0001628280-26-073077
SEC filingFigure Q3 2026净营收增84%至$287M、调整后EBITDA增91%，贷款市场成交量增135%与Kiavi并表驱动增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Revenue | $287,122 thousand | $156,365 thousand | 84% |
| Net Income | $89,315 thousand | $89,822 thousand | (1)% |
| Net Income margin | 31% | 57% | -26 p.p. |
| Earnings per Share - Basic | $0.40 | $0.42 | (5)% |
| Earnings per Share - Diluted | $0.36 | $0.34 | 6% |
| Adjusted Net Revenue (Non-GAAP) | $283,347 thousand | $155,115 thousand | 83% |
| Adjusted EBITDA (Non-GAAP) | $163,564 thousand | $85,443 thousand | 91% |
| Adjusted EBITDA margin (Non-GAAP) | 58% | 55% | +3 p.p. |
| Loan Marketplace Volume | $5,796 million | $2,469 million | 135% |
| Figure Connect Volume | $4,259 million | $1,131 million | 276% |
| Gross Take Rate | 3.9% | 5.2% | -1.3 p.p. |
| Net Take Rate | 3.5% | 4.4% | -0.9 p.p. |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q4 2026 | Loan Marketplace Volume | $6.2 - $6.7 billion | N/A |
| Q4 2026 | Gross Take Rate | 3.1% - 3.4% | N/A |
本季增长核心来自成交量与资本轻型模式：Loan Marketplace Volume 同比增135%至$5.8 billion，其中9月1日并表的Kiavi贡献$677 million，Figure Connect 达$4.3 billion、占独立口径成交量72%。收入结构上，Ecosystem and technology fees 由$35,691 thousand升至$109,783 thousand、Gain on servicing asset, net 由$9,332 thousand升至$39,440 thousand，是净营收增84%的主要拉动；但 Gross Take Rate 由5.2%降至3.9%、Net Take Rate 由4.4%降至3.5%，反映资本轻型与第三方交易占比上升对费率的摊薄。
利润端呈现“收入高增、净利持平”的分化：Net Income 为$89,315 thousand、同比基本持平，净利率31%、同比降26个百分点，主因Q3 2025含$31 million一次性递延税资产确认收益（当季所得税为benefit $31,463 thousand，本期为provision $12,866 thousand）。剔除该项及股权激励（$24,271 thousand）、收购相关成本（$15,455 thousand）等后，Adjusted EBITDA 增91%至$163,564 thousand、利润率58%提升3个百分点，显示经营杠杆释放。资产负债表方面，现金及等价物$1,590,346 thousand较2025年末增$392 million（33%），Loans held for sale 增59%至$644,266 thousand，Kiavi并表亦带来 Goodwill $318,742 thousand 与 Intangible assets $206,983 thousand。
管理层将本季定性为创纪录季度，强调连续超100%的成交量增长、Kiavi带来的RTL与DSCR新资产类别及已落地的$30 million初步成本协同；董事会批准回购授权追加$200 million至合计$400 million，构成资本返还信号。Q4 2026指引成交量$6.2–$6.7 billion、Gross Take Rate 3.1%–3.4%，隐含费率继续下行，投资者需关注资本轻型转型对收入质量的持续影响及Kiavi整合进度。