PennyMac Financial Services, Inc. (PFSI) Income Statement
PFSI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPFSI revenue and net income
Where PFSI's revenue goes
2025Each bar shows an amount and its share of revenue. PFSI kept 11.3% of revenue as net income.
PFSI profit margins
PFSI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +55.3% | +23.9% | +2.3% | +18.9% |
| Gross profit | +91.3% | +26.1% | −1.1% | +22.2% |
| Operating income | +37.0% | −7.1% | −24.5% | +7.0% |
| Net income | +60.9% | +1.8% | −21.2% | +26.6% |
| EPS (diluted) | +8.0% | +33.5% | −10.0% | +19.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PFSI quarterly EPS vs estimates
PennyMac Financial Services beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 29, 2026 (estimate $1.30).
PFSI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.42B | $2.85B | $1.40B | $2.32B | $3.56B | $3.95B | $1.68B | $1.13B | $1.10B | $1.04B |
| Cost of revenue | $1.80B | $1.48B | $97.1M | $1.01B | $1.43B | $1.19B | $788.0M | $712.4M | $641.4M | $556.7M |
| Gross profit | $2.62B | $1.37B | $1.30B | $1.31B | $2.13B | $2.77B | $891.7M | $416.5M | $458.5M | $481.1M |
| Research & development | — | $149.5M | $143.2M | $139.9M | $141.4M | $112.6M | $67.9M | $0 | $0 | $0 |
| Sales, general & admin | $343.1M | $257.0M | $577.0M | $338.2M | $461.2M | $322.5M | $215.9M | $63.0M | $49.6M | $23.3M |
| Total operating expenses | $2.07B | $966.8M | $594.6M | $618.3M | $773.9M | $526.4M | $362.3M | $148.8M | $122.6M | $98.0M |
| Operating income | $551.4M | $402.6M | $710.0M | $688.7M | $1.36B | $2.24B | $529.4M | $267.7M | $335.9M | $383.1M |
| Interest income | — | — | — | — | — | — | — | $216.4M | $143.2M | $81.1M |
| Interest expense | $960.6M | $819.3M | $637.8M | $50.2M | $90.5M | $24.5M | $76.7M | $144.6M | $144.5M | $106.2M |
| Income before taxes | $551.4M | $401.0M | $183.6M | $665.2M | $1.36B | $2.24B | $529.4M | $267.7M | $335.9M | $383.1M |
| Income taxes | $50.3M | $89.6M | $39.0M | $189.7M | $355.7M | $593.7M | $136.5M | $23.3M | $24.4M | $46.1M |
| Net income | $501.1M | $311.4M | $144.7M | $475.5M | $1.00B | $1.65B | $393.0M | $87.7M | $100.8M | $66.1M |
| EBITDA | $620.8M | $472.3M | $710.0M | $738.9M | $1.40B | $2.28B | $554.6M | $526.5M | $617.5M | $689.2M |
| EPS (diluted) | $12.44 | $11.52 | $7.52 | $5.23 | $20.61 | $21.12 | $4.89 | $2.46 | $2.81 | $3.33 |
| Gross margin | 59.3% | 48.1% | 93.1% | 56.3% | 59.9% | 70.0% | 53.1% | 36.9% | 41.7% | 46.4% |
| Operating margin | 12.5% | 14.1% | 50.7% | 29.7% | 38.2% | 56.7% | 31.5% | 23.7% | 30.5% | 36.9% |
| Net margin | 11.3% | 10.9% | 10.3% | 20.5% | 28.2% | 41.7% | 23.4% | 7.8% | 9.2% | 6.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $972.2M | $966.7M | $2.21B | $882.8M | $931.6M | $1.07B | $698.3M | $629.4M | $715.4M | $500.0M | $532.2M | $557.2M |
| Cost of revenue | $549.4M | $503.6M | $500.4M | $469.8M | $448.6M | $383.0M | $417.2M | $390.4M | $363.4M | $305.2M | $317.0M | $292.8M |
| Gross profit | $422.8M | $463.2M | $1.71B | $413.1M | $483.0M | $686.7M | $281.1M | $239.0M | $351.9M | $194.8M | $215.2M | $264.4M |
| Research & development | — | — | $35.4M | — | $42.3M | $40.2M | $40.8M | — | $35.7M | $36.0M | $32.9M | $39.0M |
| Sales, general & admin | $96.5M | $96.4M | $90.5M | $93.9M | $82.7M | $76.0M | $74.9M | $76.3M | $53.5M | $52.4M | $45.0M | $70.7M |
