# Rocket Companies, Inc. (RKT)

Informational only - not investment advice.

CIK: 0001805284
SIC: 6162 Mortgage Bankers & Loan Correspondents
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6162 Mortgage Bankers & Loan Correspondents](/industry/6162/)
Latest 10-K filed: 2026-03-02
SEC page: https://www.sec.gov/edgar/browse/?CIK=1805284
Filing source: https://www.sec.gov/Archives/edgar/data/1805284/000162828026013283/rkt-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-02 · accession 0001628280-26-013283 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001805284.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 6,695,000,000 USD | 2025 | verified |
| Net income | -68,000,000 USD | 2025 | verified |
| Assets | 60,685,000,000 USD | 2025 | verified |
| Free cash flow | -4,018,000,000 USD | 2025 | computed |
| Net margin | -1.02% | 2025 | computed |
| Revenue YoY | +31.25% | 2025 | computed |
| ROE | -0.30% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | RKT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -1.0% | 6.6% | 30 | 58 |
| Revenue growth | 31.2% | 18.6% | 67 | 59 |
| FCF margin | -60.0% | -7.3% | 38 | 48 |
| ROE | -0.3% | 7.3% | 35 | 58 |
| ROA | -0.1% | 1.0% | 34 | 60 |
| Liabilities / equity | 1.65 | 3.99 | 28 | 58 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 61 SIC Major Group 61, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 6695000000 | USD | 2025 | 2026-03-02 |
| Net income | -68000000 | USD | 2025 | 2026-03-02 |
| Assets | 60685000000 | USD | 2025 | 2026-03-02 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001805284.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 4,209,564,000 | 5,069,102,000 | 15,650,067,000 | 12,914,466,000 | 5,838,493,000 | 3,799,000,000 | 5,101,000,000 | 6,695,000,000 |
| Net income |  | 0.00 | 0.00 | 197,951,000 | 308,210,000 | 46,421,000 | -16,000,000 | 29,000,000 | -68,000,000 |
| Gross profit |  | 1,671,757,000 | 2,097,006,000 | 11,062,648,000 | 8,255,850,000 | 2,599,252,000 | 1,307,066,000 | 2,312,959,000 |  |
| Diluted EPS |  |  |  | 1.76 | 2.32 | 0.28 | -0.15 | 0.21 | -0.05 |
| Operating cash flow |  | 1,431,181,000 | -6,978,725,000 | -1,677,370,000 | 7,743,928,000 | 10,823,495,000 | 111,000,000 | -2,630,000,000 | -3,927,000,000 |
| Capital expenditures |  | 64,473,000 | 48,842,000 | 106,346,000 | 118,291,000 | 93,124,000 | 60,000,000 | 68,000,000 | 91,000,000 |
| Share buybacks |  | 0.00 | 0.00 | 0.00 | 231,584,000 | 177,700,000 | 0.00 | 0.00 |  |
| Assets |  |  | 20,122,846,000 | 37,534,602,000 | 32,774,895,000 | 20,082,212,000 | 19,231,740,000 | 24,510,000,000 | 60,685,000,000 |
| Liabilities |  |  | 16,607,291,000 | 29,652,446,000 | 23,015,363,000 | 11,606,663,000 | 10,930,030,000 | 15,467,000,000 | 37,787,000,000 |
| Stockholders' equity | 2,842,435,000 | 2,788,786,000 | 3,515,555,000 | 7,882,156,000 | 9,759,532,000 | 8,475,000,000 | 8,302,000,000 | 9,043,000,000 | 22,898,000,000 |
| Cash and cash equivalents |  | 1,089,039,000 | 1,394,571,000 | 1,971,085,000 | 2,131,174,000 | 722,293,000 | 1,108,000,000 | 1,273,000,000 | 2,696,000,000 |
| Free cash flow |  | 1,366,708,000 | -7,027,567,000 | -1,783,716,000 | 7,625,637,000 | 10,730,371,000 | 51,000,000 | -2,698,000,000 | -4,018,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 0.00% | 0.00% | 1.26% | 2.39% | 0.80% | -0.42% | 0.57% | -1.02% |
| Return on equity |  | 0.00% | 0.00% | 2.51% | 3.16% | 0.55% | -0.19% | 0.32% | -0.30% |
| Return on assets |  |  | 0.00% | 0.53% | 0.94% | 0.23% | -0.08% | 0.12% | -0.11% |
| Liabilities / equity |  |  | 4.72 | 3.76 | 2.36 | 1.37 | 1.32 | 1.71 | 1.65 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/RKT/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001805284.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.04 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.16 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.05 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,203,168,000 | 6,206,000 | 0.04 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 693,806,000 | -10,635,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,383,716,000 | 16,215,000 | 0.11 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,300,722,000 | 1,295,000 | 0.01 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 646,948,000 | -22,011,000 | -0.19 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,769,412,000 | 33,871,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,037,264,000 | -10,383,000 | -0.08 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,360,251,000 | -1,785,000 | -0.01 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,605,284,000 | -123,854,000 | -0.06 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,692,201,000 | 68,022,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 2,941,000,000 | 297,000,000 | 0.10 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 2,784,000,000 | 230,000,000 | 0.08 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from RKT's latest 10-K: [/company/RKT/business/](/company/RKT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from RKT's latest 10-K: [/company/RKT/risk-factors/](/company/RKT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1805284/000162828026054577/rkt-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following management’s discussion and analysis of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by reference to, our unaudited Condensed Consolidated Financial Statements and the related notes and other information included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our Annual Report on Form 10-K filed with the SEC. This discussion and analysis contains forward-looking statements that involve risks and uncertainties which could cause our actual results to differ materially from those anticipated in these forward-looking statements, including, but not limited to, risks and uncertainties discussed under the heading “Special Note Regarding Forward-Looking Statements,” and in Part I. Item 1A. “Risk Factors” in our Form 10-K and elsewhere in this Form 10-Q.

