Reported Q1'26 GAAP net income of $297 million and adjusted net income of $422 million.
Delivered Q1'26 adjusted EBITDA of $738 million.
DETROIT, May 7, 2026 /PRNewswire/ -- Rocket Companies, Inc. (NYSE:RKT) ("Rocket Companies" or the "Company"), the Detroit-based homeownership platform company including mortgage, real estate, title and personal finance businesses, today announced results for the first quarter ended March 31, 2026.
"Rocket is not waiting for the market to get easier. We are the company making homeownership easier by creating our own opportunity through distribution and technology. This quarter, we once again surpassed the top end of our guidance because search, origination, servicing, data and AI are connecting. Hard market. Stronger Rocket," said Varun Krishna, CEO and Director of Rocket Companies.
First Quarter 2026 Financial Summary (1)
($ in millions, except per share amounts)
Q1-26
Q1-25
(Unaudited)
Total revenue, net
$ 2,941
$ 1,101
Total expenses
$ 2,541
$ 1,324
GAAP net income (loss)
$ 297
$ (212)
Adjusted revenue
$ 2,822
$ 1,360
Adjusted net income
$ 422
$ 80
Adjusted EBITDA
$ 738
$ 169
GAAP diluted earnings (loss) per share
$ 0.10
$ (0.08)
Adjusted diluted earnings per share
$ 0.15
$ 0.04
(1) "GAAP" stands for Generally Accepted Accounting Principles in the U.S. Please see the sections of this document titled "Non-GAAP Financial Measures" and "GAAP to non-GAAP Reconciliations" for more information on the Company's non-GAAP measures and its share count. Certain figures throughout this document may notfoot due to rounding.
First Quarter 2026 Financial Highlights
During the first quarter of 2026:
Generated total revenue, net of $2.94 billion and GAAP net income of $297 million. Generated total adjusted revenue of $2.82 billion and adjusted net income of $422 million.
Generated $49.4 billion in total net rate lock volume and $44.7 billion in total closed mortgage loan origination volume. Total gain on sale margin was 2.74%.
Excluding correspondent, generated $41.6 billion in net rate lock volume, $37.8 billion in closed loan volume and gain on sale margin was 3.22%.
Total liquidity was $9.4 billion as of March 31, 2026, which includes $2.7 billion of cash and cash equivalents on the balance sheet, $2.3 billion of undrawn lines of credit, and $4.4 billion of undrawn available MSR and advance lines of credit.
Total servicing portfolio unpaid principal balance was $2.1 trillion or 9.4 million loans serviced as of March 31, 2026, reinforcing the potential to drive significant recapture opportunity from the industry's largest portfolio.
Company Highlights
Since closing the Mr. Cooper acquisition in October 2025, integration efforts have progressed ahead of schedule, reaching key milestones such as migrating more than half of the servicing portfolio to our unified servicing platform. We are on track to realize our original $400 million expense synergy target and expect to realize the full amount by the end of 2026, one full year earlier than planned.
In February 2026, Rocket Pro launched its 'Power Play' initiative, offering mortgage broker partners up to 100 basis points of stacked pricing credit through Rocket's partnership with Compass. The initiative combines enhanced purchase credits and integrated agent connectivity to strengthen broker competitiveness. Rocket Pro partners now also leverage best-in-class technology tools like Rocket Pro Navigate, a mortgage broker platform that surfaces high-performing agents and boosts broker marketing reach, and Jupiter, a next-generation loan origination system that allows brokers to accelerate speed to close and unlock greater productivity. Jupiter is complimentary and can be used whether loans are submitted to Rocket Mortgage or other lenders.
AI prospecting is unlocking capacity and driving conversion. In Q1, we launched AI prospecting to unlock capacity and lift conversion for our loan officers. Prospecting, which includes helping clients find homes through conversational search, reaching servicing clients when they are in the money, and prequalifying purchase clients, used to be one of the most time-consuming and lowest-converting activities for our loan officers. Agentic AI now handles top-of-funnel prospecting and outreach, freeing up what previously took roughly two hours of loan officer time per day. Loan officers now spend that time with clients who are already engaged and prescreened, driving conversion higher by double digits. With our latest AI launches, we have added an incremental $1 billion in volume per month, on top of the incremental $1 billion added last quarter.
In Q1, our home equity loans and jumbo loans more than doubled year-over-year, reflecting strong demand across a broader set of higher margin mortgage products. Supported by our robust top-of-funnel reach and expansive distribution network, our comprehensive product suite meets homebuyers and homeowners wherever they are on their homeownership journey.
Redfin strengthened its position as a leading top-of-funnel home search platform for high-intent buyers, with monthly active users rising 3.3% year-over-year in March. March also marked a new record for digital purchase mortgage leads, which grew more than three times since the Redfin acquisition in July 2025. This lead growth was fueled by a range of rapid iterations to deeply connect and integrate the Rocket and Redfin experience, optimizing for conversion and delivering more streamlined client experiences.
