Q1 25 EPS
$-0.12
MISS 334.83%
Est. $0.05
Q1 25 Revenue
$613.4M
BEAT +9.77%
Est. $558.8M
vs S&P Since Q1 25
-83.2%
TRAILING MARKET
UWMC -48.7% vs S&P +34.5%
Market Reaction
Did UWMC Beat Earnings? Q1 2025 Results
UWM Holdings delivered a sharply split Q1 2025, beating revenue expectations while missing badly on the bottom line as a massive mortgage servicing rights writedown overwhelmed otherwise solid operational results. The wholesale lender posted a GAAP l… Read more UWM Holdings delivered a sharply split Q1 2025, beating revenue expectations while missing badly on the bottom line as a massive mortgage servicing rights writedown overwhelmed otherwise solid operational results. The wholesale lender posted a GAAP loss of $0.12 per share, falling well short of the $0.05 consensus estimate by 334.83%, while revenue of $613.37 million topped forecasts by 9.77% and climbed 18.3% year over year. The dominant story behind the loss was a $388.58 million decline in MSR fair value, a stark contrast to the $15.56 million negative adjustment in Q1 2024, which drove a net loss of $247.03 million and sent shares down roughly 7.55% following the report. Operational momentum was more encouraging, with loan origination volume reaching $32.40 billion, up 17% year over year and the strongest first quarter since 2022, fueled by a near-doubling in refinance originations. Looking ahead, management guided Q2 production of $38.00 billion to $45.00 billion with gain margins of 90 to 115 basis points, pointing to expected seasonal improvement despite a still-uncertain rate environment.
Key Takeaways
- • Loan origination volume of $32.4 billion, up 17% year over year, highest Q1 originations since 2022
- • Refinance originations nearly doubled year over year to $10.6 billion from $5.5 billion
- • Purchase originations remained strong at $21.7 billion
- • Decline in fair value of mortgage servicing rights of $388.6 million drove net loss
- • Total gain margin compressed to 94 bps from 108 bps year over year
UWMC YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
UWMC Revenue by Segment
With YoY comparisons, source: SEC Filings
“The first quarter marked another win for UWM. We executed with precision and broker market share grew. When rates briefly dipped, we swiftly capitalized on the refinance opportunity—all while maintaining our best-in-class performance in the purchase market. In both Q4 of 2024 and Q1 of 2025, we once again proved our ability to quickly adapt and scale in response to rate changes, a direct result of the investments and groundwork we've laid over the past three years. Our focus remains on building long-term, sustainable value—not chasing short-term gains—and we're confident in our ability to perform across all market conditions, even amid economic uncertainty and volatility.”
— Mat Ishbia, Q1 2025 Earnings Press Release
UWMC Earnings Trends
UWMC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UWMC EPS Trend
Earnings per share: estimate vs actual
UWMC Revenue Trend
Quarterly revenue: estimate vs actual
UWMC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.07 | $0.09 | +33.33% | $901.4M | +27.34% |
| Q4 25 MISS FY | $0.09 | $0.08 | -9.40% | $945.2M | +24.36% |
| FY Full Year | $0.15 | $0.12 | -19.62% | $3.16B | +36.88% |
| Q3 25 MISS | $0.07 | $0.01 | -86.11% | $843.3M | +25.98% |
| Q2 25 BEAT | $0.06 | $0.16 | +183.19% | $758.7M | +20.04% |
| Q1 25 MISS | $0.05 | $-0.12 | -334.83% | $613.4M | +9.77% |