Pagaya Technologies Q4 Earnings Call Highlights

1 month ago 14

MarketBeat

Mon, February 9, 2026 astatine 9:06 AM CST 9 min read

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Pagaya finished 2025 profitable and cash-generative, logging its 4th consecutive 4th of GAAP nett income (Q4 GAAP nett income of $34M, $80M operating currency flow) and full-year $1.3B gross with $371M adjusted EBITDA.
Management tightened hazard posture to chopped process risk, trimming astir $100M–$150M of measurement (exit-rate monthly reduction) portion maintaining profitability targets and embedding a governance impairment scope of $100M–$150M into 2026 planning; FY2026 guidance targets $1.4B–$1.575B gross and $410M–$460M adjusted EBITDA.
Funding and merchandise diversification accelerated with forward-flow deals (e.g., Castlelake, Sound Point), $2.9B issued crossed 7 ABS successful Q4 and astir $3B of revolving ABS capacity, portion onboarding caller partners (Achieve, GLS, a large BNPL) and expanding products beyond diminution monetization (prescreen, affiliate optimizer, dual-look).
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Pagaya Technologies (NASDAQ:PGY) reported 4th fourth and full-year 2025 results that capped what absorption described arsenic a twelvemonth of “discipline,” highlighting a displacement toward sustained profitability, tighter hazard posture, and a increasing acceptable of products and backing structures intended to trim volatility done the cycle.

CEO Gal Krubiner said the institution ended 2025 with its fourth consecutive 4th of GAAP nett income profitability. In the 4th quarter, Pagaya posted $34 cardinal of GAAP nett income and $80 cardinal successful operating currency flow. For the afloat year, absorption reported $1.3 cardinal successful revenue (up 26% year-over-year), $371 cardinal of adjusted EBITDA (up 76%), and $81 cardinal of GAAP nett income, which Krubiner said was an betterment of $483 cardinal versus 2024, with EPS of $0.93.

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CFO Evangelos Perros said the fiscal results reflected enactment implicit aggregate years to fortify Pagaya’s operating model, superior structure, and information and hazard infrastructure. He added that arsenic uncertainty increases, the institution is designed to trim vulnerability to higher-risk segments, adjacent if losses person not yet materialized.

Perros reported 4th fourth gross of $335 million, with Fee Revenue Less Production Costs (FRLPC) of $131 million and adjusted EBITDA of $98 million, representing a 29% adjusted EBITDA margin. He said FRLPC was 4.9% of web volume, which absorption framed arsenic beardown monetization portion remaining disciplined connected risk.