Rocket Companies (RKT) Q2 2025 earnings summary

Executive summary

• Q2 2025 adjusted revenue reached $1.34 billion, up 9% year-over-year and exceeding guidance, with adjusted EBITDA of $172 million and adjusted net income of $75 million.

• Mortgage loan origination volume was $29.1 billion, up 18% year-over-year, and net rate lock volume rose 13%.

• Completed the all-stock acquisition of Redfin on July 1, 2025, expanding digital real estate capabilities and client funnel; integration advanced rapidly.

• Launched new digital and AI-powered mortgage features, driving operational efficiency and client satisfaction.

• Announced Mr. Cooper acquisition, expected to close in Q4 2025, with integration planning underway.

Financial highlights

• Q2 2025 total revenue was $1.36 billion, up from $1.30 billion in Q2 2024; adjusted EBITDA was $172 million (13% margin).

• Adjusted net income was $75 million; GAAP net income was $34 million; adjusted diluted EPS was $0.04.

• Gain on sale margin for Q2 2025 was 2.80%, down from 2.99% in Q2 2024.

• Servicing portfolio unpaid principal balance was $609 billion (2.8 million loans), generating $1.6 billion annualized servicing fee income.

• Home equity loan volume nearly doubled year-over-year, setting new records.

Outlook and guidance

• Q3 2025 adjusted revenue guidance: $1.6–$1.75 billion, including a full quarter of Redfin results.

• Q3 expenses expected to rise by $335 million, mainly due to Redfin integration and non-recurring items.

• Margins expected to remain consistent with Q2; revenue growth driven by production and share gains.

• Full run-rate savings from recent cost actions expected in Q4.

• Mr. Cooper acquisition expected to close in Q4 2025, subject to regulatory approval.