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PennyMac Financial Services Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Q4 2025 net income was $107 million ($1.97 per share), with an annualized ROE of 10% and book value per share rising to $82.77.
Full-year 2025 net income rose 61% year-over-year to $501.1 million, with a 12% ROE and 11% book value per share growth.
Production and servicing segments showed strong growth, though servicing income was impacted by increased MSR runoff and prepayments.
Technology investments, notably the Vesta AI-enabled loan origination system, drove efficiency gains and capacity expansion.
Dividend of $0.30 per share declared for Q4.
Financial highlights
Q4 pretax income was $127 million in production and $37 million in servicing; total origination/acquisition volumes reached $42.2 billion UPB, up 16% sequentially.
Servicing portfolio ended Q4 at $734 billion UPB, up 10% year-over-year.
Book value per share reached $82.77 at year-end.
Full-year pretax income was $551.4 million, up from $401.0 million in 2024.
Liquidity at quarter-end was $4.6 billion.
Outlook and guidance
Operating ROE is expected to ramp from low double digits to mid-to-high teens by year-end 2026, driven by operational efficiencies and technology investments.
Origination market forecasted at $2.3–$2.4 trillion for 2026, with targeted growth in production and recapture in consumer direct.
Margins expected to remain at Q4 levels, with potential upside if margin expansion occurs.
PMT to acquire all non-Agency eligible correspondent production and 15–25% of total conventional conforming correspondent production in Q1 2026.
Impact of MSR cash flow realization on Q4
PMT's Q1 2026 conventional loan acquisition outlook?
Q4 production revenue drivers and margin trends
Vesta's impact on origination cost?
Outlook for production margins?
FHA delinquency trend drivers?
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Next PennyMac Financial Services earnings date
Q1 202621 Apr, 2026
PennyMac Financial Services
Next PennyMac Financial Services earnings date
Q1 202621 Apr, 2026
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Frequently asked questions
PennyMac Financial Services Inc. is a financial services company specializing in mortgage lending, servicing, and investment management. The company originates residential mortgage loans through retail, broker, and correspondent channels and provides loan servicing solutions for borrowers. PennyMac also manages investment portfolios related to residential mortgage assets, serving institutional investors. The company is headquartered in Westlake Village, California, and its shares are listed on the NYSE.
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