Filing Flows › Pagaya Technologies (PGY) › Q2 2026 › vs Q1 2026
Pagaya Technologies (PGY) Q2 2026 vs Q1 2026 (quarter over quarter)
Pagaya Technologies's revenue rose $69.1M (+22%) from $318M in Q1 2026 to $387M in Q2 2026. The biggest changes: Network AI Fees +$51.5M (+19%); Financial Service +$15.1M (+47%); Other revenues +$2.5M (+13%). Operating margin 27.3% against 25.2% (+2.2 pts).
Pagaya Technologies, Q2 2026: revenue $387M (+19% year over year), operating margin 27.3%, net earnings $45.3M, operating cash flow $74.7M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 27.3% | 25.2% | +2.2 pts |
| Net margin | 11.7% | 7.8% | +3.9 pts |
| Free cash flow margin | 18.4% | 12.6% | +5.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Network AI Fees | $318M | $267M | $51.5M | +19% |
| Financial Service | $47.2M | $32.1M | $15.1M | +47% |
| Other revenues | $21.4M | $18.9M | $2.5M | +13% |
| Revenue | $387M | $318M | $69.1M | +22% |
| Operating profit | $106M | $80.0M | $25.8M | +32% |
| Costs & expenses | $281M | $238M | $43.3M | +18% |
| Pre-tax earnings | $41.2M | $27.3M | $13.9M | +51% |
| Other expense, net | $64.6M | $52.7M | $11.9M | +23% |
| Cost of revenue | $219M | $178M | $41.2M | +23% |
| Research & development | $17.3M | $15.9M | $1.4M | +9% |
| Sales & marketing | $10.1M | $11.1M | −$1.0M | -9% |
| General & admin | $35.1M | $33.3M | $1.8M | +5% |
| Income tax benefit | $1.1M | −$3.1M | $4.2M | — |
| Loss borne by minority interests | $2.9M | $533K | $2.4M | +451% |
| Net earnings | $45.3M | $24.7M | $20.6M | +83% |
| Depreciation & amortization | $3.9M | $3.9M | $53K | +1% |
| Share-based compensation | $8.6M | $7.2M | $1.4M | +19% |
| Working capital & other | $16.9M | $7.4M | $9.5M | +128% |
| Operating cash flow | $74.7M | $43.2M | $31.5M | +73% |
| Free cash flow (OCF − capex) | $71.3M | $40.0M | $31.2M | +78% |
| Capital expenditures | $3.4M | $3.2M | $273K | +9% |
Questions
How much did Pagaya Technologies's revenue grow quarter over quarter in Q2 2026?
Pagaya Technologies's revenue rose $69.1M (+22%) from $318M in Q1 2026 to $387M in Q2 2026.
What drove Pagaya Technologies's revenue change in Q2 2026?
Network AI Fees +$51.5M (+19%); Financial Service +$15.1M (+47%); Other revenues +$2.5M (+13%).