UWM (UWMC) Q2 2025 earnings summary

Executive summary

• Achieved $39.7 billion in loan production for Q2 2025, up 18% year-over-year and the best quarter since 2021; net income reached $314.5 million, reversing a prior quarter loss and up from $76.3 million in Q2 2024.

• Adjusted EBITDA was $195.7 million for Q2 2025, up from $133.1 million in Q2 2024.

• Launched AI-driven tools including BOLT, Chat UWM, Mia, and LEO to enhance broker and borrower experience and operational efficiency.

• Broker channel market share has doubled since 2016, now at approximately 30%.

• Hosted the largest mortgage broker event in the country, strengthening broker relationships.

Financial highlights

• Q2 2025 total revenue was $758.7 million, up from $622.4 million in Q2 2024; gain on sale margin increased to 113 basis points, up 19 bps sequentially.

• $12.4 billion in refinance volume, double the prior year’s Q2, and $27.3 billion in purchase originations, marking the third-best purchase quarter ever.

• MSR portfolio at $211.2 billion UPB with a WAC of 5.51%.

• Total equity rose to $1.75 billion at June 30, 2025, with $490 million in cash and $2.2 billion in available liquidity.

• Loan production income for Q2 2025 was $447.9 million, up 25.4% year-over-year; loan servicing income was $178.8 million, up 24.3%.

Outlook and guidance

• Q3 2025 production guidance set at $33 billion–$40 billion, with gain on sale margin guidance of 100–125 basis points.

• Declared a $0.10 per share cash dividend for the nineteenth consecutive quarter, payable October 9, 2025.

• Management expects sufficient liquidity to fund operations and loan originations for the next twelve months and to satisfy upcoming 2025 Senior Notes maturity.

• Continues to opportunistically sell MSRs depending on market conditions to maintain funding flexibility.

• Confident in operational and financial positioning for the remainder of 2025 and into 2026.