Rocket Companies, Inc. (RKT) financials
NYSE · Financial Services · Financial - Mortgages · 23,500 employees · CEO Varun Krishna
- Price
- $12.80 +7.38%
- Market cap
- $36.1B
- Enterprise value
- $58.4B
- Last report
- Q3 '26 filed 2026-10-30
- Next report
- 2027-02-25
Revenue (TTM)$11.2B+80.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)28.9%+20.5 pp vs a year agoOperating income $3.23B
Net income (TTM)$1.3B+1,376.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.16B+207.9% vs a year agoCapex $160M
Diluted EPS (TTM)$0.45+1,041.6% vs a year agoSum of the last 4 quarters
Net cash-$22.2B-35.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $36.1B EV $58.4B
- Revenue
- $11.2B Trailing 12 months
- Revenue growth
- +61% FY2026 consensus
- Profit margin
- 11.7% Net income / revenue, TTM
- P/E
- 27.5× Forward 22.7× (FY2026)
- P/S
- 3.2× Price / sales, TTM
- EV / EBITDA
- 15.3× TTM
- Free cash flow
- $1.16B Trailing 12 months
- Net income
- $1.3B Trailing 12 months
- Revenue estimate
- $11.1B FY2026 consensus
- Earnings
- 2027-02-25
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 83.5% year on yearQ3 '26 revenue $3.28B, against an average of 101.4% over the four quarters before.
- Operating margin 28.9% (TTM), +20.5 pp on a year agoOperating income grew 520.3% while revenue grew 80.6%.
- 78.4% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.81B vs operating income $3.23B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 1.4% of revenue (a year ago 3.6%)$160M invested in the last 4 quarters (-27.7% on a year earlier). Free cash flow $1.16B = 89.0% of net income.
- Returned $2M to shareholders = 0.2% of free cash flowBuybacks $0 (a year earlier $0), dividends $2M, stock-based pay $572M (TTM).
- Diluted share count up 35.1% in a year2.85B diluted shares in Q3 '26, 2.11B a year earlier.
- Net debt $22.2BCash + short-term investments $2.7B, debt incl. leases $24.9B; a year ago net debt $16.4B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.28B | $1.79B | +83.5% |
| Gross margin | 100.0% | 95.6% | +4.4 pp |
| Operating income | $1.32B | $43.8M | +2,908.4% |
| Operating margin | 40.1% | 2.4% | +37.7 pp |
| Net income | $709M | -$124M | +672.4% |
| Diluted EPS | $0.25 | -$0.06 | +525.2% |
| Operating cash flow | $1.91B | -$50.3M | +3,889.5% |
| Capex | $43M | $21.5M | +99.9% |
| Free cash flow | $1.86B | -$71.8M | +2,694.1% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $82M | $71.6M | +14.6% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q1 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Direct To Customer Segment | $2.23B | +119.1% | 88.1% | $6B | +57.3% | |
| Partner Network Segment | $300M | +163.9% | 11.9% | $854M | +39.3% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.32B
- Capex
- -$160M
- Buybacks
- $0
- Dividends
- -$2M
- Acquisitions
- -$2.24B
- Net debt issued
- -$4.2B
- Stock-based compensation
- $572M
- Free cash flow
- $1.16B
- Returned to shareholders / FCF
- 0.2%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 27.5× | 25.8× 3 of 5 years | 5.9× – 53.6× |
| EV / EBITDA | 15.3× | 26.0× 4 of 5 years | 3.4× – 68.9× |
| EV / Sales | 5.2× | 3.6× | 1.6× – 8.9× |
| Price / FCF | 31.2× | 12.5× 3 of 5 years | 0.1× – 37.3× |
| Price / Book | 1.5× | 2.3× | 1.5× – 3.0× |
| FCF yield | 3.2% | 290.9% | -216.3% – 1,269.6% |
| Return on invested capital | 4.3% | 5.2% | -2.0% – 18.7% |
| Return on equity | 5.5% | 11.2% | -2.5% – 46.3% |
Analysts
Consensus target $15.00 (+17.2%)
range $13.00 – $16.00 · rating Hold
Strong buy0
Buy10
Hold15
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $11.1B | +61.3% | $0.56 | +2,148.5% | 22.7× | 7 |
| FY2027 | $10.6B | -4.6% | $0.67 | +18.3% | 19.2× | 9 |
| FY2028 | $11.5B | +9.1% | $0.83 | +24.8% | 15.4× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 236 figures Rocket Companies, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable | $285M2025-12-31 | $182M | +56.6% | $285M | $182M | +56.6% |
| Accounts Payable and Accrued Liabilities | $4.67B | – | – | – | – | – |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $788M | $669M | +17.8% | $695M | $620M | +12.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.72M2025-09-30 | $60K | -2,965.0% | -$48K2024-12-31 | $52K | -192.3% |
| Additional Paid in Capital | $23B | $8.8B | +160.9% | $22.8B | $389M | +5,754.5% |
| Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | $1.2B | $75M | +1,494.7% | -$3.69B | -$3.27B | -13.1% |
| Amortization of Intangible Assets | – | – | – | $186M | $24M | +675.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $89M | $65M | +36.9% | $331M | $140M | +136.4% |
