UWM (UWMC) Q4 2025 earnings summary

Executive summary

• Achieved $163.4 billion in originations for 2025, up 17% year-over-year, maintaining #1 overall, wholesale, and purchase mortgage lender positions with 8.5% overall and 42.5% wholesale market share as of Q4 2025.

• Q4 2025 originations reached $49.6 billion, the highest since 2021, with net income of $164.5 million and adjusted EBITDA of $232.8 million.

• Full-year 2025 net income was $244 million on $3.2 billion revenue, with adjusted EBITDA of $697 million.

• Strategic initiatives included bringing servicing in-house, expanding the BILT partnership, and announcing the pending acquisition of Two Harbors to enhance servicing scale and recurring revenue.

• Continued investment in technology and AI, including launches like Mia, ChatUWM, and an AI-powered Income Calculator to improve broker efficiency.

Financial highlights

• Q4 2025 revenue was $945 million, up from $843 million in Q3; full-year revenue was $3.2 billion, up from $2.7 billion in 2024.

• Q4 net income was $164.5 million, up from $12.1 million in Q3; full-year net income was $244 million, down from $329 million in 2024.

• Q4 2025 gain margin was 1.22%; MSR portfolio UPB was $240.8 billion with a fair value of $4.1 billion.

• Servicing income for 2025 was $725 million, up from $637 million in 2024.

• Ended Q4 2025 with $503.4 million in cash and $1.8 billion in available liquidity.

Outlook and guidance

• Anticipates closing the Two Harbors acquisition by mid-2Q 2026, with $1 billion+ in pro forma recurring servicing revenues and $150 million in annual synergy potential.

• Expects enhanced earnings stability, EPS accretion, and tangible book value growth post-acquisition.

• Q1 2026 total revenue projected between $650 million and $850 million; dividend of $0.10 per share declared for the 21st consecutive quarter.

• AI implementation is expected to reduce expenses and increase production.

• Positioned for growth as U.S. existing home sales are forecasted to rebound in 2025-2026.