Rocket Companies reported a sharp year-over-year improvement in third-quarter results, with $709 million in GAAP net income compared with a $124 million loss a year earlier. The mortgage, real estate and personal-finance company also reported higher adjusted earnings and mortgage volumes, while CEO Varun Krishna said Rocket gained market share in both purchase and refinance lending.
The results cover the quarter ended Sept. 30, 2026. Rocket also posted supplemental financial information for the quarter on its investor-relations website.
Key details
- Revenue and earnings rose year over year. Rocket reported $3.28 billion in total revenue, net, up from $1.70 billion in the third quarter of 2025. Adjusted revenue was $2.57 billion, compared with $1.87 billion a year earlier.
- Profit measures also improved. GAAP net income was $709 million, or 25 cents a diluted share, versus a $124 million loss, or 6 cents a share, in the year-earlier quarter. Adjusted net income was $419 million, or 15 cents a share, up from $158 million, or 7 cents a share. Adjusted EBITDA was $748 million, compared with $349 million.
- Mortgage activity increased. Excluding correspondent lending, Rocket generated $30.4 billion in net rate-lock volume and closed $33.5 billion in mortgage loans. Direct to Consumer accounted for $22.1 billion of rate locks and $24.6 billion of closed loans; Rocket Pro generated $8.2 billion and $9.0 billion, respectively.
- Including correspondent lending, total volumes were higher. Rocket recorded $40.4 billion in net rate locks and $43.6 billion in closed mortgage originations. Correspondent contributed $10.0 billion in rate locks and $10.1 billion in closed loans.
- Gain-on-sale margins varied by channel. Excluding correspondent, the margin was 3.33%; it was 4.31% for Direct to Consumer and 0.70% for Rocket Pro. Correspondent’s margin was 0.15%, bringing the total margin across the business to 2.54%.
- Rocket reported $11.4 billion in total liquidity at quarter-end. That included $2.7 billion of cash and cash equivalents, $2.5 billion of undrawn credit lines, and $6.2 billion of undrawn mortgage-servicing-rights and advance lines of credit.
- The servicing portfolio remained substantial. At Sept. 30, Rocket serviced 9.1 million loans with a combined unpaid principal balance of $2.0 trillion. The company said the portfolio provides an opportunity to win additional business from existing customers.
- Year-to-date results were also higher. For the first nine months of 2026, total revenue, net, was $9.01 billion, compared with $4.25 billion in the same period of 2025. GAAP net income was $1.24 billion versus a $302 million loss; adjusted net income was $1.28 billion versus $313 million; and adjusted EBITDA was $2.25 billion versus $690 million.
Plain-English implications
Rocket’s reported profit, adjusted earnings and mortgage volumes all increased from the year-earlier quarter. Its $11.4 billion of stated liquidity includes both cash and available borrowing capacity, while its $2.0 trillion servicing portfolio is a base of existing loans—not cash or revenue.