Special Note Regarding Forward-Looking Statements

This Form 10-Q contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this Form 10-Q, our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. As you read this Form 10-Q, you should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in this Form 10-Q. Although we believe that these forward-looking statements are based upon reasonable assumptions, you should be aware that many factors, including those described under the heading “Risk Factors” in this Form 10-Q, could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements.

Our forward-looking statements made herein are made only as of the date of this Form 10-Q. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this Form 10-Q.

Objective

The following discussion provides an analysis of the Company's financial condition, cash flows and results of operations from management's perspective and should be read in conjunction with the consolidated financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q. Our objective is to provide a discussion of events and uncertainties known to management that are reasonably likely to cause the reported financial information not to be indicative of future operating results or of future financial condition and to also offer information that provides an understanding of our financial condition, cash flows and results of operations.

Executive Summary

We are a Detroit‑based homeownership platform including mortgage, real estate and personal finance businesses. We are committed to delivering industry-best client experiences through our AI-powered, vertically integrated homeownership platform. Our full suite of products empowers our clients across financial wellness, personal loans, home search, mortgage finance, title and closing. We believe our widely recognized “Rocket” brand is synonymous with simple, fast, affordable and trusted digital experiences.

44

Recent Developments

Business Trends

In the second quarter of 2026, the ongoing conflict in the Middle East contributed to higher energy prices and renewed inflation concerns. At its April and June meetings, the Federal Reserve maintained the federal funds target range at 3.50% to 3.75%. However, market expectations shifted away from anticipating rate cuts and moved towards anticipating potential rate increases. Alongside this shift, in its June Summary of Economic Projections, the Federal Reserve raised its projections for inflation and the 2026 year-end federal funds rate.

The 10-year Treasury yield increased during the quarter, while the 30-year fixed mortgage rate remained elevated and volatile, declining in April before increasing in May and remaining near 6.5% through the end of the quarter. Improving labor market conditions and wage growth provided some support to the housing market, but this was counteracted by elevated mortgage rates and continued affordability challenges. These conditions weighed on purchase and refinance activity and resulted in a muted spring homebuying season.

