Pagaya Posts Record $81.4M Net Income, Revenue Up 26.1% in 2025
Pagaya Technologies delivered record net income of $81.4 million in 2025 following four consecutive profitable quarters, reversing a $401.4 million loss in 2024. Total revenue and other income rose 26.1% year-over-year and adjusted EBITDA climbed 76.3%, driven by higher fee income and expanded auto and point-of-sale lending.
1. Profitability Turnaround
In 2025 Pagaya posted GAAP net income of $81.4 million after four consecutive profitable quarters, a stark reversal from a $401.4 million net loss in 2024. This marks the company’s first annual profit since inception, highlighting improved credit performance and underwriting accuracy.
2. Revenue and EBITDA Expansion
Total revenue and other income increased 26.1% year-over-year, driven by higher fee income across personal, auto and point-of-sale lending segments. Adjusted EBITDA rose 76.3% as operational leverage improved with rising loan volumes and scalable AI-driven analytics.
3. Asset-Light Funding Model
Pagaya cultivates relationships with over 135 institutional investors through forward-flow agreements and ABS issuances, ensuring predictable capital for loan purchases. Its minimal on-balance-sheet exposure limits credit risk and enhances flexibility during market volatility.