Rocket Companies reported a strong fourth quarter and full year 2025, exceeding guidance with significant growth in adjusted revenue and adjusted EBITDA, driven by strategic acquisitions and integration efforts. The company highlighted advancements in digital capabilities, AI integration, and strategic partnerships aimed at expanding its homeownership ecosystem.
Generated Q4'25 total revenue, net of $2.69 billion and adjusted revenue of $2.44 billion, exceeding the high end of guidance.
positiveReported Q4'25 GAAP net income of $68 million and adjusted net income of $316 million, a significant increase from the prior year.
positiveDelivered Q4'25 adjusted EBITDA of $592 million, up from $177 million in Q4 2024.
positivePurchase market share expanded to 5.5% in Q4 2025, up from 3.8% the year prior.
positiveIntegration efforts for Redfin and Mr. Cooper acquisitions are pacing ahead of plan, with Redfin realizing $140 million in expense synergies.
positiveLaunched fully digital purchase pre-approvals, leading to 2.5x higher conversion rates compared to traditional leads.
positiveGAAP net loss for the full year 2025 was $234 million, compared to a GAAP net income of $636 million in 2024.
negativeTotal expenses increased significantly to $6.91 billion in FY2025 from $4.43 billion in FY2024, outpacing revenue growth.
attentionThe Direct to Consumer segment's sold loan gain on sale margin decreased to 3.73% in Q4 2025 from 4.10% in Q4 2024.
attentionThe Partner Network segment's sold loan gain on sale margin decreased to 1.03% in Q4 2025 from 1.33% in Q4 2024.
attentionContribution margin for the Partner Network segment decreased to $150 million in Q4 2025 from $77 million in Q4 2024, but decreased year-over-year from $430 million in FY2024 to $386 million in FY2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Direct to Consumer | N/A | — | — | — |
Partner Network | N/A | — | — | — |
All Other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Rocket proved itself this quarter as a category of one. This is the power of an integrated homeownership ecosystem - massive top of funnel, scaled origination-servicing recapture, expansive distribution for industry professionals and a technologically advanced foundation for infinite capacity - built for the AI era.
We exceeded guidance in a quarter that closed out a transformational year. I’m so proud of how the Rocket, Mr. Cooper, and Redfin teams executed together.
Generated $41.6 billion in total net rate lock volume and $47.3 billion in total closed mortgage loan origination volume. Total gain on sale margin was 2.82%.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.