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PennyMac Financial Services (PFSI) Financials

PennyMac Financial Services logo
$75.10 -0.64 (-0.84%)
As of 08/21/2026 03:58 PM Eastern
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Annual Income Statements for PennyMac Financial Services

Annual Income Statements for PennyMac Financial Services

This table shows PennyMac Financial Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 66 101 88 393 1,647 1,003 476 509 -114 501
Consolidated Net Income / (Loss)		 337 312 244 393 1,647 1,003 476 145 311 398
Net Income / (Loss) Continuing Operations		 337 299 244 393 1,647 1,003 476 509 -114 398
Total Pre-Tax Income 		383 336 268 529 2,241 1,359 665 184 401 551
Total Revenue		 935 368 985 1,477 3,706 3,167 1,986 1,675 1,085 2,904
Net Interest Income / (Expense)		 -25 -1.34 72 77 -25 -91 -41 -4.85 -26 -36
Total Interest Income		 81 143 216 289 247 300 294 -4.85 -26 924
Investment Securities Interest Income		 81 143 216 289 247 300 294 633 794 924
Total Interest Expense		 106 145 145 212 272 391 335 0.00 0.00 0.00
Total Non-Interest Income		 960 370 911 1,400 3,730 3,258 2,027 1,680 1,110 1,979
Trust Fees by Commissions		 -300 102 -246 -584 -559 -892 -277 57 55 -1,357
Other Service Charges		 728 202 908 1,258 1,547 1,683 1,498 1,550 1,902 2,260
Net Realized & Unrealized Capital Gains on Investments		 532 392 250 726 2,741 2,467 794 916 419 1,068
Other Non-Interest Income		 0.22 -326 -1.13 -0.38 - 0.00 13 -842 -1,266 7.48
Total Non-Interest Expense		 549 -228 717 948 1,465 1,808 1,321 1,128 1,108 2,456
Salaries and Employee Benefits		 342 359 403 503 739 1,000 735 577 633 783
Net Occupancy & Equipment Expense		 52 75 87 97 146 177 180 180 182 198
Marketing Expense		 5.26 - - 5.17 8.66 45 47 18 22 46
Other Operating Expenses		 149 -662 226 342 572 586 358 354 271 1,429
Income Tax Expense		 46 24 23 136 594 356 190 39 90 50
Basic Earnings per Share		 $2.98 $4.34 $2.62 $5.02 $21.91 $15.73 $8.96 $2.89 $6.11 $9.69
Weighted Average Basic Shares Outstanding		 22.16M 23.20M 33.52M 78.21M 75.16M 63.80M 53.07M 49.98M 50.99M 51.73M
Diluted Earnings per Share		 $2.94 $4.03 $2.59 $4.89 $20.92 $14.87 $8.50 $2.74 $5.84 $9.30
Weighted Average Diluted Shares Outstanding		 76.63M 25.00M 35.32M 80.34M 78.73M 67.47M 55.95M 52.73M 53.36M 53.88M
Weighted Average Basic & Diluted Shares Outstanding		 - - 77.53M 78.56M 69.24M 55.42M 50.03M 50.43M 51.43M 52.17M
Cash Dividends to Common per Share		 - $0.00 - - - - - $0.80 $1.00 $1.20

