Earnings Releases·Oct 29, 2026, 4:30 PM ET

PennyMac Financial Services, Inc. — Third Quarter 2026 Earnings Summary

Net income declined 84% year-over-year to $29 million ($0.54 diluted EPS) as total net revenues fell 26% to $469 million, driven by a smaller origination market and higher interest rates.
Management expects fourth quarter adjusted ROE to remain near current levels while executing a right-sizing plan to reduce annualized operating expenses by $160 million by Q1 2027.
Subsequent to the quarter, the company agreed to sell $29 billion in UPB of low-rate MSRs for $490 million, with proceeds designated for debt reduction and share repurchases.
Strategic progress includes the planned acquisition of Cenlar's subservicing business in early 2027 and leadership transitions with Kevin Ryan assuming the CFO role in January 2027.