Rocket Companies (RKT) Q1 2026 earnings summary

Executive summary

• Q1 2026 adjusted revenue was $2.822B, exceeding guidance and marking the most profitable quarter in four years.

• Market share increased in both purchase and refinance segments, with net rate lock volume up 19% sequentially.

• AI and technology investments drove operational efficiency, higher conversion, and improved client experience, adding $1B in incremental volume per month.

• Integration of Mr. Cooper and Redfin progressed ahead of schedule, with significant realized synergies and over half of the servicing portfolio migrated.

• GAAP net income reached $297M; adjusted net income was $422M; adjusted EBITDA was $738M.

Financial highlights

• Adjusted revenue: $2.822B, above guidance; total revenue, net: $2.94B.

• Adjusted net income: $422M; adjusted diluted EPS: $0.15, up from $0.11 in Q4.

• Adjusted EBITDA: $738M, margin expanded to 26% from 23% last quarter.

• Net rate lock volume: $49.4B, up 19% quarter-over-quarter; closed mortgage loan origination volume: $44.7B.

• Gain on sale margin (excluding correspondent): 322 bps, highest since Q1 2021.

Outlook and guidance

• Q2 2026 adjusted revenue expected between $2.7B and $2.9B.

• Expenses anticipated at $2.43B at midpoint, with $2.2B excluding amortization, stock comp, and one-time costs.

• Higher profitability expected in Q2 despite a tougher market; volumes projected similar to Q1.

• Full $400M expense synergy from Mr. Cooper acquisition anticipated by end of 2026, one year ahead of plan.