Quarterly Income Statements for PennyMac Financial Services

This table shows PennyMac Financial Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 332 39 28 69 -295 76 136 672 -384 82 22
Consolidated Net Income / (Loss)		 -171 35 98 58 -93 71 136 182 16 77 22
Net Income / (Loss) Continuing Operations		 198 35 28 58 -492 71 136 672 -475 77 22
Total Pre-Tax Income 		-54 44 134 94 129 104 76 236 134 105 32
Total Revenue		 583 467 320 618 -154 612 445 1,119 474 768 497
Net Interest Income / (Expense)		 -5.56 -9.34 -7.06 7.87 -17 -18 -18 -1.15 0.90 -42 -28
Total Interest Income		 -473 156 -7.06 225 -608 190 222 -1.15 514 208 242
Investment Securities Interest Income		 165 156 201 225 211 190 222 249 264 208 242
Total Interest Expense		 -310 0.00 0.00 0.00 -374 0.00 240 0.00 - 0.00 271
Long-Term Debt Interest Expense		 - - - - - - 240 - - - 271
Total Non-Interest Income		 745 311 327 392 81 422 462 1,120 -40 560 525
Trust Fees by Commissions		 659 -323 12 -386 1,037 -324 -356 13 -689 -379 -390
Other Service Charges		 -431 471 210 522 -780 525 578 303 833 596 617
Net Realized & Unrealized Capital Gains on Investments		 518 163 106 257 -177 221 235 804 -191 343 279
Other Non-Interest Income		 -0.09 0.01 0.00 0.07 0.16 - 5.61 0.00 7.40 - 19
Total Non-Interest Expense		 403 428 257 536 314 513 368 392 921 669 465
Salaries and Employee Benefits		 135 146 142 171 173 182 188 205 208 216 223
Net Occupancy & Equipment Expense		 42 45 44 45 49 49 51 53 45 56 55
Marketing Expense		 4.18 3.67 5.45 5.09 7.77 9.43 12 14 10 21 17
Other Operating Expenses		 222 233 66 314 84 273 118 119 657 375 171
Income Tax Expense		 -17 4.58 36 25 25 28 -60 55 28 22 9.80
Basic Earnings per Share		 ($0.75) $0.78 $1.93 $1.36 $2.04 $1.48 $2.64 $3.51 $2.06 $1.58 $0.42
Weighted Average Basic Shares Outstanding		 49.98M 50.55M 50.96M 51.18M 50.99M 51.51M 51.67M 51.73M 51.73M 52.13M 51.93M
Diluted Earnings per Share		 ($0.71) $0.74 $1.85 $1.30 $1.95 $1.42 $2.54 $3.37 $1.97 $1.53 $0.41
Weighted Average Diluted Shares Outstanding		 52.73M 53.10M 53.20M 53.50M 53.36M 53.62M 53.64M 53.88M 53.88M 53.86M 53.25M
Weighted Average Basic & Diluted Shares Outstanding		 50.43M 50.92M 51.19M 51.26M 51.43M 51.66M 51.71M 51.97M 52.17M 51.92M 51.95M

Annual Cash Flow Statements for PennyMac Financial Services

This table details how cash moves in and out of PennyMac Financial Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -5.91 -61 118 33 344 -193 988 -390 -700 63
Net Cash From Operating Activities		 -938 -883 572 -2,245 -6,199 2,563 6,033 -1,582 -4,533 -1,652
Net Cash From Continuing Operating Activities		 -938 -883 572 -2,245 -6,199 2,563 6,033 -1,582 -4,533 -1,652
Net Income / (Loss) Continuing Operations		 337 312 244 393 1,647 1,003 476 145 311 501
Consolidated Net Income / (Loss)		 337 312 244 393 1,647 1,003 476 145 311 501
Provision For Loan Losses		 36 43 40 36 126 -48 -36 3.27 33 47
Depreciation Expense		 5.85 8.40 13 15 26 29 34 53 56 54
Amortization Expense		 311 280 -29 6.06 31 39 35 38 42 48
Non-Cash Adjustments to Reconcile Net Income		 -1,599 -1,452 331 -2,608 -7,532 1,558 5,215 -1,833 -4,767 -2,291
Changes in Operating Assets and Liabilities, net		 -29 -75 -27 -88 -496 -18 310 11 -210 -11
Net Cash From Investing Activities		 -35 -339 -323 149 783 -304 -722 -273 -1,888 552
Net Cash From Continuing Investing Activities		 -35 -339 -323 149 783 -304 -722 -273 -1,888 552
Purchase of Property, Leasehold Improvements and Equipment		 -30 -24 -31 -36 -59 -57 -79 -36 -22 -51
Purchase of Investment Securities		 -0.15 -209 -337 162 914 -426 -881 -240 -1,638 154
Sale of Property, Leasehold Improvements and Equipment		 - - - - - 0.00 0.00 1.00 0.00 0.00
Sale and/or Maturity of Investments		 -67 -84 52 43 59 81 0.00 98 -112 819
Other Investing Activities, net		 63 -22 -7.21 -21 -132 98 239 -96 -116 -370
Net Cash From Financing Activities		 967 1,161 -132 2,129 5,760 -2,451 -4,323 1,465 5,721 1,163
Net Cash From Continuing Financing Activities		 967 1,161 -132 2,129 5,760 -2,451 -4,323 1,465 5,721 1,163
Issuance of Debt		 32,477 945 1,300 25 650 24,935 19,963 23,989 1,700 28,691
Repayment of Debt		 -77,378 -35,475 -42,797 -61,689 -96,758 -162,553 -98,897 -107,771 -104,944 -171,962
Repurchase of Common Equity		 0.00 -8.60 -5.29 -1.06 -337 -958 -406 -71 0.00 -4.74
Payment of Dividends		 -7.63 0.00 -10 -9.71 -31 -53 -55 -41 -52 -63
Other Financing Activities, Net		 45,876 35,700 41,380 63,804 102,236 136,178 75,071 85,361 109,017 144,501
Cash Interest Paid		 - - - - 273 390 330 639 797 956
Cash Income Taxes Paid		 - - - - 476 293 -128 -1.17 1.49 -2.68

