Rocket Companies Announces Fourth Quarter and Full Year 2024 Results

Core Insights - Rocket Companies reported a strong performance in 2024, achieving $4.9 billion in adjusted revenue, a 30% increase year-over-year, and $5.1 billion in total revenue, reflecting a 34% growth compared to 2023 [2][6][7] Financial Performance - In Q4 2024, total revenue was $1.8 billion, with adjusted revenue at $1.2 billion, marking a significant increase from $694 million and $885 million in Q4 2023, respectively [3][6] - The company reported a GAAP net income of $649 million in Q4 2024, compared to a loss of $233 million in Q4 2023, resulting in GAAP diluted earnings per share of $0.23 [3][6] - For the full year 2024, GAAP net income was $636 million, or $0.21 per diluted share, compared to a loss of $390 million in 2023 [6][7] Loan Origination and Market Share - Rocket Mortgage achieved a closed loan origination volume of $27.8 billion in Q4 2024, a 61% increase from $17.3 billion in Q4 2023 [3][7] - The net rate lock volume for Rocket Mortgage reached $23.6 billion in Q4 2024, a 47% increase year-over-year [7] - The company's purchase market share grew by 8% in 2024, driven by strategic optimizations [7] Technology and Innovation - The launch of Rocket.com and the Rocket mobile apps aims to enhance the homeownership experience by integrating home search, financing, and mortgage servicing [7] - Rocket Logic, an AI-driven loan origination system, improved client interactions and underwriting efficiency, allowing a 54% increase in clients served year-over-year in Q4 [7] Liquidity and Financial Position - As of December 31, 2024, Rocket Companies had total liquidity of $8.2 billion, including $1.3 billion in cash and $1.6 billion in corporate cash for self-funding loan originations [7][13] - The servicing portfolio's unpaid principal balance was $593 billion, with a 17% year-over-year increase [7] Community Engagement and Corporate Responsibility - The Rocket Giving Fund raised $1.5 million in 2024, contributing to local Detroit nonprofits and supporting digital inclusion initiatives [14] - The Rocket Community Challenge set a new fundraising record of $1.6 million, supporting various causes [14]