The revenue model is overwhelmingly fee-driven, with non-interest income constituting 98.1% of total revenue in Q2 2026, supporting an exceptional 31.8% efficiency ratio that underscores the platform's scalable, low-capital-intensity structure.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Net Interest Income | 22.28M | 25.94M | -8.21M | -1.04M |
| NII Growth % | -70% | 416.03% | -685.45% | - |
| Net Interest Margin % | 0.74% | 1.12% | -0.71% | -0.16% |
| Interest Income | 84.36M | 74.81M | 48.21M | 48.16M |
| Interest Expense | 62.08M | 48.87M | 56.41M | 49.2M |
| Loan Loss Provision | 30.75M | 48.69M | -34.85M | -30.48M |
| Non-Interest Income | 628.98M | 382.4M | 231.1M | 118.74M |
| Non-Interest Income % | 96.58% | 93.65% | 103.68% | 100.89% |
| Total Net Revenue | 651.25M | 408.34M | 222.89M | 117.69M |
| Revenue Growth % | - | 83.2% | 89.38% | - |
| Non-Interest Expense | 346.83M | 193.48M | 248.5M | 197.61M |
| Efficiency Ratio | 53.26% | 47.38% | 111.49% | 167.9% |
| Operating Income | 273.68M | 166.16M | 9.23M | -49.44M |
| Operating Margin % | 42.02% | 40.69% | 4.14% | -42.01% |
| Operating Income Growth % | - | 1699.3% | 118.68% | - |
| Pretax Income | 200.8M | 113.67M | 22.09M | -52.34M |
| Pretax Margin % | 30.83% | 27.84% | 9.91% | -44.47% |
| Income Tax | -36.59M | -20.61M | 2.18M | 102K |
| Effective Tax Rate % | -18.22% | -18.13% | 9.85% | -0.19% |
| Net Income | 237.13M | 133.86M | 17.21M | -47.94M |
| Net Margin % | 36.41% | 32.78% | 7.72% | -40.73% |
| Net Income Growth % | - | 677.61% | 135.91% | - |
| Net Income (Continuing) | 237.38M | 134.28M | 19.91M | -52.44M |
| EPS (Diluted) | 0.96 | 0.44 | 0.04 | -0.12 |
| EPS Growth % | - | 965.38% | 135.91% | - |
| EPS (Basic) | - | 0.54 | 0.04 | -0.12 |
| Diluted Shares Outstanding | 247.93M | 283.6M | 207.14M | 207.14M |
Quick answers to the most common questions about buying FIGR stock.
For fiscal year 2025, Figure Technology Solutions, Inc. Class A Common Stock (FIGR) reported total revenue of $408.3M. This represents a 247.0% increase compared to $117.7M in 2023.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) is profitable, generating $133.9M in net income for the fiscal year ending 2025 with a net profit margin of 32.8%.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) reported an operating income of $166.2M, resulting in an operating profit margin of 40.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) generated $359.6M in gross profit for the year, representing a gross profit margin of 88.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
HELOC concentration in cooling housing market
Metrics are mathematically derived from official filings.
NII Marginal Amid Fee-Dominated Revenue
Net interest income is a negligible component of FIGR's revenue, contributing only $3.1M in Q2 2026 against $165.4M in non-interest income, as reported in recent financial statements, indicating the business model is fundamentally fee-driven rather than spread-based.
The minimal NII, which declined 14.1% quarter-over-quarter, suggests FIGR's balance sheet is not being used for traditional net interest margin capture. This aligns with a capital-light marketplace strategy where the company earns origination and platform fees rather than holding long-duration assets. The near-zero NIM of 0.1% confirms that interest rate movements have a minimal direct impact on the core earnings engine, which is instead driven by transaction volume and fee take rates.
Fee-Driven Model Yields Exceptional Margins
The company's 98.1% non-interest income mix in Q2 2026, as per the income statement data, supports an efficiency ratio of 31.8%, which is dramatically superior to traditional mortgage peers and reflects a scalable technology platform rather than a capital-intensive lender.
The efficiency ratio improved sharply from 57.8% in Q1 to 31.8% in Q2, indicating strong operating leverage as revenue scales. This margin profile is more akin to a software company than a financial institution, with the 78.66% gross margin cited in company intelligence further supporting this view. However, the volatility in the efficiency ratio (from 91.9% in Q1 2025 to 31.8% now) suggests earnings are highly sensitive to quarterly volume fluctuations, which is a key risk for investors to model.
Provision Volatility Signals Portfolio Dynamics
Provision expense swung from a $5.8M benefit in Q2 2025 to a $17.8M charge in Q2 2026, as shown in the financial data, suggesting a shift from favorable reserve releases to building reserves for a growing loan portfolio.
The negative provisions in early 2025 likely reflected reserve releases from a shrinking or performing book, while the recent positive provisions indicate new origination activity and potential normalization of credit expectations. The provision coverage ratio is not calculable from the provided data, but the absolute level of provisioning relative to the $188.2M revenue base appears manageable. Investors should monitor whether this trend continues as the loan marketplace scales, as it could pressure net income growth if credit costs rise faster than fee revenue.
Fee Income Dominance Underpins Scalability
Non-interest income constituted 98.1% of total revenue in Q2 2026, according to the income statement, confirming that FIGR's earnings power is almost entirely derived from transaction-based and platform fees rather than traditional banking spreads.
The fee composition, which has consistently been above 94% for six quarters, validates the company's positioning as a technology infrastructure provider. The recent acceleration in revenue growth to 63.70% YoY appears to be driven by volume increases in the Consumer Loan Marketplace, as noted in recent context flags. The key analytical question is the sustainability of these fees; if they are primarily one-time origination gains, earnings quality may be lower than if they represent recurring platform licensing revenue from Figure Connect partners.
Q4 2025 Marked Peak Revenue and Margin Compression
The fourth quarter of 2025 represented a clear inflection point with total revenue peaking at $223.2M, but the efficiency ratio deteriorated to 63.3% and EPS fell to $0.06, suggesting a period of heavy investment or non-recurring costs that temporarily suppressed profitability.
This quarter stands out as the highest revenue period in the dataset, yet it produced one of the lowest EPS figures, indicating a significant disconnect between top-line growth and bottom-line profitability. The subsequent quarters in 2026 show a recovery in margins and EPS, suggesting the Q4 event may have been a one-time integration cost or strategic investment. This pattern warrants investigation into the specific drivers, as it highlights the potential for earnings volatility during periods of rapid scaling or platform development.
Sustainability of Fee Revenue Under Scrutiny
The 63.70% revenue growth is heavily dependent on a single product (HELOCs) in a cooling housing market, and the near-total reliance on non-interest income makes earnings highly sensitive to origination volume declines that could rapidly erode the high-margin structure.
While the fee-based model appears attractive, it creates a binary risk: if US home equity availability contracts or competition intensifies, the fixed cost base of the blockchain infrastructure could lead to rapid margin deterioration. The efficiency ratio's historical volatility (from 91.9% to 31.8%) demonstrates this sensitivity. Furthermore, the market may be mispricing the cyclicality of the revenue stream by applying a technology multiple to what is still, in part, a cyclical lending business. The lack of a public P/E ratio suggests the market is still grappling with this hybrid valuation challenge.