Quarterly Cash Flow Statements for PennyMac Financial Services

This table details how cash moves in and out of PennyMac Financial Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -239 -11 -332 -450 93 -27 -49 460 -320 -82 -5.24
Net Cash From Operating Activities		 430 -898 -1,093 -394 -2,149 1,066 -131 -697 -1,889 -1,342 2,143
Net Cash From Continuing Operating Activities		 430 -898 -1,093 -394 -2,149 1,066 -131 -697 -1,889 -1,342 2,143
Net Income / (Loss) Continuing Operations		 -37 39 98 69 104 76 136 182 107 82 22
Consolidated Net Income / (Loss)		 -37 39 98 69 104 76 136 182 107 82 22
Provision For Loan Losses		 11 -1.54 5.93 9.58 19 4.18 7.79 10 25 20 25
Depreciation Expense		 14 14 14 14 14 14 15 13 13 14 14
Amortization Expense		 10 11 1.80 20 10 10 14 11 12 13 14
Non-Cash Adjustments to Reconcile Net Income		 538 -831 -1,298 -512 -2,125 928 -286 -925 -2,009 -1,169 2,013
Changes in Operating Assets and Liabilities, net		 -106 -130 85 6.42 -171 33 -19 12 -37 -301 55
Net Cash From Investing Activities		 105 -783 -738 -239 -128 30 -157 753 -74 -145 -389
Net Cash From Continuing Investing Activities		 105 -783 -738 -239 -128 30 -157 753 -74 -145 -389
Purchase of Property, Leasehold Improvements and Equipment		 -7.63 -4.78 -5.20 -4.49 -7.63 -7.51 -10 -10 -23 -18 -16
Purchase of Investment Securities		 208 -739 -756 360 -492 52 -127 196 11 -196 -191
Sale and/or Maturity of Investments		 -4.72 0.12 3.14 -513 388 38 69 560 174 56 62
Other Investing Activities, net		 -92 -39 20 -81 -16 -52 -89 6.88 -236 14 -244
Net Cash From Financing Activities		 -774 1,670 1,499 183 2,370 -1,124 240 404 1,643 1,404 -1,759
Net Cash From Continuing Financing Activities		 -774 1,670 1,499 183 2,370 -1,124 240 404 1,643 1,404 -1,759
Issuance of Debt		 23,109 6,125 11,618 6,150 -16,793 6,657 -4,857 20,012 6,879 7,085 -6,610
Repayment of Debt		 -47,953 -25,280 -37,834 -34,465 -12,765 -35,301 -31,058 -57,450 -48,153 -44,584 -31,271
Payment of Dividends		 -10 -10 -10 -16 -16 -15 -16 -16 -16 -16 -16
Other Financing Activities, Net		 24,081 20,835 27,726 28,514 31,943 27,535 36,171 37,863 42,932 38,969 36,138
Cash Interest Paid		 176 152 221 198 226 205 252 243 255 249 268
Cash Income Taxes Paid		 -0.28 0.12 0.54 1.40 -0.58 0.27 1.17 0.93 -5.05 -0.10 0.65

Annual Balance Sheets for PennyMac Financial Services

This table presents PennyMac Financial Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 7,368 7,479 10,204 31,598 18,777 16,823 18,845 26,087 29,389
Cash and Due from Banks		 38 155 188 533 340 1,329 938 238 302
Trading Account Securities		 3,177 2,618 5,073 12,328 10,076 3,608 4,600 9,156 10,031
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 2,863 3,496 4,895 18,650 8,320 11,886 13,306 16,692 19,056
Total Liabilities & Shareholders' Equity		 7,368 7,479 10,204 31,598 18,777 16,823 18,845 26,087 29,389
Total Liabilities		 5,648 5,825 8,143 28,208 15,358 13,352 15,306 22,257 25,080
Long-Term Debt		 2,864 2,927 2,839 17,220 6,580 8,712 9,729 11,867 14,264
Other Long-Term Liabilities		 2,764 2,891 5,283 10,976 8,775 4,639 5,577 10,391 10,816
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,720 1,654 2,062 3,389 3,418 3,471 3,539 3,830 4,309
Total Preferred & Common Equity		 469 1,654 2,062 3,389 3,418 3,471 3,539 3,830 4,309
Total Common Equity		 469 1,654 2,062 3,389 3,418 3,471 3,539 3,830 4,309
Common Stock		 204 1,311 1,335 1,047 125 0.01 24 56 97
Retained Earnings		 265 343 726 2,342 3,293 3,471 3,514 3,774 4,212

