Rocket Companies posted first-quarter net income of $297 million on net revenue of $2.94 billion, up from a net loss of $212 million on revenue of $1.1 billion during the same time period a year ago, the parent company of mortgage lending giant Rocket Mortgage reported Thursday.
The Detroit-based fintech platform company reported adjusted revenue of $2.82 billion for the quarter, compared with $1.36 billion a year earlier.
Varun Krishna, CEO and director of Rocket Companies, said during an earnings call that the company delivered strong results despite a volatile market. He added that Rocket is now using AI, data and its distribution network to actively create opportunities rather than waiting on market conditions.
“In 2025 we built the foundation, we expanded the ecosystem, we strengthened the platform, we widened the top of funnel, we improved distribution,” he said. “In 2026 we are bringing it all together across search, origination, servicing, data and, of course, artificial intelligence. That is how we create our own opportunity. We are not waiting for a perfect rate environment. We are not waiting for the market to normalize. We are building a company that can win in the market we have and take even more ground when the market improves.”
Rocket reported $44.7 billion in closed mortgage loan origination volume for the first quarter, compared with $21.6 billion during the same period a year ago.
The company’s gain-on-sale margin for the quarter was 2.74%, compared with 2.89% a year earlier.
Krishna said the first quarter began strong as interest rates cooperated. However, conditions shifted later in the quarter after the start of the war in the Middle East.
“Oil prices went up, inflation pressure increased, and then rates moved up, and that certainly changed some of the trajectory as we moved into Q2,” he said. “I think the industry forecasts are expecting a step up in Q2 but I would say that we’re just not seeing that. What we see is that Q2 is probably going to look a little bit more like Q1. It’s still healthy, but I expect that the forecasts are going to catch up to that reality, and that’s what we’re seeing in our real-time data. So yes, the environment has shifted, but I would say the underlying demand is still resilient, and that’s the most important thing.”
The earnings report comes a week after the company reported that Krishna and other executives saw a significant boost in compensation as the company completed major acquisitions in 2025 and began integrating those businesses.
Brian Brown, president and CFO of Rocket Companies, said with the acquisition of Mr. Cooper and Redfin, Rocket’s revenue is more diverse than ever. In the first quarter, roughly 70% of its revenue came from recurring or less-rate-sensitive sources, he said.
Since Rocket closed the Mr. Cooper acquisition in October 2025, integration efforts have progressed ahead of schedule, officials said. Key milestones include moving more than half of the servicing portfolio to the company’s unified servicing platform.
“We identified the full $400 million target for annualized expense synergies with full realization expected by the end of 2026 — that puts us an entire year ahead of our original plan,” Brown said.
Rocket Companies’ broader portfolio includes Rocket Mortgage, Rocket Loans, Rocket Homes and Rocket Money.
The latest results come a day after Pontiac-based United Wholesale Mortgage reported first-quarter net income of $170.4 million on revenue of $901.4 million, improving from a net loss a year earlier as loan production rose 39% to $44.9 billion.
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This article originally appeared on The Detroit News: Rocket reports net profit in first quarter
Reporting by Candice Williams, The Detroit News / The Detroit News
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