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.
UWMC YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
UWMC Revenue by Segment
With YoY comparisons, source: SEC Filings
“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
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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.08 | $-0.23 | -379.47% | $888.0M | +27.78% |
| 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% |