UWM (UWMC) Q2 2025 earnings summary

Executive summary

• Q2 2025 loan production was $39.7B, up 18.2% year over year and 23% sequentially; the strongest quarter since 2021.

• Net income was $314.479M and Adjusted EBITDA was $195.683M, versus $76.3M and $133.1M, respectively, in Q2 2024.

• Purchase production was $27.3B; refinance volume reached $12.4B, double Q2 2024.

• Ranked #1 overall, wholesale, and purchase mortgage lender; 1Q25 wholesale and overall market shares were 44.2% and 9.0%.

Financial highlights

• Total revenue was $758.7M, up from $622.4M in Q2 2024; Adjusted EBITDA was $195.683M.

• Gain-on-sale margin was 113 bps, up from 94 bps in Q1 2025 and 106 bps in Q2 2024.

• Loan production income was $447.9M, up 25.4% year over year; loan servicing income was $178.8M, up 24.3%.

• MSR fair value declined $111.4M in Q2, compared with a $142.5M decrease in Q2 2024.

• Total equity was $1.748B and cash and equivalents were $490M at June 30, 2025.

Outlook and guidance

• Q3 2025 production guidance is $33B–$40B, with gain-on-sale margin guidance of 100–125 bps, the first margin-guidance increase in four years.

• Purchase originations are on pace to exceed $100B for 2025; the outlook includes maintaining the #1 overall and wholesale lender positions.

• Sufficient liquidity is expected to fund operations and originations for the next twelve months; current resources are expected to cover the 2025 Senior Notes maturity.