Pagaya Technologies (PGY) financial statements
Pagaya Technologies reported revenue of $1.3B in fiscal 2025, up 68.9% a year over 5 years.
Net income was $81M and the operating margin 20.9%, against 23.2% in 2020.
Free cash flow was $225M.
The diluted share count fell 60% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Pagaya Technologies's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $92M | $446M | $685M | $773M | $1.0B | $1.3B |
| Cost of revenue | $49M | $232M | $451M | $509M | $598M | $749M |
| Gross profit | — | $214M | $234M | $264M | $407M | $512M |
| Research and development | $12M | $66M | $151M | $74M | $77M | $75M |
| Selling, general and admin | $16M | $182M | $398M | $253M | $291M | $213M |
| Operating income | $21M | -$6M | -$252M | -$24M | $67M | $264M |
| Pre-tax income | $21M | -$62M | -$276M | -$181M | -$421M | $52M |
| Income tax | $1M | $8M | $16M | $16M | $25M | -$20M |
| Net income | $14M | -$91M | -$302M | -$128M | -$401M | $81M |
| EPS (diluted) | $0.02 | -$8.25 | -$8.22 | -$2.14 | -$5.66 | $0.93 |
| Diluted shares | 207M | 16M | 38M | 60M | 71M | 83M |
| Gross margin | — | 47.9% | 34.2% | 34.1% | 40.5% | 40.6% |
| Operating margin | 23.2% | -1.3% | -36.7% | -3.2% | 6.7% | 20.9% |
| Net margin | 15.8% | -20.4% | -44.1% | -16.6% | -40.0% | 6.5% |
Balance sheet
Fiscal years, from Pagaya Technologies's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $5M | $191M | $310M | $186M | $210M | $235M |
| Receivables | — | $32M | $59M | — | — | — |
| Total current assets | — | $247M | $420M | $303M | $351M | — |
| Property, plant and equipment | — | $8M | $32M | $42M | $38M | $30M |
| Goodwill | — | — | $0 | $11M | $23M | $23M |
| Total assets | — | $590M | $1.0B | $1.2B | $1.3B | $1.5B |
| Total current liabilities | — | $29M | $128M | $75M | $195M | — |
| Total liabilities | — | $106M | $280M | $468M | $775M | $960M |
| Shareholders' equity | $88M | $177M | $554M | $560M | $326M | $480M |
| Net debt | -$5M | -$191M | -$248M | -$149M | -$188M | -$235M |
Cash flow
Fiscal years, from Pagaya Technologies's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $4M | $50M | -$40M | -$22M | $48M | $239M |
| Capital spending | $1M | $7M | $22M | $20M | $18M | $14M |
| Free cash flow | $3M | $43M | -$62M | -$42M | $30M | $225M |
| Stock-based compensation | $156,000 | $68M | $242M | $71M | $61M | $54M |
| Free cash flow margin | 3.4% | 9.7% | -9.1% | -5.4% | 3.0% | 17.8% |
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Open PGY in InvestinglyQuestions
What was Pagaya Technologies's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Pagaya Technologies generate?
$225M in fiscal 2025 (operating cash flow minus capital spending).
From Pagaya Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.