Filing Flows › Pagaya Technologies (PGY) › Q3 2026
Pagaya Technologies (PGY) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 2, 2026
Pagaya Technologies (PGY) reported revenue of $390M for the third quarter 2026 (Q3 2026), +12% from a year earlier and +0.9% from the quarter before. Operating margin was 28.8%, net earnings $49.7M (12.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $390M | +0.9% | +12% |
| Operating profit | $113M | +6% | +41% |
| Net earnings | $49.7M | +10% | +121% |
| Operating cash flow | $49.0M | -34% | -27% |
| Free cash flow | $45.8M | -36% | -28% |
What changed
Revenue was $390.5M in Q3 2026, up 12% year over year and up 1% from the previous quarter. Network AI Fees was the largest line at 80% of revenue. Financial Service added $14.8M year over year (up 42%), 37% of the total change.
Operating profit was $112.5M, a 28.8% margin (up 6.0 points year over year). Of the extra revenue versus Q3 2025, 81% reached operating profit, above the 23% margin then. Total costs grew 3% against revenue growth of 12%. Net earnings were $49.7M, up 121% year over year ($44.5M including minority interests, which bore $5.2M of losses). The effective tax rate was 2.3%.
Operating cash flow was $49.0M (down 27% year over year), 110% of net income including minority interests. Non-cash charges added back $4.3M of depreciation and amortization and $8.6M of share-based compensation. Working capital and other items used $8.3M. Capital expenditures of $3.3M left free cash flow of $45.8M.
Questions
What was Pagaya Technologies' revenue in the third quarter 2026?
Pagaya Technologies (PGY) reported revenue of $390M for the third quarter 2026 (Q3 2026), +12% from a year earlier and +0.9% from the quarter before.
Was Pagaya Technologies profitable in the third quarter 2026?
Operating profit was $113M (28.8% of revenue) and net earnings $49.7M.