UWM Holdings Corporation Announces Fourth Quarter & Full Year 2025 Results

Loan Origination Volume of $49.6 Billion; Largest Quarterly Originations Since 2021

UWM Holdings Corporation (NYSE:UWMC) ("UWMC" or the "Company"), the publicly traded indirect parent of United Wholesale Mortgage ("UWM"), today announced its results for the fourth quarter and full year ended December 31, 2025. Total loan origination volume was $49.6 billion for the fourth quarter 2025 and $163.4 billion for the full year 2025. The Company reported 4Q25 total revenue of $945.2 million, net income of $164.5 million and adjusted EBITDA of $232.8 million. The Company reported full year 2025 total revenue of $3.2 billion, net income of $244.0 million and adjusted EBITDA of $697.3 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "I am proud of our team. We had another strong quarter financially, and an outstanding year overall. We have incredible scale, a low-cost model, and, with in-house servicing, the new BILT partnership, and the pending Two Harbors acquisition, you can begin to see our vision of a closed-loop platform. These moves accelerate broker channel growth, drive borrower retention, and strengthen our leadership position. We're prepared to win operationally, financially, and strategically in 2026 and remain focused on delivering long-term value for our shareholders, team members, brokers, and consumers."

Fourth Quarter 2025 Highlights

• Originations of $49.6 billion in 4Q25, compared to $41.7 billion in 3Q25 and $38.7 billion in 4Q24
• Purchase originations of $18.9 billion in 4Q25, compared to $25.2 billion in 3Q25 and $21.9 billion in 4Q24
• Refinance originations of $30.7 billion in 4Q25, compared to $16.5 billion in 3Q25 and $16.8 billion in 4Q24
• Total gain margin of 122 bps in 4Q25 compared to 130 bps in 3Q25 and 105 bps in 4Q24
• Total revenue of $945.2 million in 4Q25 compared to $843.3 million in 3Q25 and $720.6 million in 4Q24
• Net income of $164.5 million in 4Q25 compared to net income of $12.1 million in 3Q25 and net income of $40.6 million in 4Q24
• Adjusted EBITDA of $232.8 million in 4Q25 compared to $211.1 million in 3Q25 and $118.2 million in 4Q24
• Total equity of $1.6 billion at December 31, 2025, compared to $1.6 billion at September 30, 2025, and $2.1 billion at December 31, 2024
• Unpaid principal balance of MSRs of $240.8 billion with a WAC of 5.65% at December 31, 2025, compared to $216.0 billion with a WAC of 5.57% at September 30, 2025, and $242.4 billion with a WAC of 4.76% at December 31, 2024
• Ended 4Q25 with approximately $1.8 billion of available liquidity, reflecting $503.4 million of cash plus available borrowing capacity under our secured and unsecured lines of credit

Full Year 2025 Highlights

• Originations of $163.4 billion in 2025, compared to $139.4 billion in 2024
• Purchase originations of $93.2 billion in 2025, compared to $96.1 billion in 2024
• Refinance originations of $70.3 billion in 2025, compared to $43.4 billion in 2024
• Net income of $244.0 million in 2025, as compared to net income of $329.4 million in 2024
• Gain margin of 116 bps in 2025, compared to 110 bps in 2024

Fourth Quarter Business and Product Highlights:

Strategic Acquisition of TWO

• UWM Holdings Corporation and Two Harbors Investment Corp. ("TWO"), an MSR-focused REIT and one of the largest servicers of conventional mortgages in the country announced a definitive merger agreement pursuant to which UWM will acquire TWO in an all stock transaction. The deal remains subject to customary closing conditions, but has the potential to unlock substantial value, a stronger balance sheet, and streamlined operations.

BILT Collaboration

• Continued the rollout of UWM's strategic collaboration with BILT, which allows homeowners to earn rewards on every on-time digital payment. By integrating with BILT, UWM brokers can engage with new and existing consumers earlier and more often, increasing retention yield and lowering consumer acquisition costs.

All-New AI Enhanced Income Calculator

• UWM's all-new Income Calculator is a game-changer for mortgage brokers looking to streamline the loan approval process. Powered by advanced AI, this tool extracts and analyzes income data with the same precision an underwriter would deliver, eliminating manual math, missed details and second-guessing.

