The company continues to struggle with bottom-line profitability, evidenced by a net margin of -9.7% in 2026Q1 despite a revenue recovery to $387.4M.
| Sales/Revenue | 1.44B | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.18B | 1.36B | 787.45M | 731.09M | 1B | 3.45B | 4.14B | 1.2B | 989.7M | 491.65M | 313.62M |
| Gross Margin % | 81.79% | 88.34% | 70.5% | 70.06% | 70.83% | 91.88% | 95.27% | 86.96% | 87.37% | 94.45% | 95.53% |
| Gross Profit Growth % | - | 72.42% | 7.71% | -26.92% | -71.02% | -16.61% | 244.29% | 21.48% | 101.3% | 56.77% | - |
| Operating Expenses | 1.15B | 1.15B | 1.03B | 1.01B | 1.69B | 2.79B | 2.12B | 1.17B | 1.09B | 469.46M | 240.59M |
| OpEx % of Revenue | - | 75.12% | 92.24% | 96.73% | 119.69% | 74.14% | 48.89% | 84.6% | 96.49% | 90.19% | 73.29% |
| Selling, General & Admin | 167.12M | 323.77M | 937.38M | 918.62M | 1.53B | 2.61B | 1.97B | 1.05B | 968.02M | 442.68M | 229.1M |
| SG&A % of Revenue | - | 21.07% | 83.92% | 88.03% | 108.3% | 69.53% | 45.28% | 76.21% | 85.45% | 85.04% | 69.79% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 34.45M | 203.21M | -242.85M | -278.31M | -689.98M | 666.52M | 2.02B | 32.67M | -103.34M | 22.19M | 73.03M |
| Operating Margin % | 2.39% | 13.22% | -21.74% | -26.67% | -48.85% | 17.74% | 46.39% | 2.36% | -9.12% | 4.26% | 22.25% |
| Operating Income Growth % | - | 183.68% | 12.74% | 59.66% | -203.52% | -66.93% | 6068.65% | 131.61% | -565.66% | -69.61% | - |
| EBITDA | 64.49M | 229.43M | -195.73M | -222.88M | -627.01M | 724.67M | 2.08B | 94.01M | -67.06M | 33.89M | 78.81M |
| EBITDA Margin % | 4.47% | 14.93% | -17.52% | -21.36% | -44.4% | 19.29% | 47.78% | 6.8% | -5.92% | 6.51% | 24.01% |
| EBITDA Growth % | -24.91% | 217.21% | 12.18% | 64.45% | -186.52% | -65.09% | 2108.43% | 240.17% | -297.92% | -57% | - |
| D&A (Non-Cash Add-back) | 30.04M | 26.22M | 47.12M | 55.42M | 62.97M | 58.15M | 60.7M | 61.34M | 36.28M | 11.69M | 5.78M |
| EBIT | 34.45M | 203.21M | -242.85M | -278.31M | -689.98M | 666.52M | 2.02B | 32.67M | -103.34M | 22.19M | 73.03M |
| Net Interest Income | -165.35M | -164.94M | -189.39M | -170.99M | -74.75M | -35.54M | -36.56M | -44.07M | -24.33M | 5.52M | 4.24M |
| Interest Income | 163.11M | 158.8M | 146.49M | 133.26M | 200.2M | 262.48M | 142.88M | 127.57M | 122.08M | 34.42M | 18.9M |
| Interest Expense | 328.46M | 323.74M | 335.88M | 304.25M | 274.96M | 298.02M | 179.44M | 171.64M | 146.41M | 28.9M | 14.66M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -129.54M | -120.53M | -242.85M | -278.31M | -689.98M | 666.52M | 2.02B | 32.67M | -103.34M | 22.19M | 73.03M |
| Pretax Margin % | -8.98% | -7.84% | -21.74% | -26.67% | -48.85% | 17.74% | 46.39% | 2.36% | -9.12% | 4.26% | 22.25% |
| Income Tax | -7.76M | -13M | -40.7M | -42.8M | -79.59M | 43.37M | 2.25M | -1.75M | -475K | 509.12K | 772.72K |
| Effective Tax Rate % | 5.99% | 10.79% | 16.76% | 15.38% | 11.54% | 6.51% | 0.11% | -5.35% | 0.46% | 2.29% | 1.06% |
| Net Income | -78.24M | -62.65M | -98.33M | -110.14M | -273.02M | 113.52M | 0 | 0 | 0 | 21.68M | 72.26M |
| Net Margin % | -5.42% | -4.08% | -8.8% | -10.55% | -19.33% | 3.02% | - | - | - | 4.17% | 22.01% |
| Net Income Growth % | 9% | 36.29% | 10.72% | 59.66% | -340.5% | - | - | - | -100% | -69.99% | - |
| Net Income (Continuing) | -121.78M | -107.53M | -202.15M | -235.51M | -610.38M | 623.15M | 2.01B | 34.42M | -102.87M | 21.68M | 72.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 133.03M | 151.5M | 233.72M | 351.3M | 487.97M | 1.11B | 1.66B | 375.88M | 2.59B | 0 | 0 |
