The earnings call showcased several record-breaking achievements in income and revenue, supported by successful funding initiatives and strong credit performance. However, challenges such as onboarding delays with bank partners and significant one-time costs impacting net income were noted. Despite these challenges, the overall outlook remains strong.

Company Guidance -

Q3 2025

In the Pagaya 2Q 2025 earnings call, the company reported a record GAAP net income of $17 million, marking their second consecutive quarter of profitability. Total revenue reached $326 million, with $126 million coming from fee less production costs and an adjusted EBITDA of $86 million. Pagaya raised its full-year financial outlook, citing strong growth, unit economics, and an increased partner pipeline. The company saw a significant diversification in its platform, with point-of-sale and auto lending originations rising to 30% from 9% a year ago. On the funding side, Pagaya expanded its forward flow capacity by $5 billion, representing 25% of their overall funding mix. They also issued a $500 million corporate bond, which reduced their cost of debt and enhanced cash flow. For the third quarter of 2025, Pagaya expects network volume between $2.75 billion and $2.95 billion, with total revenue ranging from $330 million to $350 million. Adjusted EBITDA is projected between $90 million and $100 million, and GAAP net income is anticipated to be between $10 million and $20 million. The full-year guidance was revised to network volumes of $10.5 billion to $11.5 billion, total revenue of $1.25 billion to $1.325 billion, and adjusted EBITDA between $345 million and $370 million, with GAAP net income ranging from $55 million to $75 million.

Record-Breaking GAAP Net Income

Pagaya reported its second consecutive quarter of positive GAAP net income at a record high of $17 million.

Record Revenue

Total revenues reached a record $326 million, with $126 million in revenues from fee less production costs and $86 million in adjusted EBITDA.

Diverse Funding and Growth

Pagaya added roughly $5 billion in forward flow capacity since the end of 2024, representing 25% of their overall funding mix.

Successful Corporate Bond Issuance

Pagaya successfully raised $500 million through its first corporate bond issuance, reducing the cost of debt from approximately 11% to approximately 9%.

Strong Credit Performance

Credit performance remains strong and stable with personal loan net losses trending 30% to 40% lower than peak levels.

New Partner Pipeline

Pagaya is in late-stage discussions with several banks and fintechs, with some already in the onboarding stage.

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

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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.