Filing Flows › PennyMac Financial Services (PFSI) › Q4 2025
PennyMac Financial Services (PFSI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
PennyMac Financial Services (PFSI) reported revenue of $538M for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and -15% from the quarter before. Operating margin was 25.0%, net earnings $107M (19.9% of revenue).
PennyMac Financial Services, Q4 2025: revenue $538M (+14% year over year), operating margin 25.0%, net earnings $107M, operating cash flow −$1.9B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $538M | -15% | +14% |
| Operating profit | $134M | -43% | +4% |
| Net earnings | $107M | -41% | +2% |
| Operating cash flow | −$1.9B | — | — |
What changed
Revenue was $538.0M in Q4 2025, up 14% year over year and down 15% from the previous quarter.
Operating profit was $134.4M, a 25.0% margin (down 2.5 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, below the 28% margin then. Total costs grew 18% against revenue growth of 14%. Net earnings were $106.8M, up 2% year over year. The effective tax rate was 20.5%.
Operating cash flow was −$1,889.3M. Non-cash charges added back $12.8M of depreciation and amortization and $7.7M of share-based compensation. Working capital and other items used $2,016.6M. Capital expenditures of $8.2M exceeded it, leaving free cash flow of −$1,897.4M.
Questions
What was PennyMac Financial Services' revenue in the fourth quarter 2025?
PennyMac Financial Services (PFSI) reported revenue of $538M for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and -15% from the quarter before.
Was PennyMac Financial Services profitable in the fourth quarter 2025?
Operating profit was $134M (25.0% of revenue) and net earnings $107M.