๐น Adj Revenue: $1.34B (Est. $1.27B) ๐ข; UP +9.1% YoY
๐น Adj EPS: $0.04 (Est. $0.026) ๐ข; DOWN -33% YoY
๐น Adj EBITDA: $172M (Est. $129.3M) ๐ข
๐น Net Rate Lock Volume: $28.43B (Est. $27.41B) ๐ข; +13% YoY
๐น Closed Loan Origination Volume: $29.1B (Est. $28.2B) ๐ข; UP +18% YoY
๐น Gain on Sale Margin: 2.80%; -19bps YoY
Q3 Guidance:
๐น Sees Adjusted Revenue: $1.60B to $1.75B
Segment Performance โ Q2
๐น Direct to Consumer Adjusted Revenue: $1.01B; UP +11.1% YoY
๐น Partner Network Adjusted Revenue: $148M; DOWN -21.3% YoY
๐น Direct to Consumer Sold Loan Gain on Sale Margin: 4.40% (vs. 4.14% YoY)
๐น Partner Network Sold Loan Gain on Sale Margin: 0.90% (vs. 1.59% YoY)
Other Metrics
๐น Total Liquidity: $9.1B (includes $5.1B in cash)
๐น Servicing Portfolio: $609B UPB across 2.8M loans
๐น Mortgage Servicing Rights (MSR): $7.57B
CEO Commentary
๐ธ โRocket delivered a standout second quarter, exceeding the high end of guidanceโฆ Our purchase funnel is expanding, conversion rates are rising, and Redfin clients are beginning to close with Rocket.โ โ CEO Varun Krishna
Strategic & Operational Updates
๐ธ Closed all-stock acquisition of Redfin; expanding integrated offerings
๐ธ Introduced AI-powered refinance tools: complete end-to-end refi in under 30 minutes
๐ธ Launched AI agent for earnest money deposits โ processes 80% automatically
๐ธ Released Rocket Preferred Pricing: 1% rate discount or up to $6K credit for Redfin-linked buyers
๐ธ Expanded bridge loan offering for homeowners to buy before selling
๐ธ Named #1 in mortgage servicing by J.D. Power for 11th time
๐ธ Hosted largest company hackathon โ showcased AI, vector search, and cloud tech
๐ธ Wind-down of Rocket Mortgage Canada & Visa Signature credit card program