Rocket weathers spring housing slowdown, gaining purchase and refi share in Q2

Rocket Companies reported high second-quarter earnings on Thursday, driven by increased mortgage origination volume, servicing income and record market share gains in both purchase and refinance lending, even as the broader housing market remained challenging. The Detroit-based lender reported Q2 2026 net revenue of $2.78 billion, nearly double its $1.45 billion figure from the same period last year and landing in the middle of its Q1 2026 adjusted revenue forecast of $2.7 billion to $2.9 billion. GAAP net income rose to $229 million, up from $34 million in the prior-year quarter, while adjusted net income increased to $441 million from $75 million. Adjusted EBITDA climbed to $766 million from $172 million. “The second quarter tested the housing industry; higher rates reduced affordability, demand softened, the spring market fell well short of expectations,” CEO Varun Krishna said during the company’s Thursday afternoon earnings call. “But against that backdrop, Rocket reached record market share in both purchase and refinance … and continued executing ahead of plan. Those results reinforce what we’ve been building for years.” Chief financial officer Brian Brown added: “Adjusted di...