Overview

• Mortgage lender's Q4 revenue rose, beating analyst expectations

• Adjusted EPS for Q4 missed analyst expectations

• Company's loan origination volume reached $49.6 bln, highest since 2021

Outlook

• Company anticipates 1Q26 revenue between $650 mln and $850 mln

• UWM expects strategic moves to enhance broker channel growth

• Company sees Two Harbors acquisition unlocking substantial value

Result Drivers

• REFINANCE SURGE - Refinance originations jumped to $30.7 bln in Q4 2025 from $16.5 bln in Q3 2025

• STRATEGIC INITIATIVES - BILT partnership and pending Two Harbors acquisition expected to enhance broker channel growth and operational efficiency

• AI TOOL - New AI-enhanced Income Calculator introduced to streamline loan approval process for brokers

Company press release: ID:nBw14Qv36a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Beat	$945.25 mln	$773.99 mln (3 Analysts)
Q4 Adjusted EPS	Miss	$0.08	$0.09 (9 Analysts)
Q4 EPS		$0.08
Q4 Adjusted Net Income		$130.56 mln
Q4 Net Income		$164.48 mln
Q4 Adjusted EBITDA		$232.78 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the consumer lending peer group is "buy."

• Wall Street's median 12-month price target for UWM Holdings Corp is $6.38, about 39.8% above its February 24 closing price of $4.56

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 15 three months ago

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