Filing Flows › Pagaya Technologies (PGY) › Q2 2026
Pagaya Technologies (PGY) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Pagaya Technologies (PGY) reported revenue of $387M for the second quarter 2026 (Q2 2026), +19% from a year earlier and +22% from the quarter before. Operating margin was 27.3%, net earnings $45.3M (11.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $387M | +22% | +19% |
| Operating profit | $106M | +32% | +87% |
| Net earnings | $45.3M | +83% | +172% |
| Operating cash flow | $74.7M | +73% | +30% |
| Free cash flow | $71.3M | +78% | +33% |
What changed
Revenue was $387.0M in Q2 2026, up 19% year over year and up 22% from the previous quarter. Network AI Fees was the largest line at 82% of revenue. Network AI Fees added $32.5M year over year (up 11%), 54% of the total change.
Operating profit was $105.8M, a 27.3% margin (up 10.0 points year over year). Of the extra revenue versus Q2 2025, 81% reached operating profit, above the 17% margin then. Total costs grew 4% against revenue growth of 19%. The fastest-growing cost line was Cost of revenue (+14%). Net earnings were $45.3M, up 172% year over year ($42.3M including minority interests, which bore $2.9M of losses). The effective tax rate was -2.6%.
Operating cash flow was $74.7M (up 30% year over year), 176% of net income including minority interests. Non-cash charges added back $3.9M of depreciation and amortization and $8.6M of share-based compensation. Working capital and other items added $19.9M. Capital expenditures of $3.4M left free cash flow of $71.3M.
Questions
What was Pagaya Technologies' revenue in the second quarter 2026?
Pagaya Technologies (PGY) reported revenue of $387M for the second quarter 2026 (Q2 2026), +19% from a year earlier and +22% from the quarter before.
Was Pagaya Technologies profitable in the second quarter 2026?
Operating profit was $106M (27.3% of revenue) and net earnings $45.3M.