Figure Q4/2025: Net Profit Soars 574% to $134M; $200M Buyback Approved
Figure released its Q4 and full-year 2025 results and announced a $200 million share buyback authorization. Q4 highlights: consumer loan market volume reached $2.7 billion (+131% YoY), with Figure Connect handling $1.5 billion (up from $1.1 billion in Q3). Net revenue rose 91% YoY; adjusted net revenue was $158 million (+106%). GAAP net income was $15 million (+156%), net margin 9.4%. Adjusted EBITDA was $81 million (+426%), with an adjusted EBITDA margin of 51.6%. Ending cash (ex-restricted funds and stablecoins) stood at $1.2 billion and loans held for sale were $404 million. Full-year 2025: consumer loan market volume totaled $8.4 billion (+63% YoY), Figure Connect $3.8 billion. Net revenue increased 49% YoY; adjusted net revenue was $515 million (+52%). Full-year net income rose to $134 million (+574%), net margin 26.5%. Adjusted EBITDA was $251 million (+148%) with a 48.8% margin. The board authorized a $200 million stock repurchase program. These results show rapid revenue and profit expansion, stronger margins and substantial cash reserves—data points relevant for traders assessing Figure’s capital return and balance-sheet strength.
Bullish
Figure’s results show strong top-line growth, sharply improved profitability and large cash reserves, plus a $200M buyback authorization—signals that typically support positive market sentiment. Key drivers: double-digit to triple-digit YoY growth across revenue and adjusted EBITDA margins expanding substantially (adjusted EBITDA margin ~49–52%). The buyback reduces share count and signals management confidence in valuation. For traders, short-term impact could be a positive re-rating and increased buying interest in equities and any related tokens/platforms tied to Figure; volatility may spike around buyback execution and earnings-driven positioning. Long-term, sustained margin expansion and cash generation reduce downside risk and support valuation multiples, though dependence on the consumer loan market and macro credit conditions remains a risk. Similar past events: crypto/blockchain firms announcing buybacks and strong earnings (or large cash cushions) often see near-term bullish moves in their equity and related token markets; however, macro tightening or loan performance deterioration can reverse gains. Overall, net effect is bullish but contingent on loan portfolio performance and execution of capital return plans.