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PennyMac Financial Services cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$850M in Q3 2026 · −$252M over twelve months

Operating cash flow$854M
Capital spending−$4.1M
Free cash flow+$850M
Cash / net income29.8×

Analysis

In Q3 2026, PennyMac Financial Services generated $854M of operating cash flow and spent $4.1M on capital projects, leaving free cash flow of $850M. That is $1.5B more than in Q3 2025 (−$699M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$234M; the largest uses were other investing ($1.3B), operating cash flow ($234M), dividends ($63.3M); besides operations, cash came from other financing ($912M), net borrowing (+) / repaid (−) ($315M); the cash balance fell by $389M.

Operating cash flow was $854M against net income of $28.7M — 29.8× profit, cash ran ahead of reported earnings. The largest differences: payables +$69.3M, depreciation & amortization +$13.9M, income taxes payable +$13.7M.

Free cash flow

PennyMac Financial Services: free cash flow by quarterPennyMac Financial Services: free cash flow by quarter−$2.1BQ4 2024$1.1BQ1 2025−$133MQ2 2025−$699MQ3 2025−$1.9BQ4 2025−$1.3BQ1 2026$2.1BQ2 2026$850MQ3 2026
Operating cash flow less capital spending.
PennyMac Financial Services: operating cash flow against capital spendingPennyMac Financial Services: operating cash flow against capital spendingOperating cash flowCapital spending−$2.1B$248KQ4 2024$1.1B$371KQ1 2025−$131M$1.3MQ2 2025−$697M$2.1MQ3 2025−$1.9B$8.2MQ4 2025−$1.3B$2.2MQ1 2026$2.1B$3.4MQ2 2026$854M$4.1MQ3 2026
Latest (Q3 2026): Operating cash flow $854M, Capital spending $4.1M.

Capital allocation, year by year

PennyMac Financial Services: where the cash came from (up) and went (down), by fiscal yearPennyMac Financial Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $2.6BFY2021: Net borrowing $1.1BFY2021: Shares issued $7.5MFY2021: Asset sales $14.6MFY2021: Capital spending −$7.9MFY2021: Buybacks −$958MFY2021: Dividends −$52.9M$3.7BFY2021FY2022: Operating cash flow $6.0BFY2022: Net borrowing $647MFY2022: Shares issued $2.9MFY2022: Asset sales $19.8MFY2022: Capital spending −$7.2MFY2022: Buybacks −$406MFY2022: Dividends −$54.6M$6.7BFY2022FY2023: Operating cash flow −$1.6BFY2023: Net borrowing −$325MFY2023: Shares issued $17.2MFY2023: Asset sales $1.0MFY2023: Capital spending −$1.4MFY2023: Buybacks −$71.5MFY2023: Dividends −$41.4M$18.2MFY2023FY2024: Operating cash flow −$4.5BFY2024: Net borrowing −$225MFY2024: Shares issued $20.1MFY2024: Asset sales $64.2MFY2024: Capital spending −$1.7MFY2024: Dividends −$52.2M$84.2MFY2024FY2025: Operating cash flow −$1.7BFY2025: Net borrowing $1.7BFY2025: Shares issued $12.8MFY2025: Asset sales $77.0MFY2025: Capital spending −$11.9MFY2025: Buybacks −$4.7MFY2025: Dividends −$62.5M$1.8BFY2025
Over these 5 years operating cash flow totalled $829M; the largest uses were operating cash flow ($7.8B) and buybacks ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$646M
Debt$6.5B
Net debt$5.9B
Cash runway2.6 years

PennyMac Financial Services is burning cash: its operations consume cash, a free cash flow of −$252M a year at the current rate against $646M of cash and investments: a runway of about 2.6 years before any new financing.

Where the cash came from and went

PennyMac Financial Services: sources (+) and uses (−) of cash, Q3 2026PennyMac Financial Services: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$854MOther investing−$682MOther financing−$372MNet borrowing (+) / repaid (−)$215MAsset & business sales$22.7MCash drawn (+) / kept (−)−$19.1MDividends−$15.9MCapital spending−$4.1MShares issued$425KTaxes on employees’ shares−$24K
PennyMac Financial Services: sources (+) and uses (−) of cash, TTM to Q3 2026PennyMac Financial Services: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$1.3BOther financing$912MCash drawn (+) / kept (−)$389MNet borrowing (+) / repaid (−)$315MOperating cash flow−$234MAsset & business sales$91.3MDividends−$63.3MBuybacks−$50.0MCapital spending−$17.8MShares issued$7.3MTaxes on employees’ shares−$6.2M

From profit to cash

PennyMac Financial Services: net income to operating cash flow, Q3 2026PennyMac Financial Services: net income to operating cash flow, Q3 2026Net income$28.7MDepreciation & amortization$13.9MStock-based pay$6.4MPayables$69.3MPrepaid and other assets$10.2MIncome taxes payable$13.7MOperating cash flow$854M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$854M−$4.1M—−$15.9M$215M$425K−$19.1M$850M
Q2 2026$2.1B−$3.4M—−$15.9M$375M$723K$5.2M$2.1B
Q1 2026−$1.3B−$2.2M−$50.0M−$15.6M$100M$3.7M$82.2M−$1.3B
Q4 2025−$1.9B−$8.2M—−$15.9M—$2.4M$320M−$1.9B
Q3 2025−$697M−$2.1M—−$15.8M$650M$4.4M−$460M−$699M
Q2 2025−$131M−$1.3M—−$15.8M$350M$513K$48.9M−$133M
Q1 2025$1.1B−$371K—−$15.0M$525M$5.5M$27.4M$1.1B
Q4 2024−$2.1B−$248K—−$15.7M—$2.0M−$92.7M−$2.1B

PennyMac Financial Services: income statement and cash flow

PennyMac Financial Services, Q3 2026: revenue $469M (-26% year over year), operating margin 9.1%. The chart follows the revenue to costs, profit and cash.

PennyMac Financial Services: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.