PennyMac Mortgage Investment Trust (PMT) Income Statement
PMT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPMT revenue and net income
Where PMT's revenue goes
2025Each bar shows an amount and its share of revenue. PMT kept 7.3% of revenue as net income.
PMT profit margins
PMT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +245.8% | — | +74.2% | +19.6% |
| Gross profit | +320.1% | — | — | +25.0% |
| Operating income | +315.9% | — | +76.8% | +26.4% |
| Net income | −20.6% | — | +19.5% | +3.6% |
| EPS (diluted) | −26.3% | — | +32.5% | −1.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PMT quarterly EPS vs estimates
PennyMac Mortgage Investment beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.30).
PMT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.74B | $504.6M | $725.9M | $0 | $82.8M | $108.6M | $953.2M | $409.8M | $448.9M | $311.0M |
| Cost of revenue | $146.4M | $124.1M | $122.1M | $175.5M | $190.1M | $228.6M | $234.2M | $139.6M | $139.9M | $157.6M |
| Gross profit | $1.60B | $380.5M | $603.8M | −$321.2M | −$107.2M | −$120.0M | $719.0M | $270.2M | $309.0M | $153.4M |
| Research & development | $2.1M | $2.2M | $2.0M | $2.1M | $1.8M | $1.4M | $1.6M | $1.4M | $1.5M | $1.4M |
| Sales, general & admin | $77.3M | $47.0M | $43.5M | $46.6M | $4.0M | $3.9M | $48.9M | $37.6M | $35.8M | $34.5M |
| Total operating expenses | $220.6M | $49.2M | $45.5M | $48.6M | −$38.2M | −$7.6M | $50.6M | $39.0M | $37.3M | $35.9M |
| Operating income | $1.38B | $331.3M | $558.2M | −$369.8M | $44.7M | $79.7M | $668.4M | $231.2M | $271.7M | $117.5M |
| Interest income | $850.9M | $471.4M | $469.6M | $325.8M | $195.2M | $222.1M | $317.9M | $6.3M | $6.4M | $222.1M |
| Interest expense | $870.4M | $714.7M | $736.0M | $410.4M | $304.7M | $270.8M | $297.4M | $175.2M | $151.4M | $149.8M |
| Income before taxes | $93.8M | $142.6M | $244.4M | $63.1M | $44.7M | $79.7M | $190.6M | $158.0M | $124.5M | $61.8M |
| Income taxes | −$34.1M | −$18.3M | $44.7M | $136.4M | −$12.2M | $27.4M | $35.7M | $5.2M | $6.8M | $14.0M |
| Net income | $127.9M | $161.0M | $199.7M | −$73.3M | $56.9M | $52.4M | $226.4M | $152.8M | $117.7M | $75.8M |
| EBITDA | $93.8M | $1.03B | $1.28B | $33.1M | $44.7M | $79.7M | $574.4M | $429.0M | $211.4M | $130.1M |
| EPS (diluted) | $0.98 | $1.33 | $1.61 | −$1.26 | $0.26 | $0.24 | $2.44 | $1.99 | $1.30 | $1.05 |
| Gross margin | 91.6% | 75.4% | 83.2% | — | −129.4% | −110.4% | 75.4% | 65.9% | 68.8% | 49.3% |
| Operating margin | 79.0% | 65.7% | 76.9% | — | 53.9% | 73.4% | 70.1% | 56.4% | 60.5% | 37.8% |
| Net margin | 7.3% | 31.9% | 27.5% | — | 68.6% | 48.2% | 23.7% | 37.3% | 26.2% | 24.4% |
| 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 | $477.6M | $451.2M | $425.9M | $290.5M | $237.2M | $189.2M | $14.7M | $265.8M | $121.8M | $102.4M | $317.1M | $2.5M |
| Cost of revenue | $33.2M | $34.6M | $36.0M | $228.4M | $205.1M | $182.1M | $31.6M | $38.6M | $26.9M | $27.1M | $28.3M | $28.9M |
| Gross profit | $444.5M | $416.7M | $389.9M | $62.1M | $32.0M | $7.1M | −$17.0M | $227.2M | $94.9M | $75.4M | $288.8M | −$26.4M |
| Research & development | $318,000 | $489,000 | — | — | $545,000 | — | $2.2M | — | $496,000 | — | $2.0M | — |
| Sales, general & admin | $22.0M | $3.0M | $23.9M | $2.8M | $5.7M | $5.9M | $14.2M | $11.1M | $10.9M | $10.9M | $11.7M | $11.3M |
| Total operating expenses | $34.9M | $48.7M | $99.1M | $15.1M | $15.0M | $13.4M | $16.3M | $11.1M | $11.4M | $10.9M | $13.7M | $11.3M |
