Revenue and margins have been highly volatile, with NOI margin swinging from -115.8% in 2024Q4 to 93.1% in 2026Q2 and net income turning to a $25.0M loss in 2026Q3, suggesting fair-value marks and origination cycles dominate earnings.
PennyMac Mortgage Investment Trust (PMT) annual income statement — 16-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Revenue | 1.57B | 1.74B | 504.6M | 725.87M | -145.66M | 757.48M | 1.41B | 953.17M | 409.85M | 448.93M | 311.01M | 292.43M | 408.13M | 424.66M | 328.46M | 90.74M | 35.36M |
| Revenue Growth % | 115.25% | 245.81% | -30.48% | 598.32% | -119.23% | -46.21% | 47.75% | 132.57% | -8.71% | 44.35% | 6.35% | -28.35% | -3.89% | 29.29% | 261.98% | 156.6% | - |
| Property Operating Expenses | 133.73M | 146.45M | 124.11M | 122.1M | 175.54M | 308.74M | 333.27M | 234.21M | 139.61M | 139.93M | 157.62M | 120.12M | 110.77M | 120.99M | 81.51M | 4.43M | 2.58M |
| Net Operating Income (NOI) | 1.44B | 1.6B | 380.5M | 603.76M | -321.2M | 448.74M | 1.08B | 718.96M | 270.23M | 309.01M | 153.38M | 172.3M | 297.36M | 303.68M | 246.95M | 86.31M | 32.78M |
| NOI Margin % | 91.51% | 91.61% | 75.4% | 83.18% | 220.51% | 59.24% | 76.33% | 75.43% | 65.94% | 68.83% | 49.32% | 58.92% | 72.86% | 71.51% | 75.18% | 95.11% | 92.7% |
| Operating Expenses | 24.66M | 220.61M | 49.17M | 45.53M | 48.63M | 54.74M | 46.27M | 50.56M | 39.03M | 37.29M | 35.92M | 40.15M | 52.73M | 49.52M | 60.13M | 39.17M | 10.86M |
| G&A Expenses | 51.92M | 77.31M | 47.01M | 43.49M | 46.58M | 52.95M | 44.83M | 48.95M | 37.63M | 35.81M | 34.48M | 38.87M | 51.74M | 48.7M | 25.63M | 5.16M | 3.4M |
| EBITDA | 1.27B | 93.82M | 1.03B | 558.34M | -363.09M | 688.32M | 1.29B | 1.05B | 325.53M | 353.34M | 183.11M | 176.14M | 276.55M | 280.39M | 206.1M | 89.44M | 27.85M |
| EBITDA Margin % | 80.87% | 5.38% | 203.67% | 76.92% | 249.26% | 90.87% | 91.57% | 110.38% | 79.43% | 78.71% | 58.88% | 60.23% | 67.76% | 66.03% | 62.75% | 98.57% | 78.76% |
| Depreciation & Amortization | 0 | 0 | 0 | 110K | 6.75M | 0 | 0 | 383.73M | 94.33M | 81.62M | 65.65M | 43.98M | 31.91M | 26.24M | 11.73M | 16.95M | 826K |
| D&A / Revenue % | 0% | 0% | 0% | 0.02% | -4.63% | 0% | 0% | 40.26% | 23.02% | 18.18% | 21.11% | 15.04% | 7.82% | 6.18% | 3.57% | 18.67% | 2.34% |
| Operating Income | 1.42B | 1.38B | 331.33M | 558.23M | -369.84M | 394M | 1.03B | 668.4M | 231.2M | 271.72M | 117.46M | 132.16M | 244.64M | 254.15M | 194.37M | 72.5M | 27.03M |
| Operating Margin % | 89.94% | 78.96% | 65.66% | 76.91% | 253.9% | 52.01% | 73.05% | 70.12% | 56.41% | 60.53% | 37.77% | 45.19% | 59.94% | 59.85% | 59.18% | 79.89% | 76.42% |
| Interest Expense | 4M | 870.39M | 714.66M | 735.97M | 410.42M | 304.74M | 270.77M | 297.45M | 175.17M | 151.37M | 149.77M | 124.71M | 85.59M | 65.22M | 31.64M | 16.95M | 826K |
| Interest Coverage | - | 0.11x | 1.44x | 1.74x | 0.06x | 2.26x | 4.76x | 0.64x | 1.91x | 0.86x | 0.43x | 0.61x | 2.16x | 3.21x | 6.14x | 4.28x | 32.72x |
