Pagaya Technologies Ltd. — Form 8-K
Filed July 30, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 72/100
What the filing says
Pagaya reported Q2 2026 GAAP net income of $45M (up $29M YoY), total revenue of $387M (+19% YoY), network volume of $3.5B (+33% YoY), and adjusted EBITDA of $124M (+43% YoY). The company raised full-year 2026 net income guidance to $155–$180M (from prior implied ~$131M), implying a 4Q26 exit rate exceeding $200M annualized. Auto lending drove 75% of YoY volume growth; company maintained ~1% conversion rate and flat core opex while deploying $3.7B in ABS funding across 6 transactions.
Why this rating
Strong earnings beat, 25% guidance raise, and secular operating leverage (opex flat, profits up ~400% over 6Q) are material relative to $1.1B market cap. Auto flywheel and partner diversification reduce concentration risk. However, FRLPC margin compression (-61bps YoY to 4.2%) and elevated cost of capital are headwinds.
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