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Rocket Companies’ latest reported quarter is the three months ended June 30, 2026. In its August 6, 2026 release, the company reported $2.784 billion in total revenue, net, $229 million in GAAP net income, $49.1 billion in closed mortgage loan origination volume and $47.0 billion in net rate lock volume. It also reported $2.761 billion of adjusted revenue and $441 million of adjusted net income, which are company-defined non-GAAP measures and should not be confused with GAAP earnings.
The numbers describe different parts of Rocket’s business. Closed loans, rate locks, loan-sale gains, servicing income, interest income, title services and appraisal activities all feed into the financial result, while the company’s acquisition activity and funding costs affect expenses. This guide puts the Q2 figures in context, explains the mortgage-volume measures, and separates reported results from management’s Q3 outlook.
Q2 2026 results at a glance
Rocket Companies reported the following results for the quarter ended June 30, 2026. The figures below come from the company’s August 6 earnings release; adjusted figures are non-GAAP measures defined by Rocket.
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|---|---|---|
| Total revenue, net | $2.784 billion | $1.451 billion in Q2 2025; $2.94 billion in Q1 2026 |
| GAAP net income | $229 million | $34 million in Q2 2025; $297 million in Q1 2026 |
| Diluted GAAP EPS | $0.08 | Per-share GAAP result |
| Adjusted revenue | $2.761 billion | Company-defined non-GAAP measure |
| Adjusted net income | $441 million | Company-defined non-GAAP measure |
| Adjusted diluted EPS | $0.16 | Non-GAAP per-share measure |
| Adjusted EBITDA | $766 million | Company-defined non-GAAP measure |
| Total net rate lock volume | $47.0 billion | $49.4 billion in Q1 2026 |
| Total closed mortgage loan origination volume | $49.1 billion | $44.7 billion in Q1 2026; includes correspondent volume |
For the first six months of 2026, total revenue, net, was $5.725 billion and GAAP net income was $526 million. Rocket reported six-month adjusted revenue of $5.583 billion and adjusted net income of $863 million.
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GAAP earnings versus Rocket’s adjusted figures
GAAP results are prepared under generally accepted accounting principles and are the appropriate starting point for evaluating reported net income and earnings per share. Rocket’s Q2 GAAP net income was $229 million, with diluted GAAP EPS of $0.08.
Rocket also presents adjusted revenue, adjusted net income, adjusted EBITDA and adjusted diluted EPS. Those measures are non-GAAP: they use the company’s reconciliation definitions and can exclude or adjust specified items that affect GAAP results. Q2 adjusted net income was $441 million and adjusted diluted EPS was $0.16. Calling the $0.16 figure “GAAP earnings” would misstate the release.
The gap between the two sets of numbers is not an error. It reflects the items Rocket removes or adjusts under its non-GAAP methodology. Readers comparing periods should keep the same basis throughout: compare GAAP with GAAP and adjusted with adjusted, while consulting Rocket’s reconciliation for the exact adjustments.
What Rocket’s mortgage-volume numbers mean
Net rate lock volume
Net rate lock volume records mortgage commitments after the company’s stated netting process. Rocket reported $47.0 billion of total net rate locks in Q2, down from $49.4 billion in Q1 2026. A rate lock is an operating pipeline measure; it does not mean every locked loan closed in the same quarter.
Closed mortgage loan origination volume
Closed volume represents loans that completed origination during the period. Rocket reported $49.1 billion of total closed mortgage loan origination volume in Q2, up from $44.7 billion in Q1. The total includes correspondent volume, so it should not be compared directly with a subtotal that excludes that channel.
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How the channels contributed
Rocket reported $39.2 billion of closed volume excluding correspondent: $28.1 billion through Direct to Consumer and $11.1 billion through Rocket Pro. Correspondent contributed another $10.0 billion, producing the $49.1 billion all-channel total.
| Q2 2026 channel | Closed volume | Rocket-reported gain-on-sale margin |
|---|---|---|
| Direct to Consumer | $28.1 billion | 4.13% |
| Rocket Pro | $11.1 billion | 0.69% |
| Correspondent | $10.0 billion | 0.19% |
| Total | $49.1 billion | 2.48% |
Gain-on-sale margin is a channel and production metric reported by Rocket, not a complete measure of company profitability. It does not replace GAAP net income because Rocket also earns servicing, interest and title-related revenue and incurs compensation, funding, technology, acquisition and other costs.
Quarter-over-quarter and year-over-year context
Q2 revenue, net, of $2.784 billion was below Q1’s $2.94 billion, and Q2 GAAP net income of $229 million was below Q1’s $297 million. At the same time, Q2 closed volume of $49.1 billion exceeded Q1’s $44.7 billion, while Q2 net rate locks of $47.0 billion were below Q1’s $49.4 billion. Q1’s total gain-on-sale margin was 2.74%, compared with 2.48% in Q2.
Those mixed sequential movements do not establish a simple volume-to-profit trend. The timing of locks and closings, channel mix, servicing-portfolio values, fair-value changes, accounting items and acquisition integration can all affect a quarter’s revenue and expenses.
Year over year, the comparison is stronger: Q2 2026 revenue, net, of $2.784 billion was nearly twice Q2 2025’s $1.451 billion, while GAAP net income increased from $34 million to $229 million. The release does not by itself establish how much of that change should be attributed to mortgage-market conditions versus Rocket-specific operating and acquisition factors.
What is included in Rocket’s Mortgage segment
Beginning in Q2 2026, Rocket reported one reportable segment called Mortgage and recast prior-period segment information for comparability. The segment includes mortgage origination, mortgage servicing, title, closing and appraisal activities. Personal finance and real estate services are presented in All Other and are outside the Mortgage segment described in the earnings release.
