Filing Flows › Pagaya Technologies (PGY) › Q3 2026 › vs Q3 2025
Pagaya Technologies (PGY) Q3 2026 vs Q3 2025 (year over year)
Pagaya Technologies's revenue rose $40.3M (+12%) from $350M in Q3 2025 to $390M in Q3 2026. The biggest changes: Other revenues +$18.1M (+177%); Financial Service +$14.8M (+42%); Network AI Fees +$7.4M (+2%). Operating margin 28.8% against 22.8% (+6.0 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 28.8% | 22.8% | +6.0 pts |
| Net margin | 12.7% | 6.4% | +6.3 pts |
| Free cash flow margin | 11.7% | 18.2% | -6.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Network AI Fees | $312M | $305M | $7.4M | +2% |
| Financial Service | $50.1M | $35.3M | $14.8M | +42% |
| Other revenues | $28.4M | $10.3M | $18.1M | +177% |
| Revenue | $390M | $350M | $40.3M | +12% |
| Operating profit | $113M | $80.0M | $32.6M | +41% |
| Costs & expenses | $278M | $270M | $7.7M | +3% |
| Pre-tax earnings | $45.5M | $8.1M | $37.5M | +465% |
| Other expense, net | $67.0M | $71.9M | −$4.9M | -7% |
| Cost of revenue | $216M | $201M | $15.1M | +8% |
| Research & development | $17.4M | $18.2M | −$884K | -5% |
| Sales & marketing | $9.5M | $14.5M | −$4.9M | -34% |
| General & admin | $35.4M | $36.9M | −$1.6M | -4% |
| Loss borne by minority interests | $5.2M | −$728K | $6.0M | — |
| Net earnings | $49.7M | $22.5M | $27.2M | +121% |
| Income tax | $1.1M | −$15.2M | $16.3M | — |
| Depreciation & amortization | $4.3M | $7.6M | −$3.4M | -44% |
| Share-based compensation | $8.6M | $13.6M | −$5.0M | -37% |
| Working capital & other | $13.5M | −$23.3M | $36.8M | — |
| Operating cash flow | $49.0M | $67.0M | −$18.0M | -27% |
| Free cash flow (OCF − capex) | $45.8M | $63.8M | −$18.0M | -28% |
| Capital expenditures | $3.3M | $3.2M | $42K | +1% |
Questions
How much did Pagaya Technologies's revenue grow year over year in Q3 2026?
Pagaya Technologies's revenue rose $40.3M (+12%) from $350M in Q3 2025 to $390M in Q3 2026.
What drove Pagaya Technologies's revenue change in Q3 2026?
Other revenues +$18.1M (+177%); Financial Service +$14.8M (+42%); Network AI Fees +$7.4M (+2%).