10-Q · May 7, 2026
Pagaya Technologies reported strong Q1 2026 results with revenue of $317.9 million, a 10% increase year-over-year, despite missing revenue expectations. EPS of $0.73 exceeded estimates by 40%, reflecting growth in…
Earnings analysis · 10-K
PGY earnings analysis
Filed June 1, 2026 · Our reading of the company's report
The latest report
Pagaya Technologies Ltd. delivered a strong performance in 2025, with total revenue growing to $1.301 billion, up 26% year-over-year, primarily driven by a notable increase in Network AI fees. A significant improvement…
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Pagaya Technologies Ltd. delivered a strong performance in 2025, with total revenue growing to $1.301 billion, up 26% year-over-year, primarily driven by a notable increase in Network AI fees. A significant improvement in margins led to an operating income of $263.8 million, reflecting operational efficiencies. Despite fluctuations in investments and elevated production costs, the company demonstrated resilience in navigating macroeconomic challenges, posting a net income of $81.4 million, a stark contrast to the previous year's loss.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.93
- Segment
- Network AI Fees
- Segment
- Contract Fees
What stood out
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Significant Revenue Growth
Total revenue increased by 26% year-over-year to $1.301 billion.
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Strong Operating Income
Operating income rose to $263.8 million from $66.8 million in the prior year.
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Improved Earnings Per Share
Diluted EPS stood at $0.93, compared to a net loss of $5.66 in the previous year.
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Network Volume Increase
Network Volume grew 9% year-over-year, reaching $10.534 billion.
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Strong Interest Income Growth
Interest income surged by 50% to $48.4 million compared to the previous year.
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Positive Cash Flow from Operating Activities
Net cash provided by operating activities was $238.6 million, compared to $47.8 million in 2024.
What to watch
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Cybersecurity Vulnerabilities
Increased risks from cyberattacks could impact brand and operations, highlighting the importance of robust cybersecurity governance. Dependencies on external partners heighten this risk.
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Geopolitical Tensions
The ongoing conflict in the Middle East, particularly with Israel, poses potential operational risks that could disrupt performance.
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High Production Costs
Production costs rose by 25% to $749.2 million, tightly coupled with increased Network Volume, which may impact margin stability.
Management's outlook
Full-year 2026 guidance expects revenue between $1.4B and $1.58B; EPS guidance is $0.86 to $1.04.
Earlier filings 4
10-K · April 30, 2026
Pagaya Technologies Ltd. has shown significant recovery and profitability in 2025, with operating margins reaching approximately 20.5% and free cash flow becoming positive. The company attributed this growth to…
10-K · March 2, 2026
Pagaya’s 2025 operating performance shows clear recovery and margin expansion: fee revenue trended up through the year, operating margins reached ~20.5% in Q3–Q4 2025, and free cash flow increased to $77.0 million in Q4…
10-Q · August 7, 2025
Pagaya posted strong quarter-to-date operational improvement: revenue from fees rose to $317,714,000 in Q2 2025 (up $75,120,000 or ~31.0% YoY versus $242,594,000 in Q2 2024), operating income expanded to $56,469,000…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.