Rocket Reports $709 Million in Third-Quarter Net Income and Adjusted Revenue of $2.574 Billion
Key Facts
Rocket Companies reported results on Oct. 29 for the quarter ended Sept. 30, posting net income under accounting standards of $709 million, compared with a net loss of $124 million in the same period of 2025. Net revenue was $3.284 billion, compared with $1.695 billion a year earlier. Adjusted revenue, a separate measure, reached $2.574 billion, versus $1.873 billion in the third quarter of 2025. The company reported adjusted diluted earnings per share of $0.15, up from $0.07 a year earlier, while earnings per share under accounting standards were $0.25. The results put improved profitability and revenue growth at the forefront of the company's report, while requiring a distinction between net and adjusted revenue when comparing them with market estimates.
According to an estimate published by Investing.com, earnings per share of $0.15 topped analysts' estimate of $0.14. The site said net revenue of $3.28 billion was above the average estimate of $2.59 billion. But the company also disclosed adjusted revenue of $2.574 billion, a different measure from net revenue. Published estimates for third-quarter adjusted revenue were $2.59 billion, making comparison between the two figures dependent on keeping the measures separate. Comparing net revenue with the published estimate alone is therefore not enough to describe adjusted revenue performance against expectations.
Year over year, adjusted earnings before interest, taxes, depreciation and amortization rose to $748 million from $349 million in the third quarter of 2025. The company also recorded total mortgage rate-lock volume of $40.4 billion and $43.6 billion in total closed mortgage loans during the quarter. These figures provide a measure of loan origination activity alongside the improvement in reported profitability. The company said its share of the home-purchase and refinancing markets increased on both a quarterly and annual basis. It added that this was achieved despite mortgage rates rising to their highest levels in 3 years.
The chief executive said in the company's statement that Rocket “increased our market share in purchase and refinance, on both a quarterly and annual basis, and achieved our highest profit margin in nearly 5 years, even as mortgage rates rose to their highest level in 3 years.” The statement places the market-share gains in the context of a market in which the company faced rising mortgage rates. In the second quarter, the company said its share was 6.2% in home purchases and 14.3% in refinancing. It described both shares at the time as records. The second-quarter figures provide a reference point, while the third-quarter results cited here did not include specific market-share percentages.
The company reported second-quarter adjusted revenue of $2.761 billion and adjusted earnings before interest, taxes, depreciation and amortization of $766 million. Compared with that period, third-quarter adjusted revenue was $2.574 billion and adjusted earnings before interest, taxes, depreciation and amortization were $748 million. This sequence puts the third quarter below the previous quarter on both measures, despite clear year-over-year increases. Rocket also said the loan-servicing portfolio combined with the former Mr. Cooper portfolio recorded its highest customer-retention levels to that point. This development adds context to its loan-servicing business, which forms part of the company's base alongside loan origination.
Total liquidity was $11.4 billion on Sept. 30, comprising $2.7 billion in cash and equivalents, $2.5 billion in undrawn lines of credit, and $6.2 billion in available undrawn mortgage servicing rights and advance facilities. On the same date, the unpaid principal balance of the loan-servicing portfolio was $2.0 trillion, and the portfolio included 9.1 million loans. These figures show the resources available to the company and the scale of the loan base it services. The servicing base takes on added relevance in light of the company's announcement that customer-retention levels in the combined portfolio had reached their highest point to that date. This data completes the quarter's picture alongside loan origination volume, revenue and profitability.
In the market, RKT shares closed at $11.92 in the Oct. 29 session, up 3.03%, then rose 2.85% after the close to $12.26, according to Investing.com. The following day, they closed at $12.80, according to EL7 data. This shows the share movement on the results-announcement day and the following session, without attributing the price change to any single factor. The company's guidance for the fourth quarter of 2026 set adjusted revenue at between $2.1 billion and $2.3 billion. Investing.com compared that range with analysts' average estimate of $2.57 billion for the same quarter.