Rocket posts $709M profit in Q3 despite tougher mortgage market

Rocket Companies on Thursday reported a third-quarter profit of $709 million, reversing a loss from a year ago as the Detroit-based mortgage lender expanded revenue and gained market share in purchase and refinance lending. The company reported net income of $709 million for the three months ended Sept. 30, compared with a net loss of $124 million a year earlier and a second-quarter 2026 net income of $229 million. Net total revenue nearly doubled year over year to $3.28 billion, up from $1.7 billion, while adjusted revenue rose to $2.57 billion, up from $1.87 billion. Adjusted net income fell to $419 million from $441 million in Q2 2026, and adjusted EBITDA declined to $748 million from Q2’s $766 million. Mortgage production also slowed, with closed origination volume falling to $43.6 billion, down from $49.1 billion. The sequential decline in adjusted earnings came as mortgage production slowed from the second quarter, even as the company reported a slightly higher gain-on-sale margin. Rocket chief financial officer Brian Brown anticipated the slowdown during the company’s Q2 2026 earnings call, saying he expected Q3 to be “smaller than the second,” a contraction not seen in the ...