PennyMac Financial Services, Inc. (PFSI) Cash Flow Statement
Where PFSI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$1.40B
- Capital expenditures
- $11.9M 0.3% of revenue
- Free cash flow
- −$1.41B −31.9% margin
- Returned to shareholders
- $67.3M
- Change in cash
- $63.2M cash at year-end $301.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PFSI operating cash flow, capex and free cash flow
PFSI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$938.5M2016 | −$1.40B2025 | — | |
| Capital expenditures | $30.5M2016 | $11.9M2025 | −9.9%/yr | |
| Free cash flow | −$969.1M2016 | −$1.41B2025 | — | |
| Free cash flow margin | −93.4%2016 | −31.9%2025 | +61.4 pts | |
| Operating cash flow / net income | −2.792016 | −2.792025 | −0.01 | |
| Stock-based compensation | $16.2M2016 | $36.2M2025 | +9.4%/yr | |
| Dividends paid | $10.1M2016 | $62.5M2025 | +22.5%/yr | |
| Share buybacks (net) | $02016 | $4.7M2025 | — | |
| Capex / revenue | 2.9%2016 | 0.3%2025 | −2.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PFSI cash flow by activity
PFSI net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PFSI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $501.1M | $311.4M | $144.7M | $475.5M | $1.00B | $1.65B | $393.0M | $244.4M | $311.5M | $337.0M |
| Depreciation & amortization | $69.4M | $69.7M | $70.0M | $50.2M | $42.9M | $37.9M | $609.0M | $12.9M | $281.6M | $306.1M |
| Stock-based compensation | $36.2M | $20.9M | $27.6M | $42.6M | $37.8M | $45.1M | $24.8M | $25.3M | $20.7M | $16.2M |
| Change in working capital | $241.2M | −$209.5M | $11.2M | $309.5M | −$18.0M | −$496.1M | −$87.7M | −$27.3M | −$136.1M | −$29.6M |
| Other non-cash items | −$2.25B | −$4.73B | −$1.84B | $5.16B | $1.50B | −$7.43B | −$3.18B | $317.1M | −$1.36B | −$1.57B |
| Cash from operating activities | −$1.40B | −$4.53B | −$1.58B | $6.03B | $2.56B | −$6.20B | −$2.25B | $572.4M | −$883.6M | −$938.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$11.9M | −$22.1M | −$36.2M | −$83.1M | −$56.9M | −$84.2M | −$263.0M | −$258.5M | −$202.3M | −$30.5M |
| Investments (net) | $358.1M | −$1.89B | −$616.0M | −$877.2M | −$426.1M | $972.5M | $409.4M | −$70.0M | −$339.2M | −$34.7M |
| Acquisitions & other investing | −$45.7M | $22.1M | $378.9M | $238.7M | $178.6M | −$105.2M | $2.4M | $5.9M | $202.3M | $30.5M |
| Cash from investing activities | $300.4M | −$1.89B | −$273.3M | −$721.6M | −$304.4M | $783.0M | $148.8M | −$322.6M | −$339.2M | −$34.7M |
| Financing activities | ||||||||||
| Dividends paid | −$62.5M | −$52.2M | −$41.4M | −$54.6M | −$52.9M | −$30.9M | −$9.7M | −$10.1M | −$10.1M | −$10.1M |
| Share repurchases & issuance (net) | −$4.7M | −$9.4M | −$71.5M | −$406.1M | −$958.2M | −$337.5M | −$1.1M | −$5.3M | −$8.6M | $149,000 |
| Net borrowing (repayment) | $1.18B | $875.5M | $838.5M | $630.4M | $1.11B | $610.9M | $7.6M | −$34.3M | $1.19B | $986.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $54.7M | $4.91B | $739.8M | −$4.49B | −$2.55B | $5.52B | $2.13B | −$82.3M | −$10.9M | −$9.3M |
| Cash from financing activities | $1.16B | $5.72B | $1.47B | −$4.32B | −$2.45B | $5.76B | $2.13B | −$132.0M | $1.16B | $967.2M |
| Summary | ||||||||||
| Net change in cash | $63.2M | −$699.9M | −$390.2M | $988.4M | −$192.7M | $344.2M | $32.7M | $117.8M | −$61.6M | −$6.1M |
| Cash at end of period | $301.7M | $238.5M | $938.4M | $1.33B | $340.1M | $532.8M | $188.6M | $155.9M | $37.7M | $99.4M |
| Free cash flow | −$1.41B | −$4.56B | −$1.62B | $5.95B | $2.51B | −$6.28B | −$2.51B | $313.9M | −$1.09B | −$969.1M |
| Free cash flow margin | −31.9% | −160.0% | −115.5% | 256.3% | 70.4% | −159.0% | −149.3% | 27.8% | −98.7% | −93.4% |
| Capex / revenue | 0.3% | 0.8% | 2.6% | 3.6% | 1.6% | 2.1% | 15.7% | 22.9% | 18.4% | 2.9% |
| Operating cash flow / net income | −2.79 | −14.56 | −10.94 | 12.69 | 2.55 | −3.76 | −5.71 | 2.34 | −2.84 | −2.79 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $21.7M | $82.3M | $106.8M | $181.5M | $136.5M | $76.3M | $104.5M | $69.4M | $98.3M | $39.3M | −$36.8M | $135.1M |
| Depreciation & amortization | $18.8M | $17.7M | $17.2M | $16.5M | $18.4M | $17.3M | $17.2M | $17.1M | $17.7M | $17.6M | $17.6M | $17.3M |
| Stock-based compensation | $6.9M | $2.4M | $7.7M | $9.9M | $7.5M | $11.1M | −$446,000 | $18.9M | −$2.2M | $4.6M | $6.7M | $6.9M |
