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UWM (UWMC) Financials

UWM logo
$3.10 +0.01 (+0.16%)
Closing price 05/22/2026 03:59 PM Eastern
Extended Trading
$3.08 -0.02 (-0.48%)
As of 05/22/2026 07:52 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for UWM

Annual Income Statements for UWM

This table shows UWM's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 415 0.00 98 42 -13 14 27
Consolidated Net Income / (Loss)		 415 3,383 1,568 932 -70 329 244
Net Income / (Loss) Continuing Operations		 415 3,383 1,568 932 -70 329 244
Total Pre-Tax Income 		415 3,385 1,578 935 -76 336 251
Total Revenue		 1,278 4,772 2,666 2,373 1,311 2,379 2,105
Net Interest Income / (Expense)		 0.00 -5.88 27 314 346 509 538
Total Interest Income		 0.00 161 332 314 346 509 538
Loans and Leases Interest Income		 - 161 332 314 346 509 538
Total Interest Expense		 0.00 167 305 0.00 0.00 0.00 0.00
Total Non-Interest Income		 1,278 4,777 2,639 2,058 965 1,871 1,567
Other Service Charges		 257 288 639 792 819 637 725
Net Realized & Unrealized Capital Gains on Investments		 1,021 4,489 2,588 982 1,001 1,529 1,898
Other Non-Interest Income		 0.00 0.00 -588 284 -854 -295 -1,055
Total Non-Interest Expense		 863 1,387 1,087 1,438 1,388 2,043 1,854
Salaries and Employee Benefits		 372 552 698 553 530 689 851
Net Occupancy & Equipment Expense		 - 0.00 -23 24 -0.01 -5.55 -4.39
Marketing Expense		 23 20 62 74 85 97 106
Other Operating Expenses		 321 224 315 742 727 1,002 1,149
Depreciation Expense		 9.41 17 35 45 46 45 50
Other Special Charges		 - - - - 0.00 215 -298
Income Tax Expense		 0.00 2.45 9.84 2.81 -6.51 6.58 6.87
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 1,470 890 -57 315 217
Basic Earnings per Share		 $0.00 $0.00 $0.98 $0.45 ($0.14) $0.13 $0.13
Weighted Average Basic Shares Outstanding		 0.00 0.00 100.88M 92.48M 93.25M 111.37M 211.41M
Diluted Earnings per Share		 $0.00 $0.00 $0.66 $0.45 ($0.14) $0.13 $0.12
Weighted Average Diluted Shares Outstanding		 0.00 0.00 1.60B 92.48M 93.25M 111.37M 1.60B
Weighted Average Basic & Diluted Shares Outstanding		 - 103.10M 1.59B 1.60B 1.60B 1.60B 1.60B

