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RKT

Rocket Companies, Inc.

RKT

Rocket Companies, Inc. • NYSE
$19.98 ▲ 1.22% (+0.24)
Market Cap $56.42 B
52w High $22.55
52w Low $10.06
Dividend Yield 0.80%
P/E -666
Volume 7.91M
Outstanding Shares 2.82B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.79B ▲ $1.668B ▲ $-123.854M ▼ -6.919% ▼ $-0.72 ▼ $122.117M ▲
Q2-2025 $1.451B ▲ $1.278B ▲ $-1.785M ▲ -0.123% ▲ $-0.01 ▲ $51.788M ▲
Q1-2025 $1.101B ▼ $1.222B ▲ $-10.383M ▼ -0.943% ▼ $-0.07 ▼ $-196.193M ▼
Q4-2024 $1.835B ▲ $1.041B ▼ $33.871M ▲ 1.845% ▲ $0.23 ▲ $704.243M ▲
Q3-2024 $748.768M $1.106B $-22.011M -2.94% $-0.16 $-468.712M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.836B ▲ $33.576B ▲ $24.725B ▲ $8.851B ▲
Q2-2025 $5.091B ▲ $30.36B ▲ $22.911B ▲ $7.449B ▲
Q1-2025 $1.409B ▲ $25.251B ▲ $16.667B ▲ $583.97M ▼
Q4-2024 $1.273B ▲ $24.51B ▼ $15.467B ▼ $702.501M ▲
Q3-2024 $1.228B $25.118B $16.766B $652.397M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-123.854M ▼ $-50.27M ▲ $-3.066M ▲ $797.661M ▼ $743.818M ▼ $-71.779M ▲
Q2-2025 $212.268M ▲ $-1.85B ▼ $-129.848M ▼ $5.664B ▲ $3.685B ▲ $-1.866B ▼
Q1-2025 $-212.446M ▼ $-797.005M ▼ $75.273M ▲ $861.008M ▲ $139.289M ▲ $-866.835M ▼
Q4-2024 $648.613M ▲ $1.843B ▲ $-35.648M ▲ $-1.765B ▼ $40.724M ▲ $1.729B ▲
Q3-2024 $-481.424M $-1.337B $-233.8M $1.483B $-88.661M $-1.667B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Direct To Customer Segment
Direct To Customer Segment
 $810.00M ▲$1.02Bn ▲$1.03Bn ▲$1.15Bn ▲
Partner Network Segment
Partner Network Segment
 $130.00M ▲$110.00M ▼$150.00M ▲$170.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Rocket’s income statement shows a company that boomed during the pandemic refinance surge, then went through a sharp comedown and is now slowly rebuilding. Revenue has settled well below peak levels but has started to grow again recently, which suggests some recovery in loan volumes or pricing. Profitability tightened dramatically after the boom years, with results hovering near break-even for the last few years rather than the very strong margins seen earlier. The encouraging sign is that operating profit has returned to positive territory, but net earnings are still thin, so the business remains sensitive to swings in the housing and interest rate cycle. Overall, the income statement tells a story of stabilization and early recovery, not yet of fully restored strength.

Balance Sheet

Balance Sheet The balance sheet reflects a classic mortgage operator: large assets and debts tied to loans and funding facilities, supported by a relatively modest equity base. After the pandemic surge, total assets and debt shrank as mortgage volumes normalized, which reduced the overall scale and leverage of the business. More recently, both assets and debt are expanding again, consistent with management leaning into growth and higher activity. Cash on hand is reasonable but not abundant, so the company has some cushion but not an excess war chest. Equity has been inching higher over time, which is positive, but leverage remains high in absolute terms, as is typical for this industry and business model.

Cash Flow

Cash Flow Rocket’s cash flows are volatile, which is common in mortgage lending because loan production and funding flows run through operating cash. During the boom years, the company generated very strong positive operating and free cash flow, helped by high volumes and rich margins. More recently, operating and free cash flow have slipped toward break-even and even turned negative in the latest period, implying that the company is using cash to fund growth in loans and related assets. Capital spending is relatively light, so cash swings are mostly about core operations and working capital, not big physical investments. The pattern suggests that while the model can throw off a lot of cash in favorable markets, it can also consume cash when Rocket is growing into a tougher environment, which reduces short-term flexibility.

Competitive Edge

Competitive Edge Rocket holds a well-established position as a leading digital mortgage and homeownership platform, with a strong consumer brand and significant scale. Its direct-to-consumer model and heavy use of technology give it cost and speed advantages versus many traditional banks and brokers, which can translate into faster approvals and a smoother experience. The emerging ecosystem that links mortgages, real estate search, servicing, title services, and personal finance tools creates multiple touchpoints to acquire and retain customers. The acquisitions of Redfin and Mr. Cooper deepen this ecosystem by bringing in home search traffic and a large servicing base, potentially reinforcing a powerful flywheel. At the same time, the company remains heavily exposed to the highly cyclical, interest-rate-sensitive mortgage market, where competitors often compete aggressively on price, so maintaining margins and share is an ongoing challenge.

Innovation and R&D

Innovation and R&D Innovation is a core pillar for Rocket, with a clear strategic bet on artificial intelligence and a fully digital, end-to-end homeownership journey. The Rocket Logic platform uses AI to automate document handling, underwriting tasks, and client interactions, which can materially cut manual work and reduce time to close. Generative AI tools that analyze calls and customer sentiment aim to personalize service and improve sales and retention, all powered by a very large, proprietary data set. Integrating Redfin’s real estate platform and Rocket Money’s personal finance app with the core mortgage engine moves the company closer to a one-stop homeownership and financial hub. The upside is a more efficient, data-rich, sticky ecosystem; the risk is execution and integration complexity, plus the need to keep investing to stay ahead in a fast-moving AI and fintech landscape.

Summary

Taken together, Rocket looks like a scaled, technology-forward mortgage and homeownership platform navigating the downcycle after an exceptional boom. The income statement shows that profitability has compressed but is starting to recover as conditions slowly improve, while the balance sheet and cash flows highlight a leveraged, transaction-driven model that can swing sharply with the housing market. Its main strengths lie in brand recognition, digital capabilities, and an increasingly integrated ecosystem that spans search, loans, servicing, and personal finance. Its main vulnerabilities are exposure to interest rates and housing volumes, thin current profitability, and the complexity of executing an ambitious AI and platform strategy. Future performance will likely hinge on the path of interest rates and home sales, how well Rocket converts its technology and data advantages into durable margins, and how smoothly it integrates and monetizes its broader ecosystem around homeownership.

NEWS

November 26, 2025 · 9:02 AM UTC

Rocket Companies CFO Brian Brown to Present at UBS Global Technology and AI Conference

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November 26, 2025 · 8:00 AM UTC

Redfin Reports Typical Retail Worker Earns $37,000 Less Than Needed to Afford Typical Apartment

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November 25, 2025 · 3:02 PM UTC

CORRECTING and REPLACING Redfin Reports West Palm Beach Tops 10-Year Luxury Home Price Growth as Traditional Giants Like New York Lag Behind

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November 25, 2025 · 8:30 AM UTC

Redfin Reports West Palm Beach Tops 10-Year Luxury Home Price Growth as Traditional Giants Like New York Lag Behind

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November 25, 2025 · 8:00 AM UTC

Delistings Jump 28% as Sellers Pull Homes Off Market Rather Than Settle for Low Prices

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