Revenue performance remains highly volatile, swinging from $161.6 million in 2025Q1 to $945.2 million in 2025Q4, while net margins frequently hover near or below 3%.
| Sales/Revenue | 3.1B | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.56B | 2.71B | 1.37B | 755.02M | 1.81B | 2.48B | 4.65B | 1.05B | 502.17M | 455.62M |
| Gross Margin % | 82.52% | 85.62% | 71.97% | 67.78% | 84.33% | 87.65% | 95.8% | 85.13% | 100% | 100% |
| Gross Profit Growth % | - | 97.28% | 81.67% | -58.29% | -27.12% | -46.54% | 342.96% | 108.88% | 10.22% | - |
| Operating Expenses | 1.33B | 873.29M | 1.04B | 831.31M | 875.58M | 905.48M | 1.26B | 633.86M | 325.21M | 287.51M |
| OpEx % of Revenue | - | 27.63% | 54.34% | 74.63% | 40.79% | 31.95% | 26.01% | 51.44% | 64.76% | 63.1% |
| Selling, General & Admin | 177.03M | 370.25M | 995.78M | 785.17M | 806.6M | 893.49M | 671.37M | 486.68M | 328.66M | 257.47M |
| SG&A % of Revenue | - | 11.71% | 52.25% | 70.49% | 37.57% | 31.53% | 13.84% | 39.5% | 65.45% | 56.51% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.23B | 1.83B | 335.96M | -76.29M | 934.67M | 1.58B | 3.38B | 415.06M | 85.83M | 128.41M |
| Operating Margin % | 39.73% | 57.99% | 17.63% | -6.85% | 43.54% | 55.7% | 69.8% | 33.68% | 17.09% | 28.18% |
| Operating Income Growth % | - | 445.53% | 540.35% | -108.16% | -40.78% | -53.37% | 715.54% | 383.58% | -33.16% | - |
| EBITDA | 1.29B | 1.88B | 384.73M | -26.23M | 984.07M | 1.62B | 3.96B | 544.2M | 136.52M | 168.77M |
| EBITDA Margin % | 41.53% | 59.57% | 20.19% | -2.35% | 45.84% | 57.04% | 81.56% | 44.16% | 27.19% | 37.04% |
| EBITDA Growth % | 2245.65% | 389.37% | 1566.6% | -102.67% | -39.11% | -59.14% | 626.88% | 298.63% | -19.11% | - |
| D&A (Non-Cash Add-back) | 55.81M | 50.04M | 48.78M | 50.06M | 49.4M | 38.02M | 570.71M | 129.14M | 50.69M | 40.37M |
| EBIT | 974.81M | 781.69M | 335.96M | -76.29M | 934.67M | 1.58B | 3.38B | 415.06M | 85.83M | 128.41M |
| Net Interest Income | 1.91M | 6.89M | 17.86M | 25.97M | 8.47M | 27.11M | -5.88M | -9M | 0 | 0 |
| Interest Income | 553.06M | 537.69M | 508.62M | 346.23M | 314.46M | 331.77M | 161.16M | 155.13M | 85.59M | 53.14M |
| Interest Expense | 551.15M | 530.79M | 490.76M | 320.26M | 305.99M | 304.66M | 167.04M | 164.13M | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - |
| Pretax Income | 689.21M | 250.9M | 335.96M | -76.29M | 934.67M | 1.58B | 3.38B | 415.06M | 91.37M | 114.96M |
| Pretax Margin % | 22.22% | 7.94% | 17.63% | -6.85% | 43.54% | 55.7% | 69.8% | 33.68% | 18.2% | 25.23% |
| Income Tax | 27.79M | 6.87M | 6.58M | -6.51M | 2.81M | 9.84M | 2.45M | 0 | 57K | 363K |
| Effective Tax Rate % | 4.03% | 2.74% | 1.96% | 8.53% | 0.3% | 0.62% | 0.07% | 0% | 0.06% | 0.32% |
| Net Income | 66.36M | 27.38M | 14.4M | -13.23M | 41.72M | 98.44M | 3.38B | 415.06M | 91.32M | 114.6M |
| Net Margin % | 2.14% | 0.87% | 0.76% | -1.19% | 1.94% | 3.47% | 69.75% | 33.68% | 18.18% | 25.15% |
| Net Income Growth % | 928.98% | 90.09% | 208.87% | -131.72% | -57.63% | -97.09% | 714.95% | 354.53% | -20.32% | - |
| Net Income (Continuing) | 661.42M | 244.02M | 329.38M | -69.78M | 931.86M | 1.57B | 3.38B | 415.06M | 91.32M | 114.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.37B | 1.39B | 1.89B | 2.36B | 3.03B | 3.03B | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.31 | 0.12 | 0.13 | -0.14 | 0.45 | 0.66 | 32.81 | 4.03 | 0.89 | 1.11 |
| EPS Growth % | 651.94% | -7.69% | 192.86% | -131.11% | -31.82% | -97.99% | 714.14% | 352.81% | -19.82% | - |
| EPS (Basic) | - | 0.13 | 0.13 | -0.14 | 0.45 | 0.98 | 32.81 | 4.03 | 0.89 | 1.11 |
| Diluted Shares Outstanding | 211.41M | 211.41M | 111.37M | 93.25M | 92.48M | 1.6B | 103.1M | 103.1M | 103.1M | 103.1M |
| Basic Shares Outstanding | 292.12M | 211.41M | 111.37M | 93.25M | 92.48M | 100.88M | 103.1M | 103.1M | 103.1M | 103.1M |
| Dividend Payout Ratio | - | 2617.22% | 275.85% | - | 1888.94% | 1523.15% | 58.23% | 17.54% | 5.88% | 78.05% |
High cyclical revenue volatility