Quarterly Income Statements for UWM

This table shows UWM's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 18 -27 8.73 3.05 -6.30 8.92 -14 23 -1.26 19 25
Consolidated Net Income / (Loss)		 301 -461 181 76 32 41 -247 314 12 164 170
Net Income / (Loss) Continuing Operations		 301 -461 181 76 32 41 -247 314 12 164 170
Total Pre-Tax Income 		302 -468 184 77 32 42 -261 329 13 170 178
Total Revenue		 677 31 570 480 299 768 225 647 535 698 891
Net Interest Income / (Expense)		 95 234 102 121 145 347 118 132 132 155 133
Total Interest Income		 95 88 102 121 145 140 118 132 132 155 133
Loans and Leases Interest Income		 95 88 102 121 145 140 118 132 132 155 133
Total Interest Expense		 0.00 -146 0.00 0.00 0.00 -207 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 582 -202 468 359 154 420 107 515 403 542 758
Other Service Charges		 200 206 185 144 135 173 191 179 169 186 213
Net Realized & Unrealized Capital Gains on Investments		 289 201 299 357 466 80 305 448 542 603 555
Other Non-Interest Income		 93 - -16 -142 -446 - -389 -111 -308 -248 -10
Total Non-Interest Expense		 375 500 386 403 267 725 486 318 523 528 714
Salaries and Employee Benefits		 135 143 154 160 181 193 193 211 223 224 225
Net Occupancy & Equipment Expense		 -0.08 -2.39 -0.24 -1.11 0.42 -4.63 -2.85 1.85 -0.82 -2.57 2.21
Marketing Expense		 20 26 19 24 22 31 22 26 23 34 31
Other Operating Expenses		 208 322 201 235 278 495 262 275 292 320 303
Depreciation Expense		 12 11 11 11 12 11 11 12 13 14 14
Other Special Charges		 - - - -27 -227 - 0.00 -209 -28 - 138
Income Tax Expense		 0.73 -7.45 3.73 0.79 0.34 1.72 -14 15 0.58 5.14 7.13
Net Income / (Loss) Attributable to Noncontrolling Interest		 283 -434 172 73 38 32 -233 292 13 145 145
Basic Earnings per Share		 $0.20 ($0.29) $0.09 $0.03 ($0.06) $0.07 ($0.08) $0.11 ($0.01) $0.11 $0.09
Weighted Average Basic Shares Outstanding		 93.29M 93.25M 94.37M 95.39M 99.80M 111.37M 164.10M 202.13M 221.35M 211.41M 292.12M
Diluted Earnings per Share		 $0.15 ($0.24) $0.09 $0.03 ($0.06) $0.07 ($0.12) $0.11 ($0.01) $0.14 $0.09
Weighted Average Diluted Shares Outstanding		 1.60B 93.25M 1.60B 95.39M 99.80M 111.37M 1.60B 202.13M 221.35M 1.60B 1.60B
Weighted Average Basic & Diluted Shares Outstanding		 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B

Annual Cash Flow Statements for UWM

This table details how cash moves in and out of UWM's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 91 1,091 -493 -26 -207 9.87 -3.98
Net Cash From Operating Activities		 -3,496 56 -9,957 8,268 165 -6,241 -2,648
Net Cash From Continuing Operating Activities		 -3,496 56 -9,957 8,268 165 -6,241 -2,648
Net Income / (Loss) Continuing Operations		 415 3,383 1,568 932 -70 329 244
Consolidated Net Income / (Loss)		 415 3,383 1,568 932 -70 329 244
Depreciation Expense		 9.41 17 38 49 50 49 56
Non-Cash Adjustments to Reconcile Net Income		 -1,065 -1,841 -1,948 -2,470 -1,350 -2,618 -2,514
Changes in Operating Assets and Liabilities, net		 -2,975 -2,056 -9,616 9,757 1,535 -4,002 -433
Net Cash From Investing Activities		 577 232 200 1,290 1,830 2,676 2,260
Net Cash From Continuing Investing Activities		 577 232 200 1,290 1,830 2,676 2,260
Purchase of Property, Leasehold Improvements and Equipment		 -17 -57 -65 -27 -26 -39 -74
Purchase of Investment Securities		 - - - - 0.00 0.00 -100
Sale and/or Maturity of Investments		 594 289 265 1,317 1,856 2,716 2,434
Net Cash From Financing Activities		 3,010 802 9,264 -9,585 -2,203 3,575 384
Net Cash From Continuing Financing Activities		 3,010 802 9,264 -9,585 -2,203 3,575 384
Issuance of Debt		 3,665 2,966 1,400 -8,160 1,166 6,640 4,400
Repayment of Debt		 -582 -490 8,562 -637 -2,729 -2,304 -3,291
Payment of Dividends		 -73 -1,970 -1,499 -788 -638 -754 -717
Other Financing Activities, Net		 0.00 295 884 0.00 -1.31 -7.87 -8.76
Cash Interest Paid		 158 162 287 242 341 477 496
Cash Income Taxes Paid		 0.00 0.00 1.78 0.00 -0.06 2.98 0.91