Quarterly Balance Sheets for PennyMac Financial Services

This table presents PennyMac Financial Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 20,103 17,984 18,949 19,802 21,578 22,872 23,873 24,222 25,401 31,944 29,859
Cash and Due from Banks		 1,498 1,532 1,177 927 595 146 211 162 622 220 214
Trading Account Securities		 6,883 4,356 5,290 5,834 7,299 7,717 8,085 7,927 8,465 10,890 8,629
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 11,687 12,096 12,482 13,040 13,683 15,009 15,577 16,133 16,314 20,834 21,016
Total Liabilities & Shareholders' Equity		 20,103 17,984 18,949 19,802 21,578 22,872 23,873 24,222 25,401 31,944 29,859
Total Liabilities		 16,651 14,506 15,376 16,231 17,916 19,132 19,969 20,189 21,193 27,618 25,523
Long-Term Debt		 9,325 9,161 9,400 9,259 9,955 10,916 11,213 11,175 12,271 15,546 15,250
Other Long-Term Liabilities		 7,326 5,344 5,976 6,973 7,961 8,217 8,757 9,014 8,922 12,072 10,272
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,452 3,479 3,573 3,570 3,661 3,739 3,904 4,033 4,208 4,326 4,337
Total Preferred & Common Equity		 3,452 3,479 3,573 3,570 3,661 3,739 3,904 4,033 4,208 4,326 4,337
Total Common Equity		 3,452 3,479 3,573 3,570 3,661 3,739 3,904 4,033 4,208 4,326 4,337
Common Stock		 0.01 0.01 11 27 30 54 69 77 87 47 52
Retained Earnings		 3,452 3,479 3,561 3,543 3,631 3,685 3,835 3,956 4,121 4,279 4,285

Annual Metrics And Ratios for PennyMac Financial Services

This table displays calculated financial ratios and metrics derived from PennyMac Financial Services' official financial filings.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $2.62 $5.02 $21.91 $15.73 $8.96 $2.89 $6.11 $9.69
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 33.52M 78.21M 75.16M 63.80M 53.07M 49.98M 50.99M 51.73M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $2.59 $4.89 $20.92 $14.87 $8.50 $2.74 $5.84 $9.30
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 35.32M 80.34M 78.73M 67.47M 55.95M 52.73M 53.36M 53.88M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 77.53M 78.56M 69.24M 55.42M 50.03M 50.43M 51.43M 52.17M
Debt Service Ratios		 - - - - - - - - - -
Payout Ratios		 - - - - - - - - - -

