PGYWW · Pagaya Technologies Ltd.
Market Cap
$1.57B
Shares
85.45M
Volume · Oct 21
6667
Avg daily vol (3M)
49K
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$0.01
Open$0.01
Day$0.01–0.01
Available close range$0.01–0.03
Avg vol 30d53K
Last earningsOct 29, 2026
DataJul 2026–Oct 2026
Filing10-Q · Jul 30
The closing range uses available history since Jul 24, 2026; less than a full year is stored.
Up next
Next earnings call
Oct 29, 2026
Scheduled
· in 1 wks
filed Jul 30, 2026
call held Jul 30, 2026
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q2 FY26 earnings call · Jul 30, 2026
Q2 FY26
TL;DR. Pagaya delivered record Q2 growth and profitability, raised full-year GAAP net income guidance by almost 25% to $155M-$180M, and expects flat core OPEX despite continued scaling. However, FRLPC margin contracted 61 basis points to 4.2% amid product mix and elevated funding costs, while a POS partner roll-off is expected to reduce late-Q3 and Q4 volume.
Bullish
- + Q2 results exceeded outlook across key metrics, including $3.5B network volume, $387M revenue, $124M adjusted EBITDA, and $45M GAAP net income.
- + Adjusted EBITDA increased 43% to $124M while its margin expanded 5 points to 32%.
- + Core operating expenses declined 6% year over year and fell to 31% of FRLPC.
- + Funding demand remained strong, with a record $3.7B of ABS funding across six transactions and the last three securitizations upsized.
- + Full-year 2026 GAAP net income guidance was raised by almost 25% to $155M-$180M.
- + Management expects core OPEX to remain stable despite significant growth across its three major asset classes.
Bearish
- − Elevated benchmark rates compressed funding-side margins, while tighter ABS pricing reflected higher cost of capital.
- − The roll-off of one POS partner is expected to reduce late-Q3 and Q4 volume.
- − Full-year guidance assumes the cost of capital remains elevated relative to last year.
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Guidance & track record
Latest guidance
· from the Earnings Call filed Jul 30, 2026
full year 2026
Network volume
Raised
$12.5B – $13.25B
May 7, 2026
$11.45B – $13B
changed to
Jul 30, 2026
$12.5B – $13.25B
Total revenue
$1.43B – $1.53B
prior FY $1.3B
midpoint +13.3% Y/Y
Adjusted EBITDA
Non-GAAP
Raised
$460M – $490M
May 7, 2026
$420M – $460M
changed to
Jul 30, 2026
$460M – $490M
not stated
FRLPC margin
4% – 5%
Prior guidance
period ended
· from the Earnings Call filed Jul 30, 2026
Network volume
· third quarter 2026
$3.43B – $3.63B
Total revenue and other income
· third quarter 2026
$370M – $390M
Adjusted EBITDA
· third quarter 2026
$120M – $130M
Guided vs delivered
· last 5 settled
Total revenue and other income
second quarter of 2026
guided $345M – $365M
$387.04M
Beat +9.0%
Total Revenue & Other Income
FY25E
guided $1.3B – $1.33B
$1.3B
In line
Total Revenue and Other Income
3Q24
guided $250M – $260M
$257.23M
In line
Total Revenue and Other Income
FY24
guided $975M – $1.05B
$1.03B
In line
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders illustrative — not investment adviceMarket signals — smart money & positioning
Mixed
Trend (MA cross)
No cross
50/200-day averages unavailable
Institutional flow
Accumulating
25 of 237 funds reported for Sep 30 · net +73.7K sh shares · +5 new
Insider flow
Distributing
Net -$2.0M over 90 days · 100% sells
Short interest
Flat
No short-interest data
Volume signal
Normal
Volume near normal
Institution breadth
Steady
237 holders — mid 3-yr range
Price context
position in its available closing range
Range low $0
Now $0 · 14%
Range high $0
vs 50-day avg -32%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| ABS funding | 3.7B | 2Q'26 | — |
| Adjusted EBITDA non-GAAP | $217.69M | Six Months Ended June 30, 2026 | — |
|
|
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| Adjusted EBITDA margin non-GAAP | 32% | Q2 2026 | — |
| Adjusted Net Income non-GAAP | $100.99M | Three Months Ended June 30, 2026 filing | +99.5% |
|
|
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GAAP → non-GAAP reconciliationGAAP Net Income Attributable to Pagaya Technologies Ltd. $45.27M
+$8.57M Share-based compensation
+$0K Fair value adjustment to contingent liability
+$214K Fair value adjustment to warrant liability
+$37.97M Impairment loss on certain investments, net
+$5.58M Write-off of capitalized software and other assets
+$0K Restructuring expenses
+$0K Transaction-related expenses
+$3.38M Non-recurring expenses
= Adjusted Net Income $100.99M
|
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| Annualized Auto vertical network volumes | 4.8B | 2Q'26 | — |
| Back Book Returns from Investments in Loans & Securities (Year-to-Date) | $365M | Year-to-Date 2026 | — |
| Core Operating Expenses non-GAAP | $92.5M | Six Months Ended June 30, 2026 | — |
| Core Operating Expenses as a % of FRLPC non-GAAP | 34% | Six Months Ended June 30, 2026 | — |
| Dealerships connected | 30,000 | Q2 2026 | — |
| Fee Revenue Less Production Costs % (FRLPC %) non-GAAP | 4.2% | Three Months Ended June 30, 2026 filing | -12.5% |
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| FRLPC non-GAAP | $147M | 2Q'26 | — |
| FRLPC as a percentage of network volume | 4.2% | Q2 2026 | — |
| Institutional Investors | 174 | Q2 2026 | — |
| Lending partners | 36 | Q2 2026 | — |
| Network volume | 3.5B | 2Q'26 | — |
|
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| Total application volume YoY growth | 29% | Q2 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Software - Infrastructure — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
PGYWW
this stock
Pagaya Technologies Ltd.
|
$1.57B | — | +26.1% | — | — |
|
MSFT
Microsoft Corp
|
$3.95T | +10.2% | +6.9% | 29.6 | 0.8% |
|
PLTR
Palantir Technologies Inc.
|
$462.83B | +13.5% | +56.2% | 164.6 | 2.3% |
|
ORCL
Oracle Corp
|
$396.53B | -33.7% | +17.3% | 20.6 | 1.6% |
|
PANW
Palo Alto Networks Inc
|
$278.35B | +88.5% | +29.0% | — | 2.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Institutional Holders
Accumulating
Holders
237
- % held
- 50.0%
- Reported
- 25 of 237
- Top holder
- FRONTIER CAPITAL MANAGEME…
Held
Float
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| PGYWW | +21.6% | -26.6% | — | +0.0% | — |
| SPY | +0.5% | +0.7% | +7.6% | +1.4% | +13.4% |
| vs SPY | +21.1% | -27.3% | — | -1.4% | — |