UWM (UWMC) Q3 2025 earnings summary

Executive summary

• Q3 2025 loan production was $41.7B, up 5.6% year over year and the highest since 2021; nine-month production was $113.8B, up 13%.

• Purchase and refinance originations were $25.2B and $16.5B, respectively; wholesale market share was 42.5% and overall market share was 8.4%.

• Q3 revenue was $843.3M, net income was $12.1M and Adjusted EBITDA was $211.1M.

• Ranked #1 overall U.S. mortgage lender since 2022 and #1 wholesale lender since 2015.

• AI assistant Mia made over 400,000 rate-watch calls, contributing to more than 14,000 closed loans.

Financial highlights

• Q3 revenue was $843.3M, versus $745.6M in Q3 2024; nine-month revenue was $2.22B, versus $1.95B.

• Gain margin was 130 bps, up from 118 bps in Q3 2024 and 113 bps in Q2 2025; nine-month margin was 114 bps.

• Net income was $12.1M versus $31.9M in Q3 2024; Adjusted EBITDA was $211.1M versus $107.2M.

• Net servicing income was $135.1M; loan servicing income was $169.0M.

• Available liquidity was $3.0B, including $870.7M in cash.

Outlook and guidance

• Q4 2025 production guidance is $43B–$50B, with gain margin of 105–130 bps.

• Sufficient liquidity is expected to fund operations and loan originations for the next 12 months.

• Bringing servicing in-house is planned for Q1 2026, with expected benefits to financials and broker loyalty; technology and people investments target refinance-market share capture.

• Operational capacity could support doubling volume without significant fixed-cost increases.