UWM (UWMC) Q3 2026 earnings summary

Executive summary

• Q3 2026 originations totaled $33.4B; revenue was $811.1M, net income $212.6M and Adjusted EBITDA $178.3M.

• Net income recovered from a $451.9M Q2 loss, while originations, revenue and Adjusted EBITDA remained below Q3 2025.

• Priorities include broker-channel growth, efficiency, preferred reduction and deleveraging while preserving liquidity.

Financial highlights

• Q3 revenue was $811.1M, down from $843.3M YoY; net income was $212.6M versus $12.1M, and diluted EPS was $0.09.

• Q3 Adjusted EBITDA was $178.3M versus $211.1M YoY; 9M Adjusted EBITDA rose to $525.0M from $464.6M, while 9M GAAP net loss was $69.0M.

• Q3 loan production income fell 23.5% to $415.0M; servicing income rose 45.9% to $246.6M and interest income rose 13.2% to $149.5M.

• Q3 MSR fair-value gain was $470.3M versus a $307.8M loss; other interest-rate derivatives recorded a $481.5M loss versus a $27.8M gain.

• Q3 expenses fell $58M-$59M QoQ, with management citing savings from AI and technology investments.

Outlook and guidance

• Management targets 2027 costs near $2.1B versus a Q3 run rate of $2.3B; actual costs depend on loan volume and variable expenses.

• Q4 gain-on-sale margin is expected within 115-130 bps; management expects seasonally softer Q4 volume amid a difficult market.

• Management expects leverage below 1.5 by year-end, citing current leverage of 1.7-1.8 and a possible 1.2-1.3 range depending on market conditions.

• The October rights offering targets $400M gross proceeds by November 12, 2026, subject to extension; backstop commitments are intended to cover any shortfall.

• 2030 goals include 3+/10 loans originated via brokers, 30%+ Adjusted EBITDA margin, 50%+ wholesale market share, 1.5x leverage and $0 preferred equity; these are goals, not projections.