Rocket Companies, Inc. (RKT) Earnings
Rocket Companies, Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $0.19. RKT has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +34.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.12 | $0.15 | +30.4% | $2.9B | +6.7% |
| Oct 30, 2025 | $0.04 | $0.07 | +55.8% | $1.6B | -6.5% |
| Jul 31, 2025 | $0.03 | $0.04 | +46.5% | $1.3B | +2.1% |
| May 8, 2025 | $0.04 | $0.04 | +4.2% | $1.1B | -11.2% |
| Feb 27, 2025 | $0.03 | $0.04 | +45.2% | $1.7B | +49.5% |
| Aug 1, 2024 | $0.05 | $0.06 | +21.9% | $1.3B | +3.6% |
| May 2, 2024 | $0.01 | $0.04 | +550.4% | $1.3B | +31.1% |
| Feb 22, 2024 | $-0.03 | $-0.06 | -100.0% | $771M | +0.3% |
| Nov 2, 2023 | $-0.01 | $-0.01 | -100.0% | $1.2B | +19.4% |
| Aug 3, 2023 | $-0.05 | $-0.02 | +60.0% | $1.2B | +20.9% |
| May 4, 2023 | $-0.10 | $-0.06 | +40.0% | $701M | -9.2% |
| Feb 28, 2023 | $-0.10 | $-0.10 | +0.0% | $517M | -24.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Delivered strong performance in volatile market with adjusted revenue above guidance. - Using AI, data, and distribution to create opportunity. Invested over $500 million in AI, automation, etc. in last six years. AgenTik AI managing client prospecting and outreach, reducing loan officer prospecting time. Launched AI-powered purchase preapproval letters with 40% of digital preapprovals outside traditional hours. - Integration of Mr. Cooper is running well ahead of schedule, expecting Mr. Cooper expense synergies to be fully realized by 2026, one year ahead of original plan. - Rocket Companies, Inc. now has platform, distribution engine, and ecosystem. Culture is a sharp advantage with mission to help everyone home.
Guidance
For the second quarter, expect adjusted revenue to be between $2.7 billion and $2.9 billion. Anticipate approximately $2.43 billion in expenses at midpoint of revenue range, including $110 million in amortization of intangible assets, $100 million for stock-based compensation, and $20 million in estimated one-time acquisition costs. Excluding these items, expenses expected to be $2.2 billion, approximately $60 million lower than first quarter due to synergies and AI initiatives.
Segment performance
Adjusted revenue came in at $2.8 billion, above the high end of guidance range. Adjusted EBITDA reached $738 million with margin expanding to 26% from 23% in prior quarter. Net rate lock volume was $49 billion, up 19% from last quarter. Generated over $1 billion in income from servicing fees. Roughly 70% of Rocket Companies, Inc.’s revenue came from recurring or less rate-sensitive sources. Recurring revenue includes servicing business and Rocket Money subscription business. Less rate-sensitive revenue includes purchase mortgages, cash-out, closed-end seconds, and Redfin business. Rate-sensitive revenue consists of rate-and-term refinances and other items.
Analyst Q&A
Q: In terms of the guide, you are guiding a little bit below where Q1 ended up. Could you talk through some of the internals—what is driving that?
A: Q1 started strong with rates cooperating but later conflict in Middle East led to rate increase. Industry forecasts expecting step-up in Q2 but not seeing that. Rocket Companies, Inc. ecosystem and platform built for current environment.
Q: In terms of expenses, it looks like your expenses came down quite a bit this quarter—about 2%, or maybe $60 million below your guide. Can you talk about what drove that beat?
A: It is the synergies. Taking fixed costs out of the system and being ahead of plan.
Q: How should we think about future AI benefits to the business?
A: Expect benefits of technology and AI investments to compound in a nonlinear way. Operating AI at scale with proprietary dataset across homeownership life cycle.
Q: It looks like you are tracking well on recapture on the Mr. Cooper servicing book. I thought I heard something about 54% recapture. Was that just for Mr. Cooper?
A: The 54% figure refers to the share of refinance closings coming from the serviced portfolio, inclusive of Rocket Companies, Inc. and Mr. Cooper, combined. Ahead of plan on Cooper recapture.
Q: I wanted to dig in on the Compass partnership. I know it has only been a couple of months, but can you talk about what you are seeing thus far?
A: Early days but generated nearly 10 thousand exclusive listings on Redfin, delivered just shy of 30 thousand leads into Compass ecosystem, one in four purchase loans in TPO broker channel coming from Compass.
Q: Could you provide updated thoughts on the competitive landscape? It seems like some other originators and servicers are struggling to keep up with expense and AI investment. Related to that, how are you tracking toward your market share goals?
A: Maniacal focus on client and executing strategy. Rocket Companies, Inc. has better operational performance in loan closing days. Gained share in both purchase and refinance in Q1.
Q: How do you feel about growing the correspondent channel as a way to increase market share?
A: Really like the correspondent channel. Efficient way to fill servicing funnel. Recapture rate even on acquired MSRs is higher than industry and rising.