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How Pagaya Technologies (PGY) makes money

Pagaya Technologies (PGY) made $390M of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Network AI Fees brought in $312M (80%); Financial Service brought in $50.1M (13%); Other revenues brought in $28.4M (7%). Of every dollar of revenue, 29¢ was left as operating profit, 13¢ was left as net earnings.

Drawing the Sankey…

Pagaya Technologies revenue by segment, Q3 2026Pagaya Technologies revenue by segment, Q3 2026Network AI Fees$312MFinancial Service$50.1MOther revenues$28.4M
Pagaya Technologies: revenue by line, Q1 2025 to Q3 2026Pagaya Technologies: revenue by line, Q1 2025 to Q3 2026Network AI FeesFinancial ServiceOther revenuesNetwork AI Fees: $312M latest$312MFinancial Service: $50.1M latest$50.1MOther revenues: $28.4M latest$28.4MQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Network AI Fees went from 87% of revenue in Q1 2025 to 80% in Q3 2026, the largest shift in the mix.
Pagaya Technologies revenue by quarterPagaya Technologies revenue by quarter$290MQ1 2025$326MQ2 2025$350MQ3 2025$335MQ4 2025$318MQ1 2026$387MQ2 2026$390MQ3 2026
Pagaya Technologies: where each dollar of revenue goesPagaya Technologies: where each dollar of revenue goesOperating profit29¢Income tax0¢Net earnings13¢Operating cash flow13¢Free cash flow12¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Network AI Fees$312M79.9%-2%+2%
Financial Service$50.1M12.8%+6%+42%
Other revenues$28.4M7.3%+32%+177%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$390M100.0%
Operating profit$113M28.8%
Income tax$1.1M0.3%
Net earnings$49.7M12.7%
Operating cash flow$49.0M12.6%
Free cash flow$45.8M11.7%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$390M+12%
Q2 2026$387M+19%
Q1 2026$318M+10%
Q4 2025$335M+20%
Q3 2025$350M+36%
Q2 2025$326M+30%
Q1 2025$290M+18%

From Pagaya Technologies' 10-Q filed Nov 2, 2026 (on EDGAR).

Questions

How does Pagaya Technologies make money?

Pagaya Technologies (PGY) made $390M of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Network AI Fees brought in $312M (80%); Financial Service brought in $50.1M (13%); Other revenues brought in $28.4M (7%). Of every dollar of revenue, 29¢ was left as operating profit, 13¢ was left as net earnings.

What is Pagaya Technologies' biggest business?

Network AI Fees: $312M in the third quarter 2026, 80% of revenue, +2% from a year earlier.

What is Pagaya Technologies' profit margin?

Net earnings were $49.7M, 12.7% of revenue, in the third quarter 2026; the operating margin was 28.8%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.