Filing Flows › Pagaya Technologies (PGY) › Q3 2025
Pagaya Technologies (PGY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Pagaya Technologies (PGY) reported revenue of $350M for the third quarter 2025 (Q3 2025), +36% from a year earlier and +7% from the quarter before. Operating margin was 22.8%, net earnings $22.5M (6.4% of revenue).
Pagaya Technologies, Q3 2025: revenue $350M (+36% year over year), operating margin 22.8%, net earnings $22.5M, operating cash flow $67.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $350M | +7% | +36% |
| Operating profit | $80.0M | +42% | +257% |
| Net earnings | $22.5M | +35% | — |
| Operating cash flow | $67.0M | +17% | — |
| Free cash flow | $63.8M | +19% | — |
What changed
Revenue was $350.2M in Q3 2025, up 36% year over year and up 7% from the previous quarter. Network AI Fees was the largest line at 87% of revenue. Network AI Fees added $75.5M year over year (up 33%), 81% of the total change.
Operating profit was $80.0M, a 22.8% margin (up 14.1 points year over year). Of the extra revenue versus a year earlier, 62% reached operating profit, above the 9% margin then. Total costs grew 15% against revenue growth of 36%. The fastest-growing cost line was Cost of revenue (+35%). Net earnings were $22.5M. The tax line was a benefit of $15.2M on pre-tax earnings of $8.1M.
Operating cash flow was $67.0M, 288% of net income including minority interests. Non-cash charges added back $7.6M of depreciation and amortization and $13.6M of share-based compensation. Working capital and other items added $22.6M. Capital expenditures of $3.2M left free cash flow of $63.8M.
Questions
What was Pagaya Technologies' revenue in the third quarter 2025?
Pagaya Technologies (PGY) reported revenue of $350M for the third quarter 2025 (Q3 2025), +36% from a year earlier and +7% from the quarter before.
Was Pagaya Technologies profitable in the third quarter 2025?
Operating profit was $80.0M (22.8% of revenue) and net earnings $22.5M.