Rocket Companies, Inc. · NYSE:RKT
Rocket Companies — Q4 2025 Earnings Presentation
41 slides from Rocket Companies's earnings presentation, Feb 26, 2026
Slide 1: Investor Presentation February 2026
Investor Presentation February 2026
Slide 2: Disclaimer
Disclaimer This presentation contains and related discussions may contain “forward-looking statements” within the meaning of U.S. value of MSRs due to valuation assumptions (net of hedges), acquisition-related expenses, amortization of acquired federal securities laws. Forward-looking statements inc
Slide 3: Table of contents
Table of contents 01 Overview | 4-7 02 Massive market opportunity | 8-11 03 Rocket ecosystem | 12-19 04 Technology platform | 20-23 05 Proven leadership and culture | 24-28 06 Financials | 29-32 Investor Presentation | February 2026 3 of 41
Slide 4: Overview
01 Overview Investor Presentation | February 2026 4 of 41
Slide 5: Rocket is on a mission to Help Everyone Home
Rocket is on a mission to Help Everyone Home. Investor Presentation | February 2026 5 of 41
Slide 6: Pioneering the future of homeownership
Pioneering the future of homeownership Since 1985, we've been committed to innovating on and improving the buying experience for everyone. 40 years #1 #1 of operating history mortgage lender1 mortgage servicer2 $2T 9.5M cumulative origination volume servicing clients2 1) 2024 HMDA data based on clos
Slide 7: Driving our unmatched client service
Driving our unmatched 70+ 97% client service Rocket Mortgage has earned 23 J.D. Power awards across mortgage origination and servicing, with 11 years as the top-ranked mortgage servicer. net promoter score net client retention rate We've built our reputation for exceptional service by delighting mil
Slide 8: Massive market opportunity
02 Massive market opportunity Investor Presentation | February 2026 8 of 41
Slide 9: A large and fragmented market
A large and fragmented market $5T 2 The homeownership market represents a significant $2T 3 opportunity that Rocket is uniquely equipped to capture. Mortgage Total addressable origination homeownership market market The opportunity top 10 players hold only 23% of mortgage originations.4 1) Bureau of
Slide 10: Owning a home is the cornerstone of the American dream
Owning a home is the cornerstone of 50% of renters the American today feel they are “rentburdened.”1 dream 92% of Americans believe Homeownership can be daunting. that homeownership Home affordability is near record is an essential part of the American dream.2 lows. The traditional process is antiqu
Slide 11: Built for scale and disruption
Built for scale and disruption Rocket leverages an Market share of category leaders AI-driven, vertically integrated platform to reshape the Mortgage The potential homeownership experience. Retail brokerage Digital commerce Tax prep Online travel 10% 30% 50% Source: Equity Research. Investor Present
Slide 12: Rocket ecosystem
03 Rocket ecosystem Investor Presentation | February 2026 12 of 41
Slide 13: Redefining homeownership
Redefining homeownership The only scaled, end-to-end platform, combining Redfin, Rocket, and Mr. Cooper to deliver a seamless, vertically integrated experience across the full homeownership lifecycle, reducing friction and deepening lifelong customer relationships. Find Finance Own Investor Presenta
Slide 14: Trusted partner for major moments
Trusted partner for major moments By integrating search, financing, closing and servicing, Rocket creates lifelong client relationships that compound in value. An end-to-end platform… …every step of the client journey. Year 1 Purchase first home Year 3 Refinance into lower rate Home search Year 5 Ho
Slide 15: Rocket's ecosystem advantage
Rocket’s ecosystem advantage Rocket’s ecosystem stands apart, combining a scaled top-of-funnel of high-intent clients with an expansive distribution network. Industry professionals High-intent clients 3K+ 8K+ 12M Rocket Rocket Pro Rocket Mortgage loan mortgage broker monthly active officers partners
Slide 16: Driven by a seamless origination and servicing experience
Driven by a seamless origination and servicing experience We aim to delight every client, from the very first interaction and every time after, which is why our recapture rate is more than 3X higher than industry average.2 Origination Servicing 62M+ monthly visitors ~80% recapture1 9.5M servicing cl
Slide 17: Executing continuous product innovation
Executing continuous product innovation Our ecosystem empowers us to rapidly launch products that address their evolving needs — a crucial advantage in today’s dynamic housing market. AVM and Expansion for Seconds BorrowerSmart Super FHA MIP Access Jumbo Bridge Reductions Loan Manufactured Homes New
Slide 18: Home affordability with Preferred Pricing
Home affordability with Preferred Pricing Clients who buy a home through a Redfin agent or partner agent and finance through Rocket Mortgage save with Preferred Pricing Getting 1% off 1 interest rate for the first year of loan or Earning up to $6,000 back 2 at closing when financing through Rocket M
Slide 19: Strategic partnership with Compass
Strategic partnership with Compass Inventory Exclusive access to Compass’ advantage private and coming soon listings Distribution ~340K Compass agents at scale expand Redfin’s reach Mortgage Preferred Pricing within integration the Compass experience Investor Presentation | February 2026 19 of 41
Slide 20: Technology platform
04 Technology platform Investor Presentation | February 2026 20 of 41
Slide 21: Foundation for infinite capacity
