Rocket reports net profit in third quarter
Rocket reports net profit in third quarter
Candice Williams, The Detroit NewsThu, October 29, 2026 at 9:02 PM UTC
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Rocket Companies reported third-quarter net income of $709 million on net revenue of $3.28 billion, the Detroit-based parent company of mortgage lending giant Rocket Mortgage reported Thursday, Oct. 29.
Net income rose from $229 million in the previous quarter, while revenue increased from $2.78 billion. Rocket said it gained market share in both purchase and refinance lending. The results are a marked improvement over the third quarter of 2025, when Rocket posted a net loss of $124 million on net revenue of $1.61 billion.
The company's mortgage servicing portfolio, including loans serviced by Mr. Cooper, reached $2 trillion in unpaid principal balance, covering 9.1 million loans, as of Sept. 30.
“In one of the hardest mortgage markets in a generation, we grew share, expanded margins, and earned 15 cents of adjusted EPS,” Varun Krishna, CEO of Rocket Companies, said during an earnings call Thursday.
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The results came as mortgage rates climbed during the quarter. The average 30-year fixed mortgage rate rose from 6.4% at the start of the quarter to 7.3% by the end of September, while mortgage applications fell 23% from the second-quarter average, the company said.
On an adjusted basis, revenue fell to $2.57 billion from $2.76 billion in the previous quarter, while adjusted net income declined to $419 million from $441 million. Adjusted revenue excludes changes in the fair value of mortgage servicing rights and related liabilities.
cwilliams@detroitnews.com
This article originally appeared on The Detroit News: Rocket reports net profit in third quarter
Source: “AOL Money”
