PGY · XBRL financial data
Pagaya Technologies financial statements, every fiscal year
The same tables from 5 filings, lined up. Matched by XBRL tag: renamed lines keep their history.
How these numbers work
- Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
- Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
- * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
- 0 means a filing states zero; a dash (—) means no filing states that number.
- “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
- Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
- Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
- Shares outstanding come from each filing's cover page, as of the date printed there.
- Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.
Income statement
CSVFiscal years (PGY's year ends in late December)
| In millions of dollars | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|
| Revenue | 749 | 812 | 1,032 | 1,301 |
| Revenue from contracts with customers | 685 | 773 | 1,005 | 1,261 |
| Cost of goods and services sold | 451 | 509 | 598 | 749 |
| Research and development | 151 | 74 | 77 | 75 |
| General and administrative | 294 | 203 | 241 | 160 |
| Operating income (loss) | (252) | (24) | 67 | 264 |
| Other income (expense) | (25) | (157) | (488) | (80) |
| Income tax expense (benefit) | 16 | 16 | 25 | (20) |
| Net income (loss) | (302) | (128) | (401) | 81 |
| Earnings per share, basic USD per share | (0.69) | (2.14) | (5.66) | 0.99 |
| Earnings per share, diluted USD per share | (0.69) | (2.14) | (5.66) | 0.93 |
| Weighted average shares, basic millions of shares | 459 | 60 | 71 | 78 |
| Weighted average shares, diluted millions of shares | 459 | 60 | 71 | 83 |
Balance sheet
CSVFiscal years (PGY's year ends in late December)
| In millions of dollars | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | 310 | 186 | 188 | 235 |
| Marketable securities | — | — | 22 | — |
| Marketable securities, non-current | — | — | 756 | — |
| Prepaid and other current assets | 27 | 18 | 25 | — |
| Total current assets | 420 | 303 | 351 | — |
| Property and equipment, net | 32 | 42 | 38 | 30 |
| Right-of-use asset | 61 | 56 | 37 | 31 |
| Goodwill | 0 | 11 | 23 | 23 |
| Total assets | 1,045 | 1,208 | 1,291 | 1,546 |
| Accounts payable | 2 | 1 | 7 | — |
| Accrued liabilities | 49 | 29 | 45 | — |
| Current portion of long-term debt | 62 | 38 | — | — |
| Total current liabilities | 128 | 75 | 195 | — |
| Lease liability, non-current | 49 | 44 | 31 | — |
| Total liabilities | 280 | 468 | 775 | 960 |
| Accumulated deficit | (414) | (543) | (944) | (863) |
| Total stockholders' equity | 554 | 560 | 326 | 480 |
| Total liabilities and equity | 1,045 | 1,208 | 1,291 | 1,546 |
Cash flows
CSVFiscal years (PGY's year ends in late December)
| In millions of dollars | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|
| Net income (loss) | (302) | (128) | (401) | 81 |
| Stock-based compensation | 242 | 71 | 61 | 54 |
| Depreciation and amortization | 6 | 19 | 29 | 30 |
| Net cash from operating activities | (40) | 10 | 67 | 239 |
| Purchases of property and equipment | 22 | 20 | 18 | 14 |
| Net cash from investing activities | (265) | (413) | (499) | (310) |
| Proceeds from issuing common stock | 0 | 0 | 90 | 0 |
| Net cash from financing activities | 438 | 289 | 437 | 130 |
| Net change in cash | 133 | (115) | 4 | 62 |
Compare with peers
SIC 6199 and related industry codes, similar size. Each row is the latest quarter reported.
How peers are chosen
- SIC 6199 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
- Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
- Runway shows only for companies burning cash with under $10B of public float.
- * marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.
- A cell reading “not reported” means the filings give no figure for that quarter alone.
| Company | Cash ($M) | Revenue, quarter ($M) | Operating cash flow, quarter ($M) | Shares outstanding | Runway | Quarter |
|---|---|---|---|---|---|---|
| Pagaya Technologies | 247 | 362 | 49* | not reported | — | 10-QSep 30, 2026 |
| Perella Weinberg Partners | 150 | 251 | 73* | not reported | — | 10-QSep 30, 2026 |
| Fidelity Ethereum Fund | 0 | not reported | 93* | 47.4M | — | 10-QJun 30, 2026 |
| Terawulf | 2,619 | 45 | (137)* | 499.0M | 19.2 quarters | 10-QJun 30, 2026 |
| HIVE Digital Technologies | 208 | 79 | 4.1 | 274.3M | — | 10-QJun 30, 2026 |
| Startengine Crowdfunding | 23 | 39 | 2.7* | 758.4M | — | 10-QSep 30, 2026 |
| Walker & Dunlop | 161 | 307 | 1,169* | 34.3M | — | 10-QJun 30, 2026 |
| Hut 8 | 157 | 71 | 28* | 120.0M | — | 10-QSep 30, 2026 |
| Cipher Digital | 656 | 27 | (131)* | 456.4M | 0.7 quarters | 10-QSep 30, 2026 |
Not investment advice. Not affiliated with the U.S. SEC.