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Pagaya Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$45.8M in Q3 2026 · $234M over twelve months

Operating cash flow$49.0M
Capital spending−$3.3M
Free cash flow+$45.8M
Cash / net income1.1×

Analysis

In Q3 2026, Pagaya Technologies generated $49.0M of operating cash flow and spent $3.3M on capital projects, leaving free cash flow of $45.8M. That is $18.0M less than in Q3 2025 ($63.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $247M; the largest uses were other investing ($350M), partners ($37.3M), other financing ($15.3M); besides operations, cash came from net borrowing (+) / repaid (−) ($205M), shares issued ($2.3M); the cash balance rose by $40.8M.

Operating cash flow was $49.0M against net income of $44.5M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: gains on investments +$43.4M, prepaid and other assets −$30.9M, stock-based pay +$8.6M.

Free cash flow

Pagaya Technologies: free cash flow by quarterPagaya Technologies: free cash flow by quarter$23.9MQ4 2024$30.7MQ1 2025$53.5MQ2 2025$63.8MQ3 2025$76.7MQ4 2025$40.0MQ1 2026$71.3MQ2 2026$45.8MQ3 2026
Operating cash flow less capital spending.
Pagaya Technologies: operating cash flow against capital spendingPagaya Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$27.9M$4.0MQ4 2024$34.4M$3.8MQ1 2025$57.4M$3.8MQ2 2025$67.0M$3.2MQ3 2025$79.8M$3.1MQ4 2025$43.2M$3.2MQ1 2026$74.7M$3.4MQ2 2026$49.0M$3.3MQ3 2026
Latest (Q3 2026): Operating cash flow $49.0M, Capital spending $3.3M.

Capital allocation, year by year

Pagaya Technologies: where the cash came from (up) and went (down), by fiscal yearPagaya Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $49.8MFY2021: Net borrowing $37.9MFY2021: Shares issued $346KFY2021: Capital spending −$6.6M$88.1MFY2021FY2022: Operating cash flow −$40.0MFY2022: Net borrowing $117MFY2022: Shares issued $1.6MFY2022: Capital spending −$22.4M$118MFY2022FY2023: Operating cash flow −$21.7MFY2023: Net borrowing $207MFY2023: Shares issued $4.3MFY2023: Capital spending −$20.2M$211MFY2023FY2024: Operating cash flow $47.8MFY2024: Net borrowing −$186MFY2024: Shares issued $93.3MFY2024: Capital spending −$17.7MFY2024: Acquisitions −$9.1M$141MFY2024FY2025: Operating cash flow $239MFY2025: Net borrowing $14.6MFY2025: Shares issued $6.9MFY2025: Capital spending −$13.9MFY2025: Acquisitions $159K$260MFY2025
Over these 5 years operating cash flow totalled $275M; the largest uses were net borrowing ($186M) and capital spending ($80.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$247M
Debtnone
Net cash$247M
Due within a year$17.8M

Pagaya Technologies funds itself: free cash flow was $234M over the last twelve months, with $247M of cash and investments and no debt on the balance sheet ($17.8M due within a year, 13.9× covered by cash).

Pagaya Technologies: debt maturities by year (FY2024)Pagaya Technologies: debt maturities by year (FY2024)$17.8MYear 1$17.8MYear 2$17.8MYear 3$17.8MYear 4
Principal due in each year as disclosed in the annual report, against $247M of cash and investments now.

Where the cash came from and went

Pagaya Technologies: sources (+) and uses (−) of cash, Q3 2026Pagaya Technologies: sources (+) and uses (−) of cash, Q3 2026Other investing−$125MNet borrowing (+) / repaid (−)$85.7MOperating cash flow$49.0MPartners−$5.3MCapital spending−$3.3MCash drawn (+) / kept (−)−$1.1MShares issued$994KExchange rates−$923K
Pagaya Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Pagaya Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$350MOperating cash flow$247MNet borrowing (+) / repaid (−)$205MCash drawn (+) / kept (−)−$40.8MPartners−$37.3MOther financing−$15.3MCapital spending−$13.0MExchange rates$2.4MShares issued$2.3M

From profit to cash

Pagaya Technologies: net income to operating cash flow, Q3 2026Pagaya Technologies: net income to operating cash flow, Q3 2026Net income$44.5MDepreciation & amortization$4.3MStock-based pay$8.6MImpairments$3.8MGains on investments$43.4MPayables$322KAccrued liabilities$2.3MPrepaid and other assets−$30.9MIncome taxes payable$347KOperating cash flow$49.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$49.0M−$3.3M$85.7M$994K−$1.1M$45.8M
Q2 2026$74.7M−$3.4M$96.4M$100K$75.6M$71.3M
Q1 2026$43.2M−$3.2M$76.0M$802K−$91.7M$40.0M
Q4 2025$79.8M−$3.1M$62.0M$378K−$23.6M$76.7M
Q3 2025$67.0M−$3.2M−$135M$2.6M−$22.7M$63.8M
Q2 2025$57.4M−$3.8M$85.7M$1.1M−$12.4M$53.5M
Q1 2025$34.4M−$3.8M$2.2M$2.9M−$3.1M$30.7M
Q4 2024$27.9M−$4.0M−$248M$145K−$45.5M$23.9M

Pagaya Technologies: income statement and cash flow

Pagaya Technologies, Q3 2026: revenue $390M (+12% year over year), operating margin 28.8%. The chart follows the revenue to costs, profit and cash.

Pagaya Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.