Filing Flows › PennyMac Financial Services (PFSI) › Q3 2025
PennyMac Financial Services (PFSI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
PennyMac Financial Services (PFSI) reported revenue of $633M for the third quarter 2025 (Q3 2025), +54% from a year earlier and +42% from the quarter before. Operating margin was 37.3%, net earnings $182M (28.7% of revenue).
PennyMac Financial Services, Q3 2025: revenue $633M (+54% year over year), operating margin 37.3%, net earnings $182M, operating cash flow −$697M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $633M | +42% | +54% |
| Operating profit | $236M | +209% | +152% |
| Net earnings | $182M | +33% | +162% |
| Operating cash flow | −$697M | — | — |
What changed
Revenue was $632.9M in Q3 2025, up 54% year over year and up 42% from the previous quarter.
Operating profit was $236.4M, a 37.3% margin (up 14.5 points year over year). Of the extra revenue versus a year earlier, 64% reached operating profit, above the 23% margin then. Total costs grew 25% against revenue growth of 54%. Net earnings were $181.5M, up 162% year over year. The effective tax rate was 23.2%.
Operating cash flow was −$697.4M. Non-cash charges added back $13.0M of depreciation and amortization and $9.9M of share-based compensation. Working capital and other items used $901.8M. Capital expenditures of $2.1M exceeded it, leaving free cash flow of −$699.4M.
Questions
What was PennyMac Financial Services' revenue in the third quarter 2025?
PennyMac Financial Services (PFSI) reported revenue of $633M for the third quarter 2025 (Q3 2025), +54% from a year earlier and +42% from the quarter before.
Was PennyMac Financial Services profitable in the third quarter 2025?
Operating profit was $236M (37.3% of revenue) and net earnings $182M.