Rocket Companies reported high second-quarter earnings on Thursday, driven by increased mortgage origination volume, servicing income and record market share gains in both purchase and refinance lending, even as the broader housing market remained challenging.
The Detroit-based lender reported Q2 2026 net revenue of $2.78 billion, nearly double its $1.45 billion figure from the same period last year and landing in the middle of its Q1 2026 adjusted revenue forecast of $2.7 billion to $2.9 billion.
GAAP net income rose to $229 million, up from $34 million in the prior-year quarter, while adjusted net income increased to $441 million from $75 million. Adjusted EBITDA climbed to $766 million from $172 million.
“The second quarter tested the housing industry; higher rates reduced affordability, demand softened, the spring market fell well short of expectations,” CEO Varun Krishna said during the company’s Thursday afternoon earnings call. “But against that backdrop, Rocket reached record market share in both purchase and refinance … and continued executing ahead of plan. Those results reinforce what we’ve been building for years.”
Chief financial officer Brian Brown added: “Adjusted diluted EPS was 16 cents, up from 15 cents in the first quarter, making this our most profitable quarter in four years.”
The quarter also marked a change in Rocket’s financial reporting. Beginning in Q2 2026, the company consolidated its operations into a single mortgage reporting segment, which includes its origination, servicing, title, closing and appraisal businesses.
Prior-period results were recast to reflect the new reporting structure and allow for year-over-year comparisons, the company said.
The company generated $47 billion in net rate-lock volume during the quarter and $49.1 billion in closed mortgage origination volume, while its gain-on-sale margin was 2.48%.
Excluding correspondent lending, Rocket originated $39.2 billion in closed mortgages. The company ended the quarter with $11.2 billion in total liquidity and a servicing portfolio of $2 trillion across 9.1 million loans.
“Our loan officers are serving nearly 40% more clients while delivering double-digit improvements in conversion at the same time,” Krishna said. “Those gains really matter today, and they matter even more as the market recovers.”
Rocket also sold $53 billion in mortgage servicing rights during the quarter, generating $795 million in proceeds while retaining subservicing and recapture rights on nearly 80% of the loans.
“Today, Rocket is both the nation’s largest mortgage servicer and the nation’s largest mortgage lender. Very few companies have both,” Krishna added.
Other highlights, looking ahead
Krishna said during the call that Rocket’s purchase market share increased to 6.2%, up from 5.5% at the end of 2025, while its refinance market share rose to 14.3% from 12.2%.
The company also completed the integration of its servicing platform following its acquisition of Mr. Cooper, saying legacy Mr. Cooper recapture rates reached another record during the quarter.
The company cited continued investments in artificial intelligence, saying loan officers using its AI-powered pipeline management tools are handling nearly 40% more clients than a year ago. Rocket also said its AI Voice platform processed more than 1 million inbound servicing calls within three months of launch, with more than half of those calls resolved without assistance from servicing employees.
The company also highlighted growth in its home equity business, saying it became the nation’s largest home equity lender and has helped more than 250,000 homeowners access $24 billion-plus in equity since introducing the product in 2022. Krishna told investors during the call that Rocket is the first independent mortgage company to lead the category.
Meanwhile, Redfin, which Rocket acquired in 2025, doubled its mortgage leads year over year in June and reached record mortgage attachment rates after expanding joint offerings between the two companies.
“In June, mortgage leads from Redfin more than doubled year over year. The mortgage attach rate with Redfin agents reached 47%, approaching our synergy target of 50%,” Krishna said.
The company also provided an update on its monthly Rocket Pro “Power Play” initiative, announced on the first Tuesday of each month. Recent enhancements include same-day conditional approvals, a 12-business-day clear-to-close commitment on eligible purchase loans, and continued Compass pricing incentives.
Since the Compass partnership launched, Rocket Pro brokers have generated more than $2 billion in net rate-lock volume.
Looking ahead, Rocket forecast adjusted revenue between $2.5 billion and $2.7 billion for the third quarter. Brown said that he expects Q3 to be “smaller than the second, something the industry has not seen since 2022,” citing tough market conditions such as rates above 6.8% and higher inflation expectations.