| Non-Operating Income | 220.38M | 413.71M | 331.33M | 558.23M | -369.84M | 394M | 1.03B | 668.4M | 231.2M | 271.72M | 117.46M | 132.16M | 244.64M | 254.15M | 0 | 72.5M | 27.03M |
| Pretax Income | 63.83M | 93.82M | 142.65M | 244.4M | 63.09M | 44.66M | 79.73M | 190.64M | 157.99M | 124.55M | 61.76M | 73.3M | 179.46M | 214.63M | 186.82M | 72.5M | 27.03M |
| Pretax Margin % | 4.05% | 5.38% | 28.27% | 33.67% | -43.31% | 5.9% | 5.66% | 20% | 38.55% | 27.74% | 19.86% | 25.07% | 43.97% | 50.54% | 56.88% | 79.89% | 76.42% |
| Income Tax | -19.07M | -34.05M | -18.34M | 44.74M | 136.37M | -12.19M | 27.36M | 35.72M | 5.19M | 6.8M | 14.05M | 16.8M | 15.08M | 14.45M | 48.57M | 8.06M | 2.54M |
| Effective Tax Rate % | -29.88% | -36.3% | -12.85% | 18.31% | 216.17% | -27.3% | 34.31% | 18.73% | 3.29% | 5.46% | 22.74% | 22.91% | 8.4% | 6.73% | 26% | 11.11% | 9.41% |
| Net Income | 82.98M | 127.87M | 160.98M | 199.65M | -73.29M | 56.85M | 52.37M | 226.36M | 152.8M | 117.75M | 75.81M | 90.1M | 194.54M | 200.19M | 138.25M | 64.44M | 24.48M |
| Net Margin % | 5.27% | 7.33% | 31.9% | 27.51% | 50.31% | 7.51% | 3.72% | 23.75% | 37.28% | 26.23% | 24.38% | 30.81% | 47.67% | 47.14% | 42.09% | 71.01% | 69.23% |
| Net Income Growth % | -32.01% | -20.57% | -19.37% | 372.43% | -228.9% | 8.56% | -76.86% | 48.14% | 29.77% | 55.32% | -15.86% | -53.69% | -2.82% | 44.8% | 114.54% | 163.2% | - |
| Funds From Operations (FFO) | 0 | 127.87M | 160.98M | 199.76M | -66.54M | 56.85M | 52.37M | 610.09M | 247.13M | 199.37M | 141.46M | 134.08M | 226.46M | 226.43M | 149.98M | 81.39M | 25.31M |
| FFO Margin % | 0% | 7.33% | 31.9% | 27.52% | 45.68% | 7.51% | 3.72% | 64.01% | 60.3% | 44.41% | 45.48% | 45.85% | 55.49% | 53.32% | 45.66% | 89.69% | 71.57% |
| FFO Growth % | 0% | - | - | 400.22% | - | - | - | 146.87% | 23.95% | 40.94% | 5.5% | -40.79% | 0.01% | 50.98% | 84.28% | 221.57% | - |
| FFO per Share | 0.00 | 1.47 | 1.85 | 1.79 | -0.73 | 0.58 | 0.53 | 6.96 | 3.56 | 2.67 | 1.83 | 1.61 | 2.75 | 3.26 | 3.42 | 3.05 | 1.48 |
| FFO Payout Ratio % | - | 108.99% | 86.53% | 70.39% | -260.82% | 323.59% | 289.42% | 23.11% | 46.78% | 63.27% | 93% | 129.04% | 77.03% | 65.17% | 63.22% | 48.59% | 51.21% |
| EPS (Diluted) | 0.95 | 0.99 | 1.37 | 1.63 | -1.26 | 0.26 | 0.27 | 2.42 | 2.20 | 1.48 | 1.08 | 1.16 | 2.47 | 2.96 | 3.14 | 2.41 | 1.44 |
| EPS Growth % | -48.63% | -27.74% | -15.95% | 229.37% | -584.62% | -3.7% | -88.84% | 10% | 48.65% | 37.04% | -6.9% | -53.04% | -16.55% | -5.73% | 30.29% | 67.36% | - |
| EPS (Basic) | - | 0.99 | 1.37 | 1.80 | -1.26 | 0.26 | 0.27 | 2.54 | 2.20 | 1.53 | 1.09 | 1.19 | 2.62 | 3.13 | 3.14 | 2.41 | 1.46 |
| Diluted Shares Outstanding | 87.2M | 86.99M | 86.81M | 111.7M | 91.43M | 97.4M | 99.37M | 87.71M | 69.36M | 74.61M | 77.11M | 83.34M | 82.21M | 69.45M | 43.88M | 26.68M | 17.05M |
Quick answers to the most common questions about buying PMT stock.
