Rocket Companies announced its third quarter 2024 results, reporting adjusted revenue of $1.323 billion, a 32% increase year-over-year from $1.002 billion in Q3 2023. Adjusted EBITDA reached $286 million, marking its highest level in two years, compared to $73 million in the prior year period. This performance highlights the strength of the Rocket Superstack in a dynamic market.
Despite the strong adjusted metrics, the company reported a GAAP net loss of $481 million for the quarter, compared to a net income of $115 million in Q3 2023. Adjusted diluted earnings per share improved to $0.08 from $0.00 year-over-year. Closed loan origination volume increased to $28.496 billion from $22.191 billion, and net rate lock volume rose to $29.835 billion from $20.815 billion.
The Direct to Consumer segment saw its adjusted revenue increase by 11.1% to $1.007 billion, with a contribution margin of $456 million. The Partner Network segment also grew, with adjusted revenue of $177 million and a contribution margin of $112 million. As of September 30, 2024, Rocket maintained a robust total liquidity position of $8.3 billion.
For the fourth quarter of 2024, Rocket Companies provided guidance for adjusted revenue between $1.05 billion and $1.2 billion. This outlook reflects the company's continued focus on expanding market share and leveraging its technological advantages. The results demonstrate effective execution and market share capture amidst evolving market conditions.
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