Rocket Companies announced its second quarter 2025 results, reporting adjusted revenue of $1.34 billion, surpassing the high end of its guidance and representing a 9% year-over-year increase. Adjusted EBITDA reached $172 million, translating to a solid 13% margin. This strong performance was achieved despite a challenging market.
Net rate lock volume grew 13% year-over-year. The Direct to Consumer segment's adjusted revenue increased by 11.1% year-over-year to $1.01 billion, with its sold loan gain on sale margin rising to 4.40%. The Partner Network segment experienced a 21.1% decrease in adjusted revenue to $148.21 million, primarily due to a drop in sold loan gain on sale margin.
The 'All Other' category, including Rocket Money and Rocket Loans, demonstrated robust growth, with adjusted revenue up 38.1% to $181.79 million. As of June 30, 2025, Rocket maintained a robust total liquidity position of $9.1 billion.
For the third quarter of 2025, Rocket Companies projects adjusted revenue, inclusive of Redfin, to be between $1.600 billion and $1.750 billion. On a Rocket stand-alone basis, adjusted revenue is expected to be $1.325 billion to $1.475 billion. Total expenses in Q3 2025 are expected to increase by approximately $335 million sequentially, driven by $275 million in Redfin-related costs and $90 million in nonrecurring items, partially offset by $80 million in annualized savings from internal cost actions.
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