Rocket Companies Announces Third 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 Third Quarter 2026 Results • Generated Q3'26 total revenue, net of $3.28 billion and adjusted revenue of $2.57 billion. • Reported Q3'26 GAAP net income of $709 million and adjusted net income of $419 million. • Delivered Q3'26 adjusted EBI
How this was made
The 30-second read
Why it matters
The combination of a profitability rebound in Q3 and a defined Q4 revenue range provides a direct basis for repricing near-term earnings expectations and mortgage-lending risk appetite.
Market read
This is a primary earnings-and-guidance update for a US-listed mortgage lender, with enough quantified detail to drive same-day positioning and near-term expectation setting.
What to watch
The release emphasizes adjusted metrics and servicing recapture dynamics; traders may want to scrutinize the sustainability of margins, liquidity composition, and MSR sales/retention economics into Q4.
Rocket Companies Announces Third Quarter 2026 Results
Q3 2026 delivered GAAP net income of $709 million versus a GAAP net loss of $124 million in Q3 2025, while adjusted revenue was $2.57 billion, adjusted net income was $419 million and adjusted EBITDA was $748 million. Mortgage contribution margin was $1.14 billion, compared with $564 million in Q3 2025.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenue, netGAAP | $3.28B | – | – |
| Q3 2026 adjusted revenuenon-GAAP | $2.57B | – | – |
| Q3 2026 gain on sale of loans excluding fair value of originated MSRs, netGAAP | $302M | – | – |
| Q3 2026 fair value of originated MSRsGAAP | $726M | – | – |
| Q3 2026 gain on sale of loans, netGAAP | $1.03B | – | – |
| Q3 2026 servicing fee incomeGAAP | $1.03B | – | – |
| Q3 2026 change in fair value of MSRs, netGAAP | $156M | – | – |
| Q3 2026 loan servicing income (loss), netGAAP | $1.19B | – | – |
| Q3 2026 interest incomeGAAP | $550M | – | – |
| Q3 2026 other incomeGAAP | $518M | – | – |
| Q3 2026 total expensesGAAP | $2.33B | – | – |
| Q3 2026 salaries, commissions and team member benefitsGAAP | $935M | – | – |
| Q3 2026 general and administrative expensesGAAP | $559M | – | – |
| Q3 2026 marketing and advertising expensesGAAP | $253M | – | – |
| Q3 2026 interest expenseGAAP | $359M | – | – |
| Q3 2026 depreciation and amortizationGAAP | $147M | – | – |
| Q3 2026 other expensesGAAP | $73M | – | – |
| Q3 2026 income (loss) before income taxesGAAP | $958M | – | – |
| Q3 2026 provision for (benefit from) income taxesGAAP | −$249M | – | – |
| Q3 2026 net income (loss)GAAP | $709M | – | – |
| Q3 2026 net income (loss) attributable to Rocket CompaniesGAAP | $709M | – | – |
| Q3 2026 diluted earnings (loss) per share of Participating Common StockGAAP | $ 0.25 | – | – |
| Q3 2026 basic earnings (loss) per share of Participating Common StockGAAP | $ 0.25 | – | – |
| Q3 2026 adjusted net incomenon-GAAP | $419M | – | – |
| Q3 2026 adjusted diluted earnings per sharenon-GAAP | $ 0.15 | – | – |
| Q3 2026 adjusted EBITDAnon-GAAP | $748M | – | – |
| Q3 2026 total net rate lock volumeother | $40.4B | – | – |
| Q3 2026 total closed mortgage loan origination volumeother | $43.6B | – | – |
| Q3 2026 total gain on sale marginother | 2.54% | – | – |
| Q3 2026 net rate lock volume excluding correspondentother | $30.4B | – | – |
| Q3 2026 closed mortgage loan origination volume excluding correspondentother | $33.5B | – | – |
| Q3 2026 gain on sale margin excluding correspondentother | 3.33% | – | – |
| Nine months ended September 30, 2026 total revenue, netGAAP | $9.01B | – | – |
| Nine months ended September 30, 2026 adjusted revenuenon-GAAP | $8.16B | – | – |
| Nine months ended September 30, 2026 total expensesGAAP | $7.37B | – | – |
| Nine months ended September 30, 2026 net income (loss)GAAP | $1.24B | – | – |
| Nine months ended September 30, 2026 net income (loss) attributable to Rocket CompaniesGAAP | $1.24B | – | – |
| Nine months ended September 30, 2026 diluted earnings (loss) per share of Participating Common StockGAAP | $ 0.43 | – | – |
| Nine months ended September 30, 2026 adjusted net incomenon-GAAP | $1.28B | – | – |
| Nine months ended September 30, 2026 adjusted diluted earnings per sharenon-GAAP | $ 0.45 | – | – |
| Nine months ended September 30, 2026 adjusted EBITDAnon-GAAP | $2.25B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MortgageThe segment includes mortgage origination, servicing, title, closing and appraisal businesses. Q3 2026 adjusted revenue was $ 2,092 and contribution margin was $ 1,138, compared with adjusted revenue of $ 1,409 and contribution margin of $ 564 in Q3 2025. | $2.80B | – | – |
| All OtherAll Other primarily includes real estate services and personal finance. Revenue is primarily comprised of Redfin commission-based brokerage revenue and real estate network referral fees, Rocket Money subscription revenue and other service-based fees, and Rocket Loans personal loan interest earned and other income. | $482M | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Q4 2026 outlook
- Revenueadjusted revenue between $2.1 billion to $2.3 billion
What drove it
- Direct to Consumer generated $22.1 billion in net rate lock volume and $24.6 billion in closed mortgage loan origination volume, with a 4.31% gain on sale margin.
