Figure Technology Solutions released preliminary operating data for the month and quarter ended December 31, 2025, providing investors with an early look at the company’s performance for its first full year as a public entity.
The company’s consumer loan marketplace volume grew 131% year‑over‑year, reflecting a sharp increase in tokenized credit volumes and the rapid adoption of its Figure Connect platform. YLDS in circulation also expanded, and activity in the Democratized Prime segment accelerated, underscoring the broader uptake of the company’s blockchain‑enabled marketplace model.
Compared with the prior year, Q4 2025 volume rose from $1,172 million in Q4 2024 to a higher figure, while the Q3 2025 volume of $2,469 million indicates a strong quarter‑over‑quarter momentum that helped drive the year‑over‑year surge.
Margin performance improved markedly, with the Adjusted EBITDA margin reaching 55.4% in Q3 2025, up from 44.9% a year earlier. The expansion reflects a higher mix of fee‑based marketplace transactions, operational leverage from the capital‑light model, and disciplined cost management.
Executive commentary highlighted the company’s strategic focus. Executive Chairman Mike Cagney said the firm is “transforming the capital markets with blockchain” and sees the potential to build a $100 billion or more market‑cap company. CEO Michael Tannenbaum emphasized the vision for a blockchain‑based model and the importance of continued investment in high‑return verticals.
The company expects to report full Q4 2025 results on February 25, 2026. Management remains confident in the growth trajectory, citing continued adoption of tokenized real‑world assets and margin expansion, while acknowledging regulatory uncertainties and macroeconomic headwinds that could impact demand.
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