PennyMac Finl Svcs Inc
NYSE: PFSI · FINANCIAL SERVICES · MORTGAGE FINANCE
Updated 2026-06-05
PennyMac Finl Svcs Inc (PFSI) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $69.23M | $76.66M | $272.96M | $405.61M | $555.53M | $781.88M | $1.04B | $1.10B | $1.13B | $1.68B | $3.95B | $3.56B | $2.32B | $1.40B | $1.59B | $4.36B |
| Revenue growth (YoY) | — | +10.7% | +256.1% | +48.6% | +37.0% | +40.7% | +32.7% | +6.0% | +2.6% | +48.8% | +135.3% | -10.0% | -34.8% | -39.6% | +13.7% | +173.8% |
| Cost of revenue | $28.52M | $34.53M | $75.77M | $134.71M | $285.95M | $428.27M | $556.74M | $641.37M | $712.37M | $788.00M | $1.19B | $1.43B | $1.01B | $97.08M | $37.99M | $374.62M |
| Gross profit | $40.71M | $42.13M | $197.19M | $270.91M | $269.59M | $353.60M | $481.13M | $458.50M | $416.52M | $891.71M | $2.77B | $2.13B | $1.31B | $1.30B | $1.56B | $3.99B |
| Gross margin | 58.8% | 55.0% | 72.2% | 66.8% | 48.5% | 45.2% | 46.4% | 41.7% | 36.9% | 53.1% | 70.0% | 59.9% | 56.3% | 93.1% | 97.6% | 91.4% |
| R&D | — | — | $4.46M | $9.21M | $15.44M | $25.16M | $0.00 | $0.00 | $0.00 | $67.95M | $112.57M | $141.43M | $139.95M | $143.15M | $149.55M | — |
| SG&A | $3.18M | $19.53M | $59.26M | $41.96M | $11.11M | $15.47M | $18.08M | $40.46M | $54.77M | $210.75M | $313.85M | $416.44M | $291.41M | $576.96M | $632.74M | $782.92M |
| Operating income | $33.04M | $14.70M | $118.32M | $182.13M | $223.03M | $279.19M | $383.08M | $335.91M | $267.70M | $529.44M | $2.24B | $1.36B | $688.69M | $709.98M | $901.03M | $1.51B |
| Operating margin | 47.7% | 19.2% | 43.3% | 44.9% | 40.1% | 35.7% | 36.9% | 30.5% | 23.7% | 31.5% | 56.7% | 38.2% | 29.7% | 50.7% | 56.5% | 34.6% |
| EBITDA | $33.63M | $24.39M | $131.09M | $212.40M | $265.90M | $434.75M | $689.21M | $617.54M | $526.51M | $554.62M | $2.28B | $1.40B | $738.93M | $709.98M | $473.17M | $1.51B |
| EBITDA margin | 48.6% | 31.8% | 48.0% | 52.4% | 47.9% | 55.6% | 66.4% | 56.1% | 46.6% | 33.0% | 57.6% | 39.4% | 31.8% | 50.7% | 29.7% | 34.6% |
| EBIT | $33.04M | $14.70M | $118.32M | $182.13M | $223.03M | $279.19M | $383.08M | $335.91M | $267.70M | $529.44M | $2.24B | $1.36B | $688.69M | $709.98M | $403.51M | — |
| Interest expense | $790000.00 | $1.88M | $7.88M | $16.67M | $37.26M | $68.54M | $106.21M | $144.52M | $144.60M | $76.72M | $24.52M | $90.53M | $50.24M | $637.78M | $819.35M | $960.55M |
| Income tax | $-2.53M | $-1.90M | $-4.61M | $9.96M | $26.72M | $31.64M | $46.10M | $24.39M | $23.25M | $136.48M | $593.73M | $355.69M | $189.74M | $38.98M | $89.60M | $50.34M |
| Effective tax rate | -8.3% | -14.8% | -4.1% | 40.9% | 42.0% | 40.1% | 41.1% | 19.5% | 21.0% | 25.8% | 26.5% | 26.2% | 28.5% | 21.2% | 22.3% | 9.1% |
| Net income | $33.04M | $14.70M | $118.32M | $14.40M | $36.84M | $47.23M | $66.08M | $100.76M | $87.69M | $392.96M | $1.65B | $1.00B | $475.51M | $144.66M | $311.42M | $501.08M |
| Net income growth (YoY) | — | -55.5% | +705.0% | -87.8% | +155.8% | +28.2% | +39.9% | +52.5% | -13.0% | +348.1% | +319.1% | -39.1% | -52.6% | -69.6% | +115.3% | +60.9% |
| Profit margin | 47.7% | 19.2% | 43.3% | 3.6% | 6.6% | 6.0% | 6.4% | 9.2% | 7.8% | 23.4% | 41.7% | 28.2% | 20.5% | 10.3% | 19.5% | 11.5% |
Frequently asked questions
What is PennyMac Finl Svcs Inc's revenue?
PennyMac Finl Svcs Inc's trailing twelve-month revenue is $3.32B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is PFSI?
In its most recent fiscal year, PFSI ran a gross margin of 91.42%, an operating margin of 34.65%, and a net margin of 11.48%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does PFSI generate?
PFSI produced $-1.41B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is PFSI's balance sheet healthy?
PFSI holds $301.68M in cash and equivalents against $14.27B in long-term debt, on $4.31B of shareholder equity. That debt is best read against the cash flow the business throws off each year.