Rocket Companies reported stronger fourth-quarter results as mortgage activity accelerated into year-end, with the Detroit-based fintech platform delivering adjusted revenue of $2.44 billion for Q4 2025, up sharply from $1.78 billion in the prior quarter. The sequential improvement underscores growing origination momentum and early benefits from the company’s expanding homeownership ecosystem following a transformational year of acquisitions and platform integration.
The company posted GAAP net income of $68 million for the quarter, while adjusted net income reached $316 million and adjusted EBITDA climbed to $592 million, exceeding the high end of management’s guidance range.
Alongside the results, Rocket announced a three-year strategic alliance with Compass International Holdings and confirmed a leadership change naming CFO Brian Brown as President effective February 26, 2026, while he continues as CFO and Treasurer.
Key Q4 2025 numbers
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Total revenue, net: $2.692bn (Q4 2024: $1.769bn)
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Adjusted revenue: $2.440bn (Q4 2024: $1.187bn)
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GAAP net income: $68m (Q4 2024: $649m)
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Adjusted net income: $316m (Q4 2024: $85m)
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Adjusted EBITDA: $592m (Q4 2024: $177m)
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GAAP diluted EPS: $0.02 | Adjusted diluted EPS: $0.11
Mortgage production and margins
Rocket reported $41.6bn in total net rate lock volume and $47.3bn in closed mortgage origination volume in Q4 2025, with a 2.82% total gain-on-sale margin. Excluding correspondent, the company reported $35.6bn in net rate lock volume, $41.0bn in closed loan volume, and a 3.20% gain-on-sale margin, which Rocket said were its strongest fourth-quarter levels in four years for those measures.
Liquidity and servicing scale
Rocket said total liquidity was $10.1bn at December 31, 2025, including $2.7bn of cash on the balance sheet, $2.3bn of undrawn lines of credit, and $5.0bn of undrawn MSR lines. It also reported a servicing portfolio of $2.1tn UPB, representing 9.5m loans serviced, which it said generates approximately $5.0bn of annualized recurring cash flow from servicing fee and deposit income.
What changed strategically
Rocket said its new three-year alliance with Compass International Holdings is designed to expand housing inventory access and streamline home buying and selling.
Under the partnership terms described, Redfin becomes a home search partner for Compass, giving Redfin users access to Compass “Private Exclusive” and “Coming Soon” listings, while Rocket Mortgage becomes Compass’s digital mortgage partner. Rocket said the arrangement expands distribution through approximately 340,000 Compass agents and includes a preferred pricing bundle that may offer 1 percentage point off the mortgage rate in the first year or up to $6,000 in closing-cost reductions for home buyers.
Outlook: Q1 2026
Rocket guided to Q1 2026 adjusted revenue of $2.6bn to $2.8bn. The company also said it will reclassify warehouse interest on loans held for sale from contra-revenue to expense beginning in Q1 2026, which will increase both reported revenue and expense but will not affect net income or cash flow. Rocket said the guidance range includes $150m from this reclassification.
