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Pagaya Technologies PGY Q2 2025 earnings

Reported August 7, 2025 · Before market open

Revenue$317.7MMiss by $21.2M
EPS$0.64Miss by $0.05
Revenue estimate$338.9M
EPS estimate$0.69

Next report

Jul 30, 2026 (Tomorrow)
Revenue estimate$356.5M
EPS estimate$0.32

Financials

Q2 2025

Income statement

See full
Revenue$326.4M+30.4%
Gross profit$134.9M+28.8%
Operating income$56.5M+1,023%
Net income$16.7M+122%
EPS (diluted)$0.20+119%

Balance sheet

See full
Cash & equivalents$242.0M-9.7%
Total debt$332.9M+19.5%
Total equity$366.8M-30.3%
Total assets$1.4B-3.7%

Cash flow

See full
Operating cash flow$57.4M+517%
CapEx$3.8M-13.2%
Free cash flow$53.6M+990%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$1.51B+67.0%
Enterprise value$1.6B+75.0%
P/S1.3×+0.3×

Profitability

See full
Gross margin42.3%+2.1pp
Operating margin13.7%—
Net margin-24.4%+58.3pp

Returns & leverage

See full
Return on equity-62.9%-131pp
Debt / equity0.9×+0.4×
Current ratio1.4×-0.1×

Segments

By geography

See full
United States$315.3M+25.6%
Cayman-—
Israel-—

By product

See full
Network AI Fees$285.9M+28.9%
Financial Service$31.8M+52.9%

Versus estimates

Revenue

Q1 2026$317.9MMiss by $5.9MQ4 2025$334.8MMiss by $14.6MQ3 2025$350.2MBeat by $11.8M
Q2 2025$317.7MMiss by $21.2M
Q1 2025$282.7MMiss by $3.5MQ4 2024$275.7MMiss by $3.0M

Diluted EPS

Q1 2026$0.28Miss by $0.04Q4 2025$0.36Beat by $0.02Q3 2025$0.23Beat by $0.02
Q2 2025$0.64Miss by $0.05
Q1 2025$0.69Beat by $0.29Q4 2024$0.17Miss by $0.15

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Questions, answered.

When did Pagaya Technologies report Q2 2025 earnings?
Pagaya Technologies (PGY) reported Q2 2025 earnings on August 7, 2025 before market open.
What were Pagaya Technologies's Q2 2025 revenue and EPS?
Pagaya Technologies reported revenue of $317.7M and eps of $0.64 for Q2 2025.
Did Pagaya Technologies beat estimates in Q2 2025?
Revenue missed the consensus estimate of $338.9M by $21.2M. EPS missed the consensus estimate of $0.69 by $0.05.
How did Pagaya Technologies's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 31.0% from $242.6M a year earlier and eps grew 540.0% from $0.10.
Where can I find Pagaya Technologies's Q2 2025 SEC filings?
You can read the 10-Q periodic report (0001883085-25-000169) directly on SEC EDGAR. The filing index links above go to sec.gov.