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Jun 30, 2024
Rocket Companies Q2 2024 Earnings Report
Rocket Companies reported Q2 2024 results, with adjusted revenue exceeding guidance and increasing year-over-year, and GAAP net income of $178 million.
Key Takeaways
Rocket Companies reported Q2 2024 total revenue of $1.3 billion and adjusted revenue of $1.2 billion. GAAP net income was $178 million, or $0.01 per diluted share, and adjusted net income was $121 million, or $0.06 per diluted share. Closed loan origination volume increased by 10.4% year-over-year to $24.7 billion, and gain on sale margin increased to 2.99%.
Total revenue, net of $1.3 billion and GAAP net income of $178 million, or $0.01 per diluted share.
Adjusted revenue of $1.2 billion and adjusted net income of $121 million, or adjusted earnings of $0.06 per diluted share.
Rocket Mortgage generated $24.7 billion in closed loan origination volume, a 10.4% increase year-over-year.
Gain on sale margin was 2.99%, an increase of 32 bps year-over-year.
Rocket Companies
Rocket Companies
Rocket Companies Revenue by Segment
Revenue by Segment
Direct to Consumer Revenue
CapyFin.comPartner Network Revenue
CapyFin.comAll Other Revenue
CapyFin.com Forward Guidance
In Q3 2024, Rocket Companies expects adjusted revenue between $1.15 billion to $1.3 billion.
Revenue & Expenses
Visualization of income flow from segment revenue to net income