Q2 26 EPS
$1.07
BEAT +48.01%
Est. $0.72
Q2 26 Revenue
$387.0M
BEAT +8.38%
Est. $357.1M
vs S&P Since Q2 26
+29.5%
BEATING MARKET
PGY +33.7% vs S&P +4.2%
Market Reaction
Did PGY Beat Earnings? Q2 2026 Results
Pagaya Technologies delivered a standout second quarter for fiscal 2026, posting earnings per share of $1.07 against a consensus estimate of $0.72, a beat of 48.01%, while revenue climbed 21.8% year-over-year to $387.04 million, topping the $357.11 m… Read more Pagaya Technologies delivered a standout second quarter for fiscal 2026, posting earnings per share of $1.07 against a consensus estimate of $0.72, a beat of 48.01%, while revenue climbed 21.8% year-over-year to $387.04 million, topping the $357.11 million analyst estimate by 8.38%. The primary engine behind the outperformance was the company's Auto vertical, which contributed more than 75% of year-over-year network volume growth and reached an annualized run-rate of $4.80 billion, powered by AI-driven decisioning now connected to roughly 30,000 dealerships across the U.S. Total network volume of $3.54 billion comfortably exceeded Pagaya's own guidance range of $2.88 billion to $3.08 billion, and GAAP net income of $45.27 million improved $29.00 million year-over-year as operating leverage took hold. Bullish sentiment among analysts tracking the stock has been building around the company's adaptable AI underwriting model, and the quarterly results appear to validate that view. Looking ahead, Pagaya raised its full-year 2026 GAAP net income guidance nearly 25% to $155.00 million to $180.00 million, implying a fourth-quarter exit rate above $200.00 million annualized.
Key Takeaways
- • Auto vertical contributed more than 75% of year-over-year network volume growth
- • Personal loans reached all-time high in network volume
- • Operating leverage with core operating expenses 6% lower year-over-year while profits grew significantly
- • Interest income doubled to $22 million from continued growth in investments
- • FRLPC grew 16% year-over-year to $147 million
- • Conversion rate maintained at ~1% reflecting prudent underwriting discipline
- • Application volume grew 29% year-over-year
PGY Forward Guidance & Outlook
For Q3 2026, Pagaya expects network volume of $3.425B–$3.625B, total revenue and other income of $370M–$390M, Adjusted EBITDA of $120M–$130M, and GAAP net income of $42M–$52M. For full-year 2026, the company raised guidance: network volume of $12.5B–$13.25B, total revenue and other income of $1.425B–$1.525B, Adjusted EBITDA of $460M–$490M, and GAAP net income of $155M–$180M (raised nearly 25%). The revised full-year guidance implies a Q4 2026 GAAP net income exit rate in excess of $200 million annualized. The company assumes cost of capital remains elevated relative to last year.
PGY YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“Our record quarter reflects a flywheel that is clearly working: partners are sending more volume, adopting more products, and our network effects compound with every relationship we add.”
— Gal Krubiner, Q2 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% |