| Total operating expenses | $391.3M | $358.5M | $1.58B | $176.5M | $406.6M | $582.5M | $150.1M | $144.9M | $218.1M | $150.3M | $102.4M | $137.6M |
| Operating income | $31.5M | $104.7M | $133.5M | $236.6M | $76.4M | $104.2M | $131.0M | $94.1M | $133.9M | $44.5M | $112.9M | $126.8M |
| Interest expense | $270.7M | $220.9M | $263.0M | $230.7M | — | $208.1M | $228.1M | $217.6M | $207.9M | $165.8M | $170.5M | $156.9M |
| Income before taxes | $31.5M | $104.7M | $134.4M | $236.4M | $76.4M | $104.2M | $129.4M | $93.9M | $133.9M | $43.9M | −$54.2M | $126.8M |
| Income taxes | $9.8M | $22.4M | $27.6M | $54.9M | −$60.0M | $27.9M | $24.9M | $24.6M | $35.6M | $4.6M | −$17.4M | $33.9M |
| Net income | $21.7M | $82.3M | $106.8M | $181.5M | $136.5M | $76.3M | $104.5M | $69.4M | $98.3M | $39.3M | −$36.8M | $92.9M |
| EBITDA | $50.4M | $122.4M | $150.7M | $253.0M | $94.8M | $121.5M | $148.2M | $111.2M | $151.6M | $62.1M | $130.4M | $144.1M |
| EPS (diluted) | $1.39 | $2.19 | $1.96 | $3.43 | $4.28 | $2.77 | $2.88 | $3.49 | $2.67 | $2.48 | $2.63 | $2.11 |
| Gross margin | 43.5% | 47.9% | 77.4% | 46.8% | 51.8% | 64.2% | 40.3% | 38.0% | 49.2% | 39.0% | 40.4% | 47.5% |
| Operating margin | 3.2% | 10.8% | 6.0% | 26.8% | 8.2% | 9.7% | 18.8% | 15.0% | 18.7% | 8.9% | 21.2% | 22.8% |
| Net margin | 2.2% | 8.5% | 4.8% | 20.6% | 14.6% | 7.1% | 15.0% | 11.0% | 13.7% | 7.9% | −6.9% | 16.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PFSI's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PFSI financial results
In fiscal year 2025 (ended December 31, 2025), PennyMac Financial Services reported revenue of $4.4 billion, up 55.3% from the year before. It had net income of $501.1 million (up 60.9%), a net profit margin of 11.3%. Diluted earnings per share came to $12.44. Over five years revenue grew at an average rate of 2.3% a year.
See the PFSI stock overview for the latest quote and news, or the PFSI chart for price history and technical indicators.
PFSI income statement FAQ
What is PennyMac Financial Services's annual revenue?
PennyMac Financial Services reported total revenue of $4.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 55.3% from $2.8 billion the previous year.
Is PennyMac Financial Services profitable?
Yes. PennyMac Financial Services reported net income of $501.1 million in fiscal 2025, a net profit margin of 11.3%; its operating margin was 12.5%.
What is PennyMac Financial Services's gross margin?
PennyMac Financial Services's gross margin was 59.3% in fiscal 2025: for every $100 of revenue, PennyMac Financial Services kept $59 after the direct cost of its products and services.
How fast is PennyMac Financial Services growing?
Revenue grew 2.3% a year on average over the last five fiscal years, from $4.0 billion to $4.4 billion.
What are PennyMac Financial Services's earnings per share?
PennyMac Financial Services earned $12.44 per diluted share in fiscal 2025, compared with $11.52 a year earlier.
When will PennyMac Financial Services report its next earnings?
PennyMac Financial Services is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does PennyMac Financial Services's fiscal year end?
PennyMac Financial Services's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.