Rocket Companies, Inc. (RKT)

Rocket Companies reported third-quarter 2026 total revenue of $3.28 billion and GAAP net income of $709 million on 29 October 2026, against a net loss of $124 million a year earlier 14.

Chief executive Varun Krishna said Rocket gained share in purchase and refinance loans and posted its highest profit margin in nearly five years, even as mortgage rates climbed to a three-year high 1.

The quarter was smaller than the one before it, though 4. Closed mortgage volume fell to $43.6 billion from $49.1 billion in the second quarter, and adjusted net income slipped to $419 million from $441 million 4.

Rocket expects adjusted revenue of $2.1 billion to $2.3 billion in the fourth quarter, below the $2.5 billion to $2.7 billion it projected for the third 14.

Krishna said the company's real-time data pointed to a fourth-quarter mortgage market smaller than industry forecasts suggest, with refinancing down by nearly half from the third quarter, HousingWire reported 4.

The open question is how much of the gain holds up when the loan market shrinks, since the company is also absorbing two large acquisitions completed in 2025 2.

Rocket Companies runs Rocket Mortgage, which its annual report calls the nation's largest mortgage lender, and earns money from selling loans, servicing them, lending interest and a growing set of side businesses 3.

Revenue climbed from $3.8 billion in 2023 to $5.1 billion in 2024 and $6.7 billion in 2025, a rise of 31 percent (computed) in the last year 3.

The rise began with demand 3. Net rate lock volume, the loans customers locked a rate on, rose 31 percent, while the margin earned on each sale fell 4 percent 3.

The wider market helped 3. Industry mortgage originations grew 15 percent to $1.9 trillion from $1.7 trillion in 2025 3. The Federal Reserve cut rates by 75 basis points, and the 30-year fixed mortgage rate eased from 6.9 percent to 6.15 percent 3.

The company also rebuilt itself in 2025 3. On 30 June it completed the Up-C Collapse, a reorganization that simplified its ownership structure, and on 1 July it acquired the real estate brokerage Redfin in an all-stock deal 3.

Rocket announced Redfin on 10 March as a deal worth $1.75 billion, and the 10-Q puts the consideration at close at about $1.74 billion 52.

Mr. Cooper, a mortgage servicer, followed 5. Rocket announced the all-stock deal on 31 March 2025 as worth $9.4 billion, offering 11 Rocket shares for each Mr. Cooper share, and estimated $400 million in savings from combining the two 5.

The deal closed on 1 October 2025 2. The acquisition-date fair value of the consideration was about $17.0 billion, made up of $13,667 million in Rocket stock and $3,113 million in cash used to settle Mr. Cooper's notes and fees 2.

Servicing, collecting payments on loans for their owners, changed fastest 3. Servicing fee income rose $855 million in 2025 because of the larger average servicing portfolio 3.

Costs rose faster than revenue 3. Total expenses grew 56 percent to $6.9 billion, mostly pay tied to loan volume and the added staff from the acquisitions 3.

In 2026 the combined company reorganized 2. In the first quarter Nationstar Mortgage, Mr. Cooper's operating arm, was merged into Rocket Mortgage, and in the second quarter the company began reporting one segment, Mortgage 2.

Revenue in the third quarter nearly doubled from a year earlier to $3.28 billion from $1.7 billion, HousingWire reported 4.

Rocket Mortgage: making loans

Rocket Mortgage lends through three paths: directly to homeowners, through brokers and banks under the Rocket Pro name, and by buying loans from other lenders in a correspondent channel 3.

In the third quarter it closed $24.6 billion of loans direct to consumers, $9.0 billion through Rocket Pro and $10.1 billion through the correspondent channel, for $43.6 billion in all 1.

The margin earned on loans sold differs by path: 4.31 percent direct to consumers, 0.70 percent through Rocket Pro and 0.15 percent on correspondent loans, or 2.54 percent overall 1.

Rocket's chief financial officer Brian Brown estimated its purchase-loan share approached 6.5 percent in the third quarter and its refinance share reached 15.5 percent, HousingWire reported 4.

Inside Mortgage Finance ranked Rocket Mortgage first by volume and first in purchase, refinance, home equity and servicing for the second quarter of 2026, according to the company's release 1.

On service, the annual report says Rocket Mortgage has won 23 J.D. Power awards since 2010 and scored a net promoter score of 70 for origination in 2025 3.

Rivals include large financial institutions, independent mortgage banks and fintech companies, which compete on speed, service, rates and access to capital 3.

Rocket Pro launched Orbit in October, a partner rewards program that offers same-day conditional approval and a 12-business-day clear to close on eligible purchase loans 1.

In September Rocket Mortgage became the first lender to adopt VantageScore 4.0 as its preferred credit score on eligible loans, and its testing showed an average closing-cost saving of $1,600 for qualifying clients 1.

Servicing and Mr. Cooper

Servicing means collecting a loan's monthly payments for its owner in return for a recurring fee 3. Mr. Cooper was the country's largest residential mortgage servicer when Rocket acquired it 2.

On 30 September 2026 the total servicing portfolio was $2.0 trillion of unpaid principal across 9.1 million loans 1.