Acquisitions and Up-C Collapse

On June 30, 2025, we completed the Up-C Collapse to simplify our organizational and capital structure. On July 1, 2025, we completed our all-stock acquisition of Redfin. On October 1, 2025, we completed our all-stock acquisition of Mr. Cooper. Integration continues to proceed as expected. Refer to Note 1, Business, Basis of Presentation and Significant Accounting Policies and Note 2, Acquisitions to our Condensed Consolidated Financial Statements included in this Form 10-Q.

Three months ended June 30, 2026 summary

We generated $49.1 billion in total closed mortgage loan origination volume, an increase of $20.1 billion, or 69%, compared to $29.1 billion in 2025. Our Net income for the period was $229 million, an increase of $195 million, compared to Net income of $34 million in 2025. We generated Adjusted EBITDA of $766 million, an increase of $594 million, compared to $172 million in 2025. For more information on Adjusted EBITDA, please see “Non-GAAP Financial Measures” below.

Six months ended June 30, 2026 summary

We generated $93.8 billion in total closed mortgage loan origination volume, an increase of $43.1 billion, or 85%, compared to $50.6 billion in 2025. Our Net income for the period was $526 million, an increase of $704 million, compared to a Net loss of $178 million in 2025. We generated Adjusted EBITDA of $1.5 billion, an increase of $1.2 billion, compared to $342 million in 2025. For more information on Adjusted EBITDA, please see “Non-GAAP Financial Measures” below.

45

Non-GAAP Financial Measures ($ In Millions, Except Share and Per Share Amounts)

To provide investors with information in addition to our results as determined by GAAP, we disclose Adjusted revenue, Adjusted net income, Adjusted diluted earnings per share and Adjusted EBITDA as non-GAAP measures which management believes provide useful information to investors. We believe the presentation of our non-GAAP financial measures provides useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. Our non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for Total revenue, net, Net income (loss), or any other operating performance measure calculated in accordance with GAAP. Other companies may define non-GAAP financial measures differently, and as a result, our non-GAAP financial measures may not be directly comparable to those of other companies. Our non-GAAP financial measures provide indicators of performance that are not affected by fluctuations in certain costs or other items.

We define “Adjusted revenue” as Total revenue, net of the Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges). We define “Adjusted net income” as Tax-effected Net income (loss) before Share-based compensation expense, the Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), Acquisition-related expenses, Amortization of acquired intangible assets, Litigation accrual, Other adjustments and Tax impact of adjustments as applicable. We define “Adjusted diluted earnings per share” as Adjusted net income divided by the Adjusted diluted weighted average shares outstanding which includes Diluted weighted average Participating Common Stock outstanding and the Assumed pro forma conversion of Class D shares for the applicable period presented. We define “Adjusted EBITDA” as Net income (loss) before Bond interest expense, Provision for (benefit from) income taxes, Depreciation and amortization, Share-based compensation expense, Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), Acquisition-related expenses, Amortization of acquired intangible assets, Litigation accrual and Other adjustments.

We exclude from each of our non-GAAP financial measures the Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), as this represents a non-cash non-realized adjustment to our Total revenue, net, reflecting changes in market interest rates and assumptions, including OAS and prepayment speeds, which are not indicative of our performance or results of operations. We also exclude gains or losses on sales of MSRs during the period and effects of contractual prepayment protection associated with sales of MSRs. Further, we exclude the Amortization of acquired intangible assets from Adjusted net income and Adjusted EBITDA. The intangible assets related to the Acquisitions were recorded as part of purchase accounting and the related amortization recorded over their useful lives represents a fixed non-cash expense that is not indicative of our ongoing performance or results of operations. Adjusted EBITDA includes interest expense on secured financing which is recorded as a component of Interest expense, as these expenses are a direct cost driven by loan origination volume. By contrast, Bond interest expense is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

In determining our non-GAAP provision for income taxes, which can differ significantly from our GAAP provision for income taxes, we apply a long-term projected non-GAAP tax rate that excludes certain significant, non-recurring and period-specific income tax effects, such as changes in judgment or estimates of tax matters related to prior years, changes in the valuation allowance related to deferred tax assets, changes in tax laws, and changes to our business structure including impacts from business combinations. The application of a long-term non-GAAP tax rate helps us assess the core profitability of our business operations and compare to our historical operating results. In arriving at the long-term non-GAAP tax rate used in fiscal year 2026, we evaluated our structure after the Up-C Collapse in 2025 and projections and currently available information for fiscal year 2026 through 2028. In projecting this long-term non-GAAP tax rate, we utilized a three-year financial projection that excludes the direct and indirect income tax effects of the o

