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UWM Holdings

UWM Holdings (UWMC) Q2 2026 Earnings

Reported Aug 5, 2026 at 9:57 PM ET · SEC Source

Q2 26 EPS Adjusted

$-0.23

MISS 379.47%

Est. $0.08

Q2 26 Revenue

$888.0M

BEAT +27.78%

Est. $695.0M

Market Reaction

Did UWMC Beat Earnings? Q2 2026 Results

UWM Holdings Corp delivered a sharply split Q2 2026 report, posting revenue of $888.00 million, up 13.2% year-over-year and well ahead of the $694.96 million consensus estimate, yet swinging to an adjusted loss of $0.23 per share against expectations… Read more UWM Holdings Corp delivered a sharply split Q2 2026 report, posting revenue of $888.00 million, up 13.2% year-over-year and well ahead of the $694.96 million consensus estimate, yet swinging to an adjusted loss of $0.23 per share against expectations of $0.08 profit, missing by 379.47% as a $603.19 million loss on interest rate derivatives overwhelmed operational gains. The GAAP net loss of approximately $451.90 million stood in stark contrast to net income of $314.48 million in Q2 2025, illustrating how non-cash hedging swings can distort the headline picture even as the underlying business, reflected in adjusted EBITDA of $185.88 million and an expanded gain margin of 133 basis points, held its ground. The quarter's defining event was a $2.05 billion strategic capital partnership with Oaktree Capital Management and the Ishbia family, proceeds from which will primarily retire senior notes and MSR financing facilities; the company also suspended its common dividend to accelerate balance sheet repair, with management signaling it intends to use future earnings to opportunistically reduce the preferred equity obligation as housing volumes recover.

Key Takeaways

  • • Total gain margin expanded to 133 bps from 113 bps year-over-year
  • • Loan origination volume of $39.7 billion flat year-over-year
  • • Purchase originations of $23.8 billion increased from $18.7 billion in Q1 2026
  • • Refinance originations declined to $15.9 billion from $26.3 billion in Q1 2026
  • • MSR unpaid principal balance grew to $247.6 billion from $211.2 billion year-over-year
  • • $603 million loss on other interest rate derivatives drove GAAP net loss

UWMC Forward Guidance & Outlook

UWM is focused on strengthening its balance sheet through the $2.05 billion Oaktree/Ishbia family capital partnership and a planned $400 million rights offering to Class A shareholders. The company suspended its quarterly dividend to prioritize debt reduction and balance sheet fortification. Management expects to use earnings and leverage to opportunistically pay down the preferred equity. UWM plans to continue investing in the independent mortgage broker channel, proprietary technology and AI, and its servicing platform through the cycle, positioning to capture market share as housing activity and refinance demand improve.

24/7 Wall St

UWMC YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

UWMC Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“The second quarter was another quarter where we demonstrated the scale of our origination engine and industry leadership, as well as our continued commitment to serving the broker channel. I am also excited to announce our partnership with Oaktree. We're taking decisive action to make UWM stronger, more liquid and better positioned to win for years to come. This is not just about capital. This is about bringing in a strategic partner that understands our business, understands MSRs, understands the mortgage industry and believes in the same long-term vision we have for UWM.”

— Mat Ishbia, Q2 2026 Earnings Press Release

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