- Rocket Pro generated $8.2 billion in net rate lock volume and $9.0 billion in closed mortgage loan origination volume, with a 0.70% gain on sale margin.
- Correspondent generated $10.0 billion in net rate lock volume and $10.1 billion in closed mortgage loan origination volume, with a 0.15% gain on sale margin.
- Visitors who clicked to start a purchase mortgage transaction on Redfin home listings were up 50% year over year, and Redfin’s contribution to Rocket’s refinance leads more than doubled in Q3.
- Cumulative unique listings through the Compass partnership reached nearly 40,000, up from roughly 25,000 in the prior quarter.
- AI pulled credit on nearly 20% of Direct to Consumer loan volume before a client spoke with a loan officer, up from zero a year ago.
- Digital mortgage applications made up more than 40% of all retail refinance applications, and digital leads converted at four times the rate of non-digital channels.
- Rocket’s AI voice platform handled 65% of inbound servicing calls and resolved more than half of them on its own.
Concerns
- Q3 2026 adjusted revenue excludes $ (710) of change in fair value of MSRs and related liabilities due to valuation assumptions, net of hedges, compared with $ 178 in Q3 2025.
- Q3 2026 GAAP results included $ 113 of acquisition-related expenses, $ 113 of amortization of acquired intangible assets and $ 84 of share-based compensation expense in the adjusted net income reconciliation.
- Interest expense was $ 359 in Q3 2026, compared with $ 235 in Q3 2025.
- The company expects Q4 2026 adjusted revenue between $2.1 billion to $2.3 billion, compared with Q3 2026 adjusted revenue of $ 2,574.
What to watch
- Q4 2026 adjusted revenue relative to the guidance range of $2.1 billion to $2.3 billion.
- Mortgage gain on sale margins, including the 3.33% margin excluding correspondent, 4.31% Direct to Consumer margin, 0.70% Rocket Pro margin and 0.15% Correspondent margin reported for Q3'26.
- The effect of changes in market interest rates and valuation assumptions on MSRs and related liabilities.
- Execution of the Redfin, Compass and Rocket Pro initiatives, including the extension of the Compass pricing credit through year-end 2026.
- Recapture activity across the $2.0 trillion servicing portfolio and 9.1 million loans serviced.
Balance sheet and cash flow
- Total liquidity was $11.4 billion as of September 30, 2026, including $2.7 billion of cash and cash equivalents, $2.5 billion of undrawn lines of credit, and $6.2 billion of undrawn available MSR and advance lines of credit.
- Cash and cash equivalents were $ 2,699 as of September 30, 2026, compared with $ 2,696 as of December 31, 2025.
- Mortgage servicing rights, at fair value, were $ 20,257 as of September 30, 2026, compared with $ 19,442 as of December 31, 2025.
- Secured financing was $ 14,187 as of September 30, 2026, compared with $ 17,936 as of December 31, 2025.
- Unsecured financing, net, was $ 10,716 as of September 30, 2026, compared with $ 10,423 as of December 31, 2025.
- Total equity was $ 24,311 as of September 30, 2026, compared with $ 22,898 as of December 31, 2025.
- During Q3'26, mortgage servicing rights sales totaled $23 billion of UPB, generating $379 million of cash proceeds.
- Total servicing portfolio unpaid principal balance was $2.0 trillion, or 9.1 million loans serviced, as of September 30, 2026.
Analysis
Rocket Companies reported a marked improvement in Q3 2026 profitability. Total revenue, net was $ 3,284, compared with $ 1,695 in Q3 2025, and GAAP net income was $ 709, compared with a GAAP net loss of $ (124). Diluted GAAP earnings per share were $ 0.25, compared with a loss of $ (0.06). On a non-GAAP basis, adjusted revenue was $ 2,574 versus $ 1,873, adjusted net income was $ 419 versus $ 158, and adjusted EBITDA was $ 748 versus $ 349.
