What is Pagaya Technologies' operating income?

Pagaya Technologies' total operating income in 2025 was $263.83 million, based on the following breakdown: Total Gross Profit: $552.19 million Total Operating Expenses: $288.36 million

Pagaya Technologies (PGY) Financials

$20.42 -0.14 (-0.68%)

Closing price 04:00 PM Eastern

Extended Trading

$20.44 +0.02 (+0.10%)

As of 07:59 PM Eastern

Compare

Annual Income Statements for Pagaya Technologies

This table shows Pagaya Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	4.91	-134	-315	-128	-401	81
Consolidated Net Income / (Loss)	20	-70	-293	-197	-446	71
Net Income / (Loss) Continuing Operations	20	-70	-293	-197	-446	71
Total Pre-Tax Income	21	-62	-276	-181	-421	52
Total Operating Income	21	-5.81	-252	-24	67	264
Total Gross Profit	50	242	298	303	435	552
Total Revenue	99	475	749	812	1,032	1,301
Operating Revenue	99	475	749	812	1,032	1,301
Total Cost of Revenue	49	232	451	509	598	749
Operating Cost of Revenue	49	232	451	509	598	749
Total Operating Expenses	29	248	549	328	368	288
Selling, General & Admin Expense	11	132	294	203	241	160
Marketing Expense	5.67	50	104	50	50	54
Research & Development Expense	12	66	151	74	77	75
Total Other Income / (Expense), net	-0.06	-56	-25	-157	-488	-212
Interest Expense	-	-	-	0.00	0.20	25
Interest & Investment Income	-	-	-	-131	-404	-107
Other Income / (Expense), net	-0.06	-56	-25	-25	-84	-80
Income Tax Expense	1.28	7.88	16	16	25	-20
Net Income / (Loss) Attributable to Noncontrolling Interest	15	41	22	-68	-44	-10
Basic Earnings per Share	$0.03	($8.25)	($8.22)	($2.14)	($5.66)	$0.99
Weighted Average Basic Shares Outstanding	191.15M	16.28M	38.25M	60.04M	70.88M	78.34M
Diluted Earnings per Share	$0.02	($8.25)	($8.22)	($2.14)	($5.66)	$0.93
Weighted Average Diluted Shares Outstanding	206.92M	16.28M	38.25M	60.04M	70.88M	83.10M
Weighted Average Basic & Diluted Shares Outstanding	-	-	683.31M	67.98M	80.30M	84.55M

This table shows Pagaya Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-14	-21	-75	-67	-238	7.89	17	21	37	25	45
Consolidated Net Income / (Loss)	-20	-32	-83	-74	-257	2.49	17	23	29	24	42
Net Income / (Loss) Continuing Operations	-20	-32	-83	-74	-257	2.49	17	23	29	24	42
Total Pre-Tax Income	-15	-27	-68	-86	-241	-0.05	22	8.06	22	27	41
Total Operating Income	11	7.69	5.03	22	32	48	56	80	80	80	106
Total Gross Profit	84	100	105	108	121	123	135	150	145	140	168
Total Revenue	218	245	250	257	279	290	326	350	335	318	387
Operating Revenue	218	245	250	257	279	290	326	350	335	318	387
Total Cost of Revenue	134	145	146	149	158	167	191	201	190	178	219
Operating Cost of Revenue	134	145	146	149	158	167	191	201	190	178	219
Total Operating Expenses	73	93	100	86	89	75	78	70	65	60	63
Selling, General & Admin Expense	46	63	64	58	55	46	40	37	36	33	35
Marketing Expense	9.58	10	13	11	15	9.59	20	14	9.88	11	10
Research & Development Expense	18	19	22	17	19	19	18	18	19	16	17
Total Other Income / (Expense), net	-26	-34	-73	-108	-272	-48	-35	-72	-58	-53	-65
Interest Expense	-	-	-	0.20	-	0.00	0.50	25	-	-0.77	-0.74
Interest & Investment Income	-	-	-	-78	-	-29	-14	-20	-	-38	-42
Other Income / (Expense), net	-26	-34	-73	-30	-272	-19	-20	-27	30	-15	-23
Income Tax Expense	5.06	5.00	15	-12	17	-2.54	4.98	-15	-6.97	3.15	-1.09
Net Income / (Loss) Attributable to Noncontrolling Interest	-5.62	-10	-7.89	-6.76	-19	-5.40	-0.09	1.99	-8.02	-0.53	-2.94
Basic Earnings per Share	($0.24)	($0.33)	($1.04)	($0.93)	($3.36)	$0.10	$0.20	$0.27	$0.47	$0.29	$0.53
Weighted Average Basic Shares Outstanding	60.04M	64.50M	71.77M	72.73M	70.88M	75.77M	76.87M	78.54M	78.34M	82.72M	83.18M
Diluted Earnings per Share	($0.24)	($0.33)	($1.04)	($0.93)	($3.36)	$0.10	$0.20	$0.23	$0.47	$0.28	$0.49
Weighted Average Diluted Shares Outstanding	60.04M	64.50M	71.77M	72.73M	70.88M	77.04M	79.67M	91.05M	83.10M	96.75M	97.25M
Weighted Average Basic & Diluted Shares Outstanding	67.98M	75.90M	76.82M	78.66M	80.30M	80.71M	81.61M	82.42M	84.55M	84.90M	85.45M

