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Mar 31, 2024
Rocket Companies Q1 2024 Earnings Report
Rocket Companies reported strong Q1 2024 results with revenue exceeding guidance, increased profitability, and expanded market share in purchase and refinance sectors.
Key Takeaways
Rocket Companies reported a net revenue of $1.4 billion and GAAP net income of $291 million, or $0.11 per diluted share, for Q1 2024. Adjusted revenue was $1.2 billion, exceeding the high end of the guidance range. The company saw a 19% increase in closed loan origination volume and an increase in gain on sale margin to 3.11%.
Total revenue, net reached $1.4 billion with a GAAP net income of $291 million, or 11 cents per diluted share.
Closed loan origination volume for Rocket Mortgage was $20.2 billion, a 19% increase year-over-year.
Gain on sale margin increased to 3.11%, up by 72 bps compared to the previous year.
Total liquidity stood at approximately $8.9 billion as of March 31, 2024.
Rocket Companies
Rocket Companies
Rocket Companies Revenue by Segment
Revenue by Segment
Direct to Consumer Revenue
CapyFin.comPartner Network Revenue
CapyFin.com Forward Guidance
For Q2 2024, Rocket Companies anticipates adjusted revenue to be between $1.075 billion and $1.225 billion.
Revenue & Expenses
Visualization of income flow from segment revenue to net income