Pagaya Technologies (NASDAQ:PGY) Reports Record Q3 2026 Performance Across Key Metrics

Sonal Goyal

30 October 2026 09:45 PM AEDT

Pagaya Technologies (NASDAQ:PGY) Reports Record Q3 2026 Performance Across Key Metrics

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Key Highlights

Record GAAP Net Income of $50 million in Q3 2026, up $27 million year-over-year
Record network Volume of $3.6 billion, up 29% year-over-year, driven by Auto and Personal Loan verticals
Record adjusted EBITDA of $130 million, up 22% year-over-year, exceeding prior guidance range
Total Revenue and other income of $390 million, up 12% year-over-year; full-year GAAP net income guidance raised

Records Across All Key Financial Metrics

Pagaya Technologies Ltd. (NASDAQ:PGY), a global technology company delivering AI-driven product solutions for the financial ecosystem, reported record results across all major financial metrics for the third quarter of 2026. GAAP net income attributable to Pagaya shareholders reached $50 million, a $27 million improvement year-over-year, exceeding the company's own prior outlook of $42 million to $52 million.

Total revenue and other income for Q3 2026 was $390 million, an increase of 12% from the prior-year period and at the top end of the company's guidance range of $370 million to $390 million. Operating Income rose 41% year-over-year to $113 million, fueled by network volume growth and stable operating expenses.

Network Volume Growth Signals Ecosystem Expansion

Network volume, a key measure of the total size of Credit decisions processed across Pagaya's AI network, reached a record $3.6 billion in Q3 2026, growing 29% year-over-year. This exceeded the company's outlook range of $3.425 billion to $3.625 billion and was driven by growth in Auto and Personal Loan verticals, with disciplined Underwriting maintained throughout.

Revenue from fees less production costs (FRLPC) was $146 million in Q3 2026, an increase of 5% year-over-year. FRLPC as a percentage of network volume contracted by 91 basis points year-over-year to 4.1%, primarily due to the short-term impact of higher benchmark interest rates. Pagaya onboarded Citizens Financial Group and First National Bank of Omaha during the quarter for Personal Loans and Point-of-Sale, bringing the total partners onboarded in the Trailing 12 Months to seven.

Adjusted EBITDA and Capital Markets Activity

Adjusted EBITDA for Q3 2026 was a record $130 million, up 22% year-over-year and at the top end of Pagaya's outlook range of $120 million to $130 million. The improvement was driven by FRLPC growth and Operating Leverage as the Business continues to scale its AI-powered credit network.

During the quarter, Pagaya closed over $2 billion of longer-duration committed capital across an Auto Forward Flow, a Personal Loan Variable Funding Note warehouse, and a revolving Personal Loan securitization. This activity is driving funding Diversification and building capacity to support originations at scale through various credit cycles.

Full-Year Guidance and Q4 Outlook

Following Q3 results, Pagaya raised its full-year 2026 GAAP net income guidance. For Q4 2026, the company expects network volume of $2.961 billion to $3.261 billion, total revenue and other income of $355 million to $405 million, adjusted EBITDA of $117 million to $137 million, and GAAP net income of $42 million to $62 million.

Full-year 2026 network volume guidance calls for $12.725 billion to $13.025 billion. CEO Gal Krubiner noted that the company's momentum is building on itself through a growing network of partners, products, and applications that the company views as essential infrastructure for consumer lending. The addition of major bank partners signals continued enterprise-level adoption of Pagaya's AI credit decisioning platform.

Pagaya Technologies delivered a quarter that set records across revenue, volume, net income, and EBITDA, reflecting the scaling power of its AI-driven lending network. The addition of institutional bank partners and significant capital markets activity underscore the company's growing position in consumer lending infrastructure. Raised guidance for full-year GAAP net income reflects management's confidence in sustaining this momentum.

What records did Pagaya Technologies set in Q3 2026?

Pagaya set records for GAAP net income ($50 million), operating income ($113 million), network volume ($3.6 billion), total revenue ($390 million), and adjusted EBITDA ($130 million) in Q3 2026.

What drove Pagaya's network volume growth of 29% in Q3 2026?

Network volume growth was driven by expansion in the Auto and Personal Loan verticals, while the company maintained its focus on prudent underwriting standards.

What is Pagaya's Q4 2026 outlook for revenue?

For Q4 2026, Pagaya expects total revenue and other income of $355 million to $405 million, and network volume of $2.961 billion to $3.261 billion.

How did Pagaya's adjusted EBITDA perform relative to its guidance in Q3 2026?

Adjusted EBITDA of $130 million was at the top end of the company's prior guidance range of $120 million to $130 million, representing 22% growth year-over-year.

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