Filing Flows › PennyMac Financial Services (PFSI) › Q2 2026 › vs Q1 2026
PennyMac Financial Services (PFSI) Q2 2026 vs Q1 2026 (quarter over quarter)
PennyMac Financial Services's revenue fell $48.0M (-9%) from $545M in Q1 2026 to $497M in Q2 2026. Operating margin 6.3% against 19.2% (-12.9 pts).
PennyMac Financial Services, Q2 2026: revenue $497M (+12% year over year), operating margin 6.3%, net earnings $21.7M, operating cash flow $2.1B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 6.3% | 19.2% | -12.9 pts |
| Net margin | 4.4% | 15.1% | -10.7 pts |
| Free cash flow margin | 430.6% | -246.7% | +677.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $497M | $545M | −$48.0M | -9% |
| Operating profit | $31.5M | $105M | −$73.2M | -70% |
| Costs & expenses | $465M | $440M | $25.1M | +6% |
| Pre-tax earnings | $31.5M | $105M | −$73.2M | -70% |
| Net earnings | $21.7M | $82.3M | −$60.6M | -74% |
| Income tax | $9.8M | $22.4M | −$12.6M | -56% |
| Depreciation & amortization | $14.4M | $13.5M | $912K | +7% |
| Share-based compensation | $4.5M | $2.4M | $2.0M | +82% |
| Working capital & other | $2.1B | −$1.4B | $3.5B | — |
| Operating cash flow | $2.1B | −$1.3B | $3.5B | — |
| Free cash flow (OCF − capex) | $2.1B | −$1.3B | $3.5B | — |
| Capital expenditures | $3.4M | $2.2M | $1.1M | +50% |
Questions
How much did PennyMac Financial Services's revenue grow quarter over quarter in Q2 2026?
PennyMac Financial Services's revenue fell $48.0M (-9%) from $545M in Q1 2026 to $497M in Q2 2026. Operating margin 6.3% against 19.2% (-12.9 pts).