Filing Flows › Pagaya Technologies (PGY) › Q2 2025
Pagaya Technologies (PGY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Pagaya Technologies (PGY) reported revenue of $326M for the second quarter 2025 (Q2 2025), +30% from a year earlier and +13% from the quarter before. Operating margin was 17.3%, net earnings $16.7M (5.1% of revenue).
Pagaya Technologies, Q2 2025: revenue $326M (+30% year over year), operating margin 17.3%, net earnings $16.7M, operating cash flow $57.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $326M | +13% | +30% |
| Operating profit | $56.5M | +18% | 11× |
| Net earnings | $16.7M | +111% | — |
| Operating cash flow | $57.4M | +67% | +517% |
| Free cash flow | $53.5M | +75% | +990% |
What changed
Revenue was $326.4M in Q2 2025, up 30% year over year and up 13% from the previous quarter. Network AI Fees was the largest line at 88% of revenue. Network AI Fees added $64.1M year over year (up 29%), 84% of the total change.
Operating profit was $56.5M, a 17.3% margin (up 15.3 points year over year). Of the extra revenue versus a year earlier, 68% reached operating profit, above the 2% margin then. Total costs grew 10% against revenue growth of 30%. The fastest-growing cost line was Sales & marketing (+47%). Net earnings were $16.7M. The effective tax rate was 23.1%.
Operating cash flow was $57.4M (up 517% year over year), 346% of net earnings. Non-cash charges added back $7.6M of depreciation and amortization and $18.2M of share-based compensation. Working capital and other items added $15.0M. Capital expenditures of $3.8M left free cash flow of $53.5M.
Questions
What was Pagaya Technologies' revenue in the second quarter 2025?
Pagaya Technologies (PGY) reported revenue of $326M for the second quarter 2025 (Q2 2025), +30% from a year earlier and +13% from the quarter before.
Was Pagaya Technologies profitable in the second quarter 2025?
Operating profit was $56.5M (17.3% of revenue) and net earnings $16.7M.