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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
UWM
UWM (UWMC) investor relations material
UWM Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 2026 originations totaled $33.4B; revenue was $811.1M, net income $212.6M and Adjusted EBITDA $178.3M.
Net income recovered from a $451.9M Q2 loss, while originations, revenue and Adjusted EBITDA remained below Q3 2025.
Priorities include broker-channel growth, efficiency, preferred reduction and deleveraging while preserving liquidity.
Financial highlights
Q3 revenue was $811.1M, down from $843.3M YoY; net income was $212.6M versus $12.1M, and diluted EPS was $0.09.
Q3 Adjusted EBITDA was $178.3M versus $211.1M YoY; 9M Adjusted EBITDA rose to $525.0M from $464.6M, while 9M GAAP net loss was $69.0M.
Q3 loan production income fell 23.5% to $415.0M; servicing income rose 45.9% to $246.6M and interest income rose 13.2% to $149.5M.
Q3 MSR fair-value gain was $470.3M versus a $307.8M loss; other interest-rate derivatives recorded a $481.5M loss versus a $27.8M gain.
Q3 expenses fell $58M-$59M QoQ, with management citing savings from AI and technology investments.
Outlook and guidance
Management targets 2027 costs near $2.1B versus a Q3 run rate of $2.3B; actual costs depend on loan volume and variable expenses.
Q4 gain-on-sale margin is expected within 115-130 bps; management expects seasonally softer Q4 volume amid a difficult market.
Management expects leverage below 1.5 by year-end, citing current leverage of 1.7-1.8 and a possible 1.2-1.3 range depending on market conditions.
The October rights offering targets $400M gross proceeds by November 12, 2026, subject to extension; backstop commitments are intended to cover any shortfall.
2030 goals include 3+/10 loans originated via brokers, 30%+ Adjusted EBITDA margin, 50%+ wholesale market share, 1.5x leverage and $0 preferred equity; these are goals, not projections.
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Latest events from UWM
- Preliminary 3Q26 earnings and planned MSR sales underpin a debt-paydown effort.UWMC
Investor presentation - Broker-channel growth and deleveraging underpin the 2030 plan.UWMCInvestor presentation
- Q2 2026 saw $39.7B in originations, a $451.9M net loss, and a $1.65B capital infusion.UWMCQ2 2026
- Q3 originations hit $41.7B; Adjusted EBITDA reached $211.1M as net income fell year over year.UWMCQ3 2025
- Q2 delivered $39.7B in production and $314.5M in net income; Q3 margin guidance rose.UWMCQ2 2025
- Q3 originations reached $39.5B as MSR valuation declines weighed on net income.UWMCQ3 2024
- Production rose to $33.6B as net income reached $76.286M despite MSR fair-value pressure.UWMCQ2 2024
- Q1 originations rose 17.1% to $32.4B, while MSR losses drove a $247M net loss.UWMCQ1 2025
- Record $96.1B purchase production and $329.4M net income in 2024.UWMCQ4 2024
Next UWM earnings date
Q4 202624 Feb, 2027
UWM
Next UWM earnings date
Q4 202624 Feb, 2027
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Frequently asked questions
UWM Holdings Corporation engages in the residential mortgage lending business in the United States. UWM Holdings Corporation originates mortgage loans through wholesale channel. It originates primarily conforming and government loans. UWM Holdings Corporation was incorporated in 1986 and is headquartered in Pontiac, Michigan. The company has loan production offices across ten states: Arizona, California, Colorado, Georgia, Illinois, Indiana, Iowa, Michigan, Minnesota, Ohio and Wisconsin.