Rocket Companies Announces Second Quarter 2026 Results
Rocket Companies, Inc. (RKT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Rocket Companies Announces Second Quarter 2026 Results • Generated Q2'26 total revenue, net of $2.78 billion and adjusted revenue of $2.76 billion. • Reported Q2'26 GAAP net income of $229 million and adjusted net income of $441 million. • Delivered Q2'26 adjusted EB
How this was made
The 30-second read
Why it matters
Key new information includes Q2 revenue and earnings figures, operating profitability (adjusted EBITDA), liquidity at quarter-end, MSR sales cash proceeds, and a $1.5B senior notes issuance used for debt redemption.
Market read
Traders can update models for Rocket’s quarterly profitability, liquidity, and servicing economics, and assess how the debt refinancing may affect near-term funding costs and leverage optics.
What to watch
The notes issuance and redemption could signal near-term balance-sheet optimization needs; traders may also focus on whether liquidity and MSR sales are sustainable versus one-off timing.
Rocket Companies Announces Second Quarter 2026 Results
Q2 total revenue, net was $2,784 million versus $1,451 million in Q2-25, while GAAP net income was $229 million versus $34 million and adjusted EBITDA was $766 million versus $172 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, netGAAP | $2.78B | – | – |
| Total expensesGAAP | $2.50B | – | – |
| GAAP net income (loss)GAAP | $229M | – | – |
| Adjusted revenuenon-GAAP | $2.76B | – | – |
| Adjusted net incomenon-GAAP | $441M | – | – |
| Adjusted EBITDAnon-GAAP | $766M | – | – |
| GAAP diluted earnings (loss) per shareGAAP | $0.08 | – | – |
| Adjusted diluted earnings per sharenon-GAAP | $0.16 | – | – |
| YTD total revenue, netGAAP | $5.72B | – | – |
| YTD total expensesGAAP | $5.04B | – | – |
| YTD GAAP net income (loss)GAAP | $526M | – | – |
| YTD adjusted revenuenon-GAAP | $5.58B | – | – |
| YTD adjusted net incomenon-GAAP | $863M | – | – |
| YTD adjusted EBITDAnon-GAAP | $1.50B | – | – |
| YTD GAAP diluted earnings (loss) per shareGAAP | $0.19 | – | – |
| YTD adjusted diluted earnings per sharenon-GAAP | $0.30 | – | – |
| Net rate lock volume excluding correspondentother | $36.9B | – | – |
| Closed mortgage loan origination volume excluding correspondentother | $39.2B | – | – |
| Gain on sale margin excluding correspondentother | 3.11% | – | – |
| Total net rate lock volumeother | $47B | – | – |
| Total closed mortgage loan origination volumeother | $49.1B | – | – |
| Total gain on sale marginother | 2.48% | – | – |
| Total liquidityother | $11.2B | – | – |
| Total servicing portfolio unpaid principal balanceother | $2T | – | – |
| Loans servicedother | 9.1 million loans | – | – |
| Mortgage servicing rights sales unpaid principal balanceother | $53 billion of UPB | – | – |
| Cash proceeds from mortgage servicing rights salesother | $795M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MortgageMortgage includes mortgage origination, servicing, title, closing and appraisal businesses. Segment contribution margin was $1,174 million versus $450 million in Q2-25, and adjusted revenue was $2,251 million versus $1,249 million. | $2.27B | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Q3 2026 outlook
- Revenueadjusted revenue between $2.5 billion to $2.7 billion
What drove it
- Direct to Consumer generated $26.0 billion in net rate lock volume and $28.1 billion in closed mortgage loan origination volume. Direct to Consumer gain on sale margin was 4.13%.
- Rocket Pro generated $10.9 billion in net rate lock volume and $11.1 billion in closed mortgage loan origination volume. Rocket Pro gain on sale margin was 0.69%, driven by investments in the Compass partnership to attract new partners to Rocket.
- Correspondent generated $10.2 billion in net rate lock volume and $10.0 billion in closed mortgage loan origination volume. Correspondent gain on sale margin was 0.19%.
- Purchase market share increased to 6.2% from 5.5% in Q4 2025, and refinance market share increased to 14.3% from 12.2% over the same period.
- In June, Redfin doubled mortgage leads year over year and reached record highs for mortgage attach rates.
- Loan officers using enhanced AI-powered tools are handling nearly 40% more clients, compared to one year prior.
- Within three months of launch, AI Voice handled more than 1 million inbound calls. More than 50% of those calls would otherwise have required assistance from servicing team members, while task resolution was nearly 25% faster than traditional IVR methods and client satisfaction reached 4.5 out of 5.
- Rocket Loans nearly doubled volume year over year in the first half of 2026 and reached record-high monthly volume in June. More than half of those loans were to Rocket servicing clients.
Concerns
- Rocket Pro gain on sale margin was 0.69%, driven by investments in the Compass partnership to attract new partners to Rocket.
- Correspondent gain on sale margin was 0.19%.
- Q3 2026 adjusted revenue guidance is between $2.5 billion to $2.7 billion; the filing did not provide guidance for gross margin, operating expenses, tax rate, GAAP net income, or adjusted EBITDA.
What to watch
- Execution of the unified servicing platform and the Company's ability to convert its $2.0 trillion servicing portfolio and 9.1 million loans serviced into recapture opportunities.
- Purchase market share of 6.2% and refinance market share of 14.3%, both described as record levels in Q2.
- Redfin mortgage leads, mortgage attach rates, and adoption of the expanded Preferred Pricing offer, under which eligible Rocket servicing clients can save up to $20,000.