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1805284/000162828026013283/rkt-20251231.htm
Complete FY 2025 MD&A: /company/RKT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-02
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following management’s discussion and analysis of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by reference to, our Consolidated Financial Statements and the related notes and other information included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks and uncertainties which could cause our actual results to differ materially from those anticipated in these forward-looking statements, including, but not limited to, risks and uncertainties discussed below under the heading “Special Note Regarding Forward-Looking Statements,” and in Part I and elsewhere in this Form 10-K.

All dollar amounts presented herein are in millions, except per share data and other key metrics, unless otherwise noted.

Special Note Regarding Forward-Looking Statements

This Form 10-K contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this Form 10-K, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. As you read this Form 10-K, you should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in this Form 10-K. Although we believe that these forward-looking statements are based upon reasonable assumptions, you should be aware that many factors, including those described under the heading “Risk Factors” in this Form 10-K, could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements.

Our forward-looking statements made herein are made only as of the date of this Form 10-K. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this Form 10-K.

Objective

The following discussion provides an analysis of the Company's financial condition, cash flows and results of operations from management's perspective and should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. Our objective is to provide discussion of events and uncertainties known to management that are reasonably likely to cause the reported financial information not to be indicative of future operating results or of future financial condition and to also offer information that provides an understanding of our financial condition, cash flows and results of operations. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Executive Summary

We are a Detroit‑based fintech company including mortgage, real estate and personal finance businesses. We are committed to delivering industry-best client experiences through our AI-powered, vertically integrated homeownership ecosystem. Our full suite of products empowers our clients across financial wellness, personal loans, home search, mortgage finance, title and closing. We believe our widely recognized “Rocket” brand is synonymous with simple, fast and trusted digital experiences.

56

Recent Developments

Business Trends

In 2025, the housing and mortgage origination markets continued to show growth and recovery over 2024, with overall mortgage origination volume increasing 15% from $1.7 trillion in 2024 to $1.9 trillion in 2025. In light of a cooling labor market and despite inflation remaining above the Federal Reserve's 2% target, the FOMC cut the Federal Funds rate by 75 basis points in 2025 to a target range of 3.50%–3.75%. These adjustments, along with narrowing primary and secondary spreads, helped push the 30-year fixed-rate mortgage from 6.9% at the start of the year to 6.15% by year-end. Throughout the year, affordability showed signs of improvement as rates moderated, though they remained elevated compared to pre-pandemic levels. Home prices were generally flat. These factors, along with the cooling labor market impacting consumer sentiment, collectively weighed on refinance and purchase origination activity relative to historical levels.

Acquisitions and Up-C Collapse

On June 30, 2025, we completed the Up-C Collapse to simplify our organizational and capital structure. On July 1, 2025, we completed our all-stock acquisition of Redfin. On October 1, 2025, we completed our previously announced all-stock acquisition of Mr. Cooper. Integration efforts continue to proceed as expected. Refer to Note 1, Business, Basis of Presentation and Significant Accounting Policies and Note 2, Acquisitions to our Consolidated Financial Statements included in this Form 10-K for further details.

Year ended December 31, 2025 Summary

We originated $130.4 billion in residential mortgage loans, an increase of $29.2 billion, or 29%, compared to $101.2 billion in 2024. Our Net loss was $234 million, compared to a Net income of $636 million in 2024. We also generated $1.3 billion of Adjusted EBITDA, which was an increase of $419 million, compared to $862 million in 2024. See “Non-GAAP Financial Measures” below for more information on Adjusted EBITDA.

