Revenue rose from $242.6M to $362.2M while gross margin held a tight 39.7% to 42.6% band and operating margin climbed to 23.3%, though earnings quality remains uneven given the swings in net margin.
Pagaya Technologies Ltd. (PGY) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 1.35B | 1.26B | 1B | 772.81M | 685.41M | 445.87M | 91.74M | 36.14M |
| Revenue Growth % | 10.84% | 25.56% | 29.99% | 12.75% | 53.73% | 386.01% | 153.84% | - |
| Cost of Goods Sold | 802.02M | 749.17M | 597.65M | 508.94M | 451.08M | 232.32M | 49.09M | 27.97M |
| COGS % of Revenue | - | 59.39% | 59.49% | 65.86% | 65.81% | 52.11% | 53.5% | 77.39% |
| Gross Profit | 545.8M | 512.17M | 406.9M | 263.87M | 234.33M | 213.54M | 42.66M | 8.17M |
| Gross Margin % | 40.49% | 40.61% | 40.51% | 34.14% | 34.19% | 47.89% | 46.5% | 22.61% |
| Gross Profit Growth % | - | 25.87% | 54.2% | 12.61% | 9.73% | 400.63% | 421.97% | - |
| Operating Expenses | 250.19M | 288.36M | 340.06M | 288.27M | 549.35M | 219.35M | 21.4M | 12.08M |
| OpEx % of Revenue | - | 22.86% | 33.85% | 37.3% | 80.15% | 49.2% | 23.33% | 33.41% |
| Selling, General & Admin | 180.48M | 213.15M | 291.19M | 253.12M | 398.42M | 181.86M | 16.34M | 6.44M |
| SG&A % of Revenue | - | 16.9% | 28.99% | 32.75% | 58.13% | 40.79% | 17.81% | 17.82% |
| Research & Development | 69.72M | 75.21M | 76.57M | 74.38M | 150.93M | 66.21M | 12.33M | 5.43M |
| R&D % of Revenue | - | 5.96% | 7.62% | 9.63% | 22.02% | 14.85% | 13.44% | 15.04% |
| Other Operating Expenses | 0 | 0 | -27.7M | -39.24M | 0 | -28.72M | -7.27M | 200K |
| Operating Income | 295.6M | 223.81M | 66.84M | -24.4M | -315.02M | -5.81M | 21.25M | -3.9M |
| Operating Margin % | 21.93% | 17.74% | 6.65% | -3.16% | -45.96% | -1.3% | 23.17% | -10.8% |
| Operating Income Growth % | - | 234.84% | 373.93% | 92.25% | -5322.95% | -127.33% | 644.39% | - |
| EBITDA | 314.76M | 253.88M | 95.59M | -5.27M | -308.73M | -4.99M | 21.54M | -3.81M |
| EBITDA Margin % | 23.35% | 20.13% | 9.52% | -0.68% | -45.04% | -1.12% | 23.48% | -10.55% |
| EBITDA Growth % | 42.53% | 165.59% | 1912.88% | 98.29% | -6081.92% | -123.18% | 664.99% | - |
| D&A (Non-Cash Add-back) | 19.16M | 30.08M | 28.75M | 19.13M | 6.29M | 815K | 290K | 91K |
| EBIT | 174.84M | 51.63M | 39.14M | -63.64M | -315.02M | -34.53M | 13.98M | -3.9M |
| Net Interest Income | 83.31M | 48.43M | 32.29M | 38.75M | 57.76M | 28.88M | 6.99M | 0 |
| Interest Income | 83.31M | 48.43M | 32.29M | 38.75M | 57.76M | 28.88M | 6.99M | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -159.44M | -172.18M | -487.96M | -156.77M | 38.65M | -55.84M | -55K | -124K |
| Pretax Income | 136.17M | 51.63M | -421.12M | -181.17M | -276.37M | -61.65M | 21.2M | -4.03M |
| Pretax Margin % | 10.1% | 4.09% | -41.92% | -23.44% | -40.32% | -13.83% | 23.11% | -11.15% |
| Income Tax | -3.86M | -19.75M | 24.58M | 15.57M | 16.4M | 7.88M | 1.28M | 172K |
| Effective Tax Rate % | -2.83% | -38.25% | -5.84% | -8.59% | -5.93% | -12.77% | 6.02% | -4.27% |
| Net Income | 154M | 81.39M | -401.41M | -128.44M | -302.32M | -91.15M | 14.47M | -5.62M |
| Net Margin % | 11.43% | 6.45% | -39.96% | -16.62% | -44.11% | -20.44% | 15.77% | -15.55% |
| Net Income Growth % | 180.7% | 120.28% | -212.53% | 57.52% | -231.67% | -729.93% | 357.47% | - |
| Net Income (Continuing) | 140.03M | 71.37M | -445.7M | -196.74M | -292.77M | -69.52M | 19.92M | -4.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 44.18M | 75.33M | 115.06M | 106.03M | 211.9M | 176.06M | 84.94M | 24.8M |
| EPS (Diluted) | 1.56 | 0.93 | -5.66 | -2.14 | -8.28 | -8.25 | 0.27 | -0.53 |
| EPS Growth % | 162.08% | 116.43% | -164.49% | 74.15% | -0.36% | -3155.56% | 150.94% | - |
| EPS (Basic) | - | 0.99 | -5.66 | -2.14 | -8.28 | -8.25 | 0.31 | -0.54 |
| Diluted Shares Outstanding | 98.47M | 83.1M | 70.88M | 60.04M | 58.3M | 16.28M | 18.38M | 15.93M |
| Basic Shares Outstanding | 83.67M | 78.34M | 70.88M | 60.02M | 38.25M | 16.28M | 18.38M | 15.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PGY stock.
