Rocket Companies (RKT) Q4 2025 Financial Results Summary

DETROIT, February 26, 2026 – Rocket Companies, Inc. (NYSE: RKT) announced its financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights

• Total Revenue: $2.69 billion, up 52.3% from $1.77 billion in Q4 2024.
• Total Expenses: $2.52 billion, up 130.1% from $1.09 billion in Q4 2024.
• GAAP Net Income: $68 million, down 89.5% compared to $649 million in Q4 2024.
• Adjusted Net Income: $316 million, up 272.9% from $85 million in Q4 2024.
• Adjusted EBITDA: $592 million, up 235.6% from $177 million in Q4 2024.
• GAAP Diluted Earnings per Share: $0.02, down from $0.23 in Q4 2024.
• Adjusted Diluted Earnings per Share: $0.11, up from $0.04 in Q4 2024.

Full Year 2025 Financial Highlights

• Total Revenue: $6.70 billion, an increase of 31.2% from $5.10 billion in FY 2024.
• GAAP Net Loss: $234 million, down from a net income of $636 million in FY 2024.
• Adjusted Net Income: $628 million, up 37.7% from $456 million in FY 2024.
• Adjusted EBITDA: $1.28 billion, up 48.6% from $862 million in FY 2024.

Operational Highlights

• Mortgage Volume: Q4 2025 total closed mortgage loan origination volume was $47.3 billion. Total net rate lock volume in Q4 2025 reached $41.6 billion.
• Liquidity Position: Total liquidity amounted to $10.1 billion as of December 31, 2025, which includes $2.7 billion in cash.

Dividend and Share Repurchase

No quarterly dividend or share repurchase was declared.

Strategic Initiatives

• Rocket Companies announced a three-year strategic alliance with Compass International Holdings aimed at expanding housing inventory and enhancing the home buying/selling experience.
• Appointed Brian Brown as President while retaining his role as CFO and Treasurer, effective February 26, 2026.

Client Retention and Market Share

• Rocket Mortgage achieved a 97% net client retention rate for the 12 months ending December 31, 2025.
• The company's purchase market share increased to 5.5% in Q4 2025, up from 3.8% year-over-year.

Technology Advancements

• Launched fully digital purchase pre-approvals in February 2026, achieving 2.5x higher conversion rates than leads directly going to loan officers.
• Deployed an AI-powered communications platform benefiting loan officers with higher conversion rates and significant capacity increase.

Future Outlook

For Q1 2026, Rocket Companies expects adjusted revenue to be between $2.6 billion and $2.8 billion.

Conclusion

Rocket Companies reported strong financial results in Q4 2025, with significant increases in adjusted revenue and net income compared to the previous year, despite key challenges reflected in GAAP metrics. The strategic initiatives and technological advancements are expected to bolster future growth.

Consolidated Statements of Income (Loss)

($ In Millions, Except Per Share Amounts)

Note: All amounts are in millions.

	Q4-25	Q4-24	FY 25	FY 24
Total revenue, net	2,692	1,769	6,695	5,101
Total expenses	2,523	1,094	6,909	4,433
GAAP net income (loss)	68	649	(234)	636
Adjusted revenue	2,440	1,187	6,859	4,902
Adjusted net income	316	85	628	456
Adjusted EBITDA	592	177	1,281	862
GAAP diluted earnings (loss) per share	0.02	0.23	(0.05)	0.21
Adjusted diluted earnings per share	0.11	0.04	0.28	0.23
Weighted average shares outstanding, basic	2,826,022,426	145,686,451	1,322,362,708	141,037,083
Weighted average shares outstanding, diluted	2,842,725,779	145,686,451	1,322,362,708	141,037,083

Consolidated Balance Sheets

($ In Millions)

Note: All amounts are in millions.

	December 31, 2025	December 31, 2024
Cash and cash equivalents	2,696	1,273
Mortgage loans held for sale, at fair value	15,471	9,020
Derivative assets, at fair value	360	192
Mortgage servicing rights (“MSRs”), at fair value	19,442	7,633
Advance receivables, net of reserves & discount	2,040	559
Property and equipment, net	260	214
Loans subject to repurchase right from Ginnie Mae	5,125	2,785
Intangible assets, net	2,224	91
Goodwill	10,611	1,136
Other assets	2,456	1,607
Total assets	60,685	24,510
Liabilities
Funding facilities	14,155	6,801
Other financing facilities and debt	10,423	4,039
MSR and advance facilities, net	3,781	-
Accounts payable	285	182
Derivative liabilities, at fair value	145	11
Loans subject to repurchase right from Ginnie Mae	5,125	2,785
Other liabilities	3,873	1,649
Total liabilities	37,787	15,467
Equity
Preferred stock	—	—
Class A common stock	—	—
Class B common stock	—	—
Class C common stock	—	—
Class D common stock	—	—
Class L common stock	—	—
Additional paid-in capital	22,774	389
Retained earnings	124	313
Non-controlling interest	—	8,341
Total equity	22,898	9,043
Total liabilities and equity	60,685	24,510

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