This table details how cash moves in and out of Pagaya Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	1.00	199	133	-115	3.98	62
Net Cash From Operating Activities	4.26	50	-40	-22	48	239
Net Cash From Continuing Operating Activities	4.26	50	-40	-22	48	239
Net Income / (Loss) Continuing Operations	20	-70	-293	-197	-446	71
Consolidated Net Income / (Loss)	20	-70	-293	-197	-446	71
Depreciation Expense	0.29	0.82	6.29	19	29	30
Amortization Expense	-	-	0.00	0.00	3.74	11
Non-Cash Adjustments To Reconcile Net Income	-0.18	121	288	208	480	199
Changes in Operating Assets and Liabilities, net	-16	-2.86	-42	-52	-19	-73
Net Cash From Investing Activities	-123	-141	-265	-381	-480	-310
Net Cash From Continuing Investing Activities	-123	-141	-265	-381	-480	-310
Purchase of Property, Plant & Equipment	-1.10	-6.62	-22	-20	-18	-14
Acquisitions	0.00	-23	-5.75	0.00	-15	0.16
Purchase of Investments	-103	-202	-356	-566	-694	-648
Divestitures	0.35	8.93	0.45	1.61	0.03	0.00
Sale and/or Maturity of Investments	29	29	113	203	247	352
Net Cash From Financing Activities	120	290	438	289	437	130
Net Cash From Continuing Financing Activities	120	290	438	289	437	130
Repayment of Debt	0.00	0.00	-65	-261	-541	-708
Payment of Dividends	-20	-82	-78	-44	-9.82	-26
Issuance of Debt	0.00	38	182	468	819	856
Issuance of Preferred Equity	65	173	0.00	74	0.00	0.00
Issuance of Common Equity	75	172	107	52	169	6.92
Other Financing Activities, net	0.00	0.75	292	-0.65	0.00	0.00
Effect of Exchange Rate Changes	-	-	0.00	-0.52	-0.59	3.32
Cash Interest Paid	0.00	0.00	4.34	18	80	92
Cash Income Taxes Paid	0.32	2.61	6.94	9.17	4.91	2.50

This table details how cash moves in and out of Pagaya Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-62	88	-42	-87	45	3.12	12	23	24	92	-76
Net Cash From Operating Activities	19	18	15	-1.50	32	34	57	67	80	43	75
Net Cash From Continuing Operating Activities	19	18	15	-1.50	32	34	57	67	80	43	75
Net Income / (Loss) Continuing Operations	-20	-32	-83	-74	-257	2.49	17	23	29	24	42
Consolidated Net Income / (Loss)	-20	-32	-83	-74	-257	2.49	17	23	29	24	42
Depreciation Expense	5.97	6.32	7.04	7.12	8.28	7.72	7.59	7.64	7.13	3.86	3.92
Amortization Expense	-	0.48	-	-	1.67	2.40	3.45	2.41	3.00	5.19	6.43
Non-Cash Adjustments To Reconcile Net Income	30	36	75	94	268	46	37	66	51	41	57
Changes in Operating Assets and Liabilities, net	2.64	6.81	16	-31	11	-24	-7.02	-32	-10	-31	-35
Net Cash From Investing Activities	-97	-228	-120	-111	-36	-27	-125	-57	-100	-16	-119
Net Cash From Continuing Investing Activities	-97	-228	-120	-111	-36	-27	-125	-57	-100	-16	-119
Purchase of Property, Plant & Equipment	-4.63	-5.15	-4.38	-4.24	-3.98	-3.78	-3.80	-3.24	-3.09	-3.18	-3.45
Purchase of Investments	-130	-262	-147	-130	-155	-82	-192	-103	-271	-209	-287
Divestitures	-	0.00	-	0.03	-	0.16	-	-0.16	-	0.00	2.70
Sale and/or Maturity of Investments	38	39	31	23	138	59	71	49	174	196	169
Net Cash From Financing Activities	12	299	64	25	49	-3.78	78	12	43	64	-33
Net Cash From Continuing Financing Activities	12	299	64	25	49	-3.78	78	12	43	64	-33
Repayment of Debt	-54	-183	-44	-42	-272	-51	-114	-505	-36	-94	-157
Payment of Dividends	-4.45	-2.52	-2.80	-2.57	-1.93	-4.44	-3.98	-3.55	-14	-6.13	-12
Issuance of Debt	44	386	110	63	260	49	196	519	92	164	136
Issuance of Common Equity	27	98	0.02	9.69	61	2.86	1.12	2.57	0.38	0.80	0.10
Effect of Exchange Rate Changes	3.69	-0.82	-0.90	0.54	0.59	-0.65	1.93	0.77	1.27	0.18	1.89

