Rocket Companies (RKT) Q1 2026 earnings summary

Executive summary

• Q1 2026 adjusted revenue was $2.82B, exceeding guidance, with total revenue at $2.94B and marking the most profitable quarter in four years.

• Adjusted net income reached $422M and adjusted EBITDA was $738M, both up year-over-year.

• AI and technology investments are driving operational efficiency, higher conversion, and improved client experience.

• Integration of Mr. Cooper and Redfin is ahead of schedule, with significant realized synergies and over half of the servicing portfolio migrated.

• Market share gains in both purchase and refinance segments, with net rate lock volume up 19% sequentially.

Financial highlights

• Adjusted revenue: $2.822B, above guidance; total revenue: $2.94B.

• Adjusted net income: $422M; adjusted diluted EPS: $0.15, up from $0.11 in Q4; GAAP net income: $297M.

• Adjusted EBITDA: $738M, margin expanded to 26% from 23% last quarter.

• Net rate lock volume: $49.4B, up 19% quarter-over-quarter.

• Servicing portfolio unpaid principal balance reached $2.1T, covering 9.4M loans.

Outlook and guidance

• Q2 2026 adjusted revenue expected between $2.7B and $2.9B.

• Expenses anticipated at $2.43B at midpoint, with $2.2B excluding amortization, stock comp, and one-time costs.

• Full $400M expense synergy from Mr. Cooper acquisition anticipated by end of 2026, a year ahead of plan.

• Higher profitability expected in Q2 despite a tougher market; volumes projected similar to Q1.