For fiscal year 2025, Pagaya Technologies Ltd. (PGY) reported total revenue of $1.26B. This represents a 3390.1% increase compared to $36.1M in 2019.
Pagaya Technologies Ltd. (PGY) is profitable, generating $81.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.5%.
Pagaya Technologies Ltd. (PGY) reported an operating income of $223.8M, resulting in an operating profit margin of 17.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Pagaya Technologies Ltd. (PGY) generated $512.2M in gross profit for the year, representing a gross profit margin of 40.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Credit loss and funding exposure
Metrics are mathematically derived from official filings.
Revenue Re-Accelerated After Mid-2024 Trough
According to the reported quarterly income statements, PGY revenue climbed from $242.6M in 2024Q2 to $362.2M in 2026Q3, a roughly 49% increase that suggests a durable recovery in platform volumes rather than a single-quarter spike.
The sequential progression shows growth decelerating to mid-single digits in the most recent quarters after running at 30-36% year-over-year in 2025, which may indicate the expansion phase is maturing. Investors should monitor whether volume growth can be sustained without relying on incremental pricing or loosened origination standards. The data does not disclose the mix between volume and pricing, so the durability of this growth cannot be fully assessed from the income statement alone.
Gross Margin Holds Within a Narrow Band
As reported in the quarterly statements, PGY gross margin has stayed between 39.7% and 42.6% across the ten quarters, a tight range that suggests limited cyclicality in its revenue-to-cost relationship.
The stability implies cost of revenue scales roughly in line with revenue, which is consistent with a fee-based or variable-cost model rather than one with heavy fixed-cost leverage. Without peer gross margin data for direct comparison, it is difficult to judge whether this represents genuine pricing power. The margin appears steady rather than expanding, which warrants further investigation into the components of cost of revenue.
Operating Margin Recovery Driven by Overhead Discipline
Based on PGY's reported figures, SG&A fell from $77.8M in 2024Q2 to $44.9M in 2026Q3 while operating margin rose from 2.1% to 23.3%, indicating overhead scaling faster than gross profit.
This divergence suggests the operating margin recovery came predominantly from cost containment rather than gross profit growth alone, since gross profit rose by roughly 51% over the same window. Such leverage is valuable but may be less repeatable if cost cuts have already been fully realized. Investors should watch whether SG&A growth remains below revenue growth in future periods.
Net Income Swings Distorted by Prior Charges
According to the reported figures, PGY posted a net loss of $237.9M in 2024Q4 against $49.7M of net income in 2026Q3, a swing that appears heavily influenced by non-operating and one-time items rather than operating performance.
The gap between operating income and net income in several quarters, including a sizable net loss in 2024Q4 despite positive operating income, suggests material non-operating charges, tax effects, or fair value adjustments. Stock-based compensation remained meaningful in several periods, which may dilute the economic value of reported earnings. Reported EPS of 0.52 in the latest quarter therefore warrants caution until the composition of below-the-line items is clarified.
Profitability Could Prove Cyclical Rather Than Structural
Based on reported figures, PGY's net margin moved from -86.3% in 2024Q4 to 13.7% in 2026Q3, and the sharp reversal may indicate earnings are more sensitive to credit and funding conditions than the margin trend alone suggests.
A bearish reading would argue that the recent profit recovery reflects a favorable credit cycle and that elevated provisions or funding costs could compress margins quickly if conditions tighten. The income statement alone does not disclose loss provisions or funding terms, so this risk cannot be verified from the supplied data. Investors should monitor whether the operating margin holds above 20% through a less favorable environment before treating it as durable.