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This structure is important when interpreting “mortgage revenue.” The segment is broader than the value of loans originated. Rocket’s filing identifies revenue from originating, selling and servicing mortgage loans; subservicing and servicing acquisitions; title and settlement services; and appraisal management.
Servicing fees
Rocket said higher servicing-fee income was driven by a larger average servicing portfolio. At June 30, 2026, the company reported a servicing portfolio of approximately $2.0 trillion in unpaid principal balance across 9.1 million loans. Servicing can produce recurring fee income after a loan is originated, so its contribution is not captured by looking only at current-quarter closed volume.
Loan-sale gains
The filing attributes higher gain on sale of loans primarily to mortgage production. Loans may be sold after origination, and the recognized gain depends on production, pricing and the relevant accounting treatment. The channel margins in the table show why the mix of Direct to Consumer, Rocket Pro and correspondent volume matters.
Interest income and custodial deposits
Rocket said higher interest income was primarily driven by custodial deposit income and higher origination volume. This is another reason total revenue cannot be calculated by multiplying closed loans by a single origination fee.
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The filing also discusses a contribution-margin measure that adjusts revenue for specified mortgage-servicing-right valuation changes and directly attributable expenses. That measure has a narrower purpose than GAAP net income. It should not be presented as a substitute for the company’s consolidated earnings.
Expenses, funding and acquisition effects
Rocket reported total Q2 expenses of $2.503 billion, compared with $1.427 billion in Q2 2025. Its filing discusses increases in salaries and benefits, general and administrative costs, and interest expense.
- Variable compensation: Rocket associated much of the salary increase with variable compensation tied to higher origination volume.
- Acquired staff: Additional employees from acquisitions also contributed to higher salaries and benefits.
- General and administrative costs: The company cited acquisition-related expenses and variable origination costs among the factors increasing this category.
- Interest expense: Expense increased partly because of senior notes issued or assumed in 2025 and greater use of mortgage-loan funding facilities.
These explanations come from Rocket’s SEC filing. They are useful when reconciling strong production with the difference between revenue and GAAP net income: producing more loans can increase variable costs, while acquisitions can add both revenue opportunities and integration expenses.
Liquidity, servicing-rights sales and operating scale
Rocket reported total liquidity of $11.2 billion at June 30, 2026. The company’s composition was:
- $3.1 billion of cash and cash equivalents;
- $2.3 billion of undrawn lines of credit; and
- $5.8 billion of undrawn available mortgage-servicing-rights and advance lines of credit.
In Q2, Rocket said it sold mortgage-servicing rights representing $53 billion of unpaid principal balance for $795 million in cash proceeds. It also said it retained subservicing and recapture services on nearly 80% of those mortgage-servicing rights. The transaction changes the ownership of the servicing assets while preserving specified ongoing service and recapture relationships, according to the company’s release.
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Rocket’s reported market-share figures
Rocket’s release states that its Q2 purchase-market share was 6.2% and its refinance-market share was 14.3%. For comparison, the company reported Q4 2025 shares of 5.5% for purchase mortgages and 12.2% for refinances.
These are company-reported figures, not independently verified market statistics in the release. They use Rocket’s definitions and comparison period, so readers should not treat them as a complete measure of the U.S. mortgage market or assume they are directly comparable with every outside market-share estimate.
Chief Executive Officer and Director Varun Krishna characterized the quarter this way: “Rocket reached record levels of purchase and refinance market share in one of the toughest spring housing markets in years, while delivering our most profitable quarter in four years.” That is management’s description of the period, rather than an independent profitability ranking.
Q3 2026 guidance: what Rocket expected at the time
In the August 6 release, Rocket guided to $2.5 billion to $2.7 billion of adjusted revenue for Q3 2026. This is forward-looking, company-provided guidance and uses Rocket’s non-GAAP adjusted-revenue definition. It is not a realized Q3 result and should not be read as analyst consensus.
The range also should not be compared with Q2 GAAP revenue as though the measures were identical. Q2 total revenue, net, was a GAAP figure, while the Q3 outlook is adjusted revenue. A meaningful comparison requires using Rocket’s definitions and reconciliation for each period.
How to read a future Rocket earnings release
- Start with the accounting basis. Identify GAAP revenue, GAAP net income and GAAP EPS before looking at adjusted measures.
- Separate realized results from guidance. Keep Q2 results apart from the Q3 adjusted-revenue range.
- Match the mortgage-volume definition. Compare total closed volume with total closed volume, and net rate locks with net rate locks.
- Check correspondent inclusion. The $49.1 billion Q2 total includes correspondent; the $39.2 billion subtotal does not.
- Review channel mix and margins. Direct to Consumer, Rocket Pro and correspondent had materially different Q2 gain-on-sale margins.
- Read servicing and funding disclosures. Portfolio size, mortgage-servicing-right transactions, liquidity and interest expense can materially affect results beyond current-period originations.
- Check segment definitions. From Q2 2026, Mortgage is the single reportable segment, while personal finance and real estate services are in All Other.
What these results do—and do not—establish
The Q2 release establishes a quarter with higher year-over-year revenue, GAAP profit and closed mortgage volume, alongside lower sequential revenue, GAAP profit and net rate locks than Q1. It also documents a large servicing platform, substantial reported liquidity and management’s $2.5 billion-to-$2.7 billion adjusted-revenue outlook for Q3.
These materials do not establish analyst consensus, stock-price performance, realized Q3 results or a causal estimate of how interest rates drove the quarter. They also do not make Rocket’s company-reported market-share percentages independent market statistics. Those questions require separate evidence and should not be inferred from the earnings release alone.
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