Pagaya Technologies Stock Earnings Reports

Pagaya reported a strong Q1 2026 with GAAP net income of $25 million, marking its fifth consecutive profitable quarter. Network volume was $2.6B (up 9% YoY; +23% excl. SFR), fee revenue less production costs (FRLPC) was $121M, adjusted EBITDA was $94M (29.6% margin). Management highlighted continued credit discipline (no loosening of credit posture), diversification of funding channels (raised $2.1B across 4 ABS transactions, first Fitch AAA rating on a resecuritization, first auto securitization), and accelerating partner onboarding (4 new partners onboarded this year with several regional banks in the pipeline). Auto is a structural growth engine (record volumes, annualized run-rate ~$2.3B); personal loans remain the largest asset class (63% of production) with growing marketplace distribution through Experian Activate and affiliate channels. The company emphasized operating leverage, tight expense control, and the strategic use of resecuritizations to recycle capital and lower funding costs. Guidance was raised: Q2 network volume $2.875B–$3.075B, adjusted EBITDA $100M–$115M; full-year 2026 network volume $11.45B–$13B, adjusted EBITDA $420M–$460M, GAAP net income $110M–$160M. Management reiterated focus on profitable growth, balance sheet strength, and product-led expansion without expanding the credit box.