This table presents Pagaya Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	590	1,045	1,208	1,291	1,546
Total Current Assets	247	420	303	1,158	1,234
Cash & Equivalents	191	310	186	188	235
Restricted Cash	7.00	23	17	39	53
Short-Term Investments	5.14	1.01	2.49	778	945
Plant, Property, & Equipment, net	7.65	32	42	38	30
Total Noncurrent Assets	336	594	863	95	282
Long-Term Investments	292	489	741	22	14
Noncurrent Note & Lease Receivables	19	39	34	-	153
Goodwill	-	0.00	11	23	23
Intangible Assets	-	0.00	2.55	13	7.66
Other Noncurrent Operating Assets	19	66	75	37	85
Total Liabilities & Shareholders' Equity	590	1,045	1,208	1,291	1,546
Total Liabilities	106	280	468	775	960
Total Current Liabilities	29	128	75	199	79
Accounts Payable	12	1.74	1.29	6.99	3.93
Accrued Expenses	17	49	29	45	75
Total Noncurrent Liabilities	77	152	393	577	882
Long-Term Debt	38	93	324	497	824
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.57	22	-	19
Other Noncurrent Operating Liabilities	27	50	47	79	39
Redeemable Noncontrolling Interest	307	0.00	74	74	30
Total Equity & Noncontrolling Interests	177	765	666	442	555
Total Preferred & Common Equity	1.29	554	560	326	480
Total Common Equity	1.29	554	560	326	480
Common Stock	113	968	1,102	1,282	1,391
Retained Earnings	-112	-414	-543	-944	-863
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.71	0.44	-11	-48
Noncontrolling Interest	176	212	106	115	75

This table presents Pagaya Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	1,483	1,453	1,371	1,278	1,399	1,455	1,649	1,693
Total Current Assets	399	361	298	356	362	1,307	1,321	1,345
Cash & Equivalents	274	234	147	187	183	218	318	249
Restricted Cash	17	17	18	18	24	46	62	55
Short-Term Investments	1.30	1.66	11	20	22	888	941	1,040
Plant, Property, & Equipment, net	43	41	39	36	34	32	31	33
Total Noncurrent Assets	1,041	1,051	1,033	887	1,002	115	296	316
Long-Term Investments	920	936	938	762	868	15	15	11
Noncurrent Note & Lease Receivables	35	33	31	28	31	-	171	190
Goodwill	11	11	11	23	23	23	23	23
Intangible Assets	1.91	1.28	0.64	12	11	9.09	6.23	4.80
Other Noncurrent Operating Assets	73	70	53	61	70	69	81	86
Total Liabilities & Shareholders' Equity	1,483	1,453	1,371	1,278	1,399	1,455	1,649	1,693
Total Liabilities	683	763	754	763	857	889	1,019	1,014
Total Current Liabilities	169	241	254	199	254	202	67	84
Accounts Payable	3.14	7.30	5.84	10	9.19	5.06	3.80	4.05
Accrued Expenses	37	36	33	34	40	49	63	80
Total Noncurrent Liabilities	514	522	499	565	602	688	952	930
Long-Term Debt	445	444	446	508	544	619	895	875
Noncurrent Deferred & Payable Income Tax Liabilities	0.11	0.11	0.19	26	26	-	24	22
Other Noncurrent Operating Liabilities	43	41	31	31	32	68	33	33
Redeemable Noncontrolling Interest	74	74	74	74	74	30	30	30
Total Equity & Noncontrolling Interests	726	616	543	441	468	536	599	649
Total Preferred & Common Equity	627	526	462	335	367	438	529	594
Total Common Equity	627	526	462	335	367	440	529	594
Common Stock	1,215	1,236	1,259	1,299	1,319	1,381	1,400	1,409
Retained Earnings	-564	-639	-706	-936	-919	-897	-838	-793
Accumulated Other Comprehensive Income / (Loss)	-24	-71	-90	-27	-33	-45	-32	-22
Noncontrolling Interest	99	90	80	105	101	98	70	55

