Q3 25 EPS
$0.01
MISS 86.11%
Est. $0.07
Q3 25 Revenue
$843.3M
BEAT +25.98%
Est. $669.4M
vs S&P Since Q3 25
-70.4%
TRAILING MARKET
UWMC -57.9% vs S&P +12.5%
Market Reaction
Did UWMC Beat Earnings? Q3 2025 Results
UWM Holdings delivered a tale of two metrics in Q3 2025, posting revenue of $843.25 million that cleared the $669.36 million consensus estimate by nearly 26% and surged 83.6% year over year, yet earnings per share of $0.01 fell sharply short of the $… Read more UWM Holdings delivered a tale of two metrics in Q3 2025, posting revenue of $843.25 million that cleared the $669.36 million consensus estimate by nearly 26% and surged 83.6% year over year, yet earnings per share of $0.01 fell sharply short of the $0.07 consensus, a miss of 86.11%, as a $307.82 million negative swing in mortgage servicing rights fair value gutted net income to just $12.09 million. The quarter's bright spots were real, with loan origination volume reaching $41.74 billion, the company's highest since 2021, and adjusted EBITDA nearly doubling year over year to $211.07 million, reflecting genuine operational strength beneath the MSR noise. Gain margins widened to 130 basis points from 113 bps in Q2, and refinance originations climbed to $16.53 billion as borrowers responded to a brief rate rally. Insider share sales in recent months have added a layer of investor unease to the stock's narrative. Looking ahead, management guided Q4 production of $43 billion to $50 billion with gain margins of 105 to 130 basis points, signaling confidence in sustained volume momentum into year-end.
Key Takeaways
- • Largest quarterly origination volume since 2021 at $41.7 billion
- • Total gain margin expanded to 130 bps from 113 bps in Q2 and 118 bps in Q3 2024
- • Refinance originations surged to $16.5 billion from $12.4 billion in Q2
- • Company record set in September for rate locks in a single day
- • Significant ramp in daily loan submission intake during rate rally
UWMC YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
UWMC Revenue by Segment
With YoY comparisons, source: SEC Filings
“The third quarter was a fantastic opportunity to show off the results of three years of disciplined preparation, strategic decisions and an unwavering focus on innovation and execution. Even without the tailwinds of a full refinance market, we briefly experienced a rate rally and seized the opportunity. We set a company record in September for rate locks in a single day and saw a significant ramp in our daily loan submission intake, all while maintaining our high-performance standards. We are also on track to bring servicing in-house in January and will deliver the best consumer servicing experience in the industry through our strategic collaboration with BILT. Finally, while others in the industry are still using AI as a buzzword, we've already generated over 14,000 loans for our brokers with Mia, our AI Loan Officer Assistant. The best part is, we are just getting started – we're excited to continue building on this momentum in the quarters ahead.”
— Mat Ishbia, Q3 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% |