Detroit-based Rocket Companies on Thursday announced its third-quarter 2026 earnings, and despite being in what CEO Varun Krishna said “might be the toughest mortgage market in 30 years,” revenues increased.
The company generated net revenue of $3.28 billion and adjusted revenue of $2.57 billion; net income was $709 million and adjusted net income was $419 million. The company’s Q3 adjusted EBITDA was $748 million (a 29 percent margin, up from 28 percent from last quarter).
Rocket also reported $11.4 billion in liquidity (a record), including $2.7 billion in cash and cash equivalents.
Market share gains amid high rates
“Rocket gained market share in both purchase and refinance, quarter over quarter and year over year, and delivered our highest profitability margin in nearly five years, even as mortgage rates climbed to a three-year high,” Krishna said in a statement. “We didn’t spend the last three years waiting for rates to fall. We acquired distribution, connected real estate and mortgage, and invested heavily in technology.”
The company’s third-quarter net income compares with a $124 million loss in the same period of 2025.
“The market is literally testing every single lender,” Krishna said during the company’s earnings call Thursday. “If you have a strong business model, it’s gonna shine through, but if you have a flaw, it’s gonna get exposed.”
Redfin and Compass
He pointed to Redfin as a source of new mortgage clients. “Redfin is the doorway to Rocket,” Krishna said. According to the company, the number of Redfin visitors who started a purchase mortgage from a listing rose 50 percent year over year. Cumulative unique listings displayed through Rocket’s partnership with Compass reached nearly 40,000, up from about 25,000 in the prior quarter.
Rocket expects a slower 4th quarter
Brian Brown, Rocket’s president, chief financial officer and treasurer, said the fourth quarter will come in well below the third, with refinance volume falling as much as 50 percent. Rocket expects adjusted revenue between $2.1 billion and $2.3 billion for the period. “The fourth quarter will be harder still,” Brown said. “We’re ready for it.”
Earlier this year
In Q2 2026 earnings, Rocket Companies reported $2.78 billion in revenue for a $229 million profit, up from $34 million year over year. Company executives credited its broker partners with more than $2 billion in net rate lock volume through its Compass partnership, a three-year collaboration undertaken in February.
In March, Rocket and Redfin joined Compass International Holdings in writing an open letter to multiple listing service leaders, urging them to support phased listing distribution and stop fining agents for what they called “seller-directed marketing plans.”
Rocket Companies now encompasses Rocket Mortgage, the U.S.’s largest lender, which includes Mr. Cooper, the country’s largest mortgage servicer, acquired just over a year ago; Redfin’s brokerage and home search portal; Rocket Close, its title and closing company; and Rocket Money and Rocket Loans, its consumer finance brands.
Christy Murdock and Lucy Cohen Blatter contributed to this story.
