$RKT earnings report

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.

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.