0001883085-26-000018
SEC filingPagaya 2025年扭亏为盈，营收增长26%至$1,301.4M，Network Volume增长9%，FRLPC利润率提升70bps。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,301.4M | $1,032.2M | +26% |
| Gross Profit (FRLPC) | $512.2M | $406.9M | +26% |
| Gross Margin (FRLPC %) | 4.9% | 4.2% | +70bps |
| Operating Income | $263.8M | $66.8M | +295% |
| Operating Margin | 20.3% | 6.5% | +1380bps |
| Net Income | $81.4M | $(401.4)M | +120% |
| Diluted EPS | $0.93 | $(5.66) | +116% |
| Adjusted EBITDA | $371.0M | $210.4M | +76% |
| Operating Cash Flow | $238.6M | $47.8M | +399% |
| Free Cash Flow | $238.6M | $47.8M | +399% |
2025年Pagaya实现扭亏为盈，Net Income从2024年的亏损$401.4M转为盈利$81.4M。这一转变主要由两大因素驱动：一是FRLPC（Fee Revenue Less Production Costs）增长26%至$512.2M，FRLPC %从4.2%提升至4.9%，反映AI integration fees经济性改善和成本控制；二是Gains and (losses) on investments in loans and securities亏损大幅收窄74%至$107.0M，其中信用相关减值损失从$412.1M降至$95.4M。
Revenue from fees增长26%至$1,261.3M，主要受Network AI fees增长（从$916.1M增至$1,131.3M）和Contract fees增长（从$88.5M增至$130.0M）驱动。Network Volume增长9%至$10.5B，但增速较2024年的17%有所放缓。Operating Income大幅增长295%至$263.8M，Operating Margin从6.5%提升至20.3%，主要得益于General and administrative费用下降34%和收入增长。
盈利质量方面，Operating Cash Flow大幅改善至$238.6M，与Net Income基本匹配，显示盈利质量较高。但需注意，Net Income中包含$24.8M的债务清偿损失和$95.4M的投资减值损失等一次性或非经常性项目，剔除后run-rate盈利能力更强。
公司作为单一经营分部运营，未披露分部数据。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $235.3M | +$47.4M |
| Restricted cash and cash equivalents | $53.0M | +$14.4M |
| Total Debt | $824.3M | +$180.6M |
| Investments in loans and securities | $945.3M | +$166.9M |
| Operating Cash Flow | $238.6M | +$190.9M |
| Capex | $13.9M | -$3.8M |
| Free Cash Flow | $238.6M | +$190.9M |
公司2025年发行$500M 8.875% Senior Notes due 2030，并偿还$332.1M term loan和$184.4M secured borrowing，优化资本结构。Total Debt增加至$824.3M，但融资成本下降。Operating Cash Flow大幅改善至$238.6M，主要反映盈利能力提升。
资本配置：
前瞻指引：未提供具体财务指引。
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