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Pagaya Technologies

Pagaya Technologies (PGY) Q3 2025 Earnings

Reported Nov 10, 2025 at 6:53 AM ET · SEC Source

Q3 25 EPS

$1.02

BEAT +54.85%

Est. $0.66

Q3 25 Revenue

$350.2M

BEAT +3.34%

Est. $338.9M

vs S&P Since Q3 25

-43.7%

TRAILING MARKET

PGY -34.2% vs S&P +9.4%

Market Reaction

Did PGY Beat Earnings? Q3 2025 Results

Pagaya Technologies posted a decisive beat in Q3 2025, reporting earnings per share of $1.02 against a consensus estimate of $0.66, a 54.55% positive surprise, as revenue climbed 40.5% year over year to $350.17 million. The headline driver was a broa… Read more Pagaya Technologies posted a decisive beat in Q3 2025, reporting earnings per share of $1.02 against a consensus estimate of $0.66, a 54.55% positive surprise, as revenue climbed 40.5% year over year to $350.17 million. The headline driver was a broad acceleration across the company's AI-driven lending network, where network volume grew 19% to $2.80 billion and the Auto and Point-of-Sale verticals collectively expanded to 32% of total volume, up from just 9% a year ago. Profitability turned sharply positive as well, with GAAP net income attributable to shareholders reaching $22.55 million compared to a loss of $67.48 million in the year-ago period, reflecting lower operating expenses and a $20.00 million one-time tax benefit. Capital markets activity added further momentum, as Pagaya raised $500.00 million in senior unsecured debt, cutting its cost of capital by roughly 2 percentage points. Management raised full-year 2025 guidance for the third consecutive quarter, now targeting revenue between $1.30 billion and $1.33 billion and adjusted EBITDA of $372.00 million to $382.00 million.

Key Takeaways

  • • 19% YoY network volume growth driven by Auto and Point-of-Sale verticals
  • • Personal loan business grew 31% YoY and remained largest contributor at ~64% of network volume
  • • FRLPC % expanded 70bps YoY to 5.0% due to partner and funding mix improvements
  • • Core operating expenses as % of FRLPC fell to 34%, a 19-point YoY improvement demonstrating operating leverage
  • • Revenue from fees grew 36% YoY and represented 97% of total revenue
  • • Lending product fees made up 78% of total FRLPC vs 71% in Q3 2024
  • • Approximately 50% of current volumes come from newer products and features beyond Decline Monetization
24/7 Wall St

PGY YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

“Our results demonstrate another quarter of prudent underwriting and consistent execution across our network as we raise full-year guidance for the third consecutive quarter. Our pipeline has never been stronger as lenders across asset classes recognize the unique and powerful value proposition the Pagaya network provides. With our partners, we are committed to bridging Main Street and Wall Street for the long run.”

— Gal Krubiner, Q3 2025 Earnings Press Release

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