The sequential decline in guided Q4 adjusted revenue ($2.1B-$2.3B vs Q3's $2.57B) suggests management expects a meaningful slowdown in origination activity as mortgage rates remain elevated. Monitor the company's ability to sustain market share gains and margin expansion in a higher-rate environment, and watch for updates on the recapture engine's contribution to servicing income.
Price Chart
Executive Summary
Rocket Companies reported Q3 2026 total revenue, net of $3.28B and adjusted revenue of $2.57B, with GAAP net income of $709M ($0.25 GAAP diluted EPS) and adjusted net income of $419M ($0.15 adjusted diluted EPS). The results reflect strong year-over-year growth in revenue and profitability driven by market share gains in both purchase and refinance, though the company guided Q4 2026 adjusted revenue down to $2.1B-$2.3B, signaling a sequential slowdown.
Key Financial Metrics
Key Facts
- Q3 2026 total revenue, net of $3.28B vs $1.70B in Q3 2025 (up 93.7% YoY)
- Q3 2026 GAAP net income of $709M vs a net loss of $124M in Q3 2025
- Q3 2026 adjusted net income of $419M vs $158M in Q3 2025
- Q3 2026 adjusted EBITDA of $748M vs $349M in Q3 2025
- GAAP diluted EPS of $0.25 vs ($0.06) in Q3 2025; adjusted diluted EPS of $0.15 vs $0.07 in Q3 2025
- Q4 2026 adjusted revenue guidance of $2.1B to $2.3B, below Q3 2026's $2.57B
- Total liquidity of $11.4B as of September 30, 2026
- Total servicing portfolio UPB of $2.0 trillion (9.1 million loans)
- Gain on sale margin (ex-correspondent) of 3.33%; Direct to Consumer margin 4.31%
- MSR sales generated $379M of cash proceeds in Q3 2026
Financial Impact
Q3 2026 total revenue, net of $3.28B, GAAP net income of $709M, adjusted EBITDA of $748M; Q4 2026 adjusted revenue guidance of $2.1B-$2.3B
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Mortgage | $2.8B | +127.6% |
| All Other | $482.0M | +3.9% |
Risk Factors
- Q4 2026 adjusted revenue guidance implies a sequential decline of 10-18% from Q3 2026 levels
- Mortgage rates climbing to a three-year high could pressure origination volumes and gain on sale margins
- Fair value of MSRs remains sensitive to interest rate assumptions; a $710M negative adjustment in Q3 2026 from valuation assumptions
- Integration risks from the Mr. Cooper and Redfin acquisitions remain ongoing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001805284-26-000121 |
| Document: 0001805284-26-000121-index.html | 0001805284-26-000121 |
| Document: 0001805284-26-000121.txt | 0001805284-26-000121 |
| 8-K Data (Synthetic) | 0001805284-26-000121 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | SC 13G/A | $12.51 | awaiting T+1 | awaiting T+1 | $12.80 (+2.36%) |
Oct 29, 2026 2d ago | 8-K | $12.24 | awaiting T+1 | awaiting T+1 | $12.80 (+4.58%) |
Oct 26, 2026 6d ago | Court Ruling | $11.84 $11.57 | ▼ −2.28% | ▼ −2.62% | $12.80 (+8.11%) |
Oct 23, 2026 9d ago | Institutional Cluster | $11.73 $11.49 | ▲ +2.05% | ▲ +2.76% | $12.80 (−9.12%) |
Oct 15, 2026 17d ago | Court Ruling | $10.78 $10.71 | ▼ −0.65% | ▼ −1.07% | $12.80 (+18.74%) |
Sep 9, 2026 7w ago | Court Ruling | $13.19 $13.18 | ▼ −0.08% | ▼ −0.93% | $12.80 (−2.96%) |
Aug 31, 2026 8w ago | Court Ruling | $13.03 $13.56 | ▲ +4.07% | ▲ +3.62% | $12.80 (−1.77%) |
Aug 11, 2026 11w ago | Court Ruling | $14.05 $15.04 | ▲ +7.05% | ▲ +6.35% | $12.80 (−8.90%) |
Aug 6, 2026 12w ago | 8-K | $13.72 $13.76 | ▲ +0.29% | ▲ +0.32% | $12.80 (−6.71%) |
Jun 11, 2026 20w ago | Institutional Cluster | $13.43 $13.07 | ▼ −2.68% | ▼ −3.22% | $12.80 (−4.69%) |
US Market Status
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