RKT · Rocket Companies, Inc.

Rocket Companies delivered strong Q1 2026 results, generating total revenue net of $2.94 billion and adjusted revenue of $2.82 billion, surpassing the high end of guidance. GAAP net income reached $297 million, a significant turnaround from the prior year's $212 million loss, driven by robust gain on sale margins of 2.74% overall and 3.22% excluding correspondent, supported by $49.4 billion net rate lock volume and $44.7 billion closed origination volume. Adjusted EBITDA expanded to $738 million from $169 million year-over-year, reflecting operational leverage. CEO Varun Krishna highlighted proactive market creation through distribution and technology, with AI prospecting adding $1 billion monthly volume and integration of Mr. Cooper acquisition ahead of schedule, targeting $400 million expense synergies by end-2026. Servicing portfolio grew to $2.1 trillion UPB across 9.4 million loans, bolstering recapture potential. Direct to Consumer segment led with $2.23 billion revenue net and $1.15 billion contribution margin, while Partner Network contributed $300 million revenue. Balance sheet remains solid with $9.4 billion total liquidity, including $2.7 billion cash. Q2 outlook projects adjusted revenue of $2.7-2.9 billion, signaling continued momentum amid hard market conditions.