Rocket Companies was named to Fortune's "100 Best Companies to Work For" list in 2025 for the 23rd consecutive year, ranking among the top-30 companies every year. This accolade reflects 40 years of intentional culture shaped by our 16 ISMs, or cultural principles, laid down by our founder Dan Gilbert. Our culture is proudly reflected and fostered across our company through our Rocket, legacy Redfin, and legacy Mr. Cooper team members, who are all united by the shared mission to Help Everyone Home.
Rocket Community Fund, a partner company, announced new investments to expand access to homeownership and financial stability, including a $2 million commitment to grow the Rocket Wealth Accelerator program, supporting more than 800 participants across Michigan and Ohio, and over $1.2 million in grants to expand property tax foreclosure prevention efforts across Michigan, building on a decade-long track record of impact in Detroit.
Rocket Community Fund and the Gilbert Family Foundation reached a major milestone in their historic $500 million, 10-year philanthropic commitment. Since its launch in 2021, $300 million has been deployed through more than 300 nonprofit partnerships to advance stable housing, economic development, and community investment in Detroit and Cleveland.
Second Quarter 2026 Outlook (2)
In Q2 2026, we expect adjusted revenue between $2.7 billion to $2.9 billion.
(2) Please see the section of this document titled "Non-GAAP Financial Measures" for more information.
Segments
Direct to Consumer
In the Direct to Consumer segment, clients have the ability to interact with Rocket Mortgage digitally and/or with the Company's mortgage bankers. The Company markets to potential clients in this segment through various brand campaigns and performance marketing channels. The Direct to Consumer segment derives revenue from originating, closing, selling and servicing predominantly agency-conforming loans, which are pooled and sold to the secondary market. The segment also includes title and settlement services and appraisal management, complementing the Company's end-to-end mortgage origination experience. Servicing and subservicing activities are fully allocated to the Direct to Consumer segment as they are viewed as an extension of the client experience, which positions us to have high retention and recapture the clients' next refinance, purchase and personal loan transactions.
DIRECT TO CONSUMER (3)
($ in millions)
Q1-26
Q1-25
(Unaudited)
Total revenue, net
$ 2,228
$ 793
Adjusted revenue
$ 2,109
$ 1,052
Contribution margin
$ 1,147
$ 407
Partner Network
We provide industry-leading client service and leverage our widely recognized brand to strengthen our wholesale relationships, through Rocket Pro, as well as enterprise partnerships, and correspondent relationships. Rocket Pro works exclusively with mortgage brokers, community banks and credit unions, enabling them to maintain their own brand and client relationships while leveraging Rocket Mortgage's expertise, technology and award-winning process. Our enterprise partnerships include financial institutions and well-known consumer-focused companies that value our award-winning client experience and offer their clients mortgage solutions through our trusted brand. These organizations connect their clients directly to us through marketing channels and referrals. In our correspondent channel, we acquire mortgage loans from third-party mortgage originators and financial institutions, leveraging Rocket's underwriting, fulfillment and secondary market capabilities.
PARTNER NETWORK (3)
($ in millions)
Q1-26
Q1-25
(Unaudited)
Total revenue, net
$ 300
$ 143
Adjusted revenue
$ 300
$ 143
Contribution margin
$ 144
$ 57
(3) We measure the performance of the Direct to Consumer and Partner Network segments primarily on a contribution margin basis. Contribution margin is intended to measure the direct profitability of each segment and is calculated as Adjusted revenue less directly attributable expenses. Directly attributable expenses include Salaries, commissions and team member benefits, General and administrative expenses, Marketing and advertising expenses, Interest expense, and Other expenses, such as mortgage servicing related expenses and expenses generated from Rocket Close (title and settlement services). See "Summary Segment Results" section below and "Segments" footnote in the "Notes to Unaudited Condensed Consolidated Financial Statements" in the Company's forthcoming filing on Form 10-Q for more information.
Balance Sheet and Liquidity
Total available cash and cash equivalents on our balance sheet was $2.7 billion as of March 31, 2026.
Additionally, we have access to $2.3 billion of undrawn lines of credit, and $4.4 billion of undrawn available MSR and advance lines of credit, for a total liquidity position of $9.4 billion as of March 31, 2026.
BALANCE SHEET HIGHLIGHTS
($ in millions)
March 31, 2026
December 31, 2025
(Unaudited)
Cash and cash equivalents
$ 2,687
$ 2,696
Mortgage servicing rights, at fair value
19,377
19,442
Secured financing
15,882
17,936
Unsecured financing
10,430
10,423
Total equity
23,230
22,898
First Quarter Earnings Call
Rocket Companies will host a live conference call at 4:30 p.m. ET on May 7, 2026 to discuss its results for the quarter ended March 31, 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.
Condensed Consolidated Statements of Income (Loss)
($ In Millions, Except Per Share Amounts)
Three Months Ended March 31,
2026
2025
(Unaudited)
Revenue
Gain on sale of loans
Gain on sale of loans excluding fair value of originated MSRs, net
$ 688
$ 507
Fair value of originated MSRs
688
265
Gain on sale of loans, net
1,376
