The strong Q1 beat suggests upward consensus revisions. Monitor the earnings call for Q2 guidance and updates on the pending Two Harbors acquisition, in-house servicing timeline, and mortgage rate outlook. The stock may gap up on the beat but could be partialy offset by the absence of explicit forward guidance.
Price Chart
Executive Summary
UWM Holdings reported Q1 2026 GAAP diluted EPS of $0.09, handily beating the $0.06 consensus (50% beat), while revenue surged 47% YoY to $901.4M. Net income swung to $170.4M from a $247.0M loss a year ago, driven by a 39% jump in loan origination volume to $44.9B and gain margin expansion to 123 bps. The strong beat validates management's operational execution and refinance-driven momentum, but no new forward guidance was provided.
Key Financial Metrics
Key Facts
- GAAP diluted EPS $0.09 vs consensus $0.06 (+50% beat)
- Total revenue $901.4M, up 47% YoY from $613.4M
- Net income $170.4M vs net loss of $247.0M in Q1 2025
- Loan origination volume $44.9B, up 39% YoY; refinance volume $26.3B (+148% YoY)
- Total gain margin 123 bps vs 94 bps in Q1 2025
- Adjusted EBITDA $160.9M vs $57.8M a year ago
- Cash dividend of $0.10 per share declared, 22nd consecutive quarter
Financial Impact
EPS beat of 50% on revenue beat that exceeded previously guided Q1 range of $650-850M; net income turnaround of over $400M YoY
Risk Factors
- Mortgage rate sensitivity and refinance volume sustainability
- MSR valuation volatility driven by rate changes
- Integration risk from Two Harbors acquisition
- Debt leverage increase (non-funding debt to equity rose to 3.18x from 1.93x a year ago)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001783398-26-000047 |
| Document: xbrl-20260506.htm | 0001783398-26-000047 |
| Document: 0001783398-26-000047-index-headers.html | 0001783398-26-000047 |
| Document: 0001783398-26-000047-index.html | 0001783398-26-000047 |
| Document: 0001783398-26-000047.txt | 0001783398-26-000047 |
| 8-K Data (Synthetic) | 0001783398-26-000047 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 6w ago | Press Release | $1.44 $1.23 | ▼ −14.58% | ▼ −13.59% | $1.26 (−12.50%) |
Aug 9, 2026 7w ago | Institutional Cluster | $1.41 $1.47 | ▲ +3.90% | ▲ +4.82% | $1.26 (−10.64%) |
Aug 5, 2026 8w ago | S-3ASR | $1.84 $1.45 | ▼ −21.20% | ▼ −20.59% | $1.26 (−31.52%) |
Jun 15, 2026 15w ago | DFAN14A | $2.35 $2.00 | ▼ −14.89% | ▼ −14.14% | $1.26 (−46.38%) |
Jun 11, 2026 16w ago | Institutional Cluster | $2.39 $2.08 | ▼ −12.97% | ▼ −14.86% | $1.26 (−47.28%) |
Jun 11, 2026 16w ago | Institutional Cluster | $2.39 $2.08 | ▼ −12.97% | ▼ −14.86% | $1.26 (−47.28%) |
May 28, 2026 18w ago | DFAN14A | $3.14 $2.18 | ▼ −30.57% | ▼ −27.43% | $1.26 (−59.87%) |
May 22, 2026 19w ago | DFAN14A | $3.09 $2.03 | ▼ −34.39% | ▼ −32.97% | $1.26 (−59.22%) |
May 18, 2026 19w ago | DFAN14A | $2.92 $2.43 | ▼ −16.78% | ▼ −18.36% | $1.26 (−56.85%) |
May 12, 2026 20w ago | DFAN14A | $3.25 $2.43 | ▼ −25.23% | ▼ −23.50% | $1.26 (−61.23%) |
US Market Status
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