PennyMac 2Q FY26 net income drops 74% to USD 22 million; total net revenues fall 9% to USD 497 million
PFSI•PennyMac reports lower earnings and revenue in 2Q FY26
- PennyMac Financial Services posted GAAP net income of USD 22 million, down 84% from a year earlier; diluted EPS fell 84% to USD 0.41.
- GAAP total net revenues rose 12% year over year to USD 497 million, while annualized ROE slid 12 percentage points to 2%.
- Non-GAAP adjusted net income dropped 40% to USD 74 million; adjusted diluted EPS fell 40% to USD 1.39.
- Loan acquisitions and originations totaled USD 34.9 billion UPB, down 8% year over year; owned servicing portfolio grew 5% to USD 488 billion UPB.
- CEO David Spector cited higher interest rates, flagged cost realignment and technology-driven efficiency, and guided for adjusted ROE in the high single digits through 2026.
