Highlights

  • Closed mortgage loan volume rose 69% to $49.1 billion in the second quarter of 2026, including $10.0 billion from Correspondent.
  • Net income was $229 million, or $0.08 per diluted share, versus a $0.01 per-share loss in the year-earlier quarter.
  • Non-GAAP Adjusted EBITDA reached $766 million versus $172 million, while gain on sale margin eased to 2.48% from 2.80%.
  • Total liquidity was $11.2 billion at June 30, and total serviced unpaid principal balance stood at $2.02 trillion.

Rocket Companies (NYSE:RKT) shares were trading near their 52-week low at USD 11.31 on October 21, 2026, up 0.49%. The homeownership platform completed all-stock acquisitions of Redfin in July 2025 and Mr. Cooper in October 2025, then reported second quarter 2026 results in a Form 10-Q filed August 7.

Based in Detroit, Rocket Companies was incorporated in Delaware on February 26, 2020 and describes itself as an AI-powered, vertically integrated homeownership platform spanning mortgage, real estate and personal finance. Since the second quarter of 2026 it has reported one segment, Mortgage, which originates loans through Direct to Consumer, Rocket Pro wholesale and Correspondent channels and services them. Other businesses are grouped as All Other and include Rocket Close for title and closing, Rocket Money, Redfin real estate and Rocket Loans.

What the Filing Shows on Volume, Revenue and Income

Closed loan volume reached $49.1 billion, up from $29.1 billion. Direct to Consumer contributed $28.1 billion, Rocket Pro $11.1 billion and Correspondent $10.0 billion, a channel that did not exist in the year-earlier quarter. Net rate lock volume was $47.0 billion versus $28.4 billion. Gain on sale margin fell to 2.48% from 2.80%, alongside a mix shift toward Correspondent.

Total revenue, net, was $2.78 billion against $1.45 billion. Gain on sale of loans, net, rose 48% to $1.2 billion, and servicing fee income reached $1.07 billion versus $401 million. The change in fair value of mortgage servicing rights was a negative $616 million, compared with a negative $199 million. Expenses were $2.50 billion versus $1.43 billion, with depreciation and amortization of $145 million, up from $27 million, and interest expense of $374 million.

Pre-tax income was $281 million. After a $52 million tax provision, net income was $229 million and diluted earnings per share were $0.08, against a loss of $0.01. For six months, net income was $526 million, or $0.19 per share, versus a net loss of $178 million. On a non-GAAP basis, Adjusted EBITDA was $766 million, and Adjusted diluted EPS was $0.16 versus $0.04. Adjustments included $99 million of acquisition-related expenses, $112 million of acquired intangible amortization and a $28 million litigation accrual tied to a specific legal matter.

The company described a second quarter marked by Middle East conflict, higher energy prices and renewed inflation concerns. The Federal Reserve held its target range at 3.50% to 3.75%, expectations moved from rate cuts toward possible increases, and the 30-year fixed mortgage rate stayed near 6.5%. Elevated rates and affordability pressures limited purchase and refinance activity, producing a muted spring homebuying season.

Servicing, Liquidity and Debt

Total serviced unpaid principal balance, including subservicing, was $2.02 trillion across 9.1 million loans, compared with $609 billion at June 30, 2025. The 60-plus day delinquency rate on serviced MSRs was 1.37%, and net client retention was 97%.

Total liquidity was $11.2 billion, made up of $3.1 billion of cash, $2.3 billion of undrawn lines of credit and $5.8 billion of undrawn MSR and advance lines. Cash and restricted cash of $3.4 billion was $1.7 billion lower than a year earlier, when it included proceeds from a $4.0 billion senior notes offering that were later used mainly to repay or refinance acquired companies' debt. Senior notes totaled $10.8 billion in principal, up from $10.5 billion at year-end, after unsecured notes due 2031 and 2034 were issued and other notes were redeemed. Equity was $23.5 billion, and total assets were $61.0 billion.

Integration and Risk Disclosures

The filing provides no financial guidance. Management said integration of Redfin and Mr. Cooper is proceeding as expected and that available cash and funding sources provide adequate resources for anticipated operating and capital needs. It noted that delays or failures to sell loans in the secondary market could have an adverse effect on liquidity and that contingencies could affect cash use.

After quarter end, several financing facilities were extended, one was increased to a fully committed $2.5 billion through July 2029, and one was paid off and terminated.