Mortgage was the principal reported segment, producing Q3 total revenue, net of $ 2,802, adjusted revenue of $ 2,092 and contribution margin of $ 1,138. The comparable Q3 2025 figures were $ 1,231 of total revenue, net, $ 1,409 of adjusted revenue and $ 564 of contribution margin. Total net rate lock volume was $40.4 billion and total closed mortgage loan origination volume was $43.6 billion. The reported total gain on sale margin was 2.54%, while the margin excluding correspondent was 3.33%.
The revenue mix included $ 1,188 of loan servicing income, net, versus $ (67) in Q3 2025, with servicing fee income of $ 1,032 and a $ 156 change in fair value of MSRs, net. Gain on sale of loans, net was $ 1,028, essentially matching $ 1,027 in Q3 2025, although the components shifted to $ 302 of gain on sale excluding fair value of originated MSRs and $ 726 of fair value of originated MSRs. Management's adjusted revenue calculation excludes $ (710) of change in fair value of MSRs and related liabilities due to valuation assumptions, net of hedges.
Expenses were $ 2,326 in Q3 2026 compared with $ 1,880 in Q3 2025. Salaries, commissions and team member benefits were $ 935, general and administrative expenses were $ 559, marketing and advertising expenses were $ 253 and interest expense was $ 359. The non-GAAP reconciliations also identify $ 113 of acquisition-related expenses, $ 113 of amortization of acquired intangible assets and $ 84 of share-based compensation expense. These items remain important in assessing the gap between reported GAAP and adjusted profitability.
Liquidity totaled $11.4 billion at September 30, 2026, including $2.7 billion of cash and cash equivalents, $2.5 billion of undrawn lines of credit and $6.2 billion of undrawn available MSR and advance lines of credit. Secured financing was $ 14,187 and unsecured financing, net was $ 10,716. For Q4 2026, the company expects adjusted revenue between $2.1 billion to $2.3 billion. Investors will focus on delivery against that range, the trajectory of originations and gain on sale margins, and the contribution from the servicing portfolio, Redfin and technology-led conversion initiatives.
Management, verbatim
Rocket gained market share in both purchase and refinance, quarter over quarter and year over year, and delivered our highest profitability margin in nearly five years, even as mortgage rates climbed to a three-year high.
Varun Krishna, CEO and Director of Rocket Companies
We didn’t spend the last three years waiting for rates to fall. We acquired distribution, connected real estate and mortgage, and invested heavily in technology. We changed the economics of our business. Rates went up. We took share. Profits grew. That’s not a coincidence.
Varun Krishna, CEO and Director of Rocket Companies
Not in the filing
stated, not guessed- Prior-quarter figures for Q3 2026 operating metrics
- Reported year-over-year percentage changes for total revenue, net, adjusted revenue, net income, adjusted net income, adjusted EBITDA, expenses and segment revenue
- Q3 2026 operating cash flow
- Q3 2026 free cash flow
- Q3 2026 capital expenditures
- Q3 2026 share repurchases
- Q3 2026 dividends
- Q4 2026 gross margin guidance
- Q4 2026 operating expenses guidance
- Q4 2026 tax rate guidance
- Previous-quarter outlook for comparison with Q3 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 furnished Q3 2026 results and a Regulation FD disclosure via SEC Form 8-K, including revenue, net income, adjusted metrics, and a Q4 adjusted revenue outlook.
Ticker impact
Rocket Companies reported Q3 2026 results with total revenue of $3.284B, GAAP net income of $709M, and issued Q4 adjusted revenue guidance of $2.1B to $2.3B.
Likely upward bias as traders price in stronger earnings power and the provided Q4 revenue range.
This is a primary-source earnings release (8-K) with both quarterly financials and forward guidance, giving traders concrete inputs for near-term valuation and positioning.
Market effects
Mortgage lenders may see read-across on origination volumes, gain-on-sale margins, and servicing economics as rates remain volatile.
Limited, as the disclosure is company-specific rather than a macro or regional policy event.
Low, since the catalyst is a US-listed single-name earnings and guidance update.
Counterpoint
Profitability could be sensitive to mortgage-rate volatility and gain-on-sale margin assumptions, so the Q4 range may still be vulnerable to rate-driven demand swings.
Key entities
- issuerRocket Companies, Inc.
Homeownership platform company reporting Q3 2026 results and providing Q4 2026 adjusted revenue guidance.
- executiveVarun Krishna
CEO quoted emphasizing market-share gains and profitability improvement despite higher mortgage rates.
