Platform highlights new deal is already showing signs of success
Rocket Companies Inc. reported second-quarter adjusted revenue of $1.34 billion, exceeding the high end of guidance as the Detroit-based fintech platform completed its acquisition of real estate brokerage Redfin Corporation.
The company generated total revenue of $1.36 billion and GAAP net income of $34 million for the quarter ended June 30, 2025. Adjusted net income reached $75 million, translating to adjusted diluted earnings per share of $0.04.
“Rocket delivered a standout second quarter, exceeding the high end of guidance with $1.34 billion in adjusted revenue and delivering adjusted diluted EPS of $0.04,” said Varun Krishna, CEO and director of Rocket Companies. “Successfully closing the Redfin transaction marks a proud milestone in our legacy.”
The mortgage giant’s core business showed strength with Rocket Mortgage generating $28.4 billion in net rate lock volume, a 13% increase compared to the same period last year. Closed loan origination volume jumped 18% to $29.1 billion. However, gain on sale margin compressed to 2.80%, down 19 basis points from the prior year.
On July 1, Rocket completed its all-stock acquisition of Redfin Corporation, with each Redfin share exchanged for 0.7926 shares of Rocket Companies Class A common stock. The deal increased Rocket’s Class A float to 12%. Founded in 2004, Redfin draws 50 million monthly active visitors and features over 1 million listings.
Krishna noted early signs of synergy between the companies: “We’re already seeing early signs of what’s possible with Rocket and Redfin together: our purchase funnel is expanding, conversion rates are rising, and Redfin clients are beginning to close with Rocket.”
The company also launched Rocket Preferred Pricing on July 1, offering clients who finance with Rocket Mortgage and use Redfin agents a one percentage point interest rate reduction for the first year or up to $6,000 in lender credits at closing.
Rocket maintained strong liquidity with $9.1 billion in total available funds, including $5.1 billion in cash. The servicing portfolio reached $609 billion in unpaid principal balance across 2.8 million loans, generating approximately $1.6 billion in annual recurring servicing fee income.
For the third quarter, Rocket expects adjusted revenue between $1.600 billion and $1.750 billion, incorporating a full quarter of consolidated Redfin results.
The company continues advancing its technology platform, launching new AI-powered tools and achieving a 20% boost in daily refinance client follow-ups through enhanced banker communication systems.
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