Pagaya Technologies (PGYWW) Cost of Revenue (2023 - 2026)

Pagaya Technologies has disclosed Cost of Revenue across 4 years of filings, most recently posting $177.6 million for Q1 2026.

• In Q1 2026, Cost of Revenue rose 1750.75% year-over-year to $177.6 million; the TTM figure through Mar 2026 stood at $1.1 billion (up 229.89% YoY), while the FY2025 annual figure was $749.2 million, up 25.35% from the prior year.
• Cost of Revenue fell to $177.6 million in Q1 2026, from $705.5 million in the prior quarter.
• Over the last five years, Cost of Revenue for PGYWW reached as high as $705.5 million in Q4 2025 and fell as low as $9.6 million in Q1 2025.
• The 4-year median for Cost of Revenue is $125.1 million (2023), against an average of $157.6 million.
• Annual changes were most pronounced in 2024 — Cost of Revenue slumped 91.8% — and 2026, when it soared 1750.75%.
• A 4-year view of Cost of Revenue shows it stood at $468.7 million in 2023, then plunged by 66.25% to $158.2 million in 2024, then jumped by 345.92% to $705.5 million in 2025, then sank by 74.83% to $177.6 million in 2026.
• According to Business Quant data, Cost of Revenue over the past three periods registered $177.6 million, $705.5 million, and $14.5 million for Q1 2026, Q4 2025, and Q3 2025 respectively.