| Change in working capital | $304.5M | −$204.1M | $222.3M | $11.9M | −$18.6M | $33.1M | −$171.3M | $6.4M | $85.1M | −$298.3M | −$105.5M | $94.3M |
| Other non-cash items | $1.69B | −$1.14B | −$1.98B | −$917.2M | −$275.1M | $928.2M | −$2.10B | −$505.6M | −$1.29B | −$829.7M | $548.3M | −$111.7M |
| Cash from operating activities | $2.05B | −$1.24B | −$1.63B | −$697.4M | −$131.3M | $1.07B | −$2.15B | −$393.7M | −$1.09B | −$1.07B | $430.3M | $142.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.4M | −$2.2M | −$8.2M | −$10.3M | −$10.5M | −$7.5M | −$7.6M | −$4.5M | −$5.2M | −$4.8M | −$7.6M | −$260,000 |
| Investments (net) | −$135.6M | −$137.7M | −$263.0M | $753.0M | −$157.4M | $30.4M | −$128.3M | −$239.2M | −$737.8M | −$782.6M | $104.7M | $100.6M |
| Acquisitions & other investing | −$153.0M | −$101.6M | −$62.0M | $10.3M | $10.5M | $7.5M | $7.6M | $4.5M | $5.2M | $173.3M | $7.6M | −$291.8M |
| Cash from investing activities | −$292.0M | −$241.6M | −$333.1M | $753.0M | −$157.4M | $30.4M | −$128.3M | −$239.2M | −$737.8M | −$614.1M | $104.7M | −$191.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$15.9M | −$15.6M | −$15.9M | −$15.8M | −$15.8M | −$15.0M | −$15.7M | −$15.7M | −$10.4M | −$10.4M | −$10.2M | −$21.6M |
| Share repurchases & issuance (net) | −$50.0M | −$50.0M | $0 | −$4.7M | $0 | $0 | $0 | $35.6M | −$26.2M | −$9.4M | $84,000 | −$99.7M |
| Net borrowing (repayment) | $5.2M | $94.2M | −$2.8M | $648.7M | −$9.1M | $538.5M | $303.8M | $5.5M | — | — | — | $824.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.70B | $1.38B | $1.66B | −$224.0M | $264.7M | −$1.65B | $2.08B | $157.9M | $1.54B | $1.69B | −$763.8M | −$824.4M |
| Cash from financing activities | −$1.76B | $1.40B | $1.64B | $404.1M | $239.8M | −$1.12B | $2.37B | $183.4M | $1.50B | $1.67B | −$773.9M | −$121.3M |
| Summary | ||||||||||||
| Net change in cash | −$5.2M | −$82.2M | −$320.2M | $459.7M | −$48.9M | −$27.4M | $92.7M | −$449.5M | −$332.1M | −$11.0M | −$238.9M | $20.7M |
| Cash at end of period | $214.3M | $219.5M | $301.7M | $621.9M | $162.2M | $211.1M | $238.5M | $145.8M | $595.3M | $927.4M | $938.4M | $20.7M |
| Free cash flow | $2.04B | −$1.25B | −$1.64B | −$707.6M | −$141.8M | $1.06B | −$2.16B | −$398.2M | −$1.10B | −$1.07B | $422.7M | $142.0M |
| Free cash flow margin | 210.1% | −129.0% | −74.0% | −80.2% | −15.2% | 98.9% | −308.8% | −63.3% | −153.5% | −214.3% | 79.4% | 25.5% |
| Capex / revenue | 0.3% | 0.2% | 0.4% | 1.2% | 1.1% | 0.7% | 1.1% | 0.7% | 0.7% | 1.0% | 1.4% | 0.0% |
| Operating cash flow / net income | 94.17 | −15.12 | −15.25 | −3.84 | −0.96 | 13.97 | −20.56 | −5.68 | −11.12 | −27.13 | — | 1.05 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PFSI cash generation
In fiscal 2025 (ended December 31, 2025), PennyMac Financial Services generated -$1.4 billion of cash from operations and spent $11.9 million on capital expenditures, leaving free cash flow of -$1.4 billion, −31.9% of revenue. It returned $67.3 million to shareholders through dividends ($62.5 million) and net share buybacks ($4.7 million). Cash and equivalents rose by $63.2 million over the year.
Related: PFSI income statement, PFSI balance sheet, PFSI dividend history. See the PFSI stock overview for the latest quote and news.
PFSI cash flow FAQ
What is PennyMac Financial Services's free cash flow?
PennyMac Financial Services's free cash flow was -$1.4 billion in fiscal 2025: -$1.4 billion of operating cash flow minus $11.9 million of capital expenditures It was -$4.6 billion a year earlier..
How much cash does PennyMac Financial Services generate from operations?
PennyMac Financial Services generated -$1.4 billion of cash from operating activities in fiscal 2025, −2.79 times its net income of $501.1 million.
How much does PennyMac Financial Services spend on capital expenditures?
PennyMac Financial Services spent $11.9 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $22.1 million the year before.
How much stock does PennyMac Financial Services buy back?
PennyMac Financial Services spent $4.7 million on net share repurchases in fiscal 2025.
How much does PennyMac Financial Services pay in dividends?
PennyMac Financial Services paid $62.5 million in dividends in fiscal 2025.