Q4 25 EPS
$0.08
MISS 9.40%
Est. $0.09
Q4 25 Revenue
$945.2M
BEAT +24.36%
Est. $760.1M
vs S&P Since Q4 25
-57.2%
TRAILING MARKET
UWMC -47.7% vs S&P +9.5%
Full Year 2025 Results
FY 25 EPS
$0.12
MISS 19.62%
Est. $0.15
FY 25 Revenue
$3.16B
BEAT +36.88%
Est. $2.31B
Market Reaction
Did UWMC Beat Earnings? Q4 2025 Results
UWM Holdings posted a mixed Q4 2025, delivering a sharp revenue beat while falling just short on the bottom line, as a refinance-driven origination surge pushed the company to its highest quarterly volume since 2021. Revenue came in at $945.25 millio… Read more UWM Holdings posted a mixed Q4 2025, delivering a sharp revenue beat while falling just short on the bottom line, as a refinance-driven origination surge pushed the company to its highest quarterly volume since 2021. Revenue came in at $945.25 million, clearing the $892.10 million consensus by 5.96% and nearly doubling year-over-year with a 97.5% gain, yet earnings per share of $0.08 missed the $0.09 estimate by 9.30%, weighed down by a $247.62 million decline in the fair value of mortgage servicing rights. The headline driver was a dramatic acceleration in refinance originations, which nearly doubled sequentially to $30.69 billion, lifting total origination volume to $49.61 billion for the quarter. Net income rebounded sharply to $164.48 million from $12.09 million in Q3, reflecting strong loan production income even as MSR valuations created a drag. CEO Mat Ishbia's entity sold shares under a pre-arranged trading plan around the filing period, adding a note of insider activity to watch. Looking ahead, management guided Q1 2026 revenue between $650 million and $850 million, signaling a seasonal pullback from the quarter's elevated pace.
Key Takeaways
- • Refinance originations nearly doubled sequentially to $30.7 billion in Q4 from $16.5 billion in Q3
- • Total loan origination volume of $49.6 billion, largest quarterly originations since 2021
- • Total gain margin expanded to 122 bps from 105 bps year-over-year
- • Loan production income increased to $603.4 million from $407.2 million year-over-year
- • Loan servicing income grew to $186.4 million from $173.3 million year-over-year
UWMC YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
UWMC Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Mat Ishbia, Q4 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% |