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Rocket Companies

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Analysis

RKT 10-K Analysis: Why Rocket's GAAP Losses Mask a $2.4B EBITDA Machine

Rocket Companies reported a $68 million GAAP loss for fiscal 2025 — on $6.7 billion in revenue. But the 10-K reveals two fundamentally different companies hiding in one set of financials: a pre-acquisition originator that burned $359M in EBITDA over nine months, and a post-acquisition servicing platform that generated $592M in Q4 EBITDA alone. At $76.1 billion maximum dilution, the stock prices in a company that doesn't yet fully exist in GAAP.

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15 min

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