Quarterly Cash Flow Statements for UWM

This table details how cash moves in and out of UWM's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 95 -232 108 75 -44 -129 -22 4.96 381 -367 -79
Net Cash From Operating Activities		 346 -329 -2,203 -1,317 -2,178 -543 594 -266 -3,079 104 -2,230
Net Cash From Continuing Operating Activities		 346 -329 -2,203 -1,317 -2,178 -543 594 -266 -3,079 104 -2,230
Net Income / (Loss) Continuing Operations		 301 -461 181 76 32 41 -247 314 12 164 170
Consolidated Net Income / (Loss)		 301 -461 181 76 32 41 -247 314 12 164 170
Depreciation Expense		 13 12 12 12 13 12 13 14 14 15 16
Non-Cash Adjustments to Reconcile Net Income		 -711 180 -504 -514 -293 -1,252 -331 -770 -503 -910 -1,072
Changes in Operating Assets and Liabilities, net		 743 -61 -1,891 -892 -1,930 656 1,159 176 -2,603 835 -1,344
Net Cash From Investing Activities		 582 178 1,288 1,056 237 95 928 628 543 160 524
Net Cash From Continuing Investing Activities		 582 178 1,288 1,056 237 95 928 628 543 160 524
Purchase of Property, Leasehold Improvements and Equipment		 -6.33 -6.82 -6.97 -12 -12 -8.29 -18 -24 -10 -22 -19
Sale and/or Maturity of Investments		 588 184 1,294 1,068 250 103 946 652 653 182 543
Net Cash From Financing Activities		 -832 -81 1,023 335 1,897 319 -1,545 -357 2,917 -631 1,626
Net Cash From Continuing Financing Activities		 -832 -81 1,023 335 1,897 319 -1,545 -357 2,917 -631 1,626
Issuance of Debt		 -1,352 1,696 194 -1,588 394 2,066 -811 787 2,723 577 2,137
Repayment of Debt		 679 -1,617 1,034 2,132 1,686 -1,579 -566 -933 381 -1,048 -350
Payment of Dividends		 -160 -160 -204 -208 -182 -160 -167 -211 -178 -160 -160
Other Financing Activities, Net		 - -0.01 -0.90 - - -6.97 -0.34 -0.02 -8.32 -0.09 -0.30
Cash Interest Paid		 119 108 69 131 100 177 85 149 122 140 146
Cash Income Taxes Paid		 - 0.07 0.36 0.50 2.10 0.02 0.06 0.10 0.46 0.29 0.04

Annual Balance Sheets for UWM

This table presents UWM's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.41 11,493 22,528 13,601 11,872 15,671 16,929
Cash and Due from Banks		 0.00 1,224 731 705 497 507 503
Trading Account Securities		 - 7,978 17,130 7,331 5,593 9,720 10,071
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 - 108 152 152 146 146 180
Other Assets		 0.00 2,184 4,516 5,412 5,635 5,298 6,174
Total Liabilities & Shareholders' Equity		 0.41 11,493 22,528 13,601 11,872 15,671 16,929
Total Liabilities		 0.43 9,119 19,357 10,429 9,397 13,617 15,335
Short-Term Debt		 0.15 320 0.00 750 750 500 1,200
Long-Term Debt		 - 7,757 18,617 8,875 7,841 12,215 13,115
Other Long-Term Liabilities		 0.00 1,042 740 804 806 902 1,020
Total Equity & Noncontrolling Interests		 -0.01 2,374 3,171 3,172 2,475 2,054 1,594
Total Preferred & Common Equity		 -0.01 2,374 142 144 113 162 200
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -0.01 2,374 142 144 113 162 200
Common Stock		 0.03 25 0.60 1.06 1.86 3.68 10
Retained Earnings		 -0.04 2,349 142 143 111 158 189
Noncontrolling Interest		 - 0.00 3,029 3,028 2,362 1,892 1,394

