Pagaya Posts Record Q2 and Lifts Full-Year Net Income Guidance by ~25%
PGY sits 76% above its 52-week low of $10.4.
Summary
Pagaya delivered record Q2 2026 results — $45M GAAP net income, $3.5B network volume, $387M revenue, $124M adjusted EBITDA — all above the high end of guidance. Full-year net income guidance was raised by ~25% to $155M-$180M.
Updates
· Reuters — Adjusted EPS was $1.07, beating the $0.33 consensus by 224%. Operating income rose 87% year-over-year.
Key Events · Earnings and Guidance · PGY
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Record Q2 Results Beat Across the Board
GAAP net income of $45M (vs. outlook $25M-$45M), network volume of $3.5B (vs. $2.875B-$3.075B), total revenue of $387M (vs. $345M-$365M), and adjusted EBITDA of $124M (vs. $100M-$115M) — all records and all above the high end of guidance.
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Full-Year Net Income Guidance Raised ~25%
FY2026 GAAP net income guidance raised to $155M-$180M, up from prior implied ~$125M-$145M, implying a Q4 exit rate above $200M. Q3 guidance: $42M-$52M net income on $3.425B-$3.625B volume.
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Auto Vertical Drives Growth
Auto network volume reached an annualized run-rate of $4.8B, contributing over 75% of YoY volume growth. The company is connected to ~30,000 dealerships and is expanding its full-spectrum lending capabilities.
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Operating Leverage at Scale
Core operating expenses were flat YoY while FRLPC grew 16%, driving adjusted EBITDA margin up 5 points to 32%. Incremental net income margin exceeded 100% of FRLPC growth.
Analysis · PGY · Finance
Every key metric hit an all-time high and topped the top end of guidance — network volume, revenue, adjusted EBITDA, and GAAP net income all set records. Full-year GAAP net income guidance was raised by roughly 25%, pointing to a Q4 exit rate above $200 million. Explosive growth in the Auto vertical, now running at a $4.8 billion annualized pace, and operating leverage that pushed incremental net income margins above 100% of FRLPC growth drove the outperformance. Credit performance remains benign, and the funding side saw record ABS issuance with upsized deals. This is a clean beat-and-raise quarter that validates the product-led growth strategy and the scalability of the model.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 49.5% of the 190 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.29%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PGY was trading at $18.30 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $10.40 to $44.99. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.