---
title: "PAGAYA TECHNOLOGIES LTD C/WTS (TO PUR COM) | 8-K: FY2025 Q3 Revenue: USD 350.17 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/265140731.md"
datetime: "2025-11-10T11:57:34.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265140731.md)
  - [en](https://longbridge.com/en/news/265140731.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265140731.md)
---

# PAGAYA TECHNOLOGIES LTD C/WTS (TO PUR COM) | 8-K: FY2025 Q3 Revenue: USD 350.17 M

Revenue: As of FY2025 Q3, the actual value is USD 350.17 M.

EPS: As of FY2025 Q3, the actual value is USD 0.23.

EBIT: As of FY2025 Q3, the actual value is USD 86.9 M.

### Segment Revenue

-   **Total Revenue and Other Income**: $350 million for Q3 2025, up 36% YoY.
-   **Revenue from Fees**: $339.9 million for Q3 2025, up from $249.3 million in Q3 2024.

### Operational Metrics

-   **GAAP Net Income**: $23 million for Q3 2025, an increase of $90 million YoY.
-   **Adjusted EBITDA**: $107 million for Q3 2025, up 91% YoY.
-   **Adjusted Net Income**: $93 million for Q3 2025, excluding non-cash items.
-   **Operating Income**: $79.96 million for Q3 2025, up from $22.38 million in Q3 2024.
-   **Operating Margin**: Adjusted EBITDA margin rose nearly 9 points to 31%.
-   **Operating Costs**: Total costs and operating expenses were $270 million for the quarter.

### Cash Flow

-   **Net Cash Provided by Operating Activities**: $158.8 million for the nine months ended September 30, 2025.

### Unique Metrics

-   **Network Volume**: $2.8 billion for Q3 2025, up 19% YoY.
-   **Fee Revenue Less Production Costs (FRLPC)**: $139 million for Q3 2025, up 39% YoY.

### Outlook / Guidance

-   **Full Year 2025 Outlook**: Network Volume expected between $10.5 billion and $10.75 billion; Total Revenue and Other Income expected between $1,300 million and $1,325 million; Adjusted EBITDA expected between $372 million and $382 million; GAAP Net Income expected between $72 million and $82 million.
-   **Implied Fourth Quarter 2025 Outlook**: Network Volume expected between $2.65 billion and $2.9 billion; Total Revenue and Other Income expected between $333 million and $358 million; Adjusted EBITDA expected between $99 million and $109 million; GAAP Net Income expected between $25 million and $35 million.
-   Pagaya raised its full-year 2025 guidance for total revenue, adjusted EBITDA, and GAAP net income, reflecting strong demand and continued execution to drive profitable growth.
-   The company expects total FRLPC to grow steadily and range between 4.0% and 5.0% as a percentage of network volume in the fourth quarter.
-   Interest expense is projected to trend lower as a result of the recent refinancing notes transaction.

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