Rocket Q3 profit rises to $419 million, sees Q4 revenue $2.1B to $2.3B

Rocket Companies, Inc. (RKT) said in a filing on Oct. 29 that adjusted net income for the third quarter of 2026 was $419 million, up from $158 million a year earlier.

Total revenue, net, was $3.28 billion, against $1.70 billion a year earlier. Shares were little changed in premarket trading as of 5:09 a.m. ET.

The company said it reported GAAP net income of $709 million, compared with a loss of $124 million in the third quarter of 2025.

CEO Varun Krishna said in the release: "Rocket gained market share in both purchase and refinance, quarter over quarter and year over year, and delivered our highest profitability margin in nearly five years, even as mortgage rates climbed to a three-year high."

He added: "We changed the economics of our business."

Here's how the company did:

• Adjusted EPS: 15 cents vs. 7 cents a year earlier
• GAAP diluted EPS: 25 cents vs. a loss of 6 cents a year earlier
• Total revenue, net: $3.284 billion vs. $1.695 billion a year earlier
• Adjusted revenue: $2.574 billion vs. $1.873 billion a year earlier
• Adjusted EBITDA: $748 million vs. $349 million a year earlier

Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, excludes bond interest expense. The adjusted figures remove a $710 million change in the fair value of mortgage servicing rights and related liabilities, net of hedges.

Fourth-quarter outlook

The company expects fourth-quarter 2026 adjusted revenue of $2.1 billion to $2.3 billion.

The filing gives no GAAP revenue outlook. It said a reconciliation of the outlook to GAAP cannot be reliably estimated.

The company said Orbit, a new partner rewards program from Rocket Pro, launched in October. It also extended its Compass pricing credit through year-end 2026.

Mortgage segment

Mortgage segment total revenue, net, was $2.802 billion, up from $1.231 billion a year earlier. Its contribution margin was $1.138 billion, compared with $564 million.

The company said in a filing that its total gain on sale margin was 2.54%. Direct to Consumer's gain on sale margin was 4.31%.

Total net rate lock volume was $40.4 billion, and total closed mortgage loan origination volume was $43.6 billion.

Liquidity and servicing

Total liquidity was $11.4 billion as of Sept. 30, 2026, including $2.7 billion of cash and cash equivalents.

The servicing portfolio's unpaid principal balance was $2.0 trillion, or 9.1 million loans serviced, as of Sept. 30.

Mortgage servicing rights sales totaled $23 billion of unpaid principal balance during the quarter, generating $379 million of cash proceeds. The company retained subservicing and recapture services on nearly 70% of the rights sold.