Rocket Companies Announces Second Quarter 2026 Results

"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," said Varun Krishna, CEO and Director of Rocket Companies. "We've spent the last several years building a fundamentally different company. Home search, origination and servicing now reinforce one another, with AI making every interaction smarter. Markets change. Systems endure."

Second Quarter 2026 Financial Highlights

During the second quarter of 2026:

• Generated total revenue, net of $2.78 billion and net income of $229 million. Generated total adjusted revenue of $2.76 billion and adjusted net income of $441 million.
  
  
  
  
• Excluding correspondent, generated $36.9 billion in net rate lock volume, $39.2 billion in closed mortgage loan origination volume and gain on sale margin was 3.11%. 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.
  
  
  
  
• Generated $47.0 billion in total net rate lock volume and $49.1 billion in total closed mortgage loan origination volume. Total gain on sale margin was 2.48%. 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%.
  
  
  
  
• Total liquidity was $11.2 billion as of June 30, 2026, which includes $3.1 billion of cash and cash equivalents on the balance sheet, $2.3 billion of undrawn lines of credit, and $5.8 billion of undrawn available MSR and advance lines of credit.
  
  
  
  
• Total servicing portfolio unpaid principal balance was $2.0 trillion or 9.1 million loans serviced as of June 30, 2026, reinforcing the potential to drive significant recapture opportunity from the industry's largest portfolio. During Q2'26, Mortgage servicing rights ("MSR") sales totaled $53 billion of UPB, generating $795 million of cash proceeds. We retained subservicing and recapture services on nearly 80% of the MSRs sold.

Company Highlights

• Purchase and refinance quarterly market share reached record levels in Q2. 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, reflecting the strength of Rocket's ecosystem, distribution network and platform.
  
  
  
  
• Rocket Mortgage completed one of the largest servicing migrations in industry history. With all servicing clients now on a single platform, Rocket has a unified client foundation to drive servicing efficiency, strengthen recapture and deepen long-term client engagement.
  
  
  
  
• In Q2, legacy Mr. Cooper recapture rates reached another record level, driven by Rocket's commitment to client service, powerful brand, deep client insights, and technology platform. Recapture from our servicing portfolio represents significant opportunity for future origination volume.
  
  
  
  
• Rocket Mortgage became the nation's #1 home equity lender — the first independent mortgage company to lead the category. Since launching its home equity loan product in mid-2022, Rocket has helped more than 250,000 homeowners access over $24 billion in equity.
  
  
  
  
• In May, Rocket Mortgage and Redfin, our digital real estate brokerage and home search platform, expanded the Preferred Pricing offer. Eligible Rocket servicing clients can save up to $20,000 when they buy and sell with a Redfin agent and finance through Rocket Mortgage.
  
  
  
  
• In June, Redfin doubled mortgage leads year over year and reached record highs for mortgage attach rates. This was driven by rapid product development to integrate the Rocket and Redfin experience, proprietary models to lift conversion, and compelling offers such as our expanded Preferred Pricing offer.
  
  
  
  
• In Q2, we enhanced AI-powered loan officer tools to improve client prioritization, conversion and productivity. Built on years of proprietary data, the tools score and reprioritize loan officer pipelines multiple times per day to drive optimal matching and conversion. Loan officers using these tools are handling nearly 40% more clients, compared to one year prior.
  
  
  
  
• In Q2, we scaled our AI Voice platform across servicing operations, improving both efficiency and the client experience. 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 Interactive Voice Response ("IVR") methods and client satisfaction reached 4.5 out of 5.
  
  
  
  
• Rocket Pro, our wholesale mortgage broker channel, expanded its "Power Play" initiative to help broker partners win in the purchase market with greater speed, certainty and competitiveness. Enhancements included same-business-day conditional approvals, a 12-business-day clear-to-close commitment on eligible purchase loans, and continued Compass pricing incentives. Through the Compass partnership, Rocket Pro partners originated more than $2 billion in net rate lock volume since inception.
  
  
  
  
• Rocket Pro partners adopted Jupiter, our new loan origination system for mortgage broker partners, and Navigate AI at record levels in Q2. Partners who adopt these tools are growing applications and closings at five times the pace of those who do not.
  
  
  
  
• Rocket Loans, our personal loans business, 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, underscoring the unique power of the Rocket platform.
  
  
  
  
• 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. The proceeds were used to redeem outstanding senior notes and repay other existing debt. The offering was more than seven times oversubscribed and was upsized to $1.5 billion from the originally announced $1.2 billion.
  
