Rocket Delivers Best Quarter in Four Years, Topping Guidance on AI and Servicing Strength

Overview

• Rocket reported Q1 net revenue of $2.94 billion, adjusted revenue of $2.82 billion, adjusted net income of $422 million, adjusted EBITDA of $738 million, and diluted EPS of $0.10, marking its strongest profit since 2022.
• Executives said AI prospecting added about $1 billion in monthly volume and lifted conversion by taking over outreach that used to take about two hours per day for each loan officer.
• The servicing portfolio reached $2.1 trillion across 9.4 million loans and produced more than $1 billion in fee income, with 54% of refinance closings coming from existing servicing clients.
• Integration of Mr. Cooper is ahead of plan with more than half the servicing book migrated, and Rocket now targets $400 million in expense synergies by the end of 2026, a year earlier than first projected.
• Rocket guided Q2 adjusted revenue to $2.7 billion to $2.9 billion and said origination capacity has doubled to as much as $300 billion while using several hundred fewer production staff than in 2024.