Quarterly Balance Sheets for UWM

This table presents UWM's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 11,890 10,948 12,426 12,204 12,797 12,922 15,120 14,048 13,887 17,022 19,266
Cash and Due from Banks		 800 740 635 730 606 680 636 485 490 871 424
Trading Account Securities		 5,842 4,976 6,443 5,757 7,481 8,397 10,318 8,549 8,201 10,977 11,214
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 152 152 150 147 145 147 148 154 166 165 181
Other Assets		 5,097 5,080 5,199 5,571 4,566 3,698 4,018 4,860 5,029 5,009 7,448
Total Liabilities & Shareholders' Equity		 11,890 10,948 12,426 12,204 12,797 12,922 15,120 14,048 13,887 17,022 19,266
Total Liabilities		 8,498 8,073 9,479 9,112 10,340 10,593 12,939 12,413 12,139 15,435 17,665
Short-Term Debt		 - 500 500 500 200 0.00 300 250 425 0.00 2,000
Long-Term Debt		 6,811 6,787 8,229 7,769 9,343 9,791 11,684 11,199 10,694 14,401 14,094
Other Long-Term Liabilities		 1,687 786 750 843 798 802 955 964 1,020 1,035 1,571
Total Equity & Noncontrolling Interests		 3,392 2,875 2,947 3,092 2,457 2,329 2,181 1,635 1,748 1,587 1,601
Total Preferred & Common Equity		 142 123 122 132 114 113 119 165 176 178 230
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 142 123 122 132 114 113 119 165 176 178 230
Common Stock		 0.94 1.20 1.43 1.64 2.24 2.47 2.80 4.46 5.85 7.74 13
Retained Earnings		 141 122 120 130 112 111 117 160 170 170 217
Noncontrolling Interest		 3,250 2,751 2,825 2,960 2,343 2,216 2,061 1,470 1,572 1,409 1,371

Annual Metrics And Ratios for UWM

This table displays calculated financial ratios and metrics derived from UWM's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - -
Profitability Metrics		 - - - - - - -
Valuation Ratios		 - - - - - - -
Leverage & Solvency		 - - - - - - -
Liquidity Ratios		 - - - - - - -
Cash Flow Metrics		 - - - - - - -
Efficiency Ratios		 - - - - - - -
Capital & Investment Metrics		 - - - - - - -
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.12) $0.98 $0.45 ($0.14) $0.13 $0.13
Adjusted Weighted Average Basic Shares Outstanding		 0.00 103.10M 100.88M 92.48M 93.25M 111.37M 211.41M
Adjusted Diluted Earnings per Share		 $0.00 ($0.12) $0.66 $0.45 ($0.14) $0.13 $0.12
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 103.10M 1.60B 92.48M 93.25M 111.37M 1.60B
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.12) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 103.10M 1.59B 1.60B 1.60B 1.60B 1.60B
Debt Service Ratios		 - - - - - - -
Payout Ratios		 - - - - - - -

