Pagaya Technologies Ltd. cash flow statement

In fiscal 2025, Pagaya Technologies Ltd.'s operations generated $239m of cash; it spent $13.9m on capital projects, leaving free cash flow of $225m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Pagaya Technologies Ltd.: cash flow statement, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	4	50	−40	−22	48	239	247
Depreciation and amortisation	0	1	6	19	29	30	19
Stock-based pay	0	68	242	71	61	54	34
Capital spending	1	7	22	20	18	14	13
Free cash flow	3	43	−62	−42	30	225	234
Free cash flow after stock pay	3	−25	−304	−113	−31	171	200
Shares issued	—	—	0	0	90	0	—

US$ millions unless shown otherwise. Fiscal quarters.

Pagaya Technologies Ltd.: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	28	34	57	67	80	43	75	49
Depreciation and amortisation	8	8	8	8	7	4	4	4
Stock-based pay	16	13	18	14	9	7	9	9
Capital spending	4	4	4	3	3	3	3	3
Free cash flow	24	31	54	64	77	40	71	46
Free cash flow after stock pay	8	17	35	50	68	33	63	37
Shares issued	0	0	0	0	0	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Pagaya Technologies Ltd.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Pagaya Technologies Ltd.