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Sep 30, 2024
Rocket Companies Q3 2024 Earnings Report
Rocket Companies reported strong third-quarter results with increased adjusted revenue and expanded market share.
Key Takeaways
Rocket Companies reported a mixed Q3 2024 with a GAAP net loss of $481 million but an adjusted net income of $166 million. The company saw a 32% year-over-year increase in adjusted revenue and the highest adjusted EBITDA in two years, driven by growth in purchase and refinance market share.
Total revenue was $647 million, and adjusted revenue reached $1.323 billion, exceeding guidance.
GAAP net loss was $481 million, or $0.19 loss per diluted share, while adjusted net income was $166 million, or $0.08 adjusted diluted earnings per share.
Adjusted EBITDA reached $286 million, the highest in two years.
Closed loan origination volume was $28.5 billion, a 28% increase year-over-year.
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 Q4 2024, Rocket Companies expects adjusted revenue between $1.05 billion and $1.2 billion.
Revenue & Expenses
Visualization of income flow from segment revenue to net income