NYSE$UWMC
UWM Holdings Corp · Q4 2024 earnings
Q4 2024 earnings · · Before market open · Investor relations
Briefing
UWM Holdings Corporation announced its fourth quarter and full year 2024 results, with total loan origination volume of $38.7 billion for Q4 2024 and $139.4 billion for the full year 2024.
UWM Holdings Corporation reported a net income of $40.6 million for the fourth quarter of 2024, a significant improvement from a net loss in the same period last year. The company achieved a total loan origination volume of $38.7 billion and a total gain margin of 105 basis points for the quarter.
- Total loan origination volume for Q4 2024 was $38.7 billion, compared to $39.5 billion in Q3 2024 and $24.4 billion in Q4 2023.
- Net income for Q4 2024 was $40.6 million, an increase from $31.9 million in Q3 2024 and a significant turnaround from a net loss of $461.0 million in Q4 2023.
- The total gain margin for Q4 2024 was 105 basis points, a decrease from 118 basis points in Q3 2024 but an increase from 92 basis points in Q4 2023.
- Adjusted EBITDA for Q4 2024 was $118.2 million, up from $107.2 million in Q3 2024 and $99.6 million in Q4 2023.
Headline financials
Revenue & EPS history
UWM · Revenue · Quarterly
$560M
Revenue by segment
UWM · $677M total across 4 segments · Q3 2023
- Loan Production Income$289M+67.6%42.7%
- Loan Servicing Income$200M+1.9%29.6%
- Interest Income$94.8M+21.3%14.0%
- MSR Fair Value Change$92.9M-60.8%13.7%
Forward guidance
For the first quarter of 2025, UWM anticipates production to be in the range of $28 billion to $35 billion, with a gain margin from 90 to 115 basis points.
Tailwinds
- Anticipated loan production volume for Q1 2025 is expected to be between $28 billion and $35 billion.
- Expected gain margin for Q1 2025 is projected to be between 90 and 115 basis points.
- The company's winning formula coupled with the momentum of the broker channel is expected to continue to be a championship combination.
- Continued investment in people and technology is expected to allow for double the volume without adding to fixed costs.
- The broker channel is noted as incredibly strong and posting a higher share of the industry.
Headwinds
- The industry faced a challenging year in 2024, with the lowest year for existing home sales since 1995.
- Interest rate environment remains a factor influencing refinance volume.
- Macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, could impact results.
- Reliance on warehouse and MSR facilities carries the risk of a decrease in collateral value causing unanticipated margin calls.
- The ability to sell loans in the secondary market and dependence on government-sponsored entities are ongoing risks.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2024
-1.7%
Avg return
Earnings day
-1.2%
Avg return
5 days after
+0.5%
Avg return
30 days after
29%
6 / 21 earnings
Positive
+28.2%
Q3 2022
Best reaction
-16.8%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.2% | -11.2% | -28.4% | |
| Q4 2025 | -9.0% | -5.0% | -25.0% | |
| Q3 2025 | -10.1% | -3.4% | +1.2% | |
| Q1 2025 | -14.7% | -11.3% | -13.8% | |
| Q4 2024 | -5.8% | -0.2% | -14.6% | |
| Q3 2024 | -6.0% | -9.2% | -2.4% | |
| Q2 2024 | -6.5% | -3.8% | +2.3% | |
| Q1 2024 | -0.7% | +2.8% | +2.8% | |
| Q4 2023 | -4.9% | -4.6% | +8.2% | |
| Q3 2023 | +4.3% | +6.9% | +15.6% | |
| Q2 2023 | -1.6% | -4.0% | -16.3% | |
| Q1 2023 | -16.8% | -11.3% | -7.4% | |
| Q4 2022 | +12.7% | +11.7% | +15.3% | |
| Q3 2022 | +28.2% | +22.3% | +44.7% | |
| Q2 2022 | -0.5% | +1.0% | -9.2% | |
| Q1 2022 | +0.3% | +8.9% | +18.1% | |
| Q4 2021 | +7.4% | -4.1% | +4.4% | |
| Q3 2021 | -1.5% | -2.2% | -3.8% | |
| Q2 2021 | -7.0% | -7.6% | -8.5% | |
| Q1 2021 | -2.4% | +7.9% | +43.1% | |
| Q4 2020 | +0.6% | -7.9% | -16.0% | |
| Q4 2019 | — | — | — |
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