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%.
UWM Holdings Corporation (UWMC) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Net Interest Income | -15.28M | 6.89M | 17.86M | 25.97M | 8.47M | 27.11M | -5.88M | -9M | 0 | 0 |
| NII Growth % | -923.27% | -61.4% | -31.23% | 206.42% | -68.74% | 561.44% | 34.73% | - | - | - |
| Net Interest Margin % | -0.09% | 0.04% | 0.11% | 0.22% | 0.06% | 0.12% | -0.05% | -0.14% | 0% | 0% |
| Interest Income | 561.34M | 537.69M | 508.62M | 346.23M | 314.46M | 331.77M | 161.16M | 155.13M | 85.59M | 53.14M |
| Interest Expense | 576.62M | 530.79M | 490.76M | 320.26M | 305.99M | 304.66M | 167.04M | 164.13M | 0 | 0 |
| Loan Loss Provision | -105.61M | -76.27M | 43.44M | 38.68M | 30.42M | 45.3M | 36.51M | 19.15M | 0 | 0 |
| Non-Interest Income | 2.64B | 2.62B | 1.4B | 767.72M | 1.83B | 2.5B | 4.69B | 1.08B | 416.58M | 402.48M |
| Non-Interest Income % | 100.58% | 99.74% | 98.74% | 96.73% | 99.54% | 98.93% | 100.13% | 100.84% | 100% | 100% |
| Total Net Revenue | 2.63B | 2.63B | 1.42B | 793.69M | 1.84B | 2.53B | 4.68B | 1.07B | 416.58M | 402.48M |
| Revenue Growth % | 95.18% | 85.84% | 78.29% | -56.88% | -27.22% | -45.99% | 338.43% | 156.39% | 3.5% | - |
| Non-Interest Expense | 1.78B | 873.29M | 1.04B | 831.31M | 875.58M | 905.48M | 1.26B | 633.86M | 325.21M | 287.51M |
| Efficiency Ratio | 67.8% | 33.21% | 73.19% | 104.74% | 47.57% | 35.8% | 26.93% | 59.35% | 78.07% | 71.44% |
| Operating Income | 951.98M | 1.83B | 335.96M | -76.29M | 934.67M | 1.58B | 3.38B | 415.06M | 85.83M | 128.41M |
| Operating Margin % | 36.21% | 69.69% | 23.74% | -9.61% | 50.78% | 62.41% | 72.29% | 38.86% | 20.6% | 31.9% |
| Operating Income Growth % | - | 445.53% | 540.35% | -108.16% | -40.78% | -53.37% | 715.54% | 383.58% | -33.16% | - |
| Pretax Income | -113.13M | 250.9M | 335.96M | -76.29M | 934.67M | 1.58B | 3.38B | 415.06M | 91.37M | 114.96M |
| Pretax Margin % | -4.3% | 9.54% | 23.74% | -9.61% | 50.78% | 62.41% | 72.29% | 38.86% | 21.93% | 28.56% |
| Income Tax | -8.17M | 6.87M | 6.58M | -6.51M | 2.81M | 9.84M | 2.45M | 0 | 57K | 363K |
| Effective Tax Rate % | 7.22% | 2.74% | 1.96% | 8.53% | 0.3% | 0.62% | 0.07% | 0% | 0.06% | 0.32% |
| Net Income | -37.14M | 27.38M | 14.4M | -13.23M | 41.72M | 98.44M | 3.38B | 415.06M | 91.32M | 114.6M |
| Net Margin % | -1.41% | 1.04% | 1.02% | -1.67% | 2.27% | 3.89% | 72.23% | 38.86% | 21.92% | 28.47% |
| Net Income Growth % | -413.34% | 90.09% | 208.87% | -131.72% | -57.63% | -97.09% | 714.95% | 354.53% | -20.32% | - |
| Net Income (Continuing) | -104.96M | 244.02M | 329.38M | -69.78M | 931.86M | 1.57B | 3.38B | 415.06M | 91.32M | 114.6M |
| EPS (Diluted) | -0.18 | 0.12 | 0.13 | -0.14 | 0.45 | 0.66 | 32.81 | 4.03 | 0.89 | 1.11 |
| EPS Growth % | -375.26% | -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 |
Quick answers to the most common questions about buying UWMC stock.
For fiscal year 2025, UWM Holdings Corporation (UWMC) reported total revenue of $2.63B. This represents a 553.4% increase compared to $402.5M in 2017.
UWM Holdings Corporation (UWMC) is profitable, generating $27.4M in net income for the fiscal year ending 2025 with a net profit margin of 1.0%.
UWM Holdings Corporation (UWMC) reported an operating income of $1.83B, resulting in an operating profit margin of 69.7%. 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 102.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High cyclical revenue volatility
Metrics are mathematically derived from official filings.
Volatile Revenue Amid Market Shifts
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.
Gross Margin Compression and Sensitivity
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.
Operating Leverage Remains Highly Variable
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.
Earnings Quality Obscured by Volatility
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.
Sustainability of Broker-Centric Model
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.