Rocket Companies (RKT) Q4 2024 earnings summary

Executive summary

• Achieved strong top and bottom line growth in Q4 and full year 2024, with adjusted revenue at $1.2B for Q4 (up 34% YoY) and $4.9B for the year (up 30% YoY).

• Adjusted EBITDA for 2024 was $862M (18% margin), and adjusted net income was $456M (9% margin).

• Helped 365,000 clients achieve homeownership or leverage home equity in 2024.

• Strategic focus on purchase market share, innovative product launches, and AI-driven operational efficiency.

• Rocket has a 40-year history, serving over 10 million clients and originating $1.8T+ in transactions.

Financial highlights

• Q4 adjusted revenue: $1.2B (34% YoY growth); full year: $4.9B (30% YoY growth).

• Q4 adjusted net income: $85M; adjusted EPS: $0.04; full year adjusted EPS: $0.23.

• Net rate lock volume: $24B in Q4 (up 47% YoY); $101B for the year (up 28% YoY).

• Gain on sale margin: 2.98% in Q4 2024, up 30–32 bps YoY.

• Ended year with $2.9B in available cash and $8.2B in total liquidity.

Outlook and guidance

• Q1 2025 adjusted revenue expected between $1,175M–$1,325M, midpoint implies 7% YoY growth.

• Total expenses in Q1 to rise by $100M YoY, mainly due to higher production, Rocket Money marketing, and Super Bowl brand relaunch.

• Optimism for 2025 with expectations of market share gains and a larger mortgage origination market.