Pagaya demonstrated strong financial and operational performance, achieving record revenue and net income, coupled with successful strategic initiatives like the corporate bond issuance. Despite some caution regarding macroeconomic conditions and one-time costs impacting future guidance, the company's growth and diversification efforts are robust.

Company Guidance

During the Pagaya 2Q 2025 earnings call, the company announced a record-high GAAP net income of $17 million for the second consecutive quarter. Total revenues also reached a record $326 million, with $126 million from fee revenue less production costs (FRLPC), and adjusted EBITDA of $86 million. Pagaya highlighted its strong operational efficiency, attributing success to improved funding and unit economics. The company raised its full-year financial outlook, citing sustained growth and increased demand for its products. Additionally, Pagaya emphasized its unique business model, which supports multiple lending partners by generating $250 billion in quarterly loan flow without significant marketing costs. The company reported a diversification in its originations, with 30% now coming from point-of-sale and auto lending, up from 9% a year ago. It also increased its forward flow capacity by $5 billion through an expanded partnership with Castlelake. Looking ahead, Pagaya plans to focus on growth by expanding its partner base and product offerings, supported by its recent $500 million corporate bond issuance, which is expected to reduce costs and enhance capital structure. The company's network volume guidance for Q3 2025 is set between $2.75 billion and $2.95 billion, with total revenue projections of $330 million to $350 million. For the full year, Pagaya expects network volume between $10.5 billion and $11.5 billion, with total revenue ranging from $1.25 billion to $1.325 billion, and adjusted EBITDA between $345 million and $370 million.

Record-Breaking Financial Performance

Pagaya reported its second consecutive quarter of positive GAAP net income at a record high of $17 million and total revenues of $326 million, both record achievements. Adjusted EBITDA was $86 million, reflecting strong operational performance.

Successful Corporate Bond Issuance

Pagaya successfully raised $500 million through its first corporate bond issuance, reducing the cost of debt from approximately 11% to 9% and providing $12 million in expected annualized interest savings.

Growth in Diversified Segments

30% of originations now come from point-of-sale and auto lending, up from 9% a year ago. The company also expanded its forward flow capacity with Castlelake by $5 billion since the end of 2024.

Strong Funding and Credit Performance

Issued $2.3 billion in ABS program across 6 transactions, maintaining AAA ratings on personal loan ABS, and closed its first AAA-rated auto ABS transaction.

Pagaya Technologies Ltd (PGY) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

PGY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	0.21 / -	-0.93	―	―	―
Aug 07, 2025	2025 (Q2)	0.18 / 0.20	-1.04	119.23% (+1.24)
May 07, 2025	2025 (Q1)	-0.14 / 0.10	-0.33	130.30% (+0.43)
Feb 13, 2025	2024 (Q4)	-0.52 / -3.20	-0.24	-1233.33% (-2.96)
Nov 12, 2024	2024 (Q3)	-0.19 / -0.93	-0.36	-158.33% (-0.57)
Aug 09, 2024	2024 (Q2)	-0.01 / -1.04	-0.48	-116.67% (-0.56)
May 09, 2024	2024 (Q1)	0.15 / -0.33	-1.08	69.44% (+0.75)
Feb 21, 2024	2023 (Q4)	-0.10 / -0.24	-0.6	60.00% (+0.36)
Nov 02, 2023	2023 (Q3)	-0.22 / -0.36	-1.32	72.73% (+0.96)
Aug 10, 2023	2023 (Q2)	-0.34 / -0.48	-2.88	83.33% (+2.40)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

PGY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$31.36	$30.62	-2.36%
May 07, 2025	$11.49	$11.25	-2.09%
Feb 13, 2025	$11.78	$14.64	+24.28%
Nov 12, 2024	$16.89	$10.88	-35.58%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.