Non-GAAP Financial Measures

To provide investors with information in addition to our results as determined by GAAP, we disclose Adjusted revenue, Adjusted net income (loss), Adjusted diluted earnings (loss) per share and Adjusted EBITDA as non-GAAP measures which management believes provide useful information to investors. We believe that the presentation of our non-GAAP financial measures provides useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Our non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for revenue, net income (loss), or any other operating performance measure calculated in accordance with GAAP. Other companies may define their non-GAAP financial measures differently and as a result, our non-GAAP financial measures may not be directly comparable to those of other companies. Our non-GAAP financial measures provide indicators of performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures.

We define “Adjusted revenue” as Total revenue, net of the Change in fair value of MSRs due to valuation assumptions (net of hedges). We define “Adjusted net income (loss)” as Tax-effected net (loss) income before Share-based compensation expense, the Change in fair value of MSRs due to valuation assumptions (net of hedges), Acquisition-related expenses, Amortization of acquired intangible assets, Restructuring costs, Litigation accrual reversal, Career transition program, Other adjustments, and the tax effects of those and other adjustments as applicable. We define “Adjusted diluted earnings (loss) per share” as Adjusted net income (loss) divided by the Adjusted diluted weighted average shares outstanding which includes diluted weighted average number of Participating Common Stock outstanding for the applicable period and assumes the pro forma exchange and conversion of all outstanding Class D common stock for Class A common stock. We define “Adjusted EBITDA” as Net (loss) income before Interest and amortization expense on non-funding debt associated with our Senior Notes, Provision for (benefit from) income taxes, Depreciation and amortization, Share-based compensation expense, Change in fair value of MSRs due to valuation assumptions (net of hedges), Acquisition-related expenses, Amortization of acquired intangible assets, Restructuring costs, Litigation accrual reversal, Career transition program, and Other.

57

We exclude from each of our non-GAAP financial measures the Change in fair value of MSRs due to valuation assumptions (net of hedges), as this represents a non-cash non-realized adjustment to our total revenues, reflecting changes in market interest rates and assumptions, including discount rates and prepayment speeds, which are not indicative of our performance or results of operation. We also exclude the effects of gains or losses on sales of MSRs during the period and the effects of contractual prepayment protection associated with sales or purchases of MSRs. Adjusted EBITDA includes Interest expense on funding facilities, which are recorded as a component of Interest income, net, as these expenses are a direct cost driven by loan origination volume. By contrast, Interest and amortization expense on non-funding debt associated with our Senior Notes is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

Our definitions of each of our non-GAAP financial measures allow us to add back certain cash and non-cash charges and deduct certain gains that are included in calculating Total revenue, net, Net (loss) income attributable to Rocket Companies or Net (loss) income. However, these expenses and gains vary greatly and are difficult to predict. From time to time in the future, we may include or exclude other items if we believe that doing so is consistent with the goal of providing useful information to investors.

Although we use our non-GAAP financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business. Our non-GAAP financial measures can represent the effect of long-term strategies as opposed to short-term results. Our presentation of our non-GAAP financial measures should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Our non-GAAP financial measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Because of these limitations, our non-GAAP financial measures should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/RKT/mda/fy2025/
All MD&A years: /company/RKT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/RKT/mda/fy2024/): filed 2025-03-03; accession 0001805284-25-000010 (https://www.sec.gov/Archives/edgar/data/1805284/000180528425000010/rkt-20241231.htm)
- [FY 2023 MD&A](/company/RKT/mda/fy2023/): filed 2024-02-27; accession 0001805284-24-000009 (https://www.sec.gov/Archives/edgar/data/1805284/000180528424000009/rkt-20231231.htm)
- [FY 2022 MD&A](/company/RKT/mda/fy2022/): filed 2023-03-01; accession 0001805284-23-000011 (https://www.sec.gov/Archives/edgar/data/1805284/000180528423000011/rkt-20221231.htm)
- [FY 2021 MD&A](/company/RKT/mda/fy2021/): filed 2022-03-01; accession 0001805284-22-000011 (https://www.sec.gov/Archives/edgar/data/1805284/000180528422000011/rkt-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6162 Mortgage Bankers & Loan Correspondents) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [M2SL](/indicator/M2SL/): M2
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/RKT.md · JSON record: /company/RKT.json · verified financials: /company/RKT/financials.json / /company/RKT/financials.csv · machine TOC for the whole site: /llms.txt