The Q3 revenue guidance of $2.5B-$2.7B is the key swing factor — it suggests a notable step-down from Q2 levels. Monitor the earnings call for commentary on rate lock volume trends, gain-on-sale margins, and whether the sequential decline is seasonal or reflects a cooling mortgage market. The $1.5B senior note issuance strengthens the balance sheet but adds fixed charges.
Price Chart
Executive Summary
Rocket Companies reported Q2 2026 adjusted diluted EPS of $0.16, exactly matching consensus estimates, while total adjusted revenue of $2.76B fell slightly short of the $2.83B consensus. GAAP net income surged to $229M from $34M a year ago, driven by a near-doubling of total revenue to $2.78B, but Q3 guidance of $2.5B-$2.7B in adjusted revenue implies a sequential decline. The record purchase and refinance market share and strong servicing recapture are positive, but the Q3 revenue outlook below Q2's level tempers enthusiasm.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP diluted EPS $0.08 vs $(0.01) in Q2 2025
- Q2 2026 adjusted diluted EPS $0.16, in line with consensus of $0.16
- Q2 2026 total revenue net $2.784B vs $1.451B a year ago (+92% YoY)
- Q2 2026 adjusted revenue $2.761B vs consensus of $2.83B (slight miss)
- Q3 2026 adjusted revenue guidance $2.5B to $2.7B, implying sequential decline
- Record purchase market share 6.2% (up from 5.5% in Q4 2025) and refinance share 14.3% (up from 12.2%)
- Total liquidity $11.2B as of June 30, 2026
- Mortgage segment contribution margin $1.174B, up from $450M in Q2 2025
- Issued $1.5B of senior notes on June 9, 2026 (upsized from $1.2B)
- Quarterly cash dividend not mentioned in filing
Financial Impact
Q2 adjusted revenue $2.76B slightly below $2.83B consensus; Q3 guidance $2.5B-$2.7B implies 3-9% sequential decline vs Q2's $2.78B actual
Risk Factors
- Q3 adjusted revenue guidance implies sequential decline of ~3-9% from Q2 actual of $2.78B
- Gain-on-sale margin compression if rate environment worsens or competition intensifies
- Servicing MSR fair value declines in falling-rate environment (net change of -$616M in Q2)
- Integration risk with Redfin and Mr. Cooper acquisitions still incurring costs ($99M acquisition-related expenses in Q2)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001805284-26-000082 |
| Document: 0001805284-26-000082-index.html | 0001805284-26-000082 |
| Document: 0001805284-26-000082.txt | 0001805284-26-000082 |
| 8-K Data (Synthetic) | 0001805284-26-000082 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | Court Ruling | $13.43 $12.95 | ▼ −3.57% | ▼ −2.92% | $11.70 (−12.88%) |
Aug 31, 2026 4w ago | Court Ruling | $13.41 $14.00 | ▲ +4.36% | ▲ +4.50% | $11.70 (−12.75%) |
Aug 11, 2026 7w ago | Court Ruling | $14.32 $13.99 | ▼ −2.30% | ▼ −1.90% | $11.70 (−18.30%) |
Aug 6, 2026 8w ago | 8-K | $13.72 $14.76 | ▲ +7.58% | ▲ +7.18% | $11.70 (−14.72%) |
Jun 11, 2026 16w ago | Institutional Cluster | $13.43 $13.22 | ▼ −1.56% | ▼ −2.00% | $11.70 (−12.88%) |
Jun 11, 2026 16w ago | Institutional Cluster | $13.43 $13.22 | ▼ −1.56% | ▼ −2.00% | $11.70 (−12.88%) |
Jun 9, 2026 16w ago | 8-K | $13.18 $13.91 | ▲ +5.54% | ▲ +3.13% | $11.70 (−11.23%) |
May 7, 2026 21w ago | 8-K | $15.69 $14.28 | ▼ −8.99% | ▼ −10.45% | $11.70 (−25.43%) |
US Market Status
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