v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments Segments
ASC 280, Segment Reporting, establishes the standards for reporting information about segments in financial statements. The Company’s Chief Executive Officer, who has been identified as its CODM, is responsible for assessing segment performance and making decisions about how to allocate resources to the segments.

In the second quarter of 2026, in connection with the ongoing integration of our two recent acquisitions, we finalized organizational changes to align with our strategic priorities centered on a vertically integrated homeownership platform. These organizational changes and the way in which information is reviewed by the CODM to monitor performance, allocate capital, and make strategic and operational decisions, caused the composition of the Company’s reportable segments to change, as described below. Accordingly, prior period segment information has been recast to conform to the current period segment presentation.

In applying the criteria set forth in ASC 280, Segment Reporting, the Company has determined that in the second quarter of 2026, it has one reportable segment, Mortgage. All other operating segments of the Company, which primarily include real estate services and personal finance, did not meet the quantitative thresholds for separate segment reporting, and accordingly, have been combined into the “All Other” category.

Mortgage

The Mortgage segment includes our mortgage origination, servicing, title, closing, and appraisal businesses, supporting clients throughout their homeownership journey. This integrated model extends our client relationships beyond origination, supporting higher retention and creating opportunities to recapture clients' future refinance and purchase transactions. The segment generates revenue from the origination, sale, and servicing of mortgage loans and from subservicing and servicing acquisition activities, as well as title and settlement services and appraisal management.

Mortgage segment revenue is comprised of Gain on sale of loans, net, Servicing fee income, Change in fair value of MSRs, net, Interest income, and Other income.

Gain on sale of loans, net includes all components related to the origination and sale of mortgage loans. Servicing fee income consists of the contractual fees earned for servicing and subservicing loans and other ancillary servicing fees. Change in fair value of MSRs, net, includes changes in the fair value of MSRs due to changes in valuation assumptions and realization of cash flows. Interest income includes deposit income earned on cash deposits (including custodial deposits associated with the servicing portfolio), as well as interest earned on MLHFS primarily for the period from origination to sale. Revenues associated with title, closing and appraisal fees are included in Other income.
Other Information About Our Segments

The CODM uses Contribution margin as the measure of profit or loss to assess performance and allocate resources to each segment. Contribution margin represents Total revenue, net, adjusted for the Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) less Directly attributable expenses. Directly attributable expenses include Salaries, commissions and team member benefits, General and administrative expenses, Marketing and advertising expenses, Interest expense and Other expenses, such as mortgage servicing related expenses and expenses generated from Rocket Close (title and settlement services).

The Company does not allocate assets to its operating segments as they are not included in the review performed by the CODM for purposes of assessing segment performance and allocating resources. The Condensed Consolidated Balance Sheets are managed on a consolidated basis.

The “All Other” category primarily includes operations from real estate services and personal finance. All Other revenue is primarily comprised of Redfin commission-based brokerage revenue and real estate network referral fees, Rocket Money subscription revenue and other service-based fees, as well as Rocket Loans personal loan interest earned and other income.

Key operating data for our segments for the periods ended:
Three months ended June 30, 2026
MortgageAll OtherTotal Consolidated Company
Revenues
Gain on sale of loans, net
$1,175 $30 $1,205 
Servicing fee income
1,061 5 1,066 
Change in fair value of MSRs, net
(613)(3)(616)
Interest income
540 43 583 
Other income
111 435 546 
Total revenue, net
$2,274 $510 $2,784 
Expenses
Salaries, commissions and team member benefits
442 178 
General and administrative expenses
172 23 
Marketing and advertising expenses
174 117 
Interest expense
225 6 
Other expenses
64 5 
Directly attributable expenses1,077 329 
Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges)
(23)— 
Contribution margin$1,174 $181 
Three months ended June 30, 2025
MortgageAll OtherTotal Consolidated Company
Revenues
Gain on sale of loans, net
$794 $22 $816 
Servicing fee income
400 1 401 
Change in fair value of MSRs, net
(199)— (199)
Interest income
201 36 237 
Other income
73 123 196 
Total revenue, net
$1,269 $182 $1,451 
Expenses
Salaries, commissions and team member benefits
331 49 
General and administrative expenses
102 9 
Marketing and advertising expenses
230 46 
Interest expense
91 6 
Other expenses
45 2 
Directly attributable expenses799 112 
Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges)
(20)— 
Contribution margin$450 $70 
Six months ended June 30, 2026MortgageAll OtherTotal Consolidated Company
Revenues
Gain on sale of loans, net
$2,523 $58 $2,581 
Servicing fee income
2,141 8 2,149 
Change in fair value of MSRs, net
(1,098)(3)(1,101)
Interest income
1,009 81 1,090 
Other income
221 785 1,006 
Total revenue, net
$4,796 $929 $5,725 
Expenses
Salaries, commissions and team member benefits
901 310 
General and administrative expenses
378 43 
Marketing and advertising expenses
370 266 
Interest expense
428 12 
Other expenses
143 9 
Directly attributable expenses2,220 640 
Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges)
(142)— 
Contribution margin$2,434 $289 
Six months ended June 30, 2025MortgageAll OtherTotal Consolidated Company
Revenues
Gain on sale of loans, net
$1,550 $38 $1,588 
Servicing fee income
800 2 802 
Change in fair value of MSRs, net
(648)— (648)
Interest income
374 64 438 
Other income
130 243 373 
Total revenue, net
$2,206 $347 $2,553 
Expenses
Salaries, commissions and team member benefits
661 91 
General and administrative expenses
185 25 
Marketing and advertising expenses
446 106 
Interest expense
155 13 
Other expenses
83 4 
Directly attributable expenses1,530 239 
Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges)
239 — 
Contribution margin$915 $108 

The following table represents a reconciliation of the Mortgage segment Contribution margin to consolidated U.S. GAAP Income (loss) before income taxes for the periods:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Mortgage Contribution margin$1,174 $450 $2,434 $915 
Reconciling items:
All Other Contribution margin181 70 289 108 
Revenue not allocated to segments:
Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges)
23 20 142 (239)
Expenses not allocated to segments:
Salaries, commissions and team member benefits
430 243 918 481 
General and administrative expenses
373 176 682 338 
Interest expense
143 58 283 96 
Depreciation and amortization
145 27 291 54 
Other expenses
6 12 10 13 
Income (loss) before income taxes$281 $24 $681 $(198)