflects a buildup of loans held for sale or investment securities, not operational distress. Investors should focus on the balance sheet's cash position of $1.19B and the income statement's fee revenue to assess true financial health, as the cash flow statement primarily reflects balance sheet management decisions rather than operational cash generation.