Pagaya Posts Record $50M Q3 Net Income, Raises Full-Year Guidance for Third Time
PGY sits 94% above its 52-week low of $10.4.
Summary
Pagaya reported record Q3 2026 GAAP net income of $50 million on $3.6 billion of network volume and raised full-year net income guidance to $162-$182 million, though FRLPC margin compressed 91 bps on higher benchmark rates; network volume and revenue both landed at the top of outlook ranges, with FY26 revenue guided to $1.45-$1.5 billion and adjusted EBITDA to $465-$485 million.
Updated with a BusinessWire report · What changed
Updates
· BusinessWire — Pagaya's Q3 network volume of $3.6 billion and revenue of $390 million came in at the top of outlook ranges, and FY26 revenue guidance is $1.45-$1.5 billion with adjusted EBITDA of $465-$485 million.
Key Events · Earnings and Guidance · PGY
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Updated · · BusinessWire
Volume Up 29%, Margin Compresses
Network volume reached $3.6 billion and revenue $390 million, up 12%, both at the top of outlook ranges, but FRLPC fell to 4.1% of volume from 5.0% as benchmark rates rose about 130 bps this year.
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Updated · · BusinessWire
Full-Year Guidance Raised Again
FY26 GAAP net income guidance lifted to $162-$182 million, the third raise this year, implying roughly 106% year-over-year growth; Q4 net income guided to $42-$62 million, and FY26 revenue guidance is $1.45-$1.5 billion with adjusted EBITDA of $465-$485 million.
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Record Q3 Net Income of $50M
GAAP net income attributable to Pagaya was $49.7 million, up $27 million year-over-year and at the high end of the $42-$52 million outlook; operating income rose 41% to $113 million.
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Two New Bank Partners Onboarded
Citizens Financial Group (Personal Loans) and FNBO (point-of-sale) joined, bringing new partners to six year-to-date versus a 2-4 annual target, with the pipeline up over 50% year-over-year.
Analysis · PGY · Finance
Pagaya delivered record GAAP net income of $50 million, up $27 million year-over-year and at the top of its $42-$52 million outlook, while network volume grew 29% to $3.6 billion and adjusted EBITDA rose 22% to $130 million at a 33% margin. Both network volume and revenue of $390 million came in at the top of outlook ranges. The one blemish is margin quality: FRLPC as a percentage of network volume fell 91 basis points to 4.1% because benchmark rates rose about 130 bps this year, and management is passing that cost through with 100 bps of higher Personal Loan APRs and 140 bps in Auto, expecting FRLPC % to recover into 2027. Management raised full-year GAAP net income guidance to $162-$182 million, the third raise this year, which implies roughly 106% year-over-year growth, and set FY26 revenue guidance at $1.45-$1.5 billion with adjusted EBITDA of $465-$485 million. The quarter also added Citizens Financial Group and FNBO as bank partners and closed over $2 billion of committed funding capacity, supporting the thesis that banks are adopting the network.
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At the time of this filing, PGY was trading at $20.20 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $10.40 to $29.75. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.