Quarterly Metrics And Ratios for UWM

This table displays calculated financial ratios and metrics derived from UWM's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 1,599,946,751.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 1,599,946,751.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.11
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 10.81% -93.69% 380.96% -21.11% -22.25% 2,364.92% -60.56% 34.87% 78.77% - 296.42%
EBITDA Growth		 -8.25% -709.76% 254.84% -63.36% -85.72% 111.95% -226.25% 286.45% -40.30% - 177.81%
EBIT Growth		 -8.67% -576.32% 231.98% -66.49% -89.30% 109.04% -241.54% 327.42% -60.76% - 168.06%
NOPAT Growth		 -7.56% -576.32% 284.72% -66.66% -89.39% 112.39% -201.13% 312.24% -62.16% - 193.32%
Net Income Growth		 -7.56% -637.72% 230.24% -66.66% -89.39% 108.81% -236.83% 312.24% -62.16% - 168.97%
EPS Growth		 15.38% -2,500.00% 169.23% -62.50% -140.00% 129.17% -233.33% 266.67% 83.33% - 175.00%
Operating Cash Flow Growth		 163.13% 87.06% -210.53% 28.58% -729.75% -64.99% 126.96% 79.81% -41.36% - -475.47%
Free Cash Flow Firm Growth		 -116.84% -84.31% -80.83% 77.42% -223.28% -361.02% 23.54% -17.97% 34.68% - -250.37%
Invested Capital Growth		 11.35% -13.53% 18.09% 3.80% 24.68% 33.47% 9.04% 6.17% 12.87% - 35.24%
Revenue Q/Q Growth		 34.06% -95.40% 341.20% -15.46% 32.12% 45.80% -70.71% 187.95% -17.28% - 27.73%
EBITDA Q/Q Growth		 29.87% -244.97% 143.11% -54.86% -49.39% 21.34% -555.44% 238.18% -92.18% - 4.49%
EBIT Q/Q Growth		 31.18% -255.24% 139.34% -58.17% -58.11% 31.10% -716.12% 226.30% -96.15% - 4.64%
NOPAT Q/Q Growth		 31.56% -208.93% 155.06% -57.74% -58.12% 27.13% -549.54% 272.25% -96.16% - 3.58%
Net Income Q/Q Growth		 31.56% -253.15% 139.16% -57.74% -58.12% 27.13% -708.25% 227.31% -96.16% - 3.58%
EPS Q/Q Growth		 87.50% -260.00% 137.50% -66.67% -300.00% 216.67% -271.43% 191.67% -109.09% - -35.71%
Operating Cash Flow Q/Q Growth		 118.76% -195.19% -568.98% 40.20% -65.38% 75.06% 209.32% -144.77% -1,058.19% - -2,249.14%
Free Cash Flow Firm Q/Q Growth		 47.25% 263.67% -218.11% 77.85% -655.15% -32.15% 65.40% 65.83% -318.17% - -355.24%
Invested Capital Q/Q Growth		 -2.70% -2.60% 8.44% 1.00% 16.88% 4.27% -11.41% -1.66% 24.25% - 11.23%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 46.45% -1,464.35% 41.71% 22.27% 8.53% 7.10% -110.41% 52.98% 5.01% - 21.67%
EBIT Margin		 44.56% -1,504.30% 39.10% 19.34% 6.13% 5.52% -116.03% 50.89% 2.37% - 19.92%
Profit (Net Income) Margin		 44.45% -1,480.36% 38.31% 19.15% 6.07% 5.29% -109.90% 48.58% 2.26% - 19.12%
Tax Burden Percent		 99.76% 98.41% 97.97% 98.98% 98.93% 95.94% 94.71% 95.47% 95.41% - 95.99%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.24% 0.00% 2.03% 1.02% 1.07% 4.06% 0.00% 4.54% 4.59% - 4.01%
Return on Invested Capital (ROIC)		 6.05% -115.73% 4.72% 2.02% 0.53% 0.89% -11.78% 7.72% 0.33% - 3.44%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.05% -117.19% 4.72% 2.02% 0.53% 0.89% -12.39% 7.72% 0.33% - 3.44%
Return on Net Nonoperating Assets (RNNOA)		 14.07% -378.09% 14.89% 7.10% 2.02% 4.17% -63.56% 39.61% 2.33% - 29.30%
Return on Equity (ROE)		 20.12% -493.82% 19.61% 9.13% 2.55% 5.06% -75.33% 47.33% 2.66% - 32.75%
Cash Return on Invested Capital (CROIC)		 -7.70% 14.06% -14.34% -2.91% -22.93% -26.12% -9.26% -4.86% -11.29% - -25.66%
Operating Return on Assets (OROA)		 5.43% -154.88% 4.49% 1.92% 0.50% 0.87% -15.72% 7.54% 0.33% - 3.31%
Return on Assets (ROA)		 5.42% -152.42% 4.40% 1.90% 0.49% 0.83% -14.89% 7.20% 0.31% - 3.18%
