Q1 26 EPS
$0.73
BEAT +29.43%
Est. $0.56
Q1 26 Revenue
$317.9M
MISS 1.82%
Est. $323.8M
vs S&P Since Q1 26
+30.2%
BEATING MARKET
PGY +35.8% vs S&P +5.7%
Market Reaction
Did PGY Beat Earnings? Q1 2026 Results
Pagaya Technologies delivered a strong first-quarter beat in fiscal 2026, posting earnings per share of $0.73 against a consensus estimate of $0.56, a 30.36% positive surprise, as revenue climbed 12.5% year-over-year to $317.94 million. The outperfor… Read more Pagaya Technologies delivered a strong first-quarter beat in fiscal 2026, posting earnings per share of $0.73 against a consensus estimate of $0.56, a 30.36% positive surprise, as revenue climbed 12.5% year-over-year to $317.94 million. The outperformance was anchored by accelerating momentum in the Auto vertical, which reached an annualized run-rate of $2.30 billion, alongside a 130% surge in interest income to $17.67 million that bolstered total revenue and other income. Operating income rose 68% to $80.00 million as network volume grew 9% to $2.62 billion, with Auto and Point-of-Sale verticals leading the expansion. Adjusted EBITDA climbed 18% to $94.17 million, with margins widening to 30% from 27% a year ago. Looking ahead, management raised its full-year GAAP net income guidance to $110.00 million to $160.00 million, and guided Q2 revenue to $345.00 million to $365.00 million, signaling continued confidence in partner deepening and Auto vertical contributions through the remainder of the year.
Key Takeaways
- • Auto and Point-of-Sale vertical growth drove 9% YoY network volume increase (23% ex-SFR)
- • 130% growth in interest income reflecting continued growth in on-balance-sheet investments
- • Operating leverage with core operating expenses flat sequentially while FRLPC grew 5% YoY
- • Adjusted EBITDA margin expanded to 30% from 27% a year ago
- • Lower share-based compensation expense ($7.2M vs $13.2M YoY) contributed to operating efficiency
- • Deliberate shift toward higher-quality borrowers and tighter underwriting standards
PGY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“Our results this quarter demonstrate, once again, that at Pagaya, profitability and disciplined risk management are not in tension — they are the same strategy. As we expand our partner network and deepen product adoption, we are building the durable, through-the-cycle business that will bridge Wall Street and Main Street for the long run.”
— Gal Krubiner, Q1 2026 Earnings Press Release
PGY Earnings Trends
PGY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PGY EPS Trend
Earnings per share: estimate vs actual
PGY Revenue Trend
Quarterly revenue: estimate vs actual
PGY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.72 | $1.07 | +48.01% | $387.0M | +8.38% |
| Q1 26 BEAT | $0.56 | $0.73 | +29.43% | $317.9M | -1.82% |
| Q4 25 BEAT FY | $0.77 | $0.80 | +4.37% | $334.8M | -4.21% |
| FY Full Year | — | $3.31 | — | $1.30B | — |
| Q3 25 BEAT | $0.66 | $1.02 | +54.85% | $350.2M | +3.34% |
| Q2 25 MISS | $0.67 | $0.64 | -5.03% | $326.4M | +0.48% |