Revenue performance remains highly inconsistent, evidenced by a 2025Q1 operating loss of $31.6M despite generating $225.7M in revenue, highlighting the firm's inability to scale fixed costs during volume contractions.
| Net Interest Income | 2.56M | 36.61M | 33.81M | 16.89M | 683K | -60.17M | 1.27M | -1.91M |
| NII Growth % | -298.8% | 8.28% | 100.19% | 2372.47% | 101.14% | -4852.61% | 166.32% | - |
| Net Interest Margin % | 0.05% | 0.77% | 0.92% | 0.52% | 0.02% | -1.25% | 0.05% | -0.09% |
| Interest Income | 114.14M | 146.45M | 104.4M | 68.14M | 64.11M | 0 | 58.79M | 43.68M |
| Interest Expense | 111.57M | 109.84M | 70.6M | 51.26M | 63.43M | 60.17M | 57.52M | 45.59M |
| Loan Loss Provision | 0 | 0 | -4.23M | 0 | 0 | 1.79M | 0 | 0 |
| Non-Interest Income | 1.18B | 1.03B | 625.82M | 1.15B | 1.59B | 1.69B | 721.83M | 510.27M |
| Non-Interest Income % | 91.2% | 87.53% | 85.7% | 94.43% | 96.11% | 100% | 92.47% | 92.12% |
| Total Revenue | 1.3B | 1.17B | 730.23M | 1.22B | 1.65B | 1.69B | 780.61M | 553.95M |
| Revenue Growth % | 542.96% | 60.87% | -40.29% | -25.87% | -2.44% | 116.64% | 40.92% | - |
| Non-Interest Expense | 1.02B | 945.82M | 709.99M | 751.68M | 1.2B | 1.14B | 717.26M | 410.77M |
| Efficiency Ratio | 78.78% | 80.51% | 97.23% | 61.46% | 72.7% | 67.12% | 91.88% | 74.15% |
| Operating Income | 163.72M | 119.06M | -46.13M | 420.02M | 386.93M | 494.07M | 5.83M | 97.59M |
| Operating Margin % | 12.62% | 10.13% | -6.32% | 34.34% | 23.45% | 29.22% | 0.75% | 17.62% |
| Operating Income Growth % | - | 358.08% | -110.98% | 8.55% | -21.68% | 8374.61% | -94.03% | - |
| Pretax Income | 163.72M | 119.06M | -46.13M | 420.02M | 386.93M | 494.07M | 5.83M | 97.59M |
| Pretax Margin % | 12.62% | 10.13% | -6.32% | 34.34% | 23.45% | 29.22% | 0.75% | 17.62% |
| Income Tax | 37.78M | 22.13M | -6.99M | 91.39M | 103.15M | 123.49M | 253K | 24.26M |
| Effective Tax Rate % | 23.08% | 18.58% | 15.16% | 21.76% | 26.66% | 25% | 4.34% | 24.86% |
| Net Income | 126.03M | 97.13M | -39.01M | 328.6M | 283.77M | 370.58M | 5.58M | 73.33M |
| Net Margin % | 9.71% | 8.27% | -5.34% | 26.87% | 17.2% | 21.91% | 0.71% | 13.24% |
| Net Income Growth % | 234.34% | 349% | -111.87% | 15.8% | -23.42% | 6544.74% | -92.4% | - |
| Net Income (Continuing) | 125.94M | 96.93M | -39.14M | 328.63M | 283.78M | 370.58M | 5.58M | 73.33M |
| EPS (Diluted) | 2.01 | 1.56 | -0.64 | 5.35 | 4.67 | 6.18 | 0.09 | 1.22 |
| EPS Growth % | 229.68% | 343.75% | -111.96% | 14.56% | -24.43% | 6545.16% | -92.38% | - |
| EPS (Basic) | - | 1.58 | -0.64 | 5.39 | 4.69 | 6.18 | 0.09 | 1.22 |
| Diluted Shares Outstanding | 62.63M | 62.1M | 60.97M | 61.38M | 60.83M | 60M | 60M | 60M |
Cyclical housing inventory shortage
As evidenced by the quarterly fluctuations in top-line performance, GHLD's revenue trajectory remains highly inconsistent, swinging from $159.3M in 2024Q3 to $408.5M in 2024Q4, which highlights the company's extreme sensitivity to interest rate environments and the inherent seasonality of the purchase-money mortgage market.
The wide variance in quarterly revenue suggests that Guild's reliance on purchase-money mortgages leaves it vulnerable to sudden shifts in housing market activity. Investors should monitor whether the recent revenue recovery in 2025Q3 represents a sustainable return to growth or merely a temporary rebound from the depressed levels observed in previous periods.
Based on the provided financial data, Guild's gross margin has experienced significant instability, ranging from a negative 38.8% in 2024Q3 to a peak of 93.4% in 2024Q1, reflecting the profound impact of fair value adjustments on mortgage servicing rights within the reported income statement.
The extreme swings in gross margin indicate that GAAP accounting for MSRs often obscures the underlying operational profitability of the origination business. Analysts should look past these non-cash fair value adjustments to determine if the core gain-on-sale margins are actually compressing due to heightened competitive pricing pressures.
According to the reported income statements, GHLD's operating income has struggled to scale consistently with revenue, as evidenced by the 2025Q1 operating loss of $31.6M despite generating $225.7M in revenue, suggesting that the firm's high fixed-cost base remains a significant drag on profitability during volume troughs.
The inability to maintain positive operating margins during lower-revenue quarters implies that the company's variable cost structure, while theoretically flexible, may not be adjusting rapidly enough to protect the bottom line. This lack of operating leverage warrants further investigation into the efficiency of the branch-based retail model.
As reported in financial statements, GHLD's net income is frequently distorted by non-operating items, with the company swinging from a $97.9M profit in 2024Q4 to a $66.9M loss in 2024Q3, which complicates the assessment of true recurring earnings power for institutional investors.
The persistent volatility in net income, largely driven by MSR valuation changes, suggests that reported EPS may not be a reliable indicator of cash-generating capability. Investors should focus on core origination margins and servicing cash flows to better understand the underlying health of the business.
While management emphasizes the durability of their local referral networks, the income statement data suggests that this high-touch model may be prohibitively expensive to maintain, as SG&A expenses have remained stubbornly high even during periods of significant revenue contraction throughout the 2023-2025 period.
Short-sellers might argue that the retail-heavy strategy is structurally disadvantaged compared to digital-first competitors who can scale more efficiently. The persistent overhead costs suggest that Guild may face long-term margin compression if it cannot successfully leverage its branch footprint to drive higher volume per location.
Quick answers to the most common questions about buying GHLD stock.
Guild Holdings Company (GHLD) is profitable, generating $97.1M in net income for the fiscal year ending 2024 with a net profit margin of 8.3%.
Guild Holdings Company (GHLD) reported an operating income of $119.1M, resulting in an operating profit margin of 10.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Guild Holdings Company (GHLD) generated $1.06B in gross profit for the year, representing a gross profit margin of 90.6%. This demonstrates the company's core pricing power and production efficiency.