UWM Holdings Corporation (NYSE: UWMC) reported fourth‑quarter 2025 results that set new company records, with loan origination volume reaching $49.6 billion and total revenue of $945.2 million. Net income climbed to $164.5 million and adjusted EBITDA to $232.8 million, up from $12.1 million and $12.5 million, respectively, in the third quarter of 2025. The jump in revenue and earnings reflects a 28% year‑over‑year increase in loan originations, driven by robust demand in the broker‑channel mortgage market and a pricing advantage that allowed the company to maintain a gain margin of 122 basis points in Q4 2025, up from 105 basis points in Q4 2024 and 130 basis points in Q3 2025.
For the full year 2025, UWM generated $3.2 billion in revenue, $244.0 million in net income and $697.3 million in adjusted EBITDA, while loan origination volume totaled $163.4 billion. These figures represent a 10% revenue increase over 2024 and a 17% rise in total loan originations, underscoring the company’s continued market leadership and the effectiveness of its technology‑enabled platform in expanding broker participation.
The company’s adjusted diluted earnings per share were $0.08, missing the consensus estimate of $0.09 by $0.01, or roughly 9–11%. The miss is largely attributable to a $435 million write‑down of mortgage servicing rights (MSR) for the full year, including a $28.8 million charge in Q4, which reduced net income and EPS. Despite the write‑down, the company’s pricing power and operational efficiency helped it achieve a record revenue beat.
Revenue of $945.2 million surpassed analyst expectations of $754–$790 million, a 19–31% beat. The strong top‑line performance was driven by a 28% increase in loan originations, particularly in refinance volumes, and by higher pricing in the broker‑channel segment. The company’s closed‑loop platform and strategic partnerships, such as the BILT collaboration, contributed to higher borrower retention and accelerated loan processing.
UWM guided first‑quarter 2026 revenue to $650–$850 million, a range that aligns with analyst forecasts and signals confidence in continued demand. Management highlighted the upcoming in‑house servicing transition and the pending acquisition of Two Harbors Investment Corp. as key initiatives that will further enhance revenue streams and cost efficiencies in 2026.
Investors reacted to the earnings release with a focus on the EPS miss and the MSR write‑down, which tempered enthusiasm for the revenue beat. The market’s attention to profitability metrics underscores the importance of managing non‑cash charges and maintaining margin stability in a competitive environment.
Management emphasized the company’s market leadership and strategic direction. Chairman, President and CEO Mathew Ishbia said, "It was our fourth consecutive year as the number one overall lender in America, and our eleventh consecutive year as the number one wholesale lender. This has never been done in the history of the mortgage industry, and we are really proud of our success and our dominance across the industry in wholesale and overall." Chief Financial Officer Rami Hasani noted, "Q4 was a strong quarter. We reported total revenue of $945 million in Q4, up from $843 million in Q3. Net income was $164.5 million in Q4, up from $12.1 million in Q3."
The results reinforce UWM’s position as the leading mortgage lender, with record origination volumes and a growing closed‑loop platform. The company’s gain margin expansion to 122 basis points in Q4 reflects pricing power, while the MSR write‑down highlights a headwind that will require careful cost management. The combination of record growth, strategic initiatives, and margin resilience positions UWM for continued leadership, though investors will monitor the company’s ability to convert high revenue into sustainable earnings in the face of non‑cash write‑downs.
The company’s strategic focus on in‑house servicing, the BILT partnership, and the Two Harbors acquisition signals a long‑term commitment to a closed‑loop platform that can capture additional value from the broker channel and servicing operations. These moves are expected to drive future revenue growth and improve cost efficiencies, while the company’s strong loan origination volume and pricing advantage provide a solid foundation for maintaining its market leadership.
The earnings release demonstrates that UWM remains a dominant player in the mortgage market, but the EPS miss and MSR write‑down serve as a reminder that profitability will continue to be a key focus for the company as it navigates a competitive landscape and seeks to sustain its growth trajectory.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.