Mortgage Matchup Center

• UWM announced an arena naming rights partnership for our consumer-facing brand, Mortgage Matchup, with the Phoenix Suns and Mercury. The partnership will increase brand awareness and consumer traffic to independent mortgage brokers.

First Quarter 2026 Outlook

We anticipate total revenue in the first quarter of 2026 to be between $650 million and $850 million.

Dividend

Subsequent to December 31, 2025, for the 21st consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on April 9, 2026, to stockholders of record at the close of business on March 19, 2026. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around April 9, 2026.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, February 25, 2026, at 10:30 a.m. ET to review the results. Interested parties may register for a toll-free dial-in number by visiting:

https://registrations.events/direct/Q4I95366717526

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript and supporting materials will be available on the Company's investor relations website at https://investors.uwm.com/.

Key Operational Metrics

"Loan origination volume" and "Total gain margin" are key operational metrics that the Company's management uses to evaluate the performance of the business. "Loan origination volume" is the aggregate principal of the residential mortgage loans originated by the Company during a period. "Total gain margin" represents total loan production income divided by loan origination volume for the applicable periods.

Non-GAAP Metrics

The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides "Adjusted net income (loss)," which is our pre-tax income (loss) together with an adjusted income tax provision (benefit), which is calculated as the provision for income taxes plus the tax effects of net income attributable to non-controlling interest determined using a blended statutory effective tax rate. "Adjusted net income (loss)" is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income (loss)" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS.

We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, adjusted to exclude stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, gains or losses on other interest rate derivatives, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, the change in fair value of retained investment securities, and acquisition-related expenses as we believe these adjustments are not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA. Non-funding debt includes the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases.

In addition, we disclose "Non-funding debt" and the "Non-funding debt-to-equity ratio" as a non-GAAP metric. We define "Non-funding debt" as the total of the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases and the "Non-funding debt-to-equity ratio" as total non-funding debt divided by the Company's total equity.

Management believes that these non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance measure calculated in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies.

The following tables set forth the reconciliations of these non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands, except per share amounts):

Cautionary Note Regarding Forward-Looking Statements

This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified using words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "potential," "predict" and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) the benefits of our business model; (2) our ability to adapt and scale our business when interest rates move; (3) our strategic collaboration with BILT; (4) the acquisition of TWO and the anticipated benefits from the acquisition; (5) our position amongst our competitors and ability to capture market share and maintain our industry leading position; (6) the timing of in-house servicing; (7) our beliefs regarding opportunities in the broker channel; (8) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (9) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (10) our beliefs related to the amount and timing of our dividend; (11) our expectations for future market environments, including interest rates, and the timing of such market changes; (12) our beliefs regarding our servicing operations; (13) our ability to increase recapture rate, while lowering the cost per recaptured loan; (14) our expectations related to total revenue in the first quarter of 2026; (15) our performance in shifting market conditions and the comparison of such performance against our competitors; (16) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (17) our position and ability to capitalize on market opportunities and the impacts to our results and (18) our investments in technology, including artificial intelligence, and its impact to our operations, ability to scale and financial results. These statements are based on management's current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) UWM's ability to successfully implement strategic decisions and product launches; (ii) UWM's dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by the Presidential Administration that affect interest rates and inflation; (iii) UWM's reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iv) UWM's ability to sell loans in the secondary market; (v) UWM's dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (vi) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vii) our ability to consummate the merger with Two Harbors and achieve the anticipated benefits; (viii) our ability to comply with all rules and regulations in connection with the launch of our internal servicing and the new risks that may be presented as a result of the transition; (ix) UWM's dependence on Independent Mortgage Advisors to originate mortgage loans; (x) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (xi) UWM's inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xii) UWM's ability to continue to attract and retain its broker relationships; (xiii) UWM's ability to implement technological innovation, such as AI in our operations; (xiv) the occurrence of a data breach or other failure of UWM's cybersecurity or information security systems; (xv) reliance on third-party software and services; the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xvi) UWM's ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xvii) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under "Risk Factors" therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings Corporation ("UWMC") is the publicly traded indirect parent of United Wholesale Mortgage, LLC ("UWM"). UWM is the nation's largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for eleven consecutive years and is the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.

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For inquiries regarding UWM, please contact: 

INVESTOR CONTACT

BLAKE KOLO

InvestorRelations@uwm.com

MEDIA CONTACT

NICOLE ROBERTS

Media@uwm.com