Filing Flows › PennyMac Financial Services (PFSI) › Q1 2025
PennyMac Financial Services (PFSI) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 29, 2025
PennyMac Financial Services (PFSI) reported revenue of $431M for the first quarter 2025 (Q1 2025), +41% from a year earlier and -8% from the quarter before. Operating margin was 24.2%, net earnings $76.3M (17.7% of revenue).
PennyMac Financial Services, Q1 2025: revenue $431M (+41% year over year), operating margin 24.2%, net earnings $76.3M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $431M | -8% | +41% |
| Operating profit | $104M | -19% | +137% |
| Net earnings | $76.3M | -27% | +94% |
| Operating cash flow | $1.1B | — | — |
| Free cash flow | $1.1B | — | — |
What changed
Revenue was $430.9M in Q1 2025, up 41% year over year and down 8% from the previous quarter.
Operating profit was $104.2M, a 24.2% margin (up 9.8 points year over year). Of the extra revenue versus a year earlier, 48% reached operating profit, above the 14% margin then. Total costs grew 25% against revenue growth of 41%. Net earnings were $76.3M, up 94% year over year. The effective tax rate was 26.8%.
Operating cash flow was $1,066.0M, 1397% of net earnings. Non-cash charges added back $13.9M of depreciation and amortization and $11.1M of share-based compensation. Working capital and other items added $964.7M. Capital expenditures of $371K left free cash flow of $1,065.6M.
Questions
What was PennyMac Financial Services' revenue in the first quarter 2025?
PennyMac Financial Services (PFSI) reported revenue of $431M for the first quarter 2025 (Q1 2025), +41% from a year earlier and -8% from the quarter before.
Was PennyMac Financial Services profitable in the first quarter 2025?
Operating profit was $104M (24.2% of revenue) and net earnings $76.3M.