Filing Flows › PennyMac Financial Services (PFSI) › Q2 2025
PennyMac Financial Services (PFSI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
PennyMac Financial Services (PFSI) reported revenue of $445M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +3% from the quarter before. Operating margin was 17.2%, net earnings $136M (30.7% of revenue).
PennyMac Financial Services, Q2 2025: revenue $445M (+10% year over year), operating margin 17.2%, net earnings $136M, operating cash flow −$131M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $445M | +3% | +10% |
| Operating profit | $76.4M | -27% | -43% |
| Net earnings | $136M | +79% | +39% |
| Operating cash flow | −$131M | -112% | — |
What changed
Revenue was $444.7M in Q2 2025, up 10% year over year and up 3% from the previous quarter.
Operating profit was $76.4M, a 17.2% margin (down 15.8 points year over year). Operating profit fell $57.4M even though revenue rose $38.6M versus a year earlier, so costs grew faster than sales. Total costs grew 35% against revenue growth of 10%. Net earnings were $136.5M, up 39% year over year. The effective tax rate was -78.5%.
Operating cash flow was −$131.3M. Non-cash charges added back $14.7M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items used $290.0M. Capital expenditures of $1.3M exceeded it, leaving free cash flow of −$132.6M.
Questions
What was PennyMac Financial Services' revenue in the second quarter 2025?
PennyMac Financial Services (PFSI) reported revenue of $445M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +3% from the quarter before.
Was PennyMac Financial Services profitable in the second quarter 2025?
Operating profit was $76.4M (17.2% of revenue) and net earnings $136M.