01—Abstract
Summary
Summary of the 10-K filed March 2, 2026. Cited figures are marked; the original filing is the authoritative source.
Rocket Companies, Inc. reported a net loss of $234 milliona for the year ended December 31, 2025, a significant shift from a net income of $636 million in the prior year.
This downturn was primarily driven by substantial acquisition-related expenses, including transaction costs and amortization of acquired intangible assets stemming from the strategic acquisitions of Redfin and Mr. Cooper. Despite the net loss, the company's adjusted EBITDA showed strength, reaching $1.3 billionb, indicating operational profitability before these one-time expenses. The company's total revenue increased by 31% to $6.7 billion, largely fueled by a 29% increase in closed loan origination volume to $130.4 billion and a significant rise in servicing fee income, which grew by $855 million due to the integration of Mr. Cooper's servicing portfolio.
Other income also saw substantial growth, up 79% to $2.0 billionc, driven by contributions from Redfin's real estate services and increased deposit income. Rocket Companies continues to emphasize its integrated homeownership ecosystem, with ongoing integration efforts for Redfin and Mr. Cooper proceeding as expected.
The company's liquidity position remains strong with $10.1 billiond in total liquidity as of December 31, 2025. However, investors should monitor the impact of integration costs, the competitive mortgage market, and interest rate sensitivity on future profitability.
02—Key points
Key Highlights
- Net loss of $234 million in 2025, a substantial decrease from $636 million net income in 2024, largely due to acquisition costs.
- Total revenue increased 31% to $6.7 billion in 2025.
- Closed loan origination volume increased 29% to $130.4 billion in 2025.
- Adjusted EBITDA was $1.3 billion in 2025, up from $862 million in 2024.
- Completed significant acquisitions of Redfin (July 1, 2025) and Mr. Cooper (October 1, 2025), integrating them into the company's operations.
- Servicing fee income increased by $855 million, driven by the Mr. Cooper acquisition.
- Strong liquidity position with $10.1 billion in total liquidity as of December 31, 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed March 2, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $6.70B$5.10B | +31.2% |
| Operating Expenses | $6.91B$4.43B | +55.9% |
| Net Income | -$68.00M$29.00M | −334.5% |
| EPS (Basic) | $-0.05$0.21 | −123.8% |
| EPS (Diluted) | $-0.05$0.21 | −123.8% |
| Shares Outstanding (Basic) | 1.32B141.04M | +837.6% |
| Shares Outstanding (Diluted) | 1.32B141.04M | +837.6% |
05—Questions
Frequently Asked Questions
What were the main drivers of Rocket Companies' financial performance in 2025?
In 2025, Rocket Companies experienced a 31% increase in total revenue to $6.7 billion, driven by a 29% rise in closed loan origination volume and significant contributions from the acquisitions of Redfin and Mr. Cooper. However, the company reported a net loss of $234 million, primarily due to substantial acquisition-related expenses, including transaction costs and the amortization of acquired intangible assets.
How did the acquisitions of Redfin and Mr. Cooper impact the company's financials?
The acquisitions of Redfin and Mr. Cooper, completed in July and October 2025, respectively, significantly expanded Rocket Companies' scale and offerings. While these acquisitions contributed to higher revenue and servicing fee income, they also resulted in significant acquisition-related expenses, including transaction costs and the amortization of acquired intangible assets, which negatively impacted net income. Integration efforts are ongoing.
What is the company's outlook regarding profitability given the net loss in 2025?
Despite reporting a net loss in 2025, Rocket Companies' adjusted EBITDA of $1.3 billion indicates strong operational performance before accounting for acquisition-related expenses. Management is focused on integrating the acquired businesses and leveraging the combined entity's scale and integrated ecosystem to drive future growth and profitability. Investors should monitor the company's ability to realize synergies and manage integration costs effectively.
How has the company's servicing portfolio changed following the Mr. Cooper acquisition?
The acquisition of Mr. Cooper significantly expanded Rocket Companies' servicing portfolio. Servicing fee income increased by $855 million in 2025 compared to 2024, reflecting the substantial addition of Mr. Cooper's serviced loans. The total serviced UPB grew to $2.1 trillion, with the number of loans serviced increasing to 9.5 million.
06—Continue