- The Q3 2026 adjusted revenue range of $2.5 billion to $2.7 billion.
- The effect of Compass pricing incentives on Rocket Pro volume and its 0.69% gain on sale margin.
Balance sheet and cash flow
- Total liquidity was $11.2 billion as of June 30, 2026, including $3.1 billion of cash and cash equivalents, $2.3 billion of undrawn lines of credit, and $5.8 billion of undrawn available MSR and advance lines of credit.
- Mortgage servicing rights sales totaled $53 billion of UPB, generating $795 million of cash proceeds. The Company retained subservicing and recapture services on nearly 80% of the MSRs sold.
- On June 9, Rocket Companies issued $1.5 billion of senior notes, including $900 million of 6.125% senior notes due 2031 and $600 million of 6.500% senior notes due 2034. Proceeds were used to redeem outstanding senior notes and repay other existing debt.
Analysis
Rocket reported a sharply improved second quarter. Total revenue, net was $2,784 million versus $1,451 million in Q2-25, and GAAP net income was $229 million versus $34 million. Adjusted revenue was $2,761 million versus $1,431 million, adjusted net income was $441 million versus $75 million, and adjusted EBITDA was $766 million versus $172 million. YTD GAAP net income was $526 million, compared with a YTD GAAP net loss of $(178) million in YTD 25.
Mortgage was the sole reported segment beginning in Q2 2026, with prior-period information recast for comparability. Mortgage revenue was $2,274 million versus $1,269 million, adjusted revenue was $2,251 million versus $1,249 million, and contribution margin was $1,174 million versus $450 million. The quarter included $47.0 billion of total net rate lock volume, $49.1 billion of total closed mortgage loan origination volume, and a 2.48% total gain on sale margin.
Mix reflected strong Direct to Consumer economics alongside investment in Rocket Pro distribution. Direct to Consumer produced $26.0 billion of net rate lock volume, $28.1 billion of closed mortgage loan origination volume, and a 4.13% gain on sale margin. Rocket Pro generated $10.9 billion of net rate lock volume and $11.1 billion of closed mortgage loan origination volume, while its 0.69% gain on sale margin was driven by Compass partnership investments. Correspondent produced $10.2 billion of net rate lock volume and $10.0 billion of closed mortgage loan origination volume, with a 0.19% gain on sale margin.
The company highlighted record purchase and refinance market share, a completed servicing migration to a single platform, and higher Redfin mortgage lead activity. Its servicing portfolio was $2.0 trillion of unpaid principal balance, or 9.1 million loans serviced, as of June 30, 2026. Sales of MSRs totaled $53 billion of UPB and generated $795 million of cash proceeds, while the company retained subservicing and recapture services on nearly 80% of the MSRs sold. Liquidity was $11.2 billion, including $3.1 billion of balance-sheet cash and cash equivalents.
For Q3 2026, Rocket expects adjusted revenue between $2.5 billion to $2.7 billion. The filing provides no outlook for profitability, margins, operating expenses, tax rate, loan volume, or capital returns. The company also issued $1.5 billion of senior notes on June 9, with proceeds used to redeem outstanding senior notes and repay other existing debt.
Management, verbatim
Rocket reached record levels of purchase and refinance market share in one of the toughest spring housing markets in years, while delivering our most profitable quarter in four years.
Varun Krishna, CEO and Director of Rocket Companies
Not in the filing
stated, not guessed- GAAP operating income or loss
- Non-GAAP operating income
- Gross profit and gross margin
- Operating cash flow
- Free cash flow
- Capital return announcements, including share repurchases and dividends
- Total debt balance as of June 30, 2026
- All Other revenue and profitability metrics
- Q2-26 total revenue, net quarter-over-quarter comparison
- Q2-26 GAAP net income quarter-over-quarter comparison
- Q2-26 adjusted EBITDA quarter-over-quarter comparison
- Q3 2026 guidance for gross margin, operating expenses, tax rate, GAAP net income, adjusted EBITDA, EPS, loan volume, and gain on sale margin
- Prior-period outlook for comparison against Q2 2026 actual results
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Rocket Companies filed an SEC 8-K (Item 2.02) with Exhibit 99.1 covering Q2 2026 results and related financial condition updates.
Ticker impact
Rocket Companies reports Q2 2026 results in an 8-K, including $2.784B net revenue, $229M GAAP net income, and $766M adjusted EBITDA.
Near-term bias likely positive if investors focus on profitability improvement and strong liquidity, but debt-refinancing details may temper enthusiasm.
This is a primary-source earnings-style disclosure with multiple hard numbers (revenue, net income, adjusted EBITDA, liquidity) and a capital markets action (senior notes). The article does not include guidance, so upside/downside magnitude is less certain.
Market effects
Mortgage originators and servicers may see read-through on MSR monetization capacity and servicing recapture momentum.
US housing and mortgage credit sentiment could be modestly supported by evidence of share gains in a tough spring market.
Limited direct global impact, though US mortgage credit conditions can influence broader credit risk appetite.
Counterpoint
GAAP net income is up, but the article emphasizes non-GAAP metrics and adjusted figures; investors may discount the quality of earnings without full reconciliation detail.
Key entities
- issuerRocket Companies, Inc.
Subject of the 8-K, reporting Q2 2026 financial results and capital markets activity.
- executiveVarun Krishna
CEO quoted on record market share and profitability narrative.
- partnerRedfin
Mentioned in the Preferred Pricing expansion and lead growth context.