Foundation for infinite capacity Deliberate technology investments create a foundation for capacity that scales beyond headcount. Digital purchase Automated pre-approval: communications: 2X Available anytime, Leads to higher conversion anywhere with no loan rates and fuels incremental officer interv
Slide 22: AI and automation driving higher capacity in mortgage underwriting
AI and automation driving higher Document capacity in mortgage classification 75% automated underwriting Document data extraction 80% automated We are increasing levels of AI and automation to 1.1M+ hours Asset supercharge underwriting saved annually verification 40% automated operations team member
Slide 23: Our proprietary platform
Our proprietary platform Built for the AI era, Rocket’s proprietary platform leverages 30+ petabytes of data to drive conversion and scalable capacity. Front-end Home Mortgage Mortgage 3rd party Personal client experience search origination servicing origination finance Business Home Mortgage Pricin
Slide 24: Proven leadership and culture
05 Proven leadership and culture Investor Presentation | February 2026 24 of 41
Slide 25: Our unrivaled leadership team
Our unrivaled leadership team Rocket Companies is driven by experienced leaders – this collective strength enables Rocket to navigate change with confidence, foster innovation and execute on our mission to Help Everyone Home. Varun Krishna Brian Brown Jay Bray Shawn Malhotra Kelly Ann Doherty Chief
Slide 26: Culture is our foundation
Culture is our foundation We are grounded in 16 ISM: You’ll see it when you believe it. ISM: Every client. Every time. philosophies, known as “ISMs,” which serve as our guiding principles for success and reflect our core values. ISM: Launch and learn. ISM: Do the right thing. 100 Best Companies To W
Slide 27: Investor Presentation | February 2026
Investor Presentation | February 2026 27 of 41
Slide 28: Investor Presentation | February 2026
Investor Presentation | February 2026 28 of 41
Slide 29: Financials
06 Financials Investor Presentation | February 2026 29 of 41
Slide 30: Financial highlights
Financial highlights ($ in M) Adjusted Revenue ($ in M) Adjusted EBITDA $2,440 $592 $1,783 $349 $1,296 $1,340 $1,323 $1,228 $1,187 $1,163 $286 $225 35% 1 $174 $177 $169 $172 106% 11% 9% Q1’24 Q1’25 Q2’24 Q2’25 Q3’24 Q3’251 Q4’24 Q4’252 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’251 Q4’252 Gain on sale m
Slide 31: Strong liquidity position
Strong liquidity position RKT rated investment grade Cash and cash Discretionary Undrawn mortgage Undrawn lines equivalents1 self-funding servicing rights facilities of credit $2.7B $0.1B $5.0B $2.3B $10.1B total $2.8B $7.3B available cash position available on lines of credit Investor Presentation
Slide 32: Transformational servicing scale following Mr. Cooper acquisition
Transformational servicing $2,122 Servicing portfolio scale following Mr. Cooper $2.1T acquisition serviced UPB1 (UPB, $ in B) 9.5M loans serviced1 $5.0B annualized recurring cash flow2 $552 $535 $593 $509 $410 $19.4B MSR fair value 2020 2021 2022 2023 2024 2025 Note: Unpaid principal balance as of
Slide 33: Appendix
Appendix Investor Presentation | February 2026 33 of 41
Slide 34: Driving transformation of homeownership
Driving transformation of homeownership June 1985 March 1998 January 2002 June 2011 October 2019 September 2023 March 2025 October 2025 Rock Financial In a groundbreaking First fully electronic Quicken Loans Rocket Mortgage Varun Krishna Rocket announces Rocket officially founded by email, Dan Gilbe
Slide 35: Financial highlights
Financial highlights Note: See endnote (1) in Appendix for non- 2024 2025 2026 GAAP reconciliation; see endnote (2) for Adjusted revenue, Adjusted EBITDA, and Adjusted net income ($ in M) Q4 FY Q32 Q43 FY Q1E1 definitions. Certain figures throughout this document may not foot due to rounding. Adjust
Slide 36: Illustrative reclassification of interest
Illustrative Q1-2026: Q1-2026: Illustrative reclassification Forecast (Legacy View) Reclassification2,3 of interest Revenue ($ in M) Gain on sale of loans, net -- -- income and $150M of Loan servicing income, net -- -- warehouse interest Interest income -- + $150 expense expense reclassified Other i
Slide 37: Endnotes
Endnotes1 Q4 2024 FY Q3 10 2025 Q4 11 FY ($ in M) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net income (loss) $649 $636 ($124) $68 ($234) Interest and amortization expense on non-funding debt 1 38 154 111 140 335 Provision for (benefit from) income taxes 26 32 (60) 101 20 Depreciat
Slide 38: Endnotes
Endnotes1 2024 2025 Q4 FY Q32 Q43 FY ($ in M) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Total revenue, net $1,769 $5,101 $1,605 $2,692 $6,695 Change in fair value of MSRs due to (582) (199) 177 (252) 164 valuation assumptions (net of hedges) 1 Adjusted revenue $1,187 $4,902 $1,783
Slide 39: Endnotes
1) Reflects net income (loss) to Class A common shares from pro forma Endnotes1 exchange and conversion of corresponding shares of our Class D common shares held by non-controlling interest holders during the periods ended December 31, 2025 and 2024. Class D common shares were exchanged and retired
Slide 40: Endnotes
Endnotes1 2) “Adjusted EBITDA Margin” calculated as Adjusted EBITDA divided by Adjusted Revenue. “Adjusted Net Income Margin” calculated as Adjusted Net Income divided by Adjusted Revenue. We define “Adjusted revenue” as total revenues net of the change in fair value of mortgage servicing rights (“M
Slide 41: Thank you.
Thank you. Investor Presentation | February 2026