| EPS (Diluted) | -0.34 | -0.30 | -0.53 | -0.63 | -1.75 | 0.83 | 15.93 | 0.27 | -0.70 | 0.07 | 0.49 |
| EPS Growth % | 23.22% | 43.4% | 15.87% | 64% | -310.84% | -94.79% | 5800% | 138.57% | -1100% | -85.71% | - |
| EPS (Basic) | - | -0.30 | -0.53 | -0.63 | -1.75 | 0.83 | 15.93 | 0.27 | -0.70 | 0.07 | 1.17 |
| Diluted Shares Outstanding | 228.96M | 211.02M | 185.64M | 174.91M | 156.03M | 137.29M | 126.34M | 126.34M | 147.06M | 147.06M | 147.06M |
| Basic Shares Outstanding | 228.96M | 211.02M | 185.64M | 174.91M | 156.03M | 137.29M | 126.34M | 126.34M | 147.06M | 61.88M | 61.88M |
| Dividend Payout Ratio | - | - | - | - | - | 408.12% | - | - | - | 37.83% | 44.15% |
Cyclical margin compression risk
Based on the provided quarterly data, loanDepot has demonstrated a volatile revenue trajectory, with recent figures showing a recovery to $387.4M in 2026Q1, yet the company continues to struggle with consistent top-line expansion in a high-interest rate environment that suppresses overall mortgage origination demand.
The recent revenue growth appears to be a function of market share capture rather than a broader industry tailwind. Investors should monitor whether this growth is sustainable given the company's reliance on purchase-money loans, which are currently constrained by limited housing inventory.
As reported in financial statements, loanDepot's gross margins have fluctuated significantly, ranging from a low of 66.7% in 2024Q1 to a peak of 98.5% in 2024Q3, largely driven by non-cash fair value adjustments to Mortgage Servicing Rights rather than core operational efficiency.
These wide swings suggest that the reported gross margin is a poor proxy for underlying unit economics. The reliance on MSR valuation marks introduces significant noise, potentially masking the true profitability of the core mortgage origination business.
According to recent SEC filings, the company's operating income has remained largely negative, with the exception of isolated quarters, indicating that the firm has yet to achieve the necessary scale to cover its high fixed-cost base in the current interest rate cycle.
The inability to consistently scale operating income faster than gross profit suggests that the 'Vision 2025' cost-reduction initiatives have not yet fully offset the structural decline in origination volumes. This warrants further investigation into the company's ability to maintain its technology infrastructure without further eroding capital.
Based on reported figures, loanDepot has consistently posted negative net income over the last ten quarters, with a net margin of -9.7% in 2026Q1, highlighting the difficulty of achieving bottom-line profitability despite the company's efforts to pivot toward a more efficient operating model.
The recurring net losses, coupled with ongoing stock-based compensation expenses, suggest that the quality of earnings remains weak. Investors should be cautious of the disconnect between top-line revenue growth and the company's inability to translate that volume into positive net income.
Quick answers to the most common questions about buying LDI stock.
loanDepot, Inc. (LDI) reported a net loss of $62.6M for the fiscal year ending 2025.
loanDepot, Inc. (LDI) reported an operating income of $203.2M, resulting in an operating profit margin of 13.2%. This margin reflects the operational efficiency of the business before interest and taxes.
loanDepot, Inc. (LDI) generated $1.36B in gross profit for the year, representing a gross profit margin of 88.3%. This demonstrates the company's core pricing power and production efficiency.