  
  
  
• Rocket Companies held its eighth and final annual Rocket Classic event from July 30 to August 2, 2026 at the Detroit Golf Club. Since 2019, the Rocket Classic has raised approximately $10 million for local charitable organizations, including over $6 million for its Changing The Course initiative, which helps Detroit residents access high-speed internet, digital devices and digital literacy training.
  
  
  
  
• The Rocket Community Fund announced a $4.5 million legacy gift to extend Rocket Classic's impact. The gift  includes $3.5 million to bring affordable, high-speed internet to up to 2,400 households and 6,000 residents in Detroit public housing communities through partnerships with DigitalC and the Detroit Housing Commission, and $1 million to establish the Own the Dream Youth Scholarship Fund for Detroit students pursuing college and post-secondary education.
  
  
  
  
• In May 2026, Rocket Community Fund, a partner company, helped 170 Detroit families become homeowners through the Make It Home program. The program supports residents at risk of displacement after landlords fail to pay property taxes by acquiring tax-foreclosed homes before auction and reselling them to occupants through affordable payment plans.

Third Quarter 2026 Outlook ⁽²⁾

In Q3 2026, we expect adjusted revenue between $2.5 billion to $2.7 billion.

Segments

Beginning in the second quarter of 2026, the Company is reporting one segment, Mortgage. The tables below reflect the new segment reporting structure, with prior-period information recast for comparability.

Mortgage

The Mortgage segment includes our mortgage origination, servicing, title, closing and appraisal businesses, supporting clients throughout their homeownership journey. Our origination and servicing businesses are connected by our recapture engine, which extends client relationships beyond origination and creates opportunities to recapture clients' future refinance and purchase transactions. Personal finance and real estate services are included in All Other and excluded from the Mortgage segment.

Mortgage segment revenue is comprised of gain on sale revenue, servicing fee income, changes in the fair value of MSRs, interest income, title and closing fees, and appraisal fees. Gain on sale revenue includes components related to the origination and sale of mortgage loans. Servicing fee income consists of contractual fees earned for servicing and subservicing loans, as well as ancillary servicing fees. Changes in the fair value of MSRs reflect changes in valuation assumptions and the realization of cash flows. Interest income includes deposit income earned on cash deposits, including custodial deposits associated with the servicing portfolio, as well as interest earned on mortgage loans held for sale. Title, closing and appraisal fees include fees generated by those services.

Balance Sheet and Liquidity

Total available cash and cash equivalents on our balance sheet was $3.1 billion as of June 30, 2026.

Additionally, we have access to $2.3 billion of undrawn lines of credit, and $5.8 billion of undrawn available MSR and advance lines of credit, for a total liquidity position of $11.2 billion as of June 30, 2026.

Second Quarter Earnings Call

Rocket Companies will host a live conference call at 4:30 p.m. ET on August 6, 2026 to discuss its results for the quarter ended June 30, 2026. A live webcast of the event will be available online by clicking on the "Investor Info" section of our website. The webcast will also be available via rocketcompanies.com.

A replay of the webcast will be available on the Investor Relations site following the conclusion of the event.

Non-GAAP Financial Measures

To provide investors with information in addition to our results as determined by GAAP, we disclose Adjusted revenue, Adjusted net income, Adjusted diluted earnings per share and Adjusted EBITDA as non-GAAP measures which management believes provide useful information to investors. We believe the presentation of our non-GAAP financial measures provides useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. Our non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for Total revenue, net, Net income (loss), or any other operating performance measure calculated in accordance with GAAP. Other companies may define non-GAAP financial measures differently, and as a result, our non-GAAP financial measures may not be directly comparable to those of other companies. Our non-GAAP financial measures provide indicators of performance that are not affected by fluctuations in certain costs or other items.

We define "Adjusted revenue" as Total revenue, net of the Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges). We define "Adjusted net income" as Tax-effected Net income (loss) before Share-based compensation expense, the Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), Acquisition-related expenses, Amortization of acquired intangible assets, Litigation accrual, Other adjustments and Tax impact of adjustments as applicable. We define "Adjusted diluted earnings per share" as Adjusted net income divided by the Adjusted diluted weighted average shares outstanding which includes Diluted weighted average Participating Common Stock outstanding and the Assumed pro forma conversion of Class D shares for the applicable period presented. We define "Adjusted EBITDA" as Net income (loss) before Bond interest expense, Provision for (benefit from) income taxes, Depreciation and amortization, Share-based compensation expense, Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), Acquisition-related expenses,  Amortization of acquired intangible assets, Litigation accrual and Other adjustments.

