Key facts
- Rocket Companies reported Q2 2026 net revenue of $2.78 billion, nearly doubling from $1.45 billion in the prior year.
- Net income rose to $229 million, with adjusted net income at $441 million.
- The company achieved record market share in both purchase and refinance lending despite a challenging housing market.
- Rocket's purchase market share increased to 6.2% and refinance market share to 14.3%.
- Adjusted revenue for Q3 is forecast between $2.5 billion and $2.7 billion.
Rocket Companies reported robust second-quarter earnings, exceeding expectations despite a challenging housing market characterized by higher interest rates and softened demand. The Detroit-based lender saw its net revenue nearly double year-over-year to $2.78 billion, with GAAP net income rising to $229 million and adjusted net income reaching $441 million.
CEO Varun Krishna attributed the strong performance to record market share gains in both purchase and refinance lending, stating that the company executed ahead of plan even as the spring market fell short of expectations. Chief financial officer Brian Brown noted that adjusted diluted earnings per share reached 16 cents, marking the company's most profitable quarter in four years.
The company generated $47 billion in net rate-lock volume and $49.1 billion in closed mortgage origination volume, with a gain-on-sale margin of 2.48%. Rocket's purchase market share increased to 6.2% and its refinance market share grew to 14.3%. The company also highlighted its position as the nation's largest mortgage servicer and lender, with a servicing portfolio valued at $2 trillion.
Rocket Companies also emphasized its investments in artificial intelligence, noting that loan officers using AI tools are serving nearly 40% more clients. The AI Voice platform processed over 1 million inbound servicing calls within three months of launch. Furthermore, the company reported becoming the nation's largest home equity lender and saw its acquired subsidiary, Redfin, double mortgage leads year over year.
Looking ahead, Rocket Companies forecast adjusted revenue for the third quarter to be between $2.5 billion and $2.7 billion, with Brown anticipating a smaller quarter for the industry overall, citing persistent high interest rates and inflation expectations.