UWM Holdings Corporation Announces Second Quarter 2025 Results

About this update from Uwm Holdings Corporation

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Loan Origination Volume of $39.7 billion, up 18% Year over Year ","length":108,"tagName":"p","attribs":{}},{"type":"text","content":" PONTIAC, Mich., August 07, 2025 --( BUSINESS WIRE )-- UWM Holdings Corporation (NYSE: UWMC) ("UWMC" or the "Company"), the publicly traded indirect parent of United Wholesale Mortgage ("UWM"), today announced its results for the second quarter ended June 30, 2025. Total loan origination volume was $39.7 billion for the second quarter 2025. The Company also reported 2Q25 total revenue of $758.7 million and net income of $314.5 million.","length":464,"tagName":"p"},{"type":"text","content":"Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The second quarter of 2025 was an outstanding quarter for UWM. I am proud that we delivered our best quarter since 2021, and it wasn't because of any market tailwinds. It was fantastic both operationally and financially, but more importantly, we made a series of significant strategic decisions and product launches that we believe are not only game-changing for mortgage brokers, but also will change the trajectory of our company and the wholesale channel. Our latest AI technologies, Mia and LEO, are two excellent examples of the leadership you’ll continue to see from us in this space, and more importantly, we are now seeing measurable results in our business as a result of the investments we have made in artificial intelligence. I am proud of our team and excited for what lies ahead."","length":884,"tagName":"p"},{"type":"text","content":" Second Quarter 2025 Highlights ","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Originations of $39.7 billion in 2Q25, compared to $32.4 billion in 1Q25 and $33.6 billion in 2Q24","length":98,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Purchase originations of $27.3 billion in 2Q25, compared to $21.7 billion in 1Q25 and $27.2 billion in 2Q24","length":107,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total gain margin of 113 bps in 2Q25 compared to 94 bps in 1Q25 and 106 bps in 2Q24","length":83,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total revenue of $758.7 million in 2Q25 compared to $613.4 million in 1Q25 and $622.4 million in 2Q24","length":101,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net income of $314.5 million in 2Q25 compared to net loss of 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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":198,"tagName":"p","attribs":{}}]}]}],"length":201},{"type":"text","content":" Third Quarter 2025 Outlook ","length":26,"tagName":"p"},{"type":"text","content":"We anticipate third quarter production to be in the $33 to $40 billion range, with gain margin from 100 to 125 basis points.","length":124,"tagName":"p"},{"type":"text","content":" Dividend ","length":8,"tagName":"p"},{"type":"text","content":"Subsequent to June 30, 2025, for the nineteenth 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 October 9, 2025, to stockholders of record at the close of business on September 18, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around October 9, 2025.","length":440,"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 Thursday, August 7, 2025, at 10:00 a.m. ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting: https://registrations.events/direct/Q4I3508361 ","length":314,"tagName":"p"},{"type":"text","content":"Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript and supporting materials will be available on the Company's investor relations website at https://investors.uwm.com/ .","length":255,"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, and the change in fair value of retained investment securities 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.","length":1051,"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 reconciliations of these non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands, except per share amounts):","length":224,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;border-bottom:solid black 1.0pt;padding-left:0.0px;width:46%;","val":[{"type":"text","content":" Adjusted net income ","length":19,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"vertical-align:top;border-bottom:solid black 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