Filing Flows › Pagaya Technologies (PGY) › Q3 2026 › vs Q2 2026
Pagaya Technologies (PGY) Q3 2026 vs Q2 2026 (quarter over quarter)
Pagaya Technologies's revenue rose $3.5M (+0.9%) from $387M in Q2 2026 to $390M in Q3 2026. The biggest changes: Other revenues +$7.0M (+32%); Network AI Fees −$6.4M (-2%); Financial Service +$2.9M (+6%). Operating margin 28.8% against 27.3% (+1.5 pts).
Pagaya Technologies, Q3 2026: revenue $390M (+12% year over year), operating margin 28.8%, net earnings $49.7M, operating cash flow $49.0M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 28.8% | 27.3% | +1.5 pts |
| Net margin | 12.7% | 11.7% | +1.0 pts |
| Free cash flow margin | 11.7% | 18.4% | -6.7 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Network AI Fees | $312M | $318M | −$6.4M | -2% |
| Financial Service | $50.1M | $47.2M | $2.9M | +6% |
| Other revenues | $28.4M | $21.4M | $7.0M | +32% |
| Revenue | $390M | $387M | $3.5M | +0.9% |
| Operating profit | $113M | $106M | $6.7M | +6% |
| Costs & expenses | $278M | $281M | −$3.3M | -1% |
| Pre-tax earnings | $45.5M | $41.2M | $4.3M | +10% |
| Other expense, net | $67.0M | $64.6M | $2.5M | +4% |
| Cost of revenue | $216M | $219M | −$3.0M | -1% |
| Research & development | $17.4M | $17.3M | $4K | 0% |
| Sales & marketing | $9.5M | $10.1M | −$573K | -6% |
| General & admin | $35.4M | $35.1M | $284K | +0.8% |
| Loss borne by minority interests | $5.2M | $2.9M | $2.3M | +78% |
| Net earnings | $49.7M | $45.3M | $4.5M | +10% |
| Income tax | $1.1M | −$1.1M | $2.1M | — |
| Depreciation & amortization | $4.3M | $3.9M | $342K | +9% |
| Share-based compensation | $8.6M | $8.6M | $38K | +0.4% |
| Working capital & other | $13.5M | −$16.9M | $30.5M | — |
| Operating cash flow | $49.0M | $74.7M | −$25.7M | -34% |
| Free cash flow (OCF − capex) | $45.8M | $71.3M | −$25.5M | -36% |
| Capital expenditures | $3.3M | $3.4M | −$167K | -5% |
Questions
How much did Pagaya Technologies's revenue grow quarter over quarter in Q3 2026?
Pagaya Technologies's revenue rose $3.5M (+0.9%) from $387M in Q2 2026 to $390M in Q3 2026.
What drove Pagaya Technologies's revenue change in Q3 2026?
Other revenues +$7.0M (+32%); Network AI Fees −$6.4M (-2%); Financial Service +$2.9M (+6%).