Filing Flows › Pagaya Technologies (PGY) › Q4 2025
Pagaya Technologies (PGY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Pagaya Technologies (PGY) reported revenue of $335M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and -4% from the quarter before. Operating margin was 23.8%, net earnings $34.3M (10.2% of revenue).
Pagaya Technologies, Q4 2025: revenue $335M (+20% year over year), operating margin 23.8%, net earnings $34.3M, operating cash flow $79.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $335M | -4% | +20% |
| Operating profit | $79.7M | -0.3% | +151% |
| Net earnings | $34.3M | +52% | — |
| Operating cash flow | $79.8M | +19% | +186% |
| Free cash flow | $76.7M | +20% | +221% |
What changed
Revenue was $334.8M in Q4 2025, up 20% year over year and down 4% from the previous quarter. Network AI Fees was the largest line at 86% of revenue.
Operating profit was $79.7M, a 23.8% margin (up 12.4 points year over year). Of the extra revenue versus a year earlier, 87% reached operating profit, above the 11% margin then. Total costs grew 3% against revenue growth of 20%. The fastest-growing cost line was Cost of revenue (+20%). Net earnings were $34.3M ($29.0M including minority interests, which bore $5.3M of losses). The effective tax rate was -31.6%.
Operating cash flow was $79.8M (up 186% year over year), 275% of net income including minority interests. Non-cash charges added back $7.1M of depreciation and amortization and $9.1M of share-based compensation. Working capital and other items added $34.5M. Capital expenditures of $3.1M left free cash flow of $76.7M.
Questions
What was Pagaya Technologies' revenue in the fourth quarter 2025?
Pagaya Technologies (PGY) reported revenue of $335M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and -4% from the quarter before.
Was Pagaya Technologies profitable in the fourth quarter 2025?
Operating profit was $79.7M (23.8% of revenue) and net earnings $34.3M.