Quarterly Metrics And Ratios for PennyMac Financial Services

This table displays calculated financial ratios and metrics derived from PennyMac Financial Services' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 52,167,770.00 51,924,875.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 52,167,770.00 51,924,875.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.47 0.42
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -19.83% 3.68% 21.32% 12.02% -126.33% 35.58% 111.71% 81.06% - 25.54% 11.75%
EBITDA Growth		 40.60% 33.13% 62.68% 10.71% -316.86% 90.95% 23.04% 548.90% - 1.86% -43.03%
EBIT Growth		 42.98% 52.02% 91.81% 7.87% -359.25% 148.09% 9.62% 781.77% - 0.27% -58.76%
NOPAT Growth		 -200.91% 29.40% 68.68% -25.31% 375.25% 94.06% 38.84% 161.67% - 7.92% -84.08%
Net Income Growth		 -2,031.66% 91.23% 77.68% 12.81% 45.45% 101.15% 31.85% 213.61% - 8.22% -84.08%
EPS Growth		 -186.59% 29.82% 66.67% -26.55% 374.65% 91.89% 37.30% 159.23% - 7.75% -83.86%
Operating Cash Flow Growth		 -12.08% 72.50% -149.05% 59.66% -599.37% 218.71% 87.98% -77.13% - -225.89% 1,732.01%
Free Cash Flow Firm Growth		 47.65% 99.60% 61.29% 5.17% -107.09% -18,046.14% -65.67% -1.87% - -111.38% -199.58%
Invested Capital Growth		 8.90% 0.40% 7.72% 12.96% 18.31% 17.83% 11.69% 12.45% - 31.46% 28.80%
Revenue Q/Q Growth		 5.69% -15.50% 33.17% 53.83% -124.84% 512.82% 6.90% 65.16% - 62.03% -8.81%
EBITDA Q/Q Growth		 -32.12% -49.22% 124.40% 129.14% -232.96% 127.82% -20.42% 665.42% - 129.72% -54.36%
EBIT Q/Q Growth		 -35.18% -61.50% 224.65% 131.81% -255.78% 121.16% -29.69% 945.31% - 122.14% -69.89%
NOPAT Q/Q Growth		 -140.88% 203.55% 149.97% -29.40% 50.63% -27.00% 78.90% 33.01% - -22.94% -73.61%
Net Income Q/Q Growth		 -169.95% -70.82% 165.87% 193.58% -133.82% 176.19% 82.50% 40.10% - 383.08% -73.61%
EPS Q/Q Growth		 -140.11% 204.23% 150.00% -29.73% 50.00% -27.18% 78.87% 32.68% - -22.34% -73.20%
Operating Cash Flow Q/Q Growth		 144.09% -308.68% -21.71% 63.98% -445.77% 149.61% -112.32% -431.07% - 28.97% 259.70%
Free Cash Flow Firm Q/Q Growth		 33.99% 98.91% -7,106.77% -83.62% -44.15% 4.87% 34.21% -12.91% - -68.71% 6.75%
Invested Capital Q/Q Growth		 2.27% -3.31% 6.14% 7.63% 7.11% -3.70% 0.60% 8.36% - 6.99% -1.43%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 35.05% 21.49% 36.21% 53.94% 0.00% 19.45% 14.48% 67.12% - 16.32% 12.04%
EBIT Margin		 30.92% 13.22% 32.22% 48.55% 0.00% 15.61% 10.27% 64.97% - 12.89% 6.34%
Profit (Net Income) Margin		 -29.30% 11.70% 23.36% 44.58% 0.00% 11.20% 19.13% 16.22% - 9.98% 4.37%
Tax Burden Percent		 314.97% 80.42% 70.10% 293.29% -72.02% 68.13% 169.48% 76.79% - 73.19% 68.92%
Interest Burden Percent		 -30.08% 110.07% 103.42% 31.31% -27.68% 105.35% 109.93% 32.52% - 105.76% 100.00%
Effective Tax Rate		 0.00% 10.43% 26.59% 26.15% 19.23% 26.79% -78.52% 23.21% - 21.37% 31.08%
Return on Invested Capital (ROIC)		 -0.90% 1.41% 2.71% 1.24% 0.00% 1.15% 2.36% 2.28% - 1.87% 0.56%
ROIC Less NNEP Spread (ROIC-NNEP)		 -2.34% 1.37% 2.66% 3.27% 0.00% 1.10% 2.30% 2.28% - 1.83% 0.56%
Return on Net Nonoperating Assets (RNNOA)		 -6.16% 3.61% 7.14% 9.07% 0.00% 3.01% 6.31% 6.67% - 5.96% 1.76%
Return on Equity (ROE)		 -7.05% 5.02% 9.85% 10.31% 0.00% 4.16% 8.68% 8.95% - 7.83% 2.31%
Cash Return on Invested Capital (CROIC)		 -7.39% 0.80% -5.96% -10.94% -14.62% -13.88% -8.36% -8.51% - -24.29% -22.92%
Operating Return on Assets (OROA)		 3.05% 0.92% 2.37% 3.53% 0.00% 0.95% 0.76% 5.90% - 1.41% 0.52%