Return on Common Equity (ROCE)		 0.85% -22.40% 0.87% 0.41% 0.12% 0.31% -5.14% 3.36% 0.21% - 3.99%
Return on Equity Simple (ROE_SIMPLE)		 249.24% 0.00% 218.31% 85.34% -144.26% 0.00% -59.55% 79.47% 67.63% - 288.18%
Net Operating Profit after Tax (NOPAT)		 301 -328 181 76 32 41 -183 314 12 - 170
NOPAT Margin		 44.45% -1,053.01% 38.31% 19.15% 6.07% 5.29% -81.22% 48.58% 2.26% - 19.12%
Net Nonoperating Expense Percent (NNEP)		 0.00% 1.46% 0.00% 0.00% 0.00% 0.00% 0.61% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 22.95% 532.22% 36.73% 46.09% 38.82% 28.57% 94.38% 37.03% 45.82% - 28.91%
Operating Expenses to Revenue		 55.44% 1,604.30% 60.90% 80.66% 93.87% 94.48% 216.03% 49.11% 97.63% - 80.08%
Earnings before Interest and Taxes (EBIT)		 302 -468 184 77 32 42 -261 329 13 - 178
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 315 -456 197 89 45 54 -248 343 27 - 193
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 55.58 95.70 100.03 97.56 114.04 58.08 52.93 37.58 54.82 - 25.23
Price to Tangible Book Value (P/TBV)		 55.58 95.70 100.03 97.56 114.04 58.08 52.93 37.58 54.82 - 25.23
Price to Revenue (P/Rev)		 4.99 8.21 8.37 8.80 12.30 4.34 4.80 3.33 4.38 - 2.09
Price to Earnings (P/E)		 540.15 0.00 1,535.46 3,774.87 0.00 651.33 0.00 558.52 576.77 - 87.28
Dividend Yield		 8.70% 5.93% 5.59% 5.77% 4.69% 6.81% 7.33% 9.66% 6.57% - 11.05%
Earnings Yield		 0.19% 0.00% 0.07% 0.03% 0.00% 0.15% 0.00% 0.18% 0.17% - 1.15%
Enterprise Value to Invested Capital (EV/IC)		 1.57 1.92 1.89 1.85 1.91 1.59 1.62 1.46 1.54 - 1.29
Enterprise Value to Revenue (EV/Rev)		 12.15 16.19 16.64 17.81 24.41 10.85 11.64 9.48 11.11 - 8.24
Enterprise Value to EBITDA (EV/EBITDA)		 47.75 0.00 76.37 155.67 0.00 61.03 0.00 96.93 140.17 - 30.54
Enterprise Value to EBIT (EV/EBIT)		 55.23 0.00 91.71 236.62 0.00 69.90 0.00 131.41 199.66 - 33.13
Enterprise Value to NOPAT (EV/NOPAT)		 54.25 0.00 91.05 231.25 0.00 71.29 0.00 134.43 205.40 - 34.52
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 128.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 12.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.67 3.47 3.88 4.20 5.50 6.19 7.00 6.36 9.07 - 10.05
Long-Term Debt to Equity		 2.51 3.17 3.80 4.20 5.36 5.95 6.85 6.12 9.07 - 8.80
Financial Leverage		 2.33 3.23 3.16 3.51 3.84 4.70 5.13 5.13 7.00 - 8.51
Leverage Ratio		 3.72 4.51 4.45 4.80 5.18 6.08 6.56 6.58 8.53 - 10.29
Compound Leverage Factor		 3.72 4.51 4.45 4.80 5.18 6.08 6.56 6.58 8.53 - 10.29
Debt to Total Capital		 72.78% 77.64% 79.52% 80.78% 84.61% 86.09% 87.50% 86.42% 90.07% - 90.95%
Short-Term Debt to Total Capital		 4.40% 6.78% 1.67% 0.00% 2.12% 3.39% 1.91% 3.30% 0.00% - 11.30%
Long-Term Debt to Total Capital		 68.38% 70.86% 77.86% 80.78% 82.49% 82.71% 85.59% 83.11% 90.07% - 79.65%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 26.06% 21.35% 19.52% 18.28% 14.55% 12.81% 11.24% 12.22% 8.82% - 7.75%
Common Equity to Total Capital		 1.16% 1.02% 0.95% 0.94% 0.84% 1.09% 1.26% 1.37% 1.11% - 1.30%
Debt to EBITDA		 22.14 -327.49 32.10 68.05 -95.32 33.05 -190.70 57.27 81.79 - 21.52
Net Debt to EBITDA		 20.19 -308.53 30.06 63.32 -90.26 31.73 -182.62 54.74 76.84 - 20.96
Long-Term Debt to EBITDA		 20.80 -298.90 31.42 68.05 -92.93 31.75 -186.53 55.08 81.79 - 18.85
Debt to NOPAT		 25.16 -160.87 38.27 101.09 -97.95 38.60 -149.89 79.42 119.85 - 24.33
Net Debt to NOPAT		 22.94 -151.55 35.84 94.06 -92.75 37.06 -143.54 75.92 112.61 - 23.69
Long-Term Debt to NOPAT		 23.64 -146.82 37.47 101.09 -95.50 37.09 -146.61 76.38 119.85 - 21.31