In the third quarter Rocket sold servicing rights on $23 billion of loans for $379 million in cash and kept subservicing and recapture on nearly 70 percent of them 14. Recapture means winning a client's later refinance or purchase loan 1.

Rocket said its combined servicing book reached its highest recapture levels to date, and about two-thirds of its home equity clients also have their first mortgage serviced by Rocket year to date 1.

Rocket said an AI voice system handled 65 percent of inbound servicing calls and resolved more than half of them without a person 1.

Redfin and Rocket Homes

Redfin is a digital real estate brokerage and home search site 3. Rocket says it lets consumers search for homes, connect with an agent and obtain mortgage approval in one place 3.

Real estate services revenue rose $350 million in the latest fiscal year, mainly from Redfin's transactions 3.

In the third quarter buyers who clicked to start a mortgage on Redfin listings rose 50 percent from a year earlier, and a partnership with Compass reached nearly 40,000 listings 1.

In August Rocket named Alessio Sanfilippo chief executive of Redfin, with the task of unifying home search, brokerage, mortgage, closing and servicing 1.

Rocket Money and Rowan

Rocket Money is a personal finance app with subscription cancellation, budgeting and credit score improvement 3.

In August Rocket Money launched Rowan, an AI agent that watches a customer's spending and texts when it finds a saving, then renegotiates bills, cancels subscriptions and sets up savings transfers on a reply 16. DBusiness reported that Anthropic powers it 6.

Fintech Global reported that Rowan arrives with a new Premium+ subscription priced at $15 a month 7.

Title, loans and the courts

Rocket Close, formerly Amrock, is the national title producer, settlement provider and appraisal manager 3. Rocket Loans offers personal loans with a focus on prime borrowers 3.

Rocket Close is in a long civil dispute with the software firm HouseCanary in Bexar County, Texas, begun when Rocket Close filed suit on 12 April 2016 2. A jury in Bexar County returned a verdict with 175 million in damages for HouseCanary on 6 March 2026, and judgment has not yet been entered 2. HouseCanary filed for Chapter 11 bankruptcy protection on 22 September 2026, and Rocket Close says it plans to keep defending the case 2.

A data breach at Mr. Cooper on 31 October 2023 led to 26 more class actions after the first on 3 November 2023, since consolidated into one case that Rocket says it is defending 2.

People, offices and the board

Varun Krishna is chief executive and Brian Brown is chief financial officer 14. The company had about 23,500 team members on 31 December 2025, all in the United States, Canada and India 3.

In August Rocket added Sarah Watterson as an independent director, bringing the board to 10 members 1. The headquarters is leased: about 624,861 square feet at 1050 Woodward Avenue in Detroit 3.

The umbrella, in words

The brands are Rocket Mortgage, Rocket Close, Rocket Money, Rocket Loans, Redfin and Rocket Homes 32.

Rocket Companies is a holding company whose main assets are its equity interests in Rocket GP, Rocket LP and Redfin 2.

Rocket Limited Partnership, which Rocket GP and Rocket LP own, wholly owns Lendesk Technologies, LMB HoldCo, Rocket Close, Rocket Money, Rocket Mortgage, Rocket Loans, RTIC, Xome and Woodward Capital Management, among others 2.

Rocket owns 100 percent of Mr. Cooper Group, acquired on 1 October 2025, and 100 percent of Redfin, acquired on 1 July 2025 2.

Dan Gilbert, the founder and chairman, controls the company: the annual report says he holds a majority of the combined voting power, which makes Rocket a controlled company under NYSE rules 3.

On 23 February 2026, 970,935,922 Class A shares and 1,848,879,455 Class L shares were outstanding 3. The Class L shares are the ones Gilbert's family entities hold under the structure left after the Up-C Collapse 3.

Rocket expects adjusted revenue of $2.1 billion to $2.3 billion in the fourth quarter of 2026 1.

Chief financial officer Brian Brown said the company expects the market to weaken further as rates stay high and seasonal trends reduce activity, HousingWire reported 4.

Brown estimated that purchase applications were down nearly 20 percent from a year earlier and refinance applications down more than 50 percent 4.

Krishna said the fourth quarter, if conditions hold, could be one of the lowest origination quarters in three decades for the market 4.

The company expects continued share gains, with cash-out refinancing and home equity lending staying productive even as rate-and-term refinancing faces pressure 4.

Rocket Pro extended its Compass pricing credit through the end of 2026, a credit that has generated more than $3 billion in loan locks since February 1.

Rocket said integration of Redfin and Mr. Cooper continues to proceed as expected 2. The annual report adds that there is no assurance it will realize the expected benefits of either acquisition 3.

At the Mr. Cooper announcement in March 2025 Rocket estimated $400 million in savings from streamlining operations, reducing corporate expenses and combined technology investments 5.

HouseCanary's Chapter 11 filing on 22 September 2026 leaves the Bexar County case unresolved: the 10-Q says judgment has not been entered and the outcome is uncertain, perhaps by several years 2.

The annual report says the company is rebuilding around a vertically integrated platform, with AI at the center of how clients purchase, sell and finance homes 3.

Redfin's new chief executive, appointed in August, is to unify home search, brokerage, mortgage, closing and servicing, according to the third-quarter release 1.

Rocket Money said Rowan sits within a Premium+ plan that is expected to add more features over time 7.