Return on Assets (ROA)		 -2.89% 0.81% 1.72% 3.24% 0.00% 0.68% 1.41% 1.47% - 1.09% 0.36%
Return on Common Equity (ROCE)		 -7.05% 5.02% 9.85% 10.31% 0.00% 4.16% 8.68% 8.95% - 7.83% 2.31%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 8.30% 9.22% 9.86% 0.00% 8.89% 9.38% 11.93% - 9.33% 9.05%
Net Operating Profit after Tax (NOPAT)		 -38 39 98 69 104 76 136 182 - 82 22
NOPAT Margin		 -6.51% 13.03% 24.46% 11.23% 0.00% 12.04% 20.15% 16.22% - 10.72% 4.37%
Net Nonoperating Expense Percent (NNEP)		 1.44% 0.04% 0.05% -2.03% 1.83% 0.05% 0.07% 0.00% - 0.04% 0.00%
SG&A Expenses to Revenue		 31.04% 64.54% 47.54% 35.86% 0.00% 37.87% 36.99% 24.37% - 38.23% 59.33%
Operating Expenses to Revenue		 69.08% 86.78% 67.78% 51.45% 0.00% 84.39% 89.73% 35.03% - 87.11% 93.66%
Earnings before Interest and Taxes (EBIT)		 180 40 129 300 -467 99 70 727 - 99 32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 204 65 145 333 -443 123 98 751 - 125 60
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.23 1.27 1.31 1.56 1.36 1.32 1.28 1.52 - 1.05 1.04
Price to Tangible Book Value (P/TBV)		 1.23 1.27 1.31 1.56 1.36 1.32 1.28 1.52 - 1.05 1.04
Price to Revenue (P/Rev)		 2.48 3.27 3.30 3.83 4.47 3.86 3.04 2.92 - 1.49 2.04
Price to Earnings (P/E)		 8.48 29.45 24.81 34.30 0.00 0.00 88.88 9.70 - 8.99 11.53
Dividend Yield		 0.92% 0.88% 0.85% 0.79% 0.98% 1.10% 1.20% 0.97% - 1.37% 1.38%
Earnings Yield		 11.80% 3.40% 4.03% 2.92% 0.00% 0.00% 1.13% 10.31% - 11.12% 8.68%
Enterprise Value to Invested Capital (EV/IC)		 0.99 1.00 1.04 1.13 1.07 1.07 1.06 1.10 - 1.00 1.00
Enterprise Value to Revenue (EV/Rev)		 7.48 9.28 9.73 10.91 14.43 12.11 9.55 8.24 - 6.50 8.84
Enterprise Value to EBITDA (EV/EBITDA)		 20.42 30.17 29.37 32.28 167.78 101.49 91.04 22.22 - 35.98 32.02
Enterprise Value to EBIT (EV/EBIT)		 23.81 38.69 35.93 39.91 8,675.57 264.85 240.90 25.38 - 44.34 38.58
Enterprise Value to NOPAT (EV/NOPAT)		 91.02 83.70 73.15 97.62 54.09 46.36 41.80 36.20 - 39.21 49.85
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 16.38 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 125.91 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.75 2.59 2.72 2.92 3.10 2.87 2.77 2.92 - 3.59 3.52
Long-Term Debt to Equity		 2.75 2.59 2.72 2.92 3.10 2.87 2.77 2.92 - 3.59 3.52
Financial Leverage		 2.63 2.65 2.68 2.78 2.93 2.74 2.75 2.92 - 3.25 3.16
Leverage Ratio		 5.09 5.68 5.54 5.72 6.10 5.84 5.95 6.07 - 6.78 6.46
Compound Leverage Factor		 -1.53 6.25 5.73 1.79 -1.69 6.16 6.54 1.98 - 7.17 6.46
Debt to Total Capital		 73.33% 72.17% 73.11% 74.49% 75.60% 74.18% 73.48% 74.47% - 78.23% 77.86%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Long-Term Debt to Total Capital		 73.33% 72.17% 73.11% 74.49% 75.60% 74.18% 73.48% 74.47% - 78.23% 77.86%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Common Equity to Total Capital		 26.67% 27.83% 26.89% 25.51% 24.40% 25.82% 26.52% 25.54% - 21.77% 22.14%
Debt to EBITDA		 15.12 21.73 20.65 21.22 118.18 70.46 62.96 15.10 - 28.13 24.97
Net Debt to EBITDA		 13.66 19.55 19.41 20.94 115.80 69.13 62.04 14.33 - 27.73 24.61
Long-Term Debt to EBITDA		 15.12 21.73 20.65 21.22 118.18 70.46 62.96 15.10 - 28.13 24.97
Debt to NOPAT		 67.37 60.28 51.42 64.18 38.10 32.18 28.91 24.60 - 30.66 38.87
Net Debt to NOPAT		 60.87 54.25 48.35 63.32 37.33 31.58 28.49 23.36 - 30.22 38.32
Long-Term Debt to NOPAT		 67.37 60.28 51.42 64.18 38.10 32.18 28.91 24.60 - 30.66 38.87
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,122 -12 -878 -1,612 -2,324 -2,211 -1,455 -1,642 - -4,673 -4,358
