UWM Holdings Corporation Announces First Quarter 2026 Results

About this update from Uwm Holdings Corporation

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Total loan origination volume was $44.9 billion for the first quarter 2026, up 39% year-over-year, and the second-highest first quarter production in company history. The Company reported 1Q26 total revenue of $901.4 million, net income of $170.4 million and adjusted EBITDA of $160.9 million.","length":581,"tagName":"p"},{"type":"text","content":"Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, " Q1 was an exceptional quarter for UWM and our second‑best first quarter of all time. The last time we delivered results of this magnitude, interest rates were nearly 50% lower, which underscores the strength, scale and resilience of our business. Our team and broker partners executed at the highest level, using UWM’s proprietary technology and AI‑powered tools like Mia to win more loans, more efficiently, every day. We continue to move ahead of schedule with bringing servicing in‑house, and regardless of whether rates stay higher or move lower, we are positioned to keep winning as we are built to perform through all cycles. This quarter is a clear proof point of that."","length":763,"tagName":"p"},{"type":"text","content":" First Quarter 2026 Highlights ","length":29,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Originations of $44.9 billion in 1Q26, compared to $49.6 billion in 4Q25 and $32.4 billion in 1Q25","length":98,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Purchase originations of $18.7 billion in 1Q26, compared to $18.9 billion in 4Q25 and $21.7 billion in 1Q25","length":107,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Refinance originations of $26.3 billion in 1Q26, compared to $30.7 billion in 4Q25 and $10.6 billion in 1Q25","length":108,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total gain margin of 123 bps in 1Q26 compared to 122 bps in 4Q25 and 94 bps in 1Q25","length":83,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total revenue of $901.4 million in 1Q26 compared to $945.2 million in 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Jumbo and other (1) ","length":19,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;background-color:#CCEEFF;padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;text-align:right;list-style-position:inside;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;background-color:#CCEEFF;padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;text-align:right;list-style-position:inside;width:12%;","val":[{"type":"text","content":" 1,897,266 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Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens)","length":202,"tagName":"p","attribs":{}}]}]}],"length":1080},{"type":"text","content":" Dividend ","length":8,"tagName":"p"},{"type":"text","content":"Subsequent to March 31, 2026, for the 22nd consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on July 9, 2026, to stockholders of record at the close of business on June 18, 2026. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around July 9, 2026.","length":424,"tagName":"p"},{"type":"text","content":" Earnings Conference Call Details ","length":32,"tagName":"p"},{"type":"text","content":"As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, May 6, 2026, at 11:00 a.m. ET to review the results. Interested parties may register for a toll-free dial-in number by visiting:","length":244,"tagName":"p"},{"type":"text","content":" https://uwm.zoom.us/webinar/register/WN_eZ1x8OrhQjWXUFFZTYD47A ","length":62,"tagName":"p"},{"type":"text","content":"Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Replay and supporting materials will be available on the Company's investor relations website at https://investors.uwm.com/ .","length":217,"tagName":"p"},{"type":"text","content":" Key Operational Metrics ","length":23,"tagName":"p"},{"type":"text","content":""Loan origination volume" and "Total gain margin" are key operational metrics that the Company's management uses to evaluate the performance of the business. "Loan origination volume" is the aggregate principal of the residential mortgage loans originated by the Company during a period. "Total gain margin" represents total loan production income divided by loan origination volume for the applicable periods.","length":454,"tagName":"p"},{"type":"text","content":" Non-GAAP Metrics ","length":16,"tagName":"p"},{"type":"text","content":"The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides "Adjusted net income (loss)," which is our pre-tax income (loss) together with an adjusted income tax provision (benefit), which is calculated as the provision for income taxes plus the tax effects of net income attributable to non-controlling interest determined using a blended statutory effective tax rate. "Adjusted net income (loss)" is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income (loss)" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS.","length":1071,"tagName":"p"},{"type":"text","content":"We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, adjusted to exclude stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, gains or losses on other interest rate derivatives, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, the change in fair value of retained investment securities, and acquisition-related expenses (net of recoveries) as we believe these adjustments are not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA. Non-funding debt includes the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases.","length":1238,"tagName":"p"},{"type":"text","content":"In addition, we disclose "Non-funding debt" and the "Non-funding debt-to-equity ratio" as a non-GAAP metric. We define "Non-funding debt" as the total of the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases and the "Non-funding debt-to-equity ratio" as total non-funding debt divided by the Company’s total equity.","length":411,"tagName":"p"},{"type":"text","content":"Management believes that these non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance measure calculated in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies.","length":374,"tagName":"p"},{"type":"text","content":"The following tables set forth the ...

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