Noncontrolling Interest Sharing Ratio		 95.77% 95.46% 95.54% 95.54% 95.24% 93.95% 93.18% 92.90% 92.12% - 87.81%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -857 1,403 -1,657 -367 -2,772 -3,663 -1,267 -433 -1,811 - -4,440
Operating Cash Flow to CapEx		 5,465.37% -4,830.12% -31,589.56% -11,046.45% -17,760.44% -6,550.80% 3,343.27% -1,099.07% -29,737.67% - -11,697.42%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -16.80 -3.38 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 -22.32 -12.12 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -22.40 -12.23 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.12 0.10 0.11 0.10 0.08 0.16 0.14 0.15 0.14 - 0.17
Fixed Asset Turnover		 9.83 8.77 9.17 8.49 7.52 14.79 12.16 12.68 14.20 - 16.58
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11,361 11,066 12,000 12,120 14,165 14,769 13,084 12,867 15,988 - 17,695
Invested Capital Turnover		 0.14 0.11 0.12 0.11 0.09 0.17 0.15 0.16 0.15 - 0.18
Increase / (Decrease) in Invested Capital		 1,158 -1,731 1,838 443 2,804 3,703 1,085 747 1,823 - 4,611
Enterprise Value (EV)		 17,830 21,227 22,705 22,398 27,021 23,482 21,161 18,822 24,679 - 22,833
Market Capitalization		 7,330 10,771 11,425 11,072 13,612 9,382 8,727 6,621 9,740 - 5,792
Book Value per Share		 $0.08 $0.07 $1.21 $0.07 $0.07 $0.10 $1.00 $0.11 $0.11 - $0.14
Tangible Book Value per Share		 $0.08 $0.07 $1.21 $0.07 $0.07 $0.10 $1.00 $0.11 $0.11 - $0.14
Total Capital		 11,361 11,066 12,000 12,120 14,165 14,769 13,084 12,867 15,988 - 17,695
Total Debt		 8,269 8,591 9,543 9,791 11,984 12,715 11,449 11,119 14,401 - 16,094
Total Long-Term Debt		 7,769 7,841 9,343 9,791 11,684 12,215 11,199 10,694 14,401 - 14,094
Net Debt		 7,539 8,094 8,937 9,110 11,348 12,208 10,964 10,629 13,530 - 15,670
Capital Expenditures (CapEx)		 6.33 6.82 6.97 12 12 8.29 18 24 10 - 19
Net Nonoperating Expense (NNE)		 0.00 133 0.00 0.00 0.00 0.00 64 0.00 0.00 - 0.00
Net Nonoperating Obligations (NNO)		 8,269 8,591 9,543 9,791 11,984 12,715 11,449 11,119 14,401 - 16,094
Total Depreciation and Amortization (D&A)		 13 12 12 12 13 12 13 14 14 - 16
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.20 ($0.29) $0.09 $0.03 ($0.06) $0.07 ($0.08) $0.11 ($0.01) $0.11 $0.09
Adjusted Weighted Average Basic Shares Outstanding		 93.29M 93.25M 94.37M 95.39M 99.80M 111.37M 164.10M 202.13M 221.35M 211.41M 292.12M
Adjusted Diluted Earnings per Share		 $0.15 ($0.24) $0.09 $0.03 ($0.06) $0.07 ($0.12) $0.11 ($0.01) $0.14 $0.09
Adjusted Weighted Average Diluted Shares Outstanding		 1.60B 93.25M 1.60B 95.39M 99.80M 111.37M 1.60B 202.13M 221.35M 1.60B 1.60B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B 1.60B
Normalized Net Operating Profit after Tax (NOPAT)		 301 -328 181 76 32 41 -183 115 -14 - 303
Normalized NOPAT Margin		 44.45% -1,053.01% 38.31% 19.15% 6.07% 5.29% -81.22% 17.77% -2.70% - 34.01%
Pre Tax Income Margin		 44.56% -1,504.30% 39.10% 19.34% 6.13% 5.52% -116.03% 50.89% 2.37% - 19.92%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 1.87 0.71 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 1.83 0.70 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 1.80 0.60 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 1.76 0.59 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 193.93% -914.38% 273.59% 754.41% -437.60% 228.85% -730.54% 514.49% 596.27% - 107.26%
Augmented Payout Ratio		 193.93% -914.38% 273.59% 754.41% -437.60% 228.85% -730.54% 514.49% 596.27% - 107.26%

