What Was Behind Pagaya's Positive GAAP Earnings in 2025?

Key Takeaways Pagaya posted a record $81.4M net income in 2025, reversing a $401.4M loss in 2024.Pagaya's revenues rose 26.1% y/y, while adjusted EBITDA surged 76.3% on cost efficiency.PGY shares fell after softer 1Q26 guidance and tighter underwriting to curb risk.With improving fundamentals, Pagaya Technologies (PGY) turned GAAP profitable in 2025. After reporting substantial losses in prior years, the fintech firm hit an inflection point last year, posting all four quarters of positive GAAP net income.Fo ...