Pagaya Technologies (PGY) Q1 2026 Earnings
Reported May 7, 2026 at 7:02 AM ET · SEC Source
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
+16.1%
BEATING MARKET
PGY +18.1% vs S&P +1.9%
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 Forward Guidance & Outlook
For Q2 2026, Pagaya expects network volume of $2.875–$3.075 billion, total revenue and other income of $345–$365 million, adjusted EBITDA of $100–$115 million, and GAAP net income of $25–$45 million. For full-year 2026, the company raised its GAAP net income guidance to $110–$160 million (previously not specified as raised but described as increased), with network volume expected at $11.45–$13.0 billion, total revenue and other income of $1.4–$1.575 billion, adjusted EBITDA of $420–$460 million, and FRLPC as a % of network volume of 4.0%–5.0%. Growth is expected to be driven by deeper engagement with existing partners (particularly Auto), contributions from new partners, and new product initiatives. The company assumes cost of capital remains at current elevated levels.
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
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |