Pagaya Technologies Ltd. (PGY) Income Statement
PGY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPGY revenue and net income
Where PGY's revenue goes
2025Each bar shows an amount and its share of revenue. PGY kept 6.5% of revenue as net income.
PGY profit margins
PGY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +25.6% | +22.5% | +68.9% | — |
| Gross profit | +25.9% | +29.8% | +64.4% | — |
| Operating income | +234.8% | — | +60.1% | — |
| Net income | — | — | +41.3% | — |
| EPS (diluted) | +383.3% | — | +29.7% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PGY quarterly EPS vs estimates
Pagaya Technologies beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.88).
PGY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.26B | $1.00B | $772.8M | $685.4M | $445.9M | $91.7M | $36.1M |
| Cost of revenue | $749.2M | $597.7M | $508.9M | $451.1M | $232.3M | $49.1M | $28.0M |
| Gross profit | $512.2M | $406.9M | $263.9M | $234.3M | $213.5M | $42.7M | $8.2M |
| Research & development | $75.2M | $76.6M | $74.4M | $150.9M | $66.2M | $12.3M | $5.4M |
| Sales, general & admin | $213.2M | $240.8M | $203.4M | $398.4M | $132.2M | $10.7M | $6.4M |
| Total operating expenses | $288.4M | $340.1M | $288.3M | $549.3M | $219.4M | $21.4M | $12.1M |
| Operating income | $223.8M | $66.8M | −$24.4M | −$315.0M | −$5.8M | $21.3M | −$3.9M |
| Interest income | $48.4M | $32.3M | $45.6M | $57.8M | $28.9M | $7.0M | — |
| Interest expense | — | — | — | $57.8M | $48.9M | $2.0M | $0 |
| Income before taxes | $51.6M | −$421.1M | −$181.2M | −$276.4M | −$61.6M | $21.2M | −$4.0M |
| Income taxes | −$19.7M | $24.6M | $15.6M | $16.4M | $7.9M | $1.3M | $172,000 |
| Net income | $81.4M | −$401.4M | −$128.4M | −$302.3M | −$91.2M | $14.5M | −$5.6M |
| EBITDA | $81.7M | $67.9M | −$44.5M | −$308.7M | −$33.7M | $14.3M | −$3.8M |
| EPS (diluted) | $2.90 | $0.60 | $0.25 | −$0.45 | −$0.22 | $0.79 | — |
| Gross margin | 40.6% | 40.5% | 34.1% | 34.2% | 47.9% | 46.5% | 22.6% |
| Operating margin | 17.7% | 6.7% | −3.2% | −46.0% | −1.3% | 23.2% | −10.8% |
| Net margin | 6.5% | −40.0% | −16.6% | −44.1% | −20.4% | 15.8% | −15.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $365.6M | $299.0M | $321.0M | $339.9M | $317.7M | $282.7M | $275.7M | $249.3M | $242.6M | $237.0M | $210.4M | $201.4M |
| Cost of revenue | $218.7M | $177.6M | $190.0M | $200.6M | $191.5M | $167.1M | $158.2M | $149.0M | $145.6M | $144.9M | $134.5M | $128.8M |
| Gross profit | $146.9M | $121.4M | $131.0M | $139.3M | $126.2M | $115.6M | $117.5M | $100.3M | $97.0M | $92.1M | $75.9M | $72.7M |
| Research & development | $17.3M | $15.9M | $19.1M | $18.2M | $18.5M | $19.4M | $18.6M | $16.7M | $21.9M | $19.4M | $17.6M | $18.0M |
| Sales, general & admin | $45.2M | $44.4M | $46.0M | $51.4M | $60.0M | $55.8M | $55.5M | $57.8M | $64.4M | $63.1M | $45.8M | $53.4M |
| Total operating expenses | $62.5M | $60.4M | $65.0M | $69.6M | $78.5M | $75.2M | $85.7M | $77.9M | $92.0M | $84.4M | $65.3M | $72.5M |
| Operating income | $84.4M | $61.1M | $65.9M | $69.7M | $47.8M | $40.4M | $31.7M | $22.4M | $5.0M | $7.7M | $10.7M | $162,000 |
| Interest income | $22.2M | $17.7M | $15.1M | $14.9M | $10.7M | $7.7M | $7.6M | $8.7M | $8.2M | $7.7M | $7.8M | $10.4M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $17.0M | $17.0M |
| Income before taxes | $41.2M | $27.3M | $22.1M | $8.1M | $21.5M | −$48,000 | −$240.5M | −$85.8M | −$68.2M | −$26.7M | −$15.0M | −$47.1M |
| Income taxes | −$1.1M | $3.1M | −$7.0M | −$15.2M | $5.0M | −$2.5M | $16.6M | −$11.5M | $14.5M | $5.0M | $5.1M | −$1.2M |
| Net income | $45.3M | $24.7M | $34.3M | $22.5M | $16.7M | $7.9M | −$237.9M | −$67.5M | −$74.8M | −$21.2M | −$14.4M | −$21.8M |
| EBITDA | $45.2M | $31.2M | $29.2M | $15.7M | $29.1M | $7.7M | $36.3M | $21.5M | $4.3M | $5.7M | $9.0M | −$5.0M |
| EPS (diluted) | $0.97 | $0.73 | $0.80 | $1.02 | $0.39 | $0.69 | $0.17 | $0.44 | $0.10 | −$0.11 | $0.24 | $0.24 |
| Gross margin | 40.2% | 40.6% | 40.8% | 41.0% | 39.7% | 40.9% | 42.6% | 40.2% | 40.0% | 38.9% | 36.1% | 36.1% |
| Operating margin | 23.1% | 20.4% | 20.5% | 20.5% | 15.0% | 14.3% | 11.5% | 9.0% | 2.1% | 3.2% | 5.1% | 0.1% |
| Net margin | 12.4% | 8.3% | 10.7% | 6.6% | 5.2% | 2.8% | −86.3% | −27.1% | −30.8% | −9.0% | −6.9% | −10.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PGY's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PGY financial results
In fiscal year 2025 (ended December 31, 2025), Pagaya Technologies reported revenue of $1.3 billion, up 25.6% from the year before. It had net income of $81.4 million, a net profit margin of 6.5%. Diluted earnings per share came to $2.90. Over five years revenue grew at an average rate of 68.9% a year.
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PGY income statement FAQ
What is Pagaya Technologies's annual revenue?
Pagaya Technologies reported total revenue of $1.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 25.6% from $1.0 billion the previous year.
Is Pagaya Technologies profitable?
Yes. Pagaya Technologies reported net income of $81.4 million in fiscal 2025, a net profit margin of 6.5%; its operating margin was 17.7%.
What is Pagaya Technologies's gross margin?
Pagaya Technologies's gross margin was 40.6% in fiscal 2025: for every $100 of revenue, Pagaya Technologies kept $41 after the direct cost of its products and services.
How much does Pagaya Technologies spend on research and development?
Pagaya Technologies spent $75.2 million on research and development in fiscal 2025, 6.0% of revenue.
How fast is Pagaya Technologies growing?
Revenue grew 68.9% a year on average over the last five fiscal years, from $91.7 million to $1.3 billion.
What are Pagaya Technologies's earnings per share?
Pagaya Technologies earned $2.90 per diluted share in fiscal 2025, compared with $0.60 a year earlier.
When will Pagaya Technologies report its next earnings?
Pagaya Technologies is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Pagaya Technologies's fiscal year end?
Pagaya Technologies's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.