Pagaya Posts Record $50 Million Net Income and $3.6 Billion Network Volume in Q3 2026
Pagaya Technologies reported a record net income of $50 million and network volume of $3.6 billion in the third quarter of 2026. CEO Gal Krubiner highlighted strong momentum as the AI-powered financial technology firm posted double-digit growth across key metrics.
Pagaya Technologies reported its financial results for the third quarter of 2026, posting a record net income of $50 million. This result sits within the company's projected range of $42 million to $52 million and marks a $27 million increase compared to the same period last year, driven by revenue growth and lower operating expenses.
Operating income also reached a record $113 million for the third quarter of 2026, representing a 41% year-over-year increase. According to the financial report, this growth was supported by higher network volume and stable operational expenses.
Network volume hit a record $3.6 billion in the third quarter of 2026, aligning with forecasts of $3.425 billion to $3.625 billion and marking a 29% increase from the previous year. The expansion was led by growth in the automotive and personal loan sectors, alongside disciplined underwriting policies.
Total revenue and other income reached a record $390 million in the third quarter of 2026, meeting the upper bound of the $370 million to $390 million forecast range and reflecting a 12% year-over-year increase. Fee revenue and interest income contributed significantly to this top-line growth.
Feeless revenue less production costs (FRLPC) totaled $146 million for the quarter, up 5% from the previous year. The FRLPC margin as a percentage of network volume decreased by 91 basis points to 4.1%, attributed to the short-term impact of rising benchmark interest rates.
Adjusted EBITDA reached a record $130 million for the third quarter of 2026, hitting the top of the $120 million to $130 million forecast range and marking a 22% increase year-over-year. This performance was supported by FRLPC growth and operating leverage resulting from business expansion.
Following the release of the financial report, Gal Krubiner, CEO and co-founder of the Israeli technology company, commented on the results:
"Our momentum is accelerating: more partners, more products, and more applications are expanding our network, turning it into an essential infrastructure for consumer credit."
Alongside the financial update, Pagaya's stock recorded positive movement over the past week, rising by 6.50%. Over the past month, the company's shares jumped by 17.85%, and over the last three months, the stock surged by 26.44%.
