Pagaya Reports Fourth Quarter and Full Year Ended 2025 Results

Core Insights - Pagaya Technologies Ltd. reported strong financial results for Q4 and the full year 2025, highlighting significant growth in net income and revenue, driven by strategic investments and improved operational efficiency [2][5][6]. Q4 2025 Highlights - Record GAAP net income attributable to Pagaya shareholders reached $34 million, an increase of $272 million year-over-year, surpassing the outlook of $25 million to $35 million [5]. - Network volume was $2.7 billion, a 3% increase year-over-year, or 34% excluding SFR [5]. - Total revenue and other income amounted to $335 million, reflecting a 20% year-over-year increase [5]. - Revenue from fees less production costs (FRLPC) was $131 million, up 12% year-over-year, driven by improved performance in Personal Loan and Auto verticals [5]. - Adjusted EBITDA for Q4 was $98 million, an increase of $34 million compared to the prior year [5]. Full Year 2025 Highlights - Full-year GAAP net income attributable to Pagaya shareholders was $81 million, up $483 million year-over-year, exceeding the outlook of $72 million to $82 million [5]. - Network volume for the year reached $10.5 billion, a 9% increase year-over-year [5]. - Total revenue and other income for the year was $1.3 billion, a 26% increase year-over-year [5]. - FRLPC for the year was $512 million, a 26% increase year-over-year [5]. - Adjusted EBITDA for the full year was $371 million, an increase of $161 million compared to the previous year [5]. Future Outlook - For Q1 2026, the company expects network volume to be between $2.5 billion and $2.7 billion, with total revenue projected between $315 million and $335 million [6]. - For the full year 2026, network volume is expected to be between $11.25 billion and $13 billion, with total revenue projected between $1.4 billion and $1.575 billion [7].