Rocket Companies (RKT) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered record profitability, with adjusted revenue of $2.8B–$2.822B and adjusted EBITDA of $738M, marking the most profitable quarter in four years and exceeding guidance.

• Net income reached $297M, a $509M improvement year-over-year; adjusted net income was $422M, and adjusted EPS was $0.15.

• Integration of Redfin and Mr. Cooper is ahead of schedule, driving origination volume, market share gains, and significant realized synergies.

• AI and technology initiatives increased operational efficiency, conversion rates, and client experience, adding $1B in incremental monthly origination volume.

• Origination volume for Q1 2026 was $44.7B, up 107% year-over-year, with net rate lock volume at $49.4B.

Financial highlights

• Adjusted revenue: $2.8B–$2.822B; GAAP revenue: $2.9B–$2.94B; adjusted EBITDA margin: 26%, up from 23% in Q4.

• Adjusted net income: $422M; GAAP net income: $297M; adjusted diluted EPS: $0.15; GAAP EPS: $0.10.

• Gain on sale margin (excluding correspondent): 3.22%, highest since Q1 2021; overall gain on sale margin: 2.74%.

• Servicing portfolio UPB reached $2.1T, with 9.4M servicing clients; servicing fee income rose to $1.08B.

• Total liquidity at quarter-end was $9.4B, including $2.7B in cash and equivalents.

Outlook and guidance

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

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

• Management expects continued growth from AI-driven origination, integration synergies, and steady volumes despite a tougher market.

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

• Liquidity remains strong, with $9.4B in total liquidity as of March 31, 2026.