Q4 2025 Pagaya Technologies Ltd Earnings Call Transcript
Key Points
- Pagaya Technologies Ltd (PGY) achieved $34 million of GAAP net income and $80 million in operating cash flow in Q4 2025.
- The company reported a full-year revenue of $1.3 billion, up 26% year-over-year, and adjusted EBITDA of $371 million, up 76% year-over-year.
- Pagaya Technologies Ltd (PGY) successfully onboarded new partners, including GLS and a leading buy-now-pay-later provider in North America, expanding its partner network.
- The company has diversified its funding sources, creating almost $3 billion of revolving capacity across personal loans, auto loans, and point-of-sale.
- Pagaya Technologies Ltd (PGY) maintained strong credit performance across asset classes, with personal loan and auto CMLs performing better than previous peak levels.
- Pagaya Technologies Ltd (PGY) pulled back its exposure to higher-risk credit deals, which could lead to potential higher relative losses in a downside scenario.
- The company anticipates more measured volume growth in 2026, prioritizing reducing credit exposure over market share gains.
- Pagaya Technologies Ltd (PGY) expects a reduction in network volume due to proactive tightening of production in certain areas.
- The company reported negative fees from capital markets execution, reflecting additional cash contributions required in securitization structures.
- Pagaya Technologies Ltd (PGY) faces persistent macro and credit uncertainty, impacting its growth outlook for 2026.
Greetings. Welcome to Pagaya fourth-quarter full year 2025 earnings call. (Operator Instructions)
Please note, this conference is being recorded. I will now turn the conference over to Josh Fagen, Head of Investor Relations and COO of (inaudible).
Thank you.
You may begin.
Thank you, and welcome to Pagaya's fourth quarter and full-year 2025 earnings conference call. Joining me today to talk about our business and results are Gal Krubiner, Chief Executive Officer of Pagaya; Sanjiv Das, President; and Evangelos Perros, Chief Financial Officer. You could find the materials that accompany our prepared remarks and a replay of today's webcast on the Investor Relations section of our website at investor.pagaya.com.
Our remarks today will include forward-looking statements that are based on our current expectations and forecasts with respect to, among other things, our operations and financial performance including our financial
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