As evidenced by the quarterly financial data, UWMC's top-line performance exhibits significant volatility, with revenue swinging from $161.6 million in 2025Q1 to $945.2 million by 2025Q4, reflecting the inherent sensitivity of the mortgage origination business to interest rate fluctuations and broader housing market demand cycles.
The erratic revenue trajectory suggests that the company's reliance on transactional origination volume leaves it vulnerable to rapid shifts in the macroeconomic environment. Investors should monitor whether the recent revenue peaks are sustainable or merely reflective of temporary market conditions that may not persist in a higher-for-longer interest rate regime.
Based on reported income statements, UWMC's gross margin has fluctuated significantly, reaching a low of 19.1% in 2025Q1 before recovering to 86.4% in 2025Q4, highlighting the intense competitive pressure on gain-on-sale spreads within the wholesale mortgage channel during periods of reduced industry-wide loan volume.
The wide variance in gross margins indicates that the company may be sacrificing pricing power to maintain market share during downturns. This behavior suggests that the firm's profitability is highly susceptible to competitive pricing wars, which may limit the ability to achieve consistent, high-margin performance across different interest rate cycles.
According to the provided quarterly figures, operating income has demonstrated extreme instability, ranging from a $260.8 million loss in 2025Q1 to a $559.5 million profit in 2025Q4, which underscores the difficulty in scaling fixed costs against a highly cyclical and unpredictable revenue base.
The lack of consistent operating leverage suggests that the company's cost structure, while potentially efficient at scale, does not provide a sufficient buffer during revenue contractions. This volatility warrants further investigation into the fixed versus variable nature of the company's overhead, as current results appear to be heavily influenced by non-operating adjustments.
As reported in financial statements, net income margins remain thin, often hovering near or below 3%, which suggests that the company's bottom-line profitability is highly sensitive to non-cash mark-to-market adjustments on mortgage servicing rights rather than purely operational cash-generating activities.
The frequent swings between net losses and modest profits indicate that reported earnings may not be a reliable proxy for underlying operational health. Investors should be cautious of relying on GAAP net income, as the impact of fair value accounting on MSRs can significantly distort the true economic performance of the business.
Based on the provided data, the company's aggressive pursuit of market share through the broker channel may be masking underlying structural risks, as evidenced by the 9.06% debt-to-equity ratio and the persistent pressure on net margins despite significant investments in proprietary technology platforms.
Short-term gains in market share may come at the expense of long-term capital efficiency, particularly if the cost of funding warehouse lines increases in a tightening credit environment. The reliance on the broker channel as a primary growth engine warrants further investigation into whether this strategy can remain profitable if competitive pressures continue to erode gain-on-sale margins.
Quick answers to the most common questions about buying UWMC stock.
UWM Holdings Corporation (UWMC) is profitable, generating $27.4M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
UWM Holdings Corporation (UWMC) reported an operating income of $1.83B, resulting in an operating profit margin of 58.0%. This margin reflects the operational efficiency of the business before interest and taxes.
UWM Holdings Corporation (UWMC) generated $2.71B in gross profit for the year, representing a gross profit margin of 85.6%. This demonstrates the company's core pricing power and production efficiency.