TLDR
- Pagaya Technologies (PGY) reported Q3 2025 adjusted earnings of $1.02 per share, crushing analyst estimates of $0.18, while revenue hit a record $350.2 million.
- The company’s stock jumped 17.18% in pre-market trading following the earnings announcement.
- Pagaya raised its full-year 2025 guidance for the third consecutive quarter, now expecting revenue between $1.3 billion and $1.325 billion.
- GAAP net income reached $23 million, a $90 million improvement year-over-year, while adjusted EBITDA nearly doubled to $107 million.
- The fintech firm secured $500 million in corporate debt and expanded its revolving credit facility to $132 million during the quarter.
Pagaya Technologies reported third-quarter results that blew past Wall Street expectations. The AI-driven financial technology company posted adjusted earnings of $1.02 per share.
Analysts had expected just $0.18 per share. The earnings beat represents a substantial outperformance of nearly 500%.
Revenue for the quarter reached $350.2 million. This topped the consensus estimate of $335.7 million and marked a 36% increase from the same period last year.
The company’s network volume grew 19% year-over-year to $2.8 billion. This growth reflects increased activity across Pagaya’s lending platform.
Pagaya’s stock reacted strongly to the news. Shares surged 17.18% in pre-market trading on Monday following the earnings release.
The company reported GAAP net income of $23 million for the quarter. This represents a $90 million improvement compared to the third quarter of 2024.
Adjusted EBITDA nearly doubled to $107 million, up 91% year-over-year. The profitability metrics show the company’s improving operational efficiency.
Strong Performance Across Verticals
CEO and Co-Founder Gal Krubiner highlighted the company’s execution. “Our results demonstrate another quarter of prudent underwriting and consistent execution across our network,” he said.
Krubiner noted the company’s strong position in the market. He said the pipeline has never been stronger as lenders recognize the value of the Pagaya network.
The company saw strong performance in its Auto and Point-of-Sale verticals. Both business segments contributed to the overall growth.
Raised Guidance and Financial Position
Pagaya raised its full-year 2025 guidance for the third consecutive quarter. The company now expects total revenue between $1.3 billion and $1.325 billion.
This guidance compares to the analyst consensus of $1.31 billion. Adjusted EBITDA is projected between $372 million and $382 million.
GAAP net income for the full year is expected between $72 million and $82 million. The raised guidance reflects management’s confidence in sustained momentum.
For the fourth quarter, Pagaya forecasts revenue between $333 million and $358 million. This comes in slightly below the consensus estimate of $353.4 million.
Investors appeared focused on the strong current results rather than the Q4 guidance. The pre-market stock surge suggests confidence in the company’s trajectory.
Pagaya strengthened its balance sheet during the quarter. The company raised $500 million in corporate debt rated by all three major credit rating agencies.
The firm also expanded its revolving credit facility to $132 million with improved terms. These moves enhance the company’s financial flexibility and market position.
