RKT Q2 Earnings Match, Revenues Miss Amid Housing Weakness, Stock Dips

Rocket Companies, Inc. RKT reported second-quarter 2026 adjusted earnings of 16 cents per share, matching the Zacks Consensus Estimate. The bottom line jumped 200% from the year-ago quarter.

Adjusted revenues of $2.76 billion missed the consensus mark by 2% but increased 92.9% from the prior-year quarter. Shares of Rocket lost more than 2.5% during after-hours trading.

Results reflected record purchase and refinance market share despite a difficult housing environment. Total net rate lock volume reached $47 billion.

RKT's Revenue Mix Benefits From Multiple Engines

Rocket generated total net revenues of $2.78 billion, up 91.9% year over year. 

Net gain on sale of loans was $1.21 billion, while net loan servicing income was $450 million. 

Interest income and other income were $583 million and $546 million, respectively.

Rocket's Origination Metrics Show Market Share Gains

Total closed mortgage loan origination volume was $49.1 billion. Excluding correspondent activity, closed volume totaled $39.2 billion, while gain on sale margin was 3.11%.

Purchase market share rose to a record 6.2% from 5.5% in the fourth quarter of 2025. Likewise, refinance share climbed to 14.3% from 12.2%.

Rocket ended the quarter with a $2 trillion servicing portfolio covering 9.1 million loans. Existing servicing clients accounted for 57% of refinance closed volume, up from 54% in the first quarter, highlighting the company's ability to generate repeat mortgage business from its servicing base.

RKT's Segment Results Show Broad-Based Growth

Beginning in the second quarter of 2026, Rocket reports Mortgage as its sole reportable segment, with the remaining businesses grouped under All Other. 

The Mortgage segment generated total revenues of $2.27 billion, up 79.2% from $1.27 billion a year ago. Adjusted revenues increased 80.2% year over year to $2.25 billion. Contribution margin surged 160.9% to $1.17 billion, reflecting stronger profitability across Rocket's mortgage origination, servicing, title, closing and appraisal operations. 

All Other businesses, primarily comprising Redfin's real estate services, Rocket Money and Rocket Loans, recorded revenues of $510 million, up 180.2% from the prior-year quarter. Contribution margin climbed 158.6% to $181 million.

RKT's Costs Rise as Adjusted EBITDA Expands

Total expenses climbed 75.4% year over year to $2.50 billion. Salaries, commissions and team member benefits were $1.05 billion, while general and administrative costs totaled $568 million. Marketing and advertising expenses were $291 million. 

GAAP net income was $229 million compared with $34 million a year earlier. 

Adjusted EBITDA surged to $766 million from $172 million, with an adjusted EBITDA margin of 28%, up from 26% in the first quarter.

Rocket's AI Push Supports Operating Leverage

Rocket continued deploying artificial intelligence (AI) across origination and servicing. Its loan officers are handling nearly 40% more clients than a year ago while producing double-digit improvements in conversion, according to management. 

The company's AI Voice platform handled more than 1 million inbound servicing calls within three months of launch. More than half of those calls otherwise would have required servicing-team assistance, while task resolution was nearly 25% faster than traditional interactive voice response methods.

Rocket Projects Lower Q3 Revenues

For the third quarter of 2026, Rocket expects adjusted revenues between $2.5 billion and $2.7 billion. Management expects the mortgage market to be smaller sequentially as elevated rates continue to pressure affordability, purchase demand and refinancing activity.

At the midpoint of the revenue outlook, expenses are projected at roughly $2.35 billion. Rocket also remains on track to realize $400 million of annualized Mr. Cooper expense synergies by year-end and now sees another $100 million of annualized savings above that target during the first half of 2027.

Our View on Rocket

Strategic acquisitions, including Redfin and Mr. Cooper, should continue to support RKT’s revenue base and expand margins as integration synergies ramp. At the same time, the company is leaning into AI initiatives such as agentic prospecting and digital pre-approvals, which are boosting conversion and adding incremental monthly volume.

The setup is not without risk. Expenses remain elevated, and successful execution will depend on smoothly integrating Redfin and Mr. Cooper while maintaining service levels. Housing-market volatility and regulatory pressures also remain important factors influencing results.
 

Rocket Companies, Inc. Price, Consensus and EPS Surprise

Rocket Companies, Inc. price-consensus-eps-surprise-chart | Rocket Companies, Inc. Quote

Currently, RKT carries a Zacks Rank #4 (Sell). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of RKT’s Peers

LendingTree, Inc. TREE reported second-quarter 2026 adjusted net income per share of $1.27, which missed the Zacks Consensus Estimate of $1.46. The figure compares favorably with $1.13 reported in the prior-year quarter.

LendingTree’s results were adversely impacted by a decline in Consumer segment revenues and higher total costs. However, growth in revenues, along with strong Insurance segment performance, supported the results to some extent.

PennyMac Financial PFSI came out with second-quarter 2026 earnings of $1.39 per share, which missed the Zacks Consensus Estimate of $2.08 per share by a considerable margin. This compares to earnings of $1.02 per share a year ago.

Results were hurt by higher expenses. On the other hand, an increase in revenues and solid liquidity position acted as tailwinds for PennyMac.

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