Filing Flows › Pagaya Technologies (PGY) › Q2 2026 › vs Q2 2025
Pagaya Technologies (PGY) Q2 2026 vs Q2 2025 (year over year)
Pagaya Technologies's revenue rose $60.6M (+19%) from $326M in Q2 2025 to $387M in Q2 2026. The biggest changes: Network AI Fees +$32.5M (+11%); Financial Service +$15.4M (+48%); Other revenues +$12.7M (+147%). Operating margin 27.3% against 17.3% (+10.0 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 27.3% | 17.3% | +10.0 pts |
| Net margin | 11.7% | 5.1% | +6.6 pts |
| Free cash flow margin | 18.4% | 16.4% | +2.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Network AI Fees | $318M | $286M | $32.5M | +11% |
| Financial Service | $47.2M | $31.8M | $15.4M | +48% |
| Other revenues | $21.4M | $8.7M | $12.7M | +147% |
| Revenue | $387M | $326M | $60.6M | +19% |
| Operating profit | $106M | $56.5M | $49.3M | +87% |
| Costs & expenses | $281M | $270M | $11.3M | +4% |
| Pre-tax earnings | $41.2M | $21.5M | $19.7M | +91% |
| Other expense, net | $64.6M | $34.9M | $29.6M | +85% |
| Cost of revenue | $219M | $191M | $27.2M | +14% |
| Research & development | $17.3M | $18.5M | −$1.1M | -6% |
| Sales & marketing | $10.1M | $19.7M | −$9.6M | -49% |
| General & admin | $35.1M | $40.3M | −$5.3M | -13% |
| Income tax benefit | $1.1M | −$5.0M | $6.1M | — |
| Loss borne by minority interests | $2.9M | $92K | $2.8M | 32× |
| Net earnings | $45.3M | $16.7M | $28.6M | +172% |
| Depreciation & amortization | $3.9M | $7.6M | −$3.7M | -48% |
| Share-based compensation | $8.6M | $18.2M | −$9.7M | -53% |
| Working capital & other | $16.9M | $14.9M | $2.1M | +14% |
| Operating cash flow | $74.7M | $57.4M | $17.4M | +30% |
| Free cash flow (OCF − capex) | $71.3M | $53.5M | $17.7M | +33% |
| Capital expenditures | $3.4M | $3.8M | −$351K | -9% |
Questions
How much did Pagaya Technologies's revenue grow year over year in Q2 2026?
Pagaya Technologies's revenue rose $60.6M (+19%) from $326M in Q2 2025 to $387M in Q2 2026.
What drove Pagaya Technologies's revenue change in Q2 2026?
Network AI Fees +$32.5M (+11%); Financial Service +$15.4M (+48%); Other revenues +$12.7M (+147%).