Pagaya Technologies Reports Strong Financial Growth

By Chris Stiles • Monday, February 09 12:24 • Permanent Link

Pagaya Technologies Ltd. (NASDAQ: PGY) has reported its financial results for the fourth quarter and full year ended 2025, showcasing promising growth across key metrics.

In the fourth quarter of 2025, Pagaya reported a solid performance with a GAAP net income of $34 million, marking an impressive increase of $272 million year-over-year (YOY). Additionally, the adjusted EBITDA stood at $98 million, representing a 53% increase YOY. The total revenue and other income for the same period amounted to $335 million, reflecting a 20% increase YOY. Furthermore, the network volume reached $2.7 billion, up by 3% YOY.

For the full year 2025, Pagaya reported a record GAAP net income attributable to Pagaya shareholders of $81 million, which surged by $483 million YOY. The network volume for the full year totaled $10.5 billion, marking a 9% increase YOY. The total revenue and other income for the full year amounted to $1.3 billion, reflecting a 26% increase YOY.

In terms of adjusted EBITDA, Pagaya reported $371 million for the full year 2025, representing a $161 million increase compared to the prior year period. Additionally, the revenue from fees less production costs ("FRLPC") stood at $512 million, up by 26% YOY.

Looking ahead, the company provided its outlook for the first quarter of 2026, with the network volume expected to be between $2.5 billion and $2.7 billion. The total revenue and other income for the first quarter are anticipated to range between $315 million and $335 million, while the adjusted EBITDA is projected to be between $80 million and $95 million. The GAAP net income for the first quarter is expected to be between $15 million and $35 million.

For the full year 2026, Pagaya anticipates the network volume to be between $11.25 billion and $13 billion, with the total revenue and other income expected to be between $1,400 million and $1,575 million. The adjusted EBITDA for the full year is projected to range between $410 million and $460 million, while the GAAP net income is expected to be between $100 million and $150 million.

These results and projections reflect Pagaya's sustained growth and the company's commitment to leveraging its platform for long-term, durable growth. The company's focus on increasing profitability and disciplined risk management has evidently contributed to its strong financial performance. Today the company's shares have moved -3.68% to a price of $21.99. For the full picture, make sure to review Pagaya Technologies's 8-K report.

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