This table displays calculated financial ratios and metrics derived from Pagaya Technologies' official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	82,423,087.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	82,423,087.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	0.99
Growth Metrics	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	20	-4.07	-176	-17	47	365
Return On Investment Capital (ROIC_SIMPLE)	-	-	-19.14%	-1.66%	4.31%	29.63%
Earnings before Interest and Taxes (EBIT)	21	-62	-276	-181	-421	183
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	21	-61	-270	-162	-389	225
Valuation Ratios	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-31	-247	-74	35	337
Efficiency Ratios	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	27	98	155	167	14
Increase / (Decrease) in Invested Capital	0.00	27	71	57	12	27
Book Value per Share	$0.00	$0.08	$14.47	$0.82	$4.15	$5.82
Tangible Book Value per Share	$0.00	$0.08	$14.47	$0.80	$3.69	$5.45
Total Capital	0.00	522	920	1,102	1,160	1,261
Total Debt	0.00	38	155	362	644	675
Total Long-Term Debt	0.00	38	93	324	517	675
Net Debt	0.00	-457	-668	-585	-349	-572
Capital Expenditures (CapEx)	1.10	6.62	22	20	18	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	15	20	60	69	-20
Debt-free Net Working Capital (DFNWC)	0.00	218	354	266	283	1,214
Net Working Capital (NWC)	0.00	218	292	228	156	1,214
Net Nonoperating Expense (NNE)	0.05	65	117	180	492	293
Net Nonoperating Obligations (NNO)	0.00	-457	-668	-585	-349	-572
Total Depreciation and Amortization (D&A)	0.29	0.82	6.29	19	32	41
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($8.28)	$0.00	($5.66)	$0.99
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	38.25M	0.00	70.88M	78.34M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($8.28)	$0.00	($5.66)	$0.93
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	38.25M	0.00	70.88M	83.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	56.94M	0.00	80.30M	84.55M
Normalized Net Operating Profit after Tax (NOPAT)	20	-4.07	-176	-17	47	185
Debt Service Ratios	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Pagaya Technologies' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	82,423,087.00	84,553,583.00	84,916,870.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	82,423,087.00	84,553,583.00	84,916,870.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.45	0.29	0.53
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	31.42%	27.98%	21.48%	28.14%	18.23%	30.38%	36.13%	-	9.64%	18.58%
EBITDA Growth	0.00%	77.54%	-169.69%	-87.59%	-2,457.84%	150.69%	153.99%	208,846.67%	-	88.24%	98.95%
EBIT Growth	0.00%	71.01%	-151.23%	-82.08%	-1,505.64%	99.82%	131.60%	760.48%	-	122.73%	128.25%
NOPAT Growth	0.00%	130.79%	149.10%	13,717.28%	197.96%	520.09%	1,133.89%	1,372.93%	-	112.05%	150.10%
Net Income Growth	0.00%	67.90%	-157.25%	-61.58%	-1,183.26%	107.87%	120.03%	131.35%	-	869.54%	155.59%
EPS Growth	0.00%	67.96%	-96.23%	-158.33%	-1,300.00%	130.30%	119.23%	124.73%	-	180.00%	145.00%
Operating Cash Flow Growth	0.00%	174.81%	941.90%	-109.32%	69.21%	94.40%	517.00%	1,043.38%	-	25.44%	30.26%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	110.52%	102.69%	361.66%	-	245.84%	2,305.28%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	7.60%	11.53%	29.89%	-88.60%	-	9.75%	14.12%
Revenue Q/Q Growth	2.97%	12.49%	2.07%	2.75%	8.61%	3.79%	12.56%	7.28%	-	-5.04%	21.73%
EBITDA Q/Q Growth	78.50%	-120.38%	-200.49%	-28.65%	-193.22%	104.37%	223.55%	92.21%	-	-38.40%	26.61%