Operating Cash Flow to CapEx		 5,640.18% -18,777.50% -21,025.13% -8,772.46% -28,165.37% 14,197.62% -1,256.48% -6,786.42% - -7,383.62% 13,263.21%
Free Cash Flow to Firm to Interest Expense		 0.00 -0.07 -4.22 0.00 0.00 0.00 0.00 0.00 - 0.00 -16.10
Operating Cash Flow to Interest Expense		 0.00 -5.42 -5.26 0.00 0.00 0.00 0.00 0.00 - 0.00 7.92
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -5.45 -5.28 0.00 0.00 0.00 0.00 0.00 - 0.00 7.86
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.10 0.07 0.07 0.07 0.05 0.06 0.07 0.09 - 0.11 0.08
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 13,268 12,829 13,616 14,655 15,696 15,116 15,207 16,479 - 19,872 19,587
Invested Capital Turnover		 0.14 0.11 0.11 0.11 0.08 0.10 0.12 0.14 - 0.17 0.13
Increase / (Decrease) in Invested Capital		 1,084 51 976 1,682 2,429 2,287 1,591 1,824 - 4,756 4,380
Enterprise Value (EV)		 13,144 12,855 14,162 16,604 16,848 16,151 16,161 18,055 - 19,886 19,559
Market Capitalization		 4,353 4,524 4,802 5,834 5,220 5,149 5,148 6,406 - 4,559 4,523
Book Value per Share		 $70.88 $70.63 $71.90 $73.04 $74.71 $75.90 $78.05 $81.37 - $82.92 $83.52
Tangible Book Value per Share		 $70.88 $70.63 $71.90 $73.04 $74.71 $75.90 $78.05 $81.37 - $82.92 $83.52
Total Capital		 13,268 12,829 13,616 14,655 15,696 15,116 15,207 16,479 - 19,872 19,587
Total Debt		 9,729 9,259 9,955 10,916 11,867 11,213 11,175 12,271 - 15,546 15,250
Total Long-Term Debt		 9,729 9,259 9,955 10,916 11,867 11,213 11,175 12,271 - 15,546 15,250
Net Debt		 8,791 8,331 9,360 10,770 11,628 11,001 11,013 11,649 - 15,327 15,036
Capital Expenditures (CapEx)		 7.63 4.78 5.20 4.49 7.63 7.51 10 10 - 18 16
Net Nonoperating Expense (NNE)		 133 4.02 4.43 -206 198 5.29 6.91 0.01 - 5.70 0.00
Net Nonoperating Obligations (NNO)		 9,729 9,259 9,955 10,916 11,867 11,213 11,175 12,271 - 15,546 15,250
Total Depreciation and Amortization (D&A)		 24 25 16 33 24 24 29 24 - 26 28
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.75) $0.78 $1.93 $1.36 $2.04 $1.48 $2.64 $3.51 $2.06 $1.58 $0.42
Adjusted Weighted Average Basic Shares Outstanding		 49.98M 50.55M 50.96M 51.18M 50.99M 51.51M 51.67M 51.73M 51.73M 52.13M 51.93M
Adjusted Diluted Earnings per Share		 ($0.71) $0.74 $1.85 $1.30 $1.95 $1.42 $2.54 $3.37 $1.97 $1.53 $0.41
Adjusted Weighted Average Diluted Shares Outstanding		 52.73M 53.10M 53.20M 53.50M 53.36M 53.62M 53.64M 53.88M 53.88M 53.86M 53.25M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 50.43M 50.92M 51.19M 51.26M 51.43M 51.66M 51.71M 51.97M 52.17M 51.92M 51.95M
Normalized Net Operating Profit after Tax (NOPAT)		 -38 39 98 69 104 76 54 182 - 82 22
Normalized NOPAT Margin		 -6.51% 13.03% 24.46% 11.23% 0.00% 12.04% 7.90% 16.22% - 10.72% 4.37%
Pre Tax Income Margin		 -9.30% 14.55% 33.32% 15.20% 0.00% 16.44% 11.28% 21.13% - 13.63% 6.34%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.24 0.62 0.00 0.00 0.00 0.00 0.00 - 0.00 0.12
NOPAT to Interest Expense		 0.00 0.24 0.47 0.00 0.00 0.00 0.00 0.00 - 0.00 0.08
EBIT Less CapEx to Interest Expense		 0.00 0.21 0.60 0.00 0.00 0.00 0.00 0.00 - 0.00 0.06
NOPAT Less CapEx to Interest Expense		 0.00 0.21 0.45 0.00 0.00 0.00 0.00 0.00 - 0.00 0.02
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 28.65% 13.86% 12.24% 12.67% 16.75% 16.35% 16.43% 12.41% - 15.64% 16.11%
Augmented Payout Ratio		 78.07% 22.68% 12.21% 12.65% 16.75% 16.35% 16.43% 13.35% - 29.20% 30.06%