| Assets | $60.2B | $33.6B | +79.2% | $60.7B | $24.5B | +147.6% |
| Assets, Fair Value Disclosure | $35.2B | – | – | $35.9B | $17.3B | +108.2% |
| Cash and Cash Equivalents, at Carrying Value | $2.7B | $5.84B | -53.8% | $2.7B | $1.27B | +111.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.94B | $5.86B | -49.8% | $2.93B | $1.29B | +127.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$457M | $744M | -161.4% | $1.65B | $152M | +982.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $0 | $0 | – | -$165M | $606M | -127.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $702M | -$125M | +661.6% | -$68M | $29M | -334.5% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $702M | -$125M | +661.6% | -$233M | $635M | -136.7% |
| Contractually Specified Servicing Fees, Amount | $1.03B | $413M | +149.9% | $2.32B | $1.46B | +58.5% |
| Costs and Expenses | $2.33B | $1.88B | +23.7% | $6.91B | $4.43B | +55.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $5M | $3M | +66.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $8M | $3M | +166.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $3M | $0 | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $23M | $7M | +228.6% |
| Deferred Income Tax Assets, Net | $12M2025-12-31 | $522M | -97.7% | $12M | $522M | -97.7% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $12M | $29M | -58.6% |
| Deferred Income Tax Liabilities, Net | $850M2025-12-31 | $18M | +4,622.2% | $850M | $18M | +4,622.2% |
| Deferred Income Taxes and Tax Credits | $231M | -$63M | +466.7% | $12M | $29M | -58.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$11M | $22M | -150.0% |
| Deferred Tax Assets, Gross | $82M2025-12-31 | $680M | -87.9% | $82M | $680M | -87.9% |
| Deferred Tax Assets, Investment in Subsidiaries | – | – | – | $464M2024-12-31 | $485M | -4.2% |
| Deferred Tax Assets, Net | – | – | – | $504M2024-12-31 | $535M | -5.7% |
| Deferred Tax Assets, Valuation Allowance | $74M2025-12-31 | $158M | -53.2% | $74M | $158M | -53.2% |
| Deferred Tax Liabilities, Gross | $850M2025-12-31 | $18M | +4,622.2% | $850M | $18M | +4,622.2% |
| Deferred Tax Liabilities, Investments | $1.35B2025-12-31 | – | – | $1.35B | – | – |
| Deferred Tax Liabilities, Net | $838M2025-12-31 | – | – | $838M | – | – |
| Deferred Tax Liabilities, Other | -$20M2025-12-31 | $13M | -253.8% | -$20M | $13M | -253.8% |
| Defined Contribution Plan, Employer Discretionary Contribution Amount | – | – | – | $33M | $25M | +32.0% |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match | – | – | – | 50.0% | 50.0% | 0.0% |
| Depreciation, Depletion and Amortization | – | – | – | $104M | $89M | +16.9% |
| Depreciation, Depletion and Amortization, Nonproduction | $147M | $79M | +86.1% | $290M | $113M | +156.6% |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $981M | $330M | +197.7% | $360M | $192M | +87.5% |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $798M | $65.2M | +1,123.7% | $145M | $11M | +1,218.2% |
| Derivative, Collateral, Obligation to Return Cash | $262M | $8.47M | +2,991.8% | $30M | $63M | -52.4% |
| Derivative, Collateral, Right to Reclaim Cash | $442M | $48.5M | +810.9% | $238M | $0 | – |
| Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | $02026-03-31 | -$157M | +100.0% | $0 | $0 | – |
| Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $02026-03-31 | -$1M | +100.0% | $02024-12-31 | -$457K | +100.0% |
| Earnings Per Share, Basic | $0.25 | -$0.06 | +516.7% | -$0.05 | $0.21 | -123.8% |
| Earnings Per Share, Diluted | $0.25 | -$0.06 | +516.7% | -$0.05 | $0.21 | -123.8% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | -$9M | -$1M | -800.0% | $1M | -$1M | +200.0% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | -$45M | – | – |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | – | – | – | 1.7%2024-12-31 | -5.0% | +133.7% |
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | – | – | – | $24M | – | – |
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | – | – | – | -11.4% | – | – |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | – | – | – | -$2M | – | – |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | – | – | – | 0.9% | – | – |
| Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount | – | – | – | -$26M | – | – |
| Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | – | – | – | 12.1% | 20.3% | -40.4% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | – | – | – | $9M | – | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | – | – | – | -4.2% | – | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | – | – | – | 1.2%2024-12-31 | -1.9% | +162.6% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02