For fiscal year 2025, PennyMac Mortgage Investment Trust (PMT) reported total revenue of $1.74B. This represents a 4834.5% increase compared to $35.4M in 2010.
PennyMac Mortgage Investment Trust (PMT) is profitable, generating $127.9M in net income for the fiscal year ending 2025 with a net profit margin of 7.3%.
PennyMac Mortgage Investment Trust (PMT) reported an operating income of $1.38B, resulting in an operating profit margin of 79.0%. This margin reflects the operational efficiency of the business before interest and taxes.
PennyMac Mortgage Investment Trust (PMT) generated $1.60B in gross profit for the year, representing a gross profit margin of 91.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage amplifies earnings volatility
Metrics are mathematically derived from official filings.
Volatile Revenue Masks Uneven Earnings Base
Based on reported figures, PMT's quarterly revenue swung from $14.7M in 2024Q4 to $477.6M in 2026Q2, suggesting fair-value marks and origination cycles drive the topline more than steady recurring growth.
The swings in reported revenue appear driven by mark-to-market adjustments on MSRs and CRT positions rather than a consistent expansion of the underlying asset base. The 2026Q3 revenue of $220.0M, down 24.3% year over year, may indicate that the recent peak was cyclical rather than structural. Investors should monitor whether future quarters show stabilization before attributing the growth to durable drivers.
Net Margin Compression Despite Headline Revenue
According to reported figures, PMT's net income fell to a loss of $25.0M in 2026Q3 while the trailing net margin stands at only 7.3%, indicating a thin spread between revenue and earnings.
The gap between high operating margins and a low net margin suggests substantial financing, hedging, and management costs absorb much of the gross spread. The 2026Q3 net loss alongside an EPS of -0.41 may indicate that hedge losses or valuation adjustments offset interest income. Thin profitability at this leverage level warrants further investigation into the components of the cost base.
Distributable Earnings Under Pressure
As reported in financial statements, PMT's EPS of $0.23 in 2026Q2 missed a consensus near $0.31, and FFO per share has no reported figure after 2024Q4, leaving distributable earnings coverage unclear.
The absence of recent FFO and AFFO data limits direct assessment of dividend coverage, which appears to be the central concern for income-oriented holders. The 3.5% dividend yield sits against volatile and at times negative quarterly earnings, which may indicate reliance on earnings that are not consistently recurring. Investors should treat the dividend as dependent on continued favorable mortgage-market conditions.
Leverage Magnifies Thin Return on Equity
Based on PMT's reported 10.12x debt-to-equity ratio and trailing ROE of 6.7%, the return to common shareholders appears modest relative to the balance sheet risk being carried.
A 10.12x leverage ratio means small changes in asset values or financing spreads can produce outsized effects on book value and earnings. The trailing ROE of 6.7% does not obviously compensate for this level of leverage, which suggests the risk-adjusted return may be less attractive than headline yield implies. Any deterioration in CRT valuations or MSR marks could compress equity quickly.