EBIT Q/Q Growth	68.19%	-77.95%	-155.70%	-25.80%	-180.50%	99.98%	44,977.08%	144.10%	-	-40.97%	28.34%
NOPAT Q/Q Growth	6,475.31%	-27.81%	-34.63%	345.28%	41.79%	50.24%	30.08%	431.54%	-	-32.53%	53.42%
Net Income Q/Q Growth	56.38%	-58.02%	-161.13%	10.22%	-246.39%	100.97%	564.65%	40.51%	-	-16.81%	75.22%
EPS Q/Q Growth	56.38%	-37.50%	-215.15%	10.58%	-261.29%	102.98%	100.00%	15.00%	-	-40.43%	75.00%
Operating Cash Flow Q/Q Growth	17.40%	-6.54%	-24.32%	-109.71%	2,231.85%	7.37%	66.58%	16.91%	-	-45.88%	72.99%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	12.46%	-8.72%	107.37%	49.88%	-77.62%	10,480.67%	-	175.74%	55.62%
Invested Capital Q/Q Growth	0.00%	-0.80%	-13.24%	17.59%	6.32%	2.82%	1.04%	-89.68%	-	15.89%	5.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.32%	40.93%	41.84%	42.09%	43.38%	42.38%	41.34%	42.72%	-	44.15%	43.49%
EBITDA Margin	-4.13%	-8.10%	-24.42%	-30.57%	-82.53%	3.47%	9.98%	17.88%	-	23.15%	24.07%
Operating Margin	4.89%	3.14%	2.01%	8.70%	11.36%	16.44%	17.30%	22.83%	-	25.16%	27.34%
EBIT Margin	-6.87%	-10.87%	-27.23%	-33.34%	-86.09%	-0.02%	6.60%	15.02%	-	20.30%	21.40%
Profit (Net Income) Margin	-9.19%	-12.91%	-33.03%	-28.86%	-92.03%	0.86%	5.07%	6.65%	-	7.60%	10.94%
Tax Burden Percent	133.75%	118.77%	121.29%	86.56%	106.89%	-5,191.67%	76.89%	288.64%	-	88.47%	102.64%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	15.33%	-	42.32%	49.80%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	23.11%	-188.64%	-	11.53%	-2.64%
Return on Invested Capital (ROIC)	17.89%	24.83%	19.48%	75.31%	50.96%	76.14%	99.91%	938.77%	-	164.35%	209.97%
ROIC Less NNEP Spread (ROIC-NNEP)	22.60%	36.29%	50.47%	114.40%	110.80%	82.38%	105.72%	979.95%	-	176.24%	225.57%
Return on Net Nonoperating Assets (RNNOA)	-17.86%	-29.31%	-40.70%	-85.28%	-82.37%	-61.99%	-79.37%	-835.02%	-	-120.78%	-156.95%
Return on Equity (ROE)	0.04%	-4.48%	-21.22%	-9.97%	-31.42%	14.15%	20.54%	103.75%	-	43.57%	53.02%
Cash Return on Invested Capital (CROIC)	-47.95%	0.00%	0.00%	0.00%	21.73%	35.03%	46.16%	331.80%	-	184.44%	210.75%
Operating Return on Assets (OROA)	-4.95%	-6.38%	-17.34%	-23.61%	-71.11%	-0.01%	5.34%	13.24%	-	18.44%	19.24%
Return on Assets (ROA)	-6.62%	-7.58%	-21.03%	-20.44%	-76.01%	0.67%	4.10%	5.86%	-	6.90%	9.83%
Return on Common Equity (ROCE)	0.03%	-3.51%	-16.18%	-7.47%	-22.17%	10.36%	14.88%	79.17%	-	32.93%	41.72%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-20.70%	-34.28%	-45.12%	0.00%	-122.67%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	7.46	5.38	3.52	16	22	33	43	231	105	71	109
NOPAT Margin	3.42%	2.19%	1.41%	6.09%	7.95%	11.51%	13.30%	65.91%	-	22.26%	28.06%
Net Nonoperating Expense Percent (NNEP)	-4.70%	-11.47%	-30.99%	-39.09%	-59.84%	-6.24%	-5.81%	-41.17%	-	-11.89%	-15.60%
Return On Investment Capital (ROIC_SIMPLE)	0.73%	0.42%	-	-	2.05%	3.08%	3.63%	19.98%	8.52%	4.74%	7.13%
Cost of Revenue to Revenue	61.68%	59.07%	58.16%	57.91%	56.62%	57.62%	58.66%	57.28%	-	55.85%	56.51%
SG&A Expenses to Revenue	21.00%	25.71%	25.74%	22.47%	19.86%	15.93%	12.36%	10.55%	-	10.48%	9.07%
R&D to Revenue	8.05%	7.90%	8.76%	6.47%	6.66%	6.71%	5.65%	5.21%	-	5.01%	4.48%
Operating Expenses to Revenue	33.44%	37.80%	39.83%	33.39%	32.02%	25.94%	24.04%	19.89%	-	18.99%	16.16%
Earnings before Interest and Taxes (EBIT)	-15	-27	-68	-86	-241	-0.05	22	53	109	65	83
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-9.02	-20	-61	-79	-231	10	33	63	119	74	93
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.68	0.09	1.84	1.76	2.24	2.51	4.69	5.50	-	1.86	2.61
