Key Highlights

  • Net income was $709 million, or $0.25 per diluted share, versus a net loss of $124 million, or $0.06 per share.
  • Total revenue, net was $3,284 million, up from $1,695 million a year earlier.
  • Closed origination Volume was $43.6 billion, up 35% from $32.4 billion.
  • Adjusted EBITDA was $748 million, compared with $349 million in the prior year quarter.
  • The total serviced portfolio stood at $2,007 billion of unpaid principal balance, against $613 billion a year earlier.

A swing to profit as Revenue nearly doubles

Rocket Companies (NYSE:RKT) is a Mortgage and home ownership platform that originates loans through its direct to consumer, Rocket Pro and Correspondent channels and also operates servicing, title, Personal Finance and real estate businesses. It filed its Quarterly Report for the period ended September 30, 2026 on October 29, 2026.

Total revenue, net was $3,284 million, up from $1,695 million in the third quarter of 2025, an increase of about 93.7% on a calculated basis. Income before income taxes was $958 million, compared with a $185 million loss a year earlier, and Net Income was $709 million after a $249 million tax provision.

Acquisitions reshape the comparison

The year-ago quarter predates the October 1, 2025 Acquisition of Mr. Cooper Group, which is why servicing figures jump. The Redfin acquisition took effect on July 1, 2025. Total expenses rose to $2,326 million from $1,880 million, with interest expense at $359 million and Depreciation and amortization at $147 million, against $79 million.

Adjusted revenue was $2,574 million, up from $1,873 million, and adjusted net income was $419 million, or $0.15 per share, versus $158 million, or $0.07.

Servicing income swings positive as rates rise

Loan servicing income, net was $1,188 million, compared with a loss of $67 million. Servicing fee income was $1,032 million, up from $413 million, on a larger average portfolio. Change in Fair Value of MSRs, net was a gain of $156 million, against a $480 million loss, mainly because interest rates rose in the third quarter of 2026 after falling a year earlier.

The serviced portfolio totaled $2,007 billion, of which $1,201 billion were MSRs and $806 billion subserviced and other. The 60 plus day delinquency rate was 1.52%, compared with 1.41%.

Origination mix shifts toward Correspondent

Net rate lock volume was $40.4 billion, up about 12.6% on a calculated basis from $35.8 billion, but the mix changed. Direct to consumer locks fell to $22.1 billion from $24.6 billion, Rocket Pro fell to $8.2 billion, and Correspondent contributed $10.0 billion.

Overall gain on sale Margin was 2.54%, versus 2.80%, and Correspondent carried a margin of 0.15%. Gain on sale of loans, net was flat at $1.0 billion, with the fair value of originated MSRs rising to $726 million from $386 million while the other components fell 53% to $303 million.

Balance sheet and what to watch

At September 30, 2026, cash and cash equivalents were $2,699 million, secured financing was $14,187 million, down from $17,936 million at year end 2025, and unsecured financing, net was $10,716 million. Total Equity was $24,311 million.

For the nine months, net income was $1.2 billion and adjusted EBITDA was $2.3 billion. Third quarter Earnings leaned on a $710 million valuation gain on MSRs, net of hedges, so the sensitivity of servicing values to interest rates is worth following.