Filing Flows › Pagaya Technologies (PGY) › Q1 2026
Pagaya Technologies (PGY) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Pagaya Technologies (PGY) reported revenue of $318M for the first quarter 2026 (Q1 2026), +10% from a year earlier and -5% from the quarter before. Operating margin was 25.2%, net earnings $24.7M (7.8% of revenue).
Pagaya Technologies, Q1 2026: revenue $318M (+10% year over year), operating margin 25.2%, net earnings $24.7M, operating cash flow $43.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $318M | -5% | +10% |
| Operating profit | $80.0M | +0.4% | +68% |
| Net earnings | $24.7M | -28% | +213% |
| Operating cash flow | $43.2M | -46% | +25% |
| Free cash flow | $40.0M | -48% | +31% |
What changed
Revenue was $317.9M in Q1 2026, up 10% year over year and down 5% from the previous quarter. Network AI Fees was the largest line at 84% of revenue. Network AI Fees added $15.4M year over year (up 6%), 55% of the total change.
Operating profit was $80.0M, a 25.2% margin (up 8.7 points year over year). Of the extra revenue versus Q1 2025, 116% reached operating profit, above the 16% margin then. Total costs fell 2% while revenue rose 10%. The fastest-growing cost line was Sales & marketing (+16%). Net earnings were $24.7M, up 213% year over year ($24.2M including minority interests, which bore $533K of losses). The effective tax rate was 11.5%.
Operating cash flow was $43.2M (up 25% year over year), 179% of net income including minority interests. Non-cash charges added back $3.9M of depreciation and amortization and $7.2M of share-based compensation. Working capital and other items added $8.0M. Capital expenditures of $3.2M left free cash flow of $40.0M.
Questions
What was Pagaya Technologies' revenue in the first quarter 2026?
Pagaya Technologies (PGY) reported revenue of $318M for the first quarter 2026 (Q1 2026), +10% from a year earlier and -5% from the quarter before.
Was Pagaya Technologies profitable in the first quarter 2026?
Operating profit was $80.0M (25.2% of revenue) and net earnings $24.7M.