PennyMac Mortgage Investment Trust (PMT) Cash Flow Statement
Where PMT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$7.21B
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$7.21B −413.4% margin
- Returned to shareholders
- $182.3M
- Change in cash
- −$65.7M cash at year-end $272.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PMT operating cash flow, capex and free cash flow
PMT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$621.5M2016 | −$7.21B2025 | — | |
| Capital expenditures | $2.7M2016 | $02025 | −100.0% | |
| Free cash flow | −$624.3M2016 | −$7.21B2025 | — | |
| Free cash flow margin | −200.7%2016 | −413.4%2025 | −212.6 pts | |
| Operating cash flow / net income | −8.202016 | −56.412025 | −48.21 | |
| Stock-based compensation | $5.7M2016 | $3.9M2025 | −4.3%/yr | |
| Dividends paid | $131.6M2016 | $181.2M2025 | +3.6%/yr | |
| Share buybacks (net) | $98.4M2016 | $1.1M2025 | −39.1%/yr | |
| Capex / revenue | 0.9%2016 | 0.0%2025 | −0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PMT cash flow by activity
PMT 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).
PMT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $127.9M | $160.2M | $199.7M | −$73.3M | $56.9M | $52.4M | $226.4M | $152.8M | $117.7M | $75.8M |
| Depreciation & amortization | $1.7M | $471,000 | $110,000 | $6.7M | — | — | $383.7M | $94.3M | $81.6M | $65.6M |
| Stock-based compensation | $3.9M | −$1.8M | $5.2M | $4.3M | $2.4M | $2.3M | $5.5M | $5.3M | $4.9M | $5.7M |
| Change in working capital | −$46.7M | −$753.1M | $142.6M | $41.4M | −$497.4M | $620.8M | $105.8M | $13.6M | −$11.6M | −$26.9M |
| Other non-cash items | −$7.30B | −$2.11B | $992.6M | $1.81B | −$2.38B | −$3.8M | −$3.71B | −$839.8M | $30.5M | −$741.8M |
| Cash from operating activities | −$7.21B | −$2.70B | $1.34B | $1.78B | −$2.82B | $671.7M | −$2.99B | −$573.8M | $223.1M | −$621.5M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$29.3M | −$14.6M | $0 | −$28.8M | $0 | −$75.0M | −$99.2M | −$79,000 | −$2.7M |
| Investments (net) | −$273.1M | $1.36B | −$464.3M | −$1.87B | −$40.7M | −$15.4M | −$704.7M | −$1.42B | $681.7M | −$131.9M |
| Acquisitions & other investing | $702.8M | $29.3M | $457.2M | $0 | $1.16B | $0 | $75.0M | $99.2M | $79,000 | $328.6M |
| Cash from investing activities | $429.7M | $1.36B | −$21.7M | −$1.87B | $1.09B | −$15.4M | −$704.7M | −$1.42B | $681.7M | $194.0M |
| Financing activities | ||||||||||
| Dividends paid | −$181.2M | −$181.1M | −$182.4M | −$215.4M | −$214.1M | −$176.5M | −$165.9M | −$140.5M | −$140.2M | −$131.6M |
| Share repurchases & issuance (net) | −$1.1M | $0 | −$28.5M | −$88.0M | −$56.9M | −$37.3M | $8.19B | −$10.7M | −$91.2M | −$98.4M |
| Net borrowing (repayment) | $5.40B | $731.9M | $67.1M | $453.9M | $1.78B | −$468.8M | $3.09B | $2.14B | −$916.2M | −$228.8M |
| Shares issued | $0 | $0 | $0 | $0 | $250.0M | $5.7M | $839.7M | $0 | $0 | $0 |
| Other financing | $1.50B | $848.3M | −$1.01B | −$14.7M | −$30.0M | −$25.8M | −$8.22B | −$13.4M | $286.0M | $862.7M |
| Cash from financing activities | $6.72B | $1.40B | −$1.15B | $135.9M | $1.73B | −$702.6M | $3.73B | $1.98B | −$861.6M | $404.0M |
| Summary | ||||||||||
| Net change in cash | −$65.7M | $56.6M | $169.2M | $52.9M | $1.3M | −$46.4M | $44.2M | −$17.8M | $43.2M | −$23.6M |
| Cash at end of period | $272.0M | $337.7M | $281.1M | $111.9M | $59.0M | $57.7M | $104.1M | $59.8M | $77.6M | $34.5M |
| Free cash flow | −$7.21B | −$2.73B | $1.33B | $1.78B | −$2.82B | $671.7M | −$2.99B | −$573.8M | $223.0M | −$624.3M |
| Free cash flow margin | −413.4% | −541.4% | 182.6% | — | −3,403.8% | 618.3% | −313.2% | −140.0% | 49.7% | −200.7% |
| Capex / revenue | 0.0% | 5.8% | 2.0% | — | 34.8% | 0.0% | 7.9% | 24.2% | 0.0% | 0.9% |
| Operating cash flow / net income | −56.41 | −16.87 | 6.71 | — | −49.60 | 12.82 | −13.19 | −3.75 | 1.89 | −8.20 |
| 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 | $30.9M | $24.6M | $52.4M | $58.3M | $7.5M | $9.7M | $46.0M | $41.3M | $25.3M | $47.6M | $52.9M | $61.4M |
