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Pagaya Technologies PGY Q3 2025 earnings

Reported November 10, 2025 · Before market open

Revenue$350.2MBeat by $11.8M
EPS$0.23Beat by $0.02
Revenue estimate$338.4M
EPS estimate$0.21

Next report

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

Financials

Q3 2025

Income statement

See full
Revenue$350.2M+36.1%
Gross profit$149.6M+38.2%
Operating income$80.0M+257%
Net income$22.5M+133%
EPS (diluted)$0.23+125%

Balance sheet

See full
Cash & equivalents$264.8M+46.2%
Total debt$522.7M+98.5%
Total equity$438.3M-5.2%
Total assets$1.5B+6.2%

Cash flow

See full
Operating cash flow$67.0M—
CapEx$3.2M-23.5%
Free cash flow$63.8M—

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$2.27B+200%
Enterprise value$2.53B+201%
P/S1.8×+1.0×

Profitability

See full
Gross margin42.4%+1.5pp
Operating margin17.3%—
Net margin-15.3%-2.2pp
FCF margin13.8%—

Returns & leverage

See full
Return on equity-42.4%+22.9pp
Debt / equity1.2×+0.6×

Segments

By geography

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

By product

See full
Network AI Fees$304.6M+33.0%
Financial Service$35.3M+75.6%

Versus estimates

Revenue

Q1 2026$317.9MMiss by $5.9MQ4 2025$334.8MMiss by $14.6M
Q3 2025$350.2MBeat by $11.8M
Q2 2025$317.7MMiss by $21.2MQ1 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 $0.02
Q3 2025$0.23Beat by $0.02
Q2 2025$0.64Miss by $0.05Q1 2025$0.69Beat by $0.29Q4 2024$0.17Miss by $0.15

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Questions, answered.

When did Pagaya Technologies report Q3 2025 earnings?
Pagaya Technologies (PGY) reported Q3 2025 earnings on November 10, 2025 before market open.
What were Pagaya Technologies's Q3 2025 revenue and EPS?
Pagaya Technologies reported revenue of $350.2M and eps of $0.23 for Q3 2025.
Did Pagaya Technologies beat estimates in Q3 2025?
Revenue beat the consensus estimate of $338.4M by $11.8M. EPS beat the consensus estimate of $0.21 by $0.02.
How did Pagaya Technologies's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 40.5% from $249.3M a year earlier and eps declined 47.7% from $0.44.
Where can I find Pagaya Technologies's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001883085-25-000191) and the 10-Q periodic report (0001883085-25-000195) directly on SEC EDGAR. The filing index links above go to sec.gov.