Financials Breakdown Chart

Key Financial Trends

UWM Holdings Corp (UWMC) has shown notable volatility in its quarterly results over the last four years, with earnings swings tied to non-interest income as well as core lending activity. Below is a concise, bulleted trend view based on the provided quarterly income statements, cash flow statements, and balance sheets (2022–2025 data window).

  • Strong near-term profitability: Q4 2025 net income / Consolidated net income reached 164,484,000 with diluted EPS of 0.14 and basic EPS of 0.11, signaling a sharp improvement from earlier 2025 quarters.
  • Another solid quarter: Q2 2025 produced net income of 314,479,000 (diluted EPS 0.11), marking a standout quarterly profit within the four-year window.
  • Operating cash flow improved in late 2025: Q4 2025 shows net cash from continuing operating activities of 103,757,000, turning positive after prior 2025 quarters with negative operating cash flow.
  • Balance sheet expansion: Total assets rose to about 17.022 billion by Q3 2025, up from roughly 12.71 billion at the 2024 and 2023 period baselines, indicating substantial asset growth and financing activity.
  • Maintained scale of revenue: Total revenue in Q4 2025 reached 697.63 million, illustrating substantial quarterly scale; Q2 2025 also posted 647.28 million, underscoring continued revenue heft despite volatility in other components.
  • Non-interest income volatility: Non-interest income has shown large, non-recurring gains (e.g., Net Realized & Unrealized Capital Gains on Investments in Q4 2025 of 603,364,000), contributing meaningfully to earnings in some quarters but creating earnings volatility and less predictability.
  • Leverage remains high: Total liabilities around 15.4 billion in Q4 2025 vs total equity and noncontrolling interests near 1.6 billion indicate a high leverage profile, which raises risk if earnings deteriorate.
  • Financing activity drives cash flow swings: Issuance and repayment of debt across quarters (e.g., debt issuance in several periods) create large swings in net cash from financing activities and overall cash balance.
  • 2025 earnings volatility with losses in early quarters: Q1 2025 showed a net loss of 247,028,000, highlighting the quarterly earnings volatility that persisted into 2025.
  • Operating cash flow still volatile in 2025: Q3 2025 recorded negative net cash from continuing operating activities (approximately -3,079,336,000), indicating cash-generation challenges earlier in the year before the late-2025 rebound.
  • Persistent leverage vs equity: The combination of large liabilities (around 15.4B in Q4 2025) with relatively modest equity (~1.6B in the same quarter) points to balance-sheet risk that may pressure margins if credit conditions tighten.
  • Market/portfolio-driven income risks: Heavy reliance on capital gains and other non-core income sources in several quarters (e.g., substantial negative or volatile non-interest income in some periods) suggests earnings can swing with market conditions rather than core lending results.
05/26/26 04:51 AM ETAI Generated. May Contain Errors.

UWM Financials - Frequently Asked Questions

According to the most recent income statement we have on file, UWM's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

UWM's net income appears to be on a downward trend, with a most recent value of $244.02 million in 2025, falling from $415.06 million in 2019. The previous period was $329.38 million in 2024. See where experts think UWM is headed by visiting UWM's forecast page.

Over the last 6 years, UWM's total revenue changed from $1.28 billion in 2019 to $2.11 billion in 2025, a change of 64.7%.

UWM's total liabilities were at $15.34 billion at the end of 2025, a 12.6% increase from 2024, and a 3,595,489.9% increase since 2019.

In the past 6 years, UWM's cash and equivalents has ranged from $1.12 thousand in 2019 to $1.22 billion in 2020, and is currently $503.36 million as of their latest financial filing in 2025.


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Financial statements for NYSE:UWMC last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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