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Pagaya Technologies PGY Network AI Fees — Revenue from fees

Other product segments

Financial Service
$32.1M+2.9%

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Other financials

Income statement

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Revenue$317.9M+9.6%
Gross profit$140.4M+14.2%
Operating income$80.0M+67.8%
Net income$24.7M+213%
EPS (diluted)$0.28+180%

Balance sheet

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Cash & equivalents$380.0M+65.5%
Total debt$507.6M+43.8%
Total equity$529.3M+57.8%
Total assets$1.6B+29.0%

Cash flow

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Operating cash flow$43.2M+25.4%
CapEx$3.2M-15.9%
Free cash flow$40.0M+30.5%

Valuation

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Market cap$1.78B-17.6%
Enterprise value$1.9B-15.2%
P/E18.1×
P/S1.3×-0.5×

Profitability

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Gross margin42.9%+0.4pp
Operating margin22.3%+12.4pp
Net margin7.4%+4.0pp
FCF margin17.6%

Returns & leverage

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Return on equity22.7%+12.8pp
Debt / equity-0.1×
Current ratio1.4×-0.1×

Where this comes from

Reported directly by Pagaya Technologies in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Pagaya Technologies’s 10-Q, filed May 7, 2026.

Filed
May 7, 2026, 4:17 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001883085-26-000031

Network AI fees, comprised of AI integration fees and capital markets execution fees, totaled $266.9 million and $251.5 million for the three months ended March 31, 2026 and 2025, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied and the payment term is generally 30 days. From time to time the Company may provide certain incentives to a customer. When the Company determines that an incentive is consideration payable, which is not in exchange for distinct goods or services, to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the unaudited condensed consolidated statements of income as Production Costs.

Item 1. Financial Statements

FAQ

What is Pagaya Technologies's network AI fees — revenue from fees?
Pagaya Technologies (PGY) reported network AI fees — revenue from fees of $266.9M in Q1 2026.
How has Pagaya Technologies's network AI fees — revenue from fees changed year-over-year?
Pagaya Technologies's network AI fees — revenue from fees increased by 6.1% year-over-year, from $251.5M to $266.9M.
What is the long-term trend for Pagaya Technologies's network AI fees — revenue from fees?
Over 4 years (2021 to 2025), Pagaya Technologies's network AI fees — revenue from fees has grown at a 30.7% compound annual growth rate (CAGR), from $387.1M to $1.13B.
What does network AI fees — revenue from fees mean?
This metric represents the total revenue generated from fees earned through the company's proprietary AI-driven credit analysis and lending infrastructure network. It captures the income derived from providing machine learning-based credit assessment services to financial partners and institutional investors within the lending ecosystem. Growth in this metric reflects the successful scaling of the company's technology platform and the increasing volume of credit originations processed through its network.

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