Rocket Companies — Second Quarter 2026 Earnings Summary

Financial Performance

• Total revenue, net was $2.78 billion for Q2 2026, compared to $1.45 billion in Q2 2025.
• Adjusted revenue was $2.76 billion for Q2 2026, compared to $1.43 billion in Q2 2025.
• GAAP net income was $229 million for Q2 2026, compared to $34 million in Q2 2025.
• Adjusted net income was $441 million for Q2 2026, compared to $75 million in Q2 2025.
• Adjusted EBITDA was $766 million for Q2 2026, compared to $172 million in Q2 2025.
• GAAP diluted earnings per share were $0.08 for Q2 2026, compared to $(0.01) in Q2 2025.
• Adjusted diluted earnings per share were $0.16 for Q2 2026, compared to $0.04 in Q2 2025.
• Total expenses were $2.50 billion for Q2 2026, compared to $1.43 billion in Q2 2025.
• Mortgage segment contribution margin was $1.17 billion for Q2 2026, compared to $450 million in Q2 2025.
• Total liquidity was $11.2 billion as of June 30, 2026, including $3.1 billion in cash and cash equivalents, $2.3 billion in undrawn lines of credit, and $5.8 billion in undrawn MSR and advance lines.
• Total servicing portfolio unpaid principal balance was $2.0 trillion (9.1 million loans) as of June 30, 2026.
• MSR sales totaled $53 billion of UPB in Q2 2026, generating $795 million in cash proceeds.

Guidance and Future Outlook

• For Q3 2026, the Company expects adjusted revenue between $2.5 billion and $2.7 billion.

Business Segments and Product Lines

• The Company reports one segment, Mortgage, effective Q2 2026; Personal finance and real estate services are included in "All Other."
• Excluding correspondent, net rate lock volume was $36.9 billion and closed mortgage loan origination volume was $39.2 billion, with a gain on sale margin of 3.11%.
• Direct to Consumer generated $26.0 billion in net rate lock volume and $28.1 billion in closed mortgage loan origination volume, with a gain on sale margin of 4.13%.
• Rocket Pro generated $10.9 billion in net rate lock volume and $11.1 billion in closed mortgage loan origination volume, with a gain on sale margin of 0.69%.
• Correspondent generated $10.2 billion in net rate lock volume and $10.0 billion in closed mortgage loan origination volume, with a gain on sale margin of 0.19%.
• Total net rate lock volume was $47.0 billion and total closed mortgage loan origination volume was $49.1 billion, with a total gain on sale margin of 2.48%.
• Rocket Loans personal loans business nearly doubled volume year-over-year in the first half of 2026 and reached record-high monthly volume in June.
• Rocket Pro partners adopted Jupiter and Navigate AI at record levels; partners using these tools are growing applications and closings at five times the pace of non-adopters.
• Rocket Pro expanded its "Power Play" initiative, including same-business-day conditional approvals and a 12-business-day clear-to-close commitment.
• Rocket Mortgage completed one of the largest servicing migrations in industry history, unifying all servicing clients on a single platform.
• Legacy Mr. Cooper recapture rates reached a record level in Q2.
• Rocket Mortgage became the nation's #1 home equity lender, having helped over 250,000 homeowners access over $24 billion in equity since mid-2022.
• Redfin doubled mortgage leads year-over-year in Q2 and reached record highs for mortgage attach rates.
• AI-powered loan officer tools are now handling nearly 40% more clients compared to one year prior.
• The AI Voice platform handled over 1 million inbound calls within three months of launch, with task resolution nearly 25% faster than traditional IVR.

Market and Competitive Landscape

• Purchase market share reached a record 6.2% in Q2 2026, up from 5.5% in Q4 2025.
• Refinance market share reached a record 14.3% in Q2 2026, up from 12.2% in Q4 2025.
• The Company achieved record purchase and refinance market share in one of the toughest spring housing markets in years.

Risks and Challenges

• The press release notes the spring housing market was one of the toughest in years.
• Forward-looking statements are subject to risks and uncertainties, including those described in the Company's Annual Report on Form 10-K, which could cause future results to differ materially.
• Non-GAAP financial measures have limitations and should not be considered a substitute for GAAP measures or a measure of discretionary cash available.

Management Commentary and Tone

• CEO Varun Krishna stated the Company reached record levels of purchase and refinance market share while delivering its most profitable quarter in four years.
• Management emphasized that home search, origination, and servicing now reinforce one another, with AI making every interaction smarter.
• Management noted that while markets change, systems endure.
• The tone reflects confidence in the company's ecosystem, distribution network, and technology platform.

Other Key Points

• On June 9, 2026, the Company issued $1.5 billion of senior notes ($900 million due 2031 at 6.125% and $600 million due 2034 at 6.500%), which was more than seven times oversubscribed and upsized from $1.2 billion. Proceeds were used to redeem outstanding senior notes and repay other existing debt.
• The Rocket Classic event raised approximately $10 million for local charities since 2019.
• The Rocket Community Fund announced a $4.5 million legacy gift to extend the Rocket Classic's impact, including $3.5 million for high-speed internet access and $1 million for the Own the Dream Youth Scholarship Fund.
• In May 2026, the Rocket Community Fund helped 170 Detroit families become homeowners through the Make It Home program.
• In May, Rocket Mortgage and Redfin expanded the Preferred Pricing offer, allowing eligible servicing clients to save up to $20,000 when buying and selling with a Redfin agent and financing through Rocket Mortgage.
• Rocket Pro partners originated more than $2 billion in net rate lock volume through the Compass partnership since inception.
• The Company reclassified certain interest-related activity within the Condensed Consolidated Statements of Income (Loss) beginning in Q1 2026, with no impact on previously reported consolidated net income or financial position.