| Depreciation & amortization | — | $4.8M | — | — | — | — | $6.4M | $7.6M | $4.9M | $4.2M | $4.0M | — |
| Stock-based compensation | $1.5M | $1.1M | $1.3M | $812,000 | $838,000 | $963,000 | −$4.9M | $816,000 | $827,000 | $1.4M | $1.8M | $1.4M |
| Change in working capital | $8.3M | −$10.3M | −$205.2M | −$36.1M | −$42.4M | $237.0M | −$380.2M | −$75.8M | −$53.2M | −$351.0M | $242.6M | −$56.3M |
| Other non-cash items | −$2.98B | −$2.55B | −$3.15B | −$1.32B | −$1.98B | −$841.9M | −$1.29B | −$957.8M | $265.9M | −$44.6M | $231.8M | $57.1M |
| Cash from operating activities | −$2.94B | −$2.53B | −$3.31B | −$1.30B | −$2.02B | −$594.3M | −$1.62B | −$983.8M | $243.8M | −$342.4M | $533.0M | $63.6M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | −$1.3M | −$1.5M | $0 | −$26.5M | $0 | $0 |
| Investments (net) | −$309.6M | $664.1M | $189.9M | −$653.9M | $272.9M | $40.2M | $282.0M | $314.9M | −$7.3M | $770.8M | −$82.2M | $92.0M |
| Acquisitions & other investing | $635.2M | $601.4M | $362.8M | $217.7M | $0 | $0 | $1.3M | $1.5M | $0 | $26.5M | $0 | $101.2M |
| Cash from investing activities | $325.6M | $1.27B | $552.7M | −$436.2M | $272.9M | $40.2M | $282.0M | $314.9M | −$7.3M | $770.8M | −$82.2M | $193.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$45.3M | −$45.3M | −$45.3M | −$45.3M | −$45.3M | −$45.3M | −$45.3M | −$45.3M | −$45.3M | −$45.2M | −$45.3M | −$45.3M |
| Share repurchases & issuance (net) | — | — | — | — | — | −$1.1M | $0 | $1.8M | $0 | −$1.8M | −$1.5M | −$27.0M |
| Net borrowing (repayment) | $1.58B | $1.98B | $2.50B | $802.6M | $1.28B | $816.7M | $629.4M | −$113.5M | — | — | — | −$209.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.09B | −$724.0M | $308.3M | $877.1M | $618.4M | −$306.0M | $747.7M | $1.04B | −$187.0M | −$535.9M | −$359.4M | $23.0M |
| Cash from financing activities | $2.63B | $1.21B | $2.76B | $1.63B | $1.86B | $464.3M | $1.33B | $882.6M | −$232.3M | −$582.9M | −$406.1M | −$259.2M |
| Summary | ||||||||||||
| Net change in cash | $11.3M | −$58.0M | $8.5M | −$99.4M | $115.0M | −$89.8M | −$6.7M | $213.6M | $4.2M | −$154.5M | $44.7M | −$2.4M |
| Cash at end of period | $225.2M | $214.0M | $272.0M | $263.5M | $362.9M | $247.9M | $337.7M | $344.4M | $130.7M | $126.6M | $281.1M | $236.4M |
| Free cash flow | −$2.94B | −$2.53B | −$3.31B | −$1.30B | −$2.02B | −$594.3M | −$1.62B | −$985.3M | $243.8M | −$368.9M | $533.0M | $63.6M |
| Free cash flow margin | −615.4% | −560.5% | −776.2% | −446.6% | −849.8% | −314.1% | −11,062.6% | −370.7% | 200.3% | −360.2% | 168.1% | 2,542.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.7% | 0.6% | 0.0% | 25.9% | 0.0% | 0.0% |
| Operating cash flow / net income | −95.07 | −102.75 | −63.13 | −22.26 | −267.53 | −61.39 | −35.26 | −23.82 | 9.63 | −7.19 | 10.07 | 1.04 |
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.
PMT cash generation
In fiscal 2025 (ended December 31, 2025), PennyMac Mortgage Investment generated -$7.2 billion of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$7.2 billion, −413.4% of revenue. It returned $182.3 million to shareholders through dividends ($181.2 million) and net share buybacks ($1.1 million). Cash and equivalents fell by $65.7 million over the year.
Related: PMT income statement, PMT balance sheet, PMT dividend history. See the PMT stock overview for the latest quote and news.
PMT cash flow FAQ
What is PennyMac Mortgage Investment's free cash flow?
PennyMac Mortgage Investment's free cash flow was -$7.2 billion in fiscal 2025: -$7.2 billion of operating cash flow minus $0 of capital expenditures It was -$2.7 billion a year earlier..
How much cash does PennyMac Mortgage Investment generate from operations?
PennyMac Mortgage Investment generated -$7.2 billion of cash from operating activities in fiscal 2025, −56.41 times its net income of $127.9 million.
How much stock does PennyMac Mortgage Investment buy back?
PennyMac Mortgage Investment spent $1.1 million on net share repurchases in fiscal 2025.
How much does PennyMac Mortgage Investment pay in dividends?
PennyMac Mortgage Investment paid $181.2 million in dividends in fiscal 2025.