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Pagaya Technologies (PGY) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Pagaya Technologies (PGY) Q3 2026 earnings results →

Q3 2026 Revenue up 12% year over year to $390M · 13¢ of every $1 of revenue kept as net profit · operating margin 28.8%

Pagaya Technologies made $390M in Q3 2026 (+12% Y/Y): Network AI Fees $312M, Financial Service $50.1M, Other revenues $28.4M. Operating margin 28.8%, net earnings $49.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.

Revenue$390M

Year over year+12%

Operating margin28.8%

Net earnings$49.7M

Operating cash flow$49.0M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $390.5M in Q3 2026, up 12% year over year and up 1% from the previous quarter. Network AI Fees was the largest line at 80% of revenue. Financial Service added $14.8M year over year (up 42%), 37% of the total change.

Operating profit was $112.5M, a 28.8% margin (up 6.0 points year over year). Of the extra revenue versus Q3 2025, 81% reached operating profit, above the 23% margin then. Total costs grew 3% against revenue growth of 12%. Net earnings were $49.7M, up 121% year over year ($44.5M including minority interests, which bore $5.2M of losses). The effective tax rate was 2.3%.

Operating cash flow was $49.0M (down 27% year over year), 110% of net income including minority interests. Non-cash charges added back $4.3M of depreciation and amortization and $8.6M of share-based compensation. Working capital and other items used $8.3M. Capital expenditures of $3.3M left free cash flow of $45.8M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 2, 2026	$390M	+12%	28.8%	$49.7M	$49.0M
Q2 2026	10-Q	Jul 30, 2026	$387M	+19%	27.3%	$45.3M	$74.7M
Q1 2026	10-Q	May 7, 2026	$318M	+10%	25.2%	$24.7M	$43.2M
Q4 2025	10-K	Mar 2, 2026	$335M	+20%	23.8%	$34.3M	$79.8M
Q3 2025	10-Q	Nov 10, 2025	$350M	+36%	22.8%	$22.5M	$67.0M
Q2 2025	10-Q	Aug 7, 2025	$326M	+30%	17.3%	$16.7M	$57.4M
Q1 2025	10-Q	May 7, 2025	$290M	+18%	16.4%	$2.5M	$34.4M

Charts

Latest (Q3 2026): Y/Y +12%, Q/Q +1%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $44.5M, Operating cash flow $49.0M.

-59.8% since FY2020: buybacks shrank the count.

Cash $188M, short-term investments $22.1M, long-term debt $321M at 2024-12-31.

Finance Services; dot size is quarterly revenue; dashed lines are the industry's medians.