| Operating income | $409.6M | $367.9M | $290.8M | $47.0M | $17.0M | −$6.3M | −$33.3M | $216.1M | $83.5M | $64.5M | $275.1M | −$37.6M |
| Interest income | $304.2M | $276.1M | $248.3M | $230.1M | $196.5M | $176.1M | $123.5M | $129.5M | $151.8M | $143.6M | $126.4M | $158.9M |
| Interest expense | $311.0M | $279.8M | $254.7M | $228.4M | $205.1M | $182.1M | $187.1M | $184.2M | $171.8M | $171.5M | $185.5M | $183.9M |
| Income before taxes | $16.8M | $26.9M | $36.1M | $47.0M | $17.0M | −$6.3M | $55.1M | $26.5M | $28.6M | $32.4M | $40.3M | $118.4M |
| Income taxes | −$14.1M | $2.3M | −$16.2M | −$11.3M | $9.5M | −$16.0M | $8.6M | −$14.9M | $3.2M | −$15.2M | −$12.6M | $57.0M |
| Net income | $31.0M | $24.6M | $52.4M | $58.3M | $7.5M | $9.7M | $46.5M | $41.4M | $25.4M | $47.6M | $52.9M | $61.4M |
| EBITDA | $328.0M | $306.6M | $290.8M | $47.0M | $17.0M | −$6.3M | $155.3M | $403.3M | $255.9M | $236.3M | $464.2M | $141.4M |
| EPS (diluted) | $0.23 | $0.16 | $0.48 | $0.55 | −$0.04 | −$0.01 | $0.41 | $0.36 | $0.17 | $0.39 | $0.44 | $0.51 |
| Gross margin | 93.1% | 92.3% | 91.5% | 21.4% | 13.5% | 3.7% | −115.8% | 85.5% | 77.9% | 73.6% | 91.1% | −1,052.8% |
| Operating margin | 85.8% | 81.5% | 68.3% | 16.2% | 7.2% | −3.3% | −227.2% | 81.3% | 68.6% | 63.0% | 86.7% | −1,503.0% |
| Net margin | 6.5% | 5.5% | 12.3% | 20.1% | 3.2% | 5.1% | 317.4% | 15.6% | 20.9% | 46.5% | 16.7% | 2,453.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PMT's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PMT financial results
In fiscal year 2025 (ended December 31, 2025), PennyMac Mortgage Investment reported revenue of $1.7 billion, up 245.8% from the year before. It had net income of $127.9 million (down 20.6%), a net profit margin of 7.3%. Diluted earnings per share came to $0.98. Over five years revenue grew at an average rate of 74.2% a year.
See the PMT stock overview for the latest quote and news, or the PMT chart for price history and technical indicators.
PMT income statement FAQ
What is PennyMac Mortgage Investment's annual revenue?
PennyMac Mortgage Investment reported total revenue of $1.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 245.8% from $504.6 million the previous year.
Is PennyMac Mortgage Investment profitable?
Yes. PennyMac Mortgage Investment reported net income of $127.9 million in fiscal 2025, a net profit margin of 7.3%; its operating margin was 79.0%.
What is PennyMac Mortgage Investment's gross margin?
PennyMac Mortgage Investment's gross margin was 91.6% in fiscal 2025: for every $100 of revenue, PennyMac Mortgage Investment kept $92 after the direct cost of its products and services.
How much does PennyMac Mortgage Investment spend on research and development?
PennyMac Mortgage Investment spent $2.1 million on research and development in fiscal 2025, 0.1% of revenue.
How fast is PennyMac Mortgage Investment growing?
Revenue grew 74.2% a year on average over the last five fiscal years, from $108.6 million to $1.7 billion.
What are PennyMac Mortgage Investment's earnings per share?
PennyMac Mortgage Investment earned $0.98 per diluted share in fiscal 2025, compared with $1.33 a year earlier.
When will PennyMac Mortgage Investment report its next earnings?
PennyMac Mortgage Investment is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does PennyMac Mortgage Investment's fiscal year end?
PennyMac Mortgage Investment's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.