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Pagaya Technologies

Pagaya Technologies (PGY) Q4 2025 Earnings

Reported Feb 9, 2026 at 6:58 AM ET · SEC Source

Q4 25 EPS

$0.80

BEAT +4.37%

Est. $0.77

Q4 25 Revenue

$334.8M

MISS 4.21%

Est. $349.5M

vs S&P Since Q4 25

+17.5%

BEATING MARKET

PGY +25.0% vs S&P +7.5%

Full Year 2025 Results

FY 25 EPS

$3.31

FY 25 Revenue

$1.30B

Market Reaction

Did PGY Beat Earnings? Q4 2025 Results

Pagaya Technologies closed out 2025 with a strong fourth quarter, posting earnings per share of $0.80 against a consensus estimate of $0.77, a beat of 3.90%, while revenue climbed 21.4% year-over-year to $334.81 million. The headline story, however, … Read more Pagaya Technologies closed out 2025 with a strong fourth quarter, posting earnings per share of $0.80 against a consensus estimate of $0.77, a beat of 3.90%, while revenue climbed 21.4% year-over-year to $334.81 million. The headline story, however, was the company's full swing to GAAP profitability, with Q4 net income reaching $34.30 million compared to a loss of $237.92 million in the same period last year, a turnaround fueled by 16% fee revenue growth, sharply lower operating expenses, and normalized impairment charges. Core operating expenses as a percentage of fee revenue fell to 36% from 49% a year ago, reflecting meaningful operating leverage that underpinned the bottom-line improvement. Despite the clean quarter, shares fell sharply in pre-market trading after management issued cautious 2026 guidance, with full-year revenue projected at $1.40 billion to $1.58 billion and GAAP net income of $100 million to $150 million, as the company prioritizes credit quality over volume growth amid ongoing consumer uncertainty.

Key Takeaways

  • • Improved unit economics in Personal Loan and Auto verticals driving FRLPC growth
  • • Operating leverage with core operating expenses declining to 36% of FRLPC from 49% a year ago
  • • Revenue growth outpacing volume growth reflecting improved monetization per unit of volume
  • • Lower interest expense from refinancing through corporate notes issuance
  • • Normalized impairment levels versus prior year elevated charges
  • • Positive $9 million impact from non-recurring tax-related benefits and debt extinguishment in Q4
24/7 Wall St

PGY YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

“Our fourth quarter and full-year results demonstrate, again, the benefits of years of work to position our company for long-term durable growth with a focus on increasing profitability, benefitting from our prior investments across the entire enterprise. Looking ahead, we will continue to leverage our platform and our disciplined risk framework, to further bridge the gap between Main Street and Wall Street.”

— Gal Krubiner, Q4 2025 Earnings Press Release

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