Price to Tangible Book Value (P/TBV)	1.73	0.09	1.89	1.80	2.51	2.80	5.16	5.93	-	1.97	2.74
Price to Revenue (P/Rev)	1.16	0.07	1.05	0.84	0.71	0.78	1.49	1.94	-	0.74	1.11
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	10.03	12.22
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	9.97%	8.18%
Enterprise Value to Invested Capital (EV/IC)	3.47	0.00	4.31	3.23	3.42	3.95	8.80	111.86	-	3.42	5.83
Enterprise Value to Revenue (EV/Rev)	0.66	0.00	0.62	0.52	0.55	0.63	1.32	1.61	-	0.48	0.83
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	2.48	3.78
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	2.94	4.34
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	34.97	15.82	12.21	9.06	13.79	13.25	-	1.85	2.77
Enterprise Value to Operating Cash Flow (EV/OCF)	56.22	0.00	8.11	9.49	8.59	8.14	11.63	9.75	-	2.60	4.36
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	16.32	11.88	21.55	6.90	-	1.94	2.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.71	0.92	1.06	1.25	1.25	1.34	1.09	-	1.42	1.29
Long-Term Debt to Equity	0.44	0.56	0.64	0.72	1.00	0.99	1.00	1.09	-	1.42	1.29
Financial Leverage	-0.79	-0.81	-0.81	-0.75	-0.74	-0.75	-0.75	-0.85	-	-0.69	-0.70
Leverage Ratio	1.50	1.85	2.11	2.22	1.99	2.10	2.31	2.39	-	2.56	2.53
Compound Leverage Factor	1.50	1.85	2.11	2.22	1.99	2.10	2.31	0.37	-	1.08	1.26
Debt to Total Capital	32.83%	41.44%	47.84%	51.45%	55.52%	55.55%	57.30%	52.25%	-	58.73%	56.31%
Short-Term Debt to Total Capital	3.42%	8.84%	14.29%	16.38%	10.94%	11.72%	14.42%	0.00%	-	0.00%	0.00%
Long-Term Debt to Total Capital	29.41%	32.60%	33.56%	35.07%	44.58%	43.83%	42.88%	52.25%	-	58.73%	56.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	16.36%	12.69%	12.39%	12.17%	16.33%	15.50%	13.82%	10.77%	-	6.56%	5.45%
Common Equity to Total Capital	50.80%	45.88%	39.77%	36.38%	28.16%	28.96%	28.88%	37.15%	-	34.72%	38.24%
Debt to EBITDA	-2.23	-6.03	-4.78	-3.87	-1.66	-1.79	-2.74	-3.05	-	3.45	2.86
Net Debt to EBITDA	3.61	6.88	4.20	2.72	0.90	0.96	1.39	2.70	-	-1.70	-1.57
Long-Term Debt to EBITDA	-2.00	-4.74	-3.35	-2.64	-1.33	-1.42	-2.05	-3.05	-	3.45	2.86
Debt to NOPAT	-21.18	97.85	38.42	20.42	13.76	8.61	6.57	4.10	-	2.57	2.10
Net Debt to NOPAT	34.24	-111.68	-33.77	-14.36	-7.46	-4.59	-3.33	-3.63	-	-1.26	-1.16
Long-Term Debt to NOPAT	-18.97	76.98	26.95	13.92	11.05	6.79	4.91	4.10	-	2.57	2.10
Altman Z-Score	1.44	0.23	0.73	0.47	-0.13	0.63	1.25	2.66	-	1.72	2.14
Noncontrolling Interest Sharing Ratio	26.05%	21.66%	23.75%	25.07%	29.43%	26.83%	27.54%	23.70%	-	24.43%	21.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.05	2.36	1.50	1.17	1.80	1.79	1.42	6.48	-	19.64	15.97
Quick Ratio	3.58	2.14	1.36	1.01	1.58	1.58	1.27	5.48	-	18.72	15.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-149	-130	-141	10	16	3.50	370	77	54	84
Operating Cash Flow to CapEx	408.91%	344.20%	353.68%	-35.51%	806.41%	911.73%	1,509.21%	2,069.32%	-	1,359.70%	2,165.93%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.82	-	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.69	-	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.56	-	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.59	0.64	0.71	0.83	0.78	0.81	0.88	-	0.91	0.90
Accounts Receivable Turnover	11.71	9.97	9.90	9.88	10.77	11.05	10.88	0.00	-	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Fixed Asset Turnover	22.18	20.36	22.78	24.67	25.96	27.30	30.72	34.72	-	39.36	41.43
Accounts Payable Turnover	336.49	168.61	75.83	98.36	144.40	94.33	80.72	131.63	-	110.08	118.83
