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Pagaya Technologies
Pagaya Technologies (PGY) investor relations material
Pagaya Technologies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary9 Feb, 2026
Executive summary
Achieved record GAAP net income of $81 million for 2025, up $483 million year-over-year, with Q4 net income of $34 million, reflecting a significant turnaround from prior losses.
Total revenue for 2025 was $1.3 billion, up 26% year-over-year, with Q4 revenue of $335 million, up 20% year-over-year.
Adjusted EBITDA for 2025 was $371 million, up 76% year-over-year, with Q4 Adjusted EBITDA of $98 million, up 53% year-over-year.
Focused on disciplined risk management, reducing exposure to higher-risk credit segments and maintaining prudent underwriting.
Onboarded new partners and expanded product suite, including forward flow agreements and new ABS structures.
Financial highlights
Q4 2025 revenue: $335 million (up 20% year-over-year); FRLPC: $131 million (up 12%); Adjusted EBITDA: $98 million (29% margin).
Full-year 2025: $1.3 billion revenue (up 26%), $512 million FRLPC (up 26%), $371 million adjusted EBITDA (up 76%), $81 million GAAP net income, EPS $0.93.
Network volume Q4: $2.7 billion (up 3% year-over-year); full-year: $10.5 billion (up 9%).
FRLPC margin for 2025: 4.9%, up from 4.5% in 2024.
Adjusted net income for 2025: $275 million; Q4 adjusted net income: $79 million.
Outlook and guidance
2026 guidance: network volume $11.25–$13 billion, revenue $1.4–$1.575 billion, adjusted EBITDA $410–$460 million, GAAP net income $100–$150 million.
Q1 2026 guidance: network volume $2.5–$2.7 billion, revenue $315–$335 million, adjusted EBITDA $80–$95 million, GAAP net income $15–$35 million.
FRLPC margin expected between 4%–5% for 2026, with $100–$150 million in credit-related impairments assumed.
Guidance reflects persistent macro and credit uncertainty, with potential upward adjustment if conditions improve.
Management unable to reconcile non-GAAP to GAAP outlook due to unpredictability of certain items.
Explain SFR's impact on network volume growth
Detail the improved economics in PL and Auto
Impact of new revolving ABS/forward flow capacity
Capital markets revenue impact on FRLPC
Fair value adjustments impact on GAAP Net Income
Drivers of core opex % of FRLPC reduction
Quantify Q4 risk actions' 2026 revenue impact
Explain vertical risk retention's strategic value
Project Affiliate Optimizer Engine volume growth
What specific market signals drove Q4 risk reduction?
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Next Pagaya Technologies earnings date
Q1 20266 May, 2026
Pagaya Technologies
Next Pagaya Technologies earnings date
Q1 20266 May, 2026
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Frequently asked questions
Pagaya Technologies Ltd. is a global financial technology company that uses artificial intelligence to provide innovative solutions for the financial services industry. The company offers a platform that helps institutions such as banks, credit unions, and asset managers evaluate credit applications and manage risks more efficiently. The company has dual headquarters in Tel Aviv, Israel and NYC, and its shares are listed on the Nasdaq.
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