We exclude from each of our non-GAAP financial measures the Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), as this represents a non-cash non-realized adjustment to our Total revenue, net, reflecting changes in market interest rates and assumptions, including OAS and prepayment speeds, which are not indicative of our performance or results of operation. We also exclude gains or losses on sales of MSRs during the period and effects of contractual prepayment protection associated with sales of MSRs. Further, we exclude the Amortization of acquired intangible assets from Adjusted net income and Adjusted EBITDA. The intangible assets related to the Acquisitions were recorded as part of purchase accounting and the related amortization recorded over their useful lives represents a fixed non-cash expense that is not indicative of our ongoing performance or results of operations. Adjusted EBITDA includes interest expense on secured financing which is recorded as a component of Interest expense, as these expenses are a direct cost driven by loan origination volume. By contrast, Bond interest expense is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

In determining our non-GAAP provision for income taxes, which can differ significantly from our GAAP provision for income taxes, we apply a long-term projected non-GAAP tax rate that excludes certain significant, non-recurring and period-specific income tax effects, such as changes in judgment or estimates of tax matters related to prior years, changes in the valuation allowance related to deferred tax assets, changes in tax laws, and changes to our business structure including impacts from business combinations. The application of a long-term non-GAAP tax rate helps us assess the core profitability of our business operations and compare to our historical operating results. In arriving at the long-term non-GAAP tax rate used in fiscal year 2026, we evaluated our structure after the Up-C Collapse in 2025 and projections and currently available information for fiscal year 2026 through 2028. In projecting this long-term non-GAAP tax rate, we utilized a three-year financial projection that excludes the direct and indirect income tax effects of the other non-GAAP adjustments reflected above including tax impacts related to nondeductible executive equity compensation. Additionally, we considered our current operating structure and other factors such as our existing and potential tax positions in various jurisdictions and key legislation in major jurisdictions where we operate. The projected long-term non-GAAP tax rate could be subject to change for several reasons, including significant changes in our geographic earnings mix or in application of tax laws in major jurisdictions in which we operate. As such, we periodically re-evaluate the appropriateness of the long-term non-GAAP tax rate and may adjust for significant changes.

Our definitions of each of our non-GAAP financial measures allow us to add back certain cash and non-cash expenses, and deduct certain gains that are included in calculating Total revenue, net, Net income (loss) attributable to Rocket Companies or Net income (loss). However, these expenses and gains vary greatly, and are difficult to predict. From time to time in the future, we may include or exclude other items if we believe that doing so is consistent with the goal of providing useful information to investors.

Although we use our non-GAAP financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business. Our non-GAAP financial measures can represent the effect of long-term strategies as opposed to short-term results. Our presentation of our non-GAAP financial measures should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Because of these limitations, our non-GAAP financial measures should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations.

Limitations to our non-GAAP financial measures included, but are not limited to: they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments; Adjusted EBITDA does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and Adjusted revenue, Adjusted net income (loss) and Adjusted EBITDA do not reflect any cash requirement for such replacements or improvements; and they are not adjusted for all non-cash income or expense items that are reflected in our Condensed Consolidated Statements of Cash Flows.

We compensate for these limitations by using our non-GAAP financial measures along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. See reconciliation of our non-GAAP financial measures to their most comparable U.S. GAAP measures. Additionally, our U.S. GAAP-based measures can be found in the unaudited condensed consolidated financial statements and related notes included in our Quarterly Report on Form 10-Q.

For financial outlook information, the Company is not providing a quantitative reconciliation of adjusted revenue to the most directly comparable GAAP measure because the GAAP measure cannot be reliably estimated and the reconciliation cannot be performed without unreasonable effort due to their dependence on future uncertainties and adjusting items that the Company cannot reasonably predict at this time but which may be material.

Forward Looking Statements

Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements in this document that are not historical or current facts are forward-looking statements. These forward-looking statements reflect our views with respect to future events as of the date of this document. All such forward-looking statements are subject to risks and uncertainties, including, but not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission, any of which could cause future events or results to be materially different from those stated or implied in this document. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

About Rocket Companies

Founded in 1985, Rocket Companies, Inc. (NYSE: RKT) is a Detroit-based homeownership platform including mortgage, real estate and personal finance businesses: Rocket Mortgage, Redfin, Rocket Close, Rocket Money and Rocket Loans.

With insights from more than 160 million calls with clients each year, more than 30 petabytes of data and a mission to Help Everyone Home, Rocket Companies is well positioned to be the destination for AI-fueled homeownership. Known for providing exceptional client experiences, J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 23 times – the most of any mortgage lender.

For more information, please visit our Corporate Website or Investor Relations Website.

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SOURCE Rocket Companies, Inc.