Days Sales Outstanding (DSO)	31.18	36.63	36.86	36.95	33.90	33.03	33.55	0.00	-	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Days Payable Outstanding (DPO)	1.08	2.16	4.81	3.71	2.53	3.87	4.52	2.77	-	3.32	3.07
Cash Conversion Cycle (CCC)	30.10	34.46	32.05	33.24	31.37	29.16	29.02	-2.77	-	-3.32	-3.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	155	154	134	157	167	172	173	18	14	188	198
Invested Capital Turnover	5.23	11.31	13.86	12.36	6.41	6.61	7.51	14.24	-	7.38	7.48
Increase / (Decrease) in Invested Capital	0.00	154	134	157	12	18	40	-139	27	17	24
Enterprise Value (EV)	538	-416	576	507	571	678	1,527	2,003	-	644	1,154
Market Capitalization	943	57	968	812	731	842	1,721	2,423	-	985	1,550
Book Value per Share	$0.82	$9.22	$6.93	$6.02	$4.15	$4.18	$4.54	$5.40	$5.82	$6.26	$7.00
Tangible Book Value per Share	$0.80	$9.03	$6.77	$5.87	$3.69	$3.75	$4.13	$5.00	$5.45	$5.92	$6.67
Total Capital	1,102	1,366	1,323	1,271	1,160	1,159	1,270	1,185	1,261	1,525	1,554
Total Debt	362	566	633	654	644	644	728	619	675	895	875
Total Long-Term Debt	324	445	444	446	517	508	544	619	675	895	875
Net Debt	-585	-646	-556	-460	-349	-343	-369	-548	-572	-441	-481
Capital Expenditures (CapEx)	4.63	5.15	4.38	4.24	3.98	3.78	3.80	3.24	3.09	3.18	3.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)	60	58	56	76	69	68	63	-47	-20	-67	-84
Debt-free Net Working Capital (DFNWC)	266	351	309	252	283	293	291	1,106	1,214	1,254	1,260
Net Working Capital (NWC)	228	230	120	44	156	157	108	1,106	1,214	1,254	1,260
Net Nonoperating Expense (NNE)	27	37	86	90	279	31	27	208	76	47	66
Net Nonoperating Obligations (NNO)	-585	-646	-556	-460	-349	-343	-369	-548	-572	-441	-481
Total Depreciation and Amortization (D&A)	5.97	6.79	7.04	7.12	9.95	10	11	10	10	9.05	10
Debt-free, Cash-free Net Working Capital to Revenue	7.43%	6.64%	6.07%	7.85%	6.64%	6.32%	5.45%	-3.76%	-	-5.06%	-6.06%
Debt-free Net Working Capital to Revenue	32.78%	40.26%	33.38%	25.98%	27.40%	27.18%	25.25%	88.74%	-	94.34%	90.68%
Net Working Capital to Revenue	28.14%	26.38%	12.96%	4.53%	15.11%	14.57%	9.37%	88.74%	-	94.34%	90.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.88)	($0.33)	($1.04)	($0.93)	($3.36)	$0.10	$0.20	$0.27	$0.47	$0.29	$0.53
Adjusted Weighted Average Basic Shares Outstanding	5.00M	64.50M	71.77M	72.73M	70.88M	75.77M	76.87M	78.54M	78.34M	82.72M	83.18M
Adjusted Diluted Earnings per Share	($2.88)	($0.33)	($1.04)	($0.93)	($3.36)	$0.10	$0.20	$0.23	$0.47	$0.28	$0.49
Adjusted Weighted Average Diluted Shares Outstanding	5.00M	64.50M	71.77M	72.73M	70.88M	77.04M	79.67M	91.05M	83.10M	96.75M	97.25M
Adjusted Basic & Diluted Earnings per Share	($2.88)	$0.00	$0.00	$0.00	($3.36)	$0.00	$0.00	$0.00	$0.47	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.67M	75.90M	76.82M	78.66M	80.30M	80.71M	81.61M	82.42M	84.55M	84.90M	85.45M
Normalized Net Operating Profit after Tax (NOPAT)	7.46	5.38	3.52	16	22	33	43	56	56	71	74
Normalized NOPAT Margin	3.42%	2.19%	1.41%	6.09%	7.95%	11.51%	13.30%	15.98%	-	22.26%	19.13%
Pre Tax Income Margin	-6.87%	-10.87%	-27.23%	-33.34%	-86.09%	-0.02%	6.60%	2.30%	-	8.59%	10.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.11	-	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.25	-	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.98	-	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.12	-	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-22.25%	-26.27%	-11.19%	-5.91%	-2.20%	-2.85%	-4.14%	-6.47%	-	29.50%	29.93%
Augmented Payout Ratio	-22.25%	-26.27%	-11.19%	-6.49%	-2.20%	-2.85%	-4.14%	-6.47%	-	29.50%	29.93%