Financials Breakdown Chart

Key Financial Trends

PennyMac Financial Services (NYSE: PFSI) has delivered a volatile but still profitable operating profile over the last four years, with 2025 and early 2026 showing a meaningful rebound in earnings after a difficult stretch in 2024. The company’s results are heavily influenced by mortgage-market conditions and investment gains, so quarterly performance can swing sharply. Still, the latest numbers suggest improving profitability, a larger balance sheet, and continued reliance on debt-funded operations.

  • Profitability improved sharply in recent quarters. Q1 2026 net income attributable to common shareholders was $82.3 million, up from $15.9 million in Q4 2025 and a reversal from losses seen in parts of 2024.
  • Revenue recovered in Q1 2026. Total revenue reached $768.1 million, compared with $474.0 million in Q4 2025 and $677.4 million in Q2 2025.
  • Non-interest income remains a major earnings driver. Q1 2026 non-interest income was $559.9 million, supported by service fees and realized/unrealized investment gains.
  • Equity has grown year over year. Total common equity rose to $4.33 billion in Q1 2026 from $3.91 billion in Q1 2025 and $3.57 billion in Q1 2024.
  • The balance sheet expanded. Total assets increased to $31.94 billion in Q1 2026, up from $25.40 billion in Q3 2025 and $23.87 billion in Q1 2025.
  • Book equity has been supported by retained earnings. Retained earnings climbed to $4.28 billion in Q1 2026, indicating cumulative profitability over time.
  • Basic EPS remained solid in the latest quarter. Q1 2026 basic EPS was $1.58, down from $2.06 in Q4 2025 but still healthy compared with much of 2024.
  • Cash generation is inconsistent quarter to quarter. Operating cash flow was negative $1.34 billion in Q1 2026, after negative $1.89 billion in Q4 2025 and positive $1.07 billion in Q1 2025.
  • The business remains highly dependent on market-driven income. Capital gains and service-related income make up a large share of results, which can lead to big swings from one quarter to the next.
  • Leverage remains elevated. Long-term debt increased to $15.55 billion in Q1 2026 from $11.21 billion in Q1 2025, and total liabilities climbed to $27.62 billion.
  • Operating cash flow has frequently been negative during the recent cycle. That suggests reported earnings do not always translate cleanly into cash, which is a risk for investors.
  • Income has been volatile over the last several years. PFSI swung from strong quarters in 2023 to weaker results in 2024, including a Q4 2024 net loss attributable to common shareholders of $294.7 million.

Bottom line: PennyMac Financial Services appears to be back on firmer footing in early 2026, with higher revenue, better earnings, and a larger equity base. However, investors should keep an eye on cash flow volatility and the company’s sizable debt load, since both can quickly affect results in a mortgage-sensitive business.

08/23/26 04:52 PM ETAI Generated. May Contain Errors.

PennyMac Financial Services Financials - Frequently Asked Questions

According to the most recent income statement we have on file, PennyMac Financial Services' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

The last 5 years of PennyMac Financial Services' net income performance:
  • 2021: $1.00 billion
  • 2022: $475.51 million
  • 2023: $144.66 million
  • 2024: $311.42 million
  • 2025: $397.91 million
Find out what analysts predict for PennyMac Financial Services in the coming months.

Over the last 9 years, PennyMac Financial Services' total revenue changed from $935.03 million in 2016 to $2.90 billion in 2025, a change of 210.6%.

PennyMac Financial Services' total liabilities were at $25.08 billion at the end of 2025, a 12.7% increase from 2024, and a 344.0% increase since 2017.

In the past 8 years, PennyMac Financial Services' cash and equivalents has ranged from $37.73 million in 2017 to $1.33 billion in 2022, and is currently $301.68 million as of their latest financial filing in 2025.


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Financial statements for NYSE:PFSI last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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