Financials Breakdown Chart

Key Financial Trends

Pagaya Technologies (NASDAQ: PGY) has shown a meaningful improvement in operating performance through the latest four-year period, although its balance sheet remains heavily tied to debt financing, investment activity and noncash adjustments.

Revenue increased from $186.6 million in Q1 2023 to $387.0 million in Q2 2026. The latest quarter also marked a strong year-over-year improvement: revenue rose 18.6% from $326.4 million in Q2 2025. Gross profit grew 24.7% year over year to $168.3 million, lifting the gross margin to approximately 43.5% from 41.4%.

Operating profitability has improved substantially. Operating income increased from losses in early 2023 to $105.8 million in Q2 2026, compared with $56.5 million in Q2 2025. The operating margin expanded to approximately 27.3% from 17.3%.
Net income and earnings per share are trending higher. Net income attributable to common shareholders reached $45.3 million, or $0.53 per basic share, in Q2 2026, compared with $16.7 million, or $0.20 per share, in the restated Q2 2025 results.
Operating cash flow has remained positive in the most recent quarters. Cash generated from operations rose to $74.7 million in Q2 2026 from $57.4 million in Q2 2025. Pagaya also reported positive operating cash flow in Q3 2025, Q4 2025 and Q1 2026.
Liquidity has expanded considerably since 2024. Cash, restricted cash and short-term investments totaled approximately $1.35 billion at June 30, 2026, compared with about $228.4 million one year earlier. Total current assets reached $1.34 billion, substantially exceeding current liabilities of $84.2 million.
Shareholders’ equity has improved. Total equity and noncontrolling interests increased to $648.8 million in Q2 2026 from $468.0 million in Q2 2025. Retained losses also narrowed to $792.7 million from $919.5 million over the same period.
The company’s recent results represent a recovery from significant prior losses. Pagaya reported common-shareholder losses of $60.9 million in Q1 2023 and $237.9 million in Q4 2024, but returned to positive common earnings in each quarter provided for 2025 and 2026.
Investment transactions are a major driver of cash movements. Pagaya purchased $287.0 million of investments and sold or received maturities of $168.8 million in Q2 2026. Similar large investment purchases and sales occurred throughout the period, making reported cash balances and investing cash flow more volatile.
Reported operating cash flow is supported by substantial noncash adjustments. Q2 2026 operating cash flow included $56.7 million of noncash adjustments, compared with $42.5 million of net income before other operating adjustments. Investors should evaluate how much of future cash generation comes from recurring business activity versus accounting and portfolio-related adjustments.
Debt remains elevated. Long-term debt stood at $874.9 million at June 30, 2026, up from $544.5 million at June 30, 2025, despite declining modestly from $895.4 million in Q1 2026. Financing activity included $135.9 million of new debt issuance and $157.2 million of debt repayment in Q2 2026.
Cash declined during the latest quarter despite positive operating cash flow. Net cash and equivalents fell by $75.6 million in Q2 2026, primarily because investing activities used $118.9 million and financing activities used $33.3 million. This highlights the company’s ongoing reliance on investment sales, new financing and portfolio turnover to manage liquidity.

Pagaya’s income statement shows the clearest positive trend: revenue, gross profit, operating income and common earnings have all improved from the losses reported in 2023 and 2024. The balance sheet also carries significant liquid investments and has benefited from stronger equity. However, the company’s debt load has grown, diluted shares increased to 97.2 million in Q2 2026 from 79.7 million in the restated Q2 2025 results, and investment-related cash flows remain unusually large.

Several 2025 figures were identified as restated in the supplied data, so investors should consult Pagaya’s latest filings when comparing historical periods. Overall, the statements suggest improving profitability and cash generation, but the durability of those improvements and the company’s ability to reduce debt without relying on additional financing remain important risks.

09/18/26 10:02 PM ETAI Generated. May Contain Errors.

Pagaya Technologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Pagaya Technologies' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Pagaya Technologies' net income appears to be on an upward trend, with a most recent value of $71.37 million in 2025, rising from $19.92 million in 2020. The previous period was -$445.70 million in 2024. Find out what analysts predict for Pagaya Technologies in the coming months.

Pagaya Technologies' total operating income in 2025 was $263.83 million, based on the following breakdown:

Total Gross Profit: $552.19 million
Total Operating Expenses: $288.36 million

Over the last 5 years, Pagaya Technologies' total revenue changed from $99.01 million in 2020 to $1.30 billion in 2025, a change of 1,214.4%.

Pagaya Technologies' total liabilities were at $960.46 million at the end of 2025, a 23.9% increase from 2024, and a 807.3% increase since 2021.

In the past 4 years, Pagaya Technologies' cash and equivalents has ranged from $186.48 million in 2023 to $309.79 million in 2022, and is currently $235.33 million as of their latest financial filing in 2025.

Over the last 5 years, Pagaya Technologies' book value per share changed from 0.00 in 2020 to 5.82 in 2025, a change of 582.4%.

Related Companies

Financial statements for NASDAQ:PGY last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Pagaya Technologies (PGY) Financials

Financials Breakdown Chart

Key Financial Trends

Pagaya Technologies Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Pagaya Technologies (PGY) Financials

Annual Income Statements for Pagaya Technologies

Quarterly Income Statements for Pagaya Technologies

Annual Cash Flow Statements for Pagaya Technologies

Quarterly Cash Flow Statements for Pagaya Technologies

Annual Balance Sheets for Pagaya Technologies

Quarterly Balance Sheets for Pagaya Technologies

Annual Metrics And Ratios for Pagaya Technologies

Quarterly Metrics And Ratios for Pagaya Technologies

Financials Breakdown Chart

Key Financial Trends

Pagaya Technologies Financials - Frequently Asked Questions

When does Pagaya Technologies' financial year end?

How has Pagaya Technologies' net income changed over the last 5 years?

What is Pagaya Technologies' operating income?

How has Pagaya Technologies' revenue changed over the last 5 years?

How much debt does Pagaya Technologies have?

How much cash does Pagaya Technologies have?

How has Pagaya Technologies' book value per share changed over the last 5 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools