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UWM (UWMC) Financials

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$1.60 -0.04 (-2.15%)
Closing price 08/14/2026 03:59 PM Eastern
Extended Trading
$1.61 +0.01 (+0.69%)
As of 08/14/2026 08:00 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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -27 8.73 3.05 -6.30 8.92 -14 23 -1.26 19 25 -81
Consolidated Net Income / (Loss)		 -461 181 76 32 41 -247 314 12 164 170 -452
Net Income / (Loss) Continuing Operations		 -461 181 76 32 41 -247 314 12 164 170 -452
Total Pre-Tax Income 		-468 184 77 32 42 -261 329 13 170 178 -473
Total Revenue		 31 570 480 299 768 225 647 535 698 891 765
Net Interest Income / (Expense)		 234 102 121 145 347 118 0.00 132 155 133 0.00
Total Interest Income		 88 102 121 145 140 118 0.00 132 155 133 0.00
Total Interest Expense		 -146 0.00 0.00 0.00 -207 0.00 0.00 0.00 - 0.00 0.00
Total Non-Interest Income		 -202 468 359 154 420 107 647 403 542 758 765
Other Service Charges		 206 185 144 135 173 191 311 169 186 213 361
Net Realized & Unrealized Capital Gains on Investments		 201 299 357 466 80 305 448 542 603 555 527
Other Non-Interest Income		 - -16 -142 -446 - -389 -111 -308 -248 -10 -123
Total Non-Interest Expense		 500 386 403 267 725 486 318 523 528 714 1,238
Salaries and Employee Benefits		 143 154 160 181 193 193 211 223 224 225 213
Marketing Expense		 26 19 24 22 31 22 26 23 34 31 36
Other Operating Expenses		 322 201 235 278 495 262 277 292 320 303 372
Depreciation Expense		 11 11 11 12 11 11 12 13 14 14 15
Other Special Charges		 - - -27 -227 - 0.00 -209 -28 - 138 603
Income Tax Expense		 -7.45 3.73 0.79 0.34 1.72 -14 15 0.58 5.14 7.13 -21
Net Income / (Loss) Attributable to Noncontrolling Interest		 -434 172 73 38 32 -233 292 13 145 145 -371
Basic Earnings per Share		 ($0.29) $0.09 $0.03 ($0.06) $0.07 ($0.08) $0.11 ($0.01) $0.11 $0.09 ($0.24)
Weighted Average Basic Shares Outstanding		 93.25M 94.37M 95.39M 99.80M 111.37M 164.10M 202.13M 221.35M 211.41M 292.12M 337.53M
Diluted Earnings per Share		 ($0.24) $0.09 $0.03 ($0.06) $0.07 ($0.12) $0.11 ($0.01) $0.14 $0.09 ($0.24)
Weighted Average Diluted Shares Outstanding		 93.25M 1.60B 95.39M 99.80M 111.37M 1.60B 202.13M 221.35M 1.60B 1.60B 337.53M
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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 -232 108 75 -44 -129 -22 4.96 381 -367 -79 74
Net Cash From Operating Activities		 -329 -2,203 -1,317 -2,178 -543 594 -266 -3,079 104 -2,230 344
Net Cash From Continuing Operating Activities		 -329 -2,203 -1,317 -2,178 -543 594 -266 -3,079 104 -2,230 344
Net Income / (Loss) Continuing Operations		 -461 181 76 32 41 -247 314 12 164 170 -452
Consolidated Net Income / (Loss)		 -461 181 76 32 41 -247 314 12 164 170 -452
Depreciation Expense		 12 12 12 13 12 13 14 14 15 16 14
Non-Cash Adjustments to Reconcile Net Income		 180 -504 -514 -293 -1,252 -331 -770 -503 -910 -1,072 -899
Changes in Operating Assets and Liabilities, net		 -61 -1,891 -892 -1,930 656 1,159 176 -2,603 835 -1,344 1,680
Net Cash From Investing Activities		 178 1,288 1,056 237 95 928 628 543 160 524 250
Net Cash From Continuing Investing Activities		 178 1,288 1,056 237 95 928 628 543 160 524 250
Purchase of Property, Leasehold Improvements and Equipment		 -6.82 -6.97 -12 -12 -8.29 -18 -24 -10 -22 -19 -9.46
Sale and/or Maturity of Investments		 184 1,294 1,068 250 103 946 652 653 182 543 259
Net Cash From Financing Activities		 -81 1,023 335 1,897 319 -1,545 -357 2,917 -631 1,626 -519
Net Cash From Continuing Financing Activities		 -81 1,023 335 1,897 319 -1,545 -357 2,917 -631 1,626 -519
Issuance of Debt		 1,696 194 -1,588 394 2,066 -811 787 2,723 577 2,137 1,684
Repayment of Debt		 -1,617 1,034 2,132 1,686 -1,579 -566 -933 381 -1,048 -350 -2,037
Payment of Dividends		 -160 -204 -208 -182 -160 -167 -211 -178 -160 -160 -162
Other Financing Activities, Net		 -0.01 -0.90 - - -6.97 -0.34 -0.02 -8.32 -0.09 -0.30 -3.87
Cash Interest Paid		 108 69 131 100 177 85 149 122 140 146 143
Cash Income Taxes Paid		 0.07 0.36 0.50 2.10 0.02 0.06 0.10 0.46 0.29 0.04 0.06

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 10,948 12,426 12,204 12,797 12,922 15,120 14,048 13,887 17,022 19,266 17,941
Cash and Due from Banks		 740 635 730 606 680 636 485 490 871 424 498
Trading Account Securities		 4,976 6,443 5,757 7,481 8,397 10,318 8,549 8,201 10,977 11,214 9,799
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		 152 150 147 145 147 148 154 166 165 181 175
Other Assets		 5,080 5,199 5,571 4,566 3,698 4,018 4,860 5,029 5,009 7,448 7,469
Total Liabilities & Shareholders' Equity		 10,948 12,426 12,204 12,797 12,922 15,120 14,048 13,887 17,022 19,266 17,941
Total Liabilities		 8,073 9,479 9,112 10,340 10,593 12,939 12,413 12,139 15,435 17,665 16,955
Short-Term Debt		 500 500 500 200 0.00 300 250 425 0.00 2,000 2,950
Long-Term Debt		 6,787 8,229 7,769 9,343 9,791 11,684 11,199 10,694 14,401 14,094 12,810
Other Long-Term Liabilities		 786 750 843 798 802 955 964 1,020 1,035 1,571 1,195
Total Equity & Noncontrolling Interests		 2,875 2,947 3,092 2,457 2,329 2,181 1,635 1,748 1,587 1,601 985
Total Preferred & Common Equity		 123 122 132 114 113 119 165 176 178 230 134
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		 123 122 132 114 113 119 165 176 178 230 134
Common Stock		 1.20 1.43 1.64 2.24 2.47 2.80 4.46 5.85 7.74 13 15
Retained Earnings		 122 120 130 112 111 117 160 170 170 217 119
Noncontrolling Interest		 2,751 2,825 2,960 2,343 2,216 2,061 1,470 1,572 1,409 1,371 851

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 1,599,946,751.00 1,601,088,123.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 1,599,946,751.00 1,601,088,123.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.11 -0.28
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -93.69% 380.96% -21.11% -22.25% 2,364.92% -60.56% 34.87% 78.77% - 296.42% 18.24%
EBITDA Growth		 -709.76% 254.84% -63.36% -85.72% 111.95% -226.25% 286.45% -40.30% - 177.81% -233.75%
EBIT Growth		 -576.32% 231.98% -66.49% -89.30% 109.04% -241.54% 327.42% -60.76% - 168.06% -243.56%
NOPAT Growth		 -576.32% 284.72% -66.66% -89.39% 112.39% -201.13% 312.24% -62.16% - 193.32% -205.27%
Net Income Growth		 -637.72% 230.24% -66.66% -89.39% 108.81% -236.83% 312.24% -62.16% - 168.97% -243.70%
EPS Growth		 -2,500.00% 169.23% -62.50% -140.00% 129.17% -233.33% 266.67% 83.33% - 175.00% -318.18%
Operating Cash Flow Growth		 87.06% -210.53% 28.58% -729.75% -64.99% 126.96% 79.81% -41.36% - -475.47% 229.40%
Free Cash Flow Firm Growth		 -84.31% -80.83% 77.42% -223.28% -361.02% 23.54% -17.97% 34.68% - -250.37% -872.09%
Invested Capital Growth		 -13.53% 18.09% 3.80% 24.68% 33.47% 9.04% 6.17% 12.87% - 35.24% 30.14%
Revenue Q/Q Growth		 -95.40% 341.20% -15.46% 32.12% 45.80% -70.71% 187.95% -17.28% - 27.73% -14.11%
EBITDA Q/Q Growth		 -244.97% 143.11% -54.86% -49.39% 21.34% -555.44% 238.18% -92.18% - 4.49% -337.52%
EBIT Q/Q Growth		 -255.24% 139.34% -58.17% -58.11% 31.10% -716.12% 226.30% -96.15% - 4.64% -366.43%
NOPAT Q/Q Growth		 -208.93% 155.06% -57.74% -58.12% 27.13% -549.54% 272.25% -96.16% - 3.58% -294.30%
Net Income Q/Q Growth		 -253.15% 139.16% -57.74% -58.12% 27.13% -708.25% 227.31% -96.16% - 3.58% -365.24%
EPS Q/Q Growth		 -260.00% 137.50% -66.67% -300.00% 216.67% -271.43% 191.67% -109.09% - -35.71% -366.67%
Operating Cash Flow Q/Q Growth		 -195.19% -568.98% 40.20% -65.38% 75.06% 209.32% -144.77% -1,058.19% - -2,249.14% 115.43%
Free Cash Flow Firm Q/Q Growth		 263.67% -218.11% 77.85% -655.15% -32.15% 65.40% 65.83% -318.17% - -355.24% 5.20%
Invested Capital Q/Q Growth		 -2.60% 8.44% 1.00% 16.88% 4.27% -11.41% -1.66% 24.25% - 11.23% -5.37%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -1,464.35% 41.71% 22.27% 8.53% 7.10% -110.41% 52.98% 5.01% - 21.67% -59.94%
EBIT Margin		 -1,504.30% 39.10% 19.34% 6.13% 5.52% -116.03% 50.89% 2.37% - 19.92% -61.79%
Profit (Net Income) Margin		 -1,480.36% 38.31% 19.15% 6.07% 5.29% -109.90% 48.58% 2.26% - 19.12% -59.05%
Tax Burden Percent		 98.41% 97.97% 98.98% 98.93% 95.94% 94.71% 95.47% 95.41% - 95.99% 95.56%
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		 0.00% 2.03% 1.02% 1.07% 4.06% 0.00% 4.54% 4.59% - 4.01% 0.00%
Return on Invested Capital (ROIC)		 -115.73% 4.72% 2.02% 0.53% 0.89% -11.78% 7.72% 0.33% - 3.44% -8.44%
ROIC Less NNEP Spread (ROIC-NNEP)		 -117.19% 4.72% 2.02% 0.53% 0.89% -12.39% 7.72% 0.33% - 3.44% -9.34%
Return on Net Nonoperating Assets (RNNOA)		 -378.09% 14.89% 7.10% 2.02% 4.17% -63.56% 39.61% 2.33% - 29.30% -91.86%
Return on Equity (ROE)		 -493.82% 19.61% 9.13% 2.55% 5.06% -75.33% 47.33% 2.66% - 32.75% -100.30%
Cash Return on Invested Capital (CROIC)		 14.06% -14.34% -2.91% -22.93% -26.12% -9.26% -4.86% -11.29% - -25.66% -26.73%
Operating Return on Assets (OROA)		 -154.88% 4.49% 1.92% 0.50% 0.87% -15.72% 7.54% 0.33% - 3.31% -11.22%
Return on Assets (ROA)		 -152.42% 4.40% 1.90% 0.49% 0.83% -14.89% 7.20% 0.31% - 3.18% -10.72%
Return on Common Equity (ROCE)		 -22.40% 0.87% 0.41% 0.12% 0.31% -5.14% 3.36% 0.21% - 3.99% -11.38%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 218.31% 85.34% -144.26% 0.00% -59.55% 79.47% 67.63% - 288.18% -78.42%
Net Operating Profit after Tax (NOPAT)		 -328 181 76 32 41 -183 314 12 - 170 -331
NOPAT Margin		 -1,053.01% 38.31% 19.15% 6.07% 5.29% -81.22% 48.58% 2.26% - 19.12% -43.26%
Net Nonoperating Expense Percent (NNEP)		 1.46% 0.00% 0.00% 0.00% 0.00% 0.61% 0.00% 0.00% - 0.00% 0.90%
SG&A Expenses to Revenue		 532.22% 36.73% 46.09% 38.82% 28.57% 94.38% 37.03% 45.82% - 28.91% 32.49%
Operating Expenses to Revenue		 1,604.30% 60.90% 80.66% 93.87% 94.48% 216.03% 49.11% 97.63% - 80.08% 161.79%
Earnings before Interest and Taxes (EBIT)		 -468 184 77 32 42 -261 329 13 - 178 -473
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -456 197 89 45 54 -248 343 27 - 193 -459
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 95.70 100.03 97.56 114.04 58.08 52.93 37.58 54.82 - 25.23 27.40
Price to Tangible Book Value (P/TBV)		 95.70 100.03 97.56 114.04 58.08 52.93 37.58 54.82 - 25.23 27.40
Price to Revenue (P/Rev)		 8.21 8.37 8.80 12.30 4.34 4.80 3.33 4.38 - 2.09 1.27
Price to Earnings (P/E)		 0.00 1,535.46 3,774.87 0.00 651.33 0.00 558.52 576.77 - 87.28 0.00
Dividend Yield		 5.93% 5.59% 5.77% 4.69% 6.81% 7.33% 9.66% 6.57% - 11.05% 17.47%
Earnings Yield		 0.00% 0.07% 0.03% 0.00% 0.15% 0.00% 0.18% 0.17% - 1.15% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.92 1.89 1.85 1.91 1.59 1.62 1.46 1.54 - 1.29 1.18
Enterprise Value to Revenue (EV/Rev)		 16.19 16.64 17.81 24.41 10.85 11.64 9.48 11.11 - 8.24 6.85
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 76.37 155.67 0.00 61.03 0.00 96.93 140.17 - 30.54 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 91.71 236.62 0.00 69.90 0.00 131.41 199.66 - 33.13 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 91.05 231.25 0.00 71.29 0.00 134.43 205.40 - 34.52 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 128.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 12.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.47 3.88 4.20 5.50 6.19 7.00 6.36 9.07 - 10.05 15.99
Long-Term Debt to Equity		 3.17 3.80 4.20 5.36 5.95 6.85 6.12 9.07 - 8.80 13.00
Financial Leverage		 3.23 3.16 3.51 3.84 4.70 5.13 5.13 7.00 - 8.51 9.83
Leverage Ratio		 4.51 4.45 4.80 5.18 6.08 6.56 6.58 8.53 - 10.29 11.64
Compound Leverage Factor		 4.51 4.45 4.80 5.18 6.08 6.56 6.58 8.53 - 10.29 11.64
Debt to Total Capital		 77.64% 79.52% 80.78% 84.61% 86.09% 87.50% 86.42% 90.07% - 90.95% 94.12%
Short-Term Debt to Total Capital		 6.78% 1.67% 0.00% 2.12% 3.39% 1.91% 3.30% 0.00% - 11.30% 17.62%
Long-Term Debt to Total Capital		 70.86% 77.86% 80.78% 82.49% 82.71% 85.59% 83.11% 90.07% - 79.65% 76.50%
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		 21.35% 19.52% 18.28% 14.55% 12.81% 11.24% 12.22% 8.82% - 7.75% 5.08%
Common Equity to Total Capital		 1.02% 0.95% 0.94% 0.84% 1.09% 1.26% 1.37% 1.11% - 1.30% 0.80%
Debt to EBITDA		 -327.49 32.10 68.05 -95.32 33.05 -190.70 57.27 81.79 - 21.52 -292.17
Net Debt to EBITDA		 -308.53 30.06 63.32 -90.26 31.73 -182.62 54.74 76.84 - 20.96 -282.93
Long-Term Debt to EBITDA		 -298.90 31.42 68.05 -92.93 31.75 -186.53 55.08 81.79 - 18.85 -237.48
Debt to NOPAT		 -160.87 38.27 101.09 -97.95 38.60 -149.89 79.42 119.85 - 24.33 -199.02
Net Debt to NOPAT		 -151.55 35.84 94.06 -92.75 37.06 -143.54 75.92 112.61 - 23.69 -192.72
Long-Term Debt to NOPAT		 -146.82 37.47 101.09 -95.50 37.09 -146.61 76.38 119.85 - 21.31 -161.76
Noncontrolling Interest Sharing Ratio		 95.46% 95.54% 95.54% 95.24% 93.95% 93.18% 92.90% 92.12% - 87.81% 88.66%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,403 -1,657 -367 -2,772 -3,663 -1,267 -433 -1,811 - -4,440 -4,209
Operating Cash Flow to CapEx		 -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% 3,635.99%
Free Cash Flow to Firm to Interest Expense		 0.00 -16.80 -3.38 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 -22.32 -12.12 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -22.40 -12.23 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.10 0.11 0.10 0.08 0.16 0.14 0.15 0.14 - 0.17 0.18
Fixed Asset Turnover		 8.77 9.17 8.49 7.52 14.79 12.16 12.68 14.20 - 16.58 16.95
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11,066 12,000 12,120 14,165 14,769 13,084 12,867 15,988 - 17,695 16,745
Invested Capital Turnover		 0.11 0.12 0.11 0.09 0.17 0.15 0.16 0.15 - 0.18 0.20
Increase / (Decrease) in Invested Capital		 -1,731 1,838 443 2,804 3,703 1,085 747 1,823 - 4,611 3,878
Enterprise Value (EV)		 21,227 22,705 22,398 27,021 23,482 21,161 18,822 24,679 - 22,833 19,779
Market Capitalization		 10,771 11,425 11,072 13,612 9,382 8,727 6,621 9,740 - 5,792 3,666
Book Value per Share		 $0.07 $1.21 $0.07 $0.07 $0.10 $1.00 $0.11 $0.11 - $0.14 $0.08
Tangible Book Value per Share		 $0.07 $1.21 $0.07 $0.07 $0.10 $1.00 $0.11 $0.11 - $0.14 $0.08
Total Capital		 11,066 12,000 12,120 14,165 14,769 13,084 12,867 15,988 - 17,695 16,745
Total Debt		 8,591 9,543 9,791 11,984 12,715 11,449 11,119 14,401 - 16,094 15,760
Total Long-Term Debt		 7,841 9,343 9,791 11,684 12,215 11,199 10,694 14,401 - 14,094 12,810
Net Debt		 8,094 8,937 9,110 11,348 12,208 10,964 10,629 13,530 - 15,670 15,261
Capital Expenditures (CapEx)		 6.82 6.97 12 12 8.29 18 24 10 - 19 9.46
Net Nonoperating Expense (NNE)		 133 0.00 0.00 0.00 0.00 64 0.00 0.00 - 0.00 121
Net Nonoperating Obligations (NNO)		 8,591 9,543 9,791 11,984 12,715 11,449 11,119 14,401 - 16,094 15,760
Total Depreciation and Amortization (D&A)		 12 12 12 13 12 13 14 14 - 16 14
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.29) $0.09 $0.03 ($0.06) $0.07 ($0.08) $0.11 ($0.01) $0.11 $0.09 ($0.24)
Adjusted Weighted Average Basic Shares Outstanding		 93.25M 94.37M 95.39M 99.80M 111.37M 164.10M 202.13M 221.35M 211.41M 292.12M 337.53M
Adjusted Diluted Earnings per Share		 ($0.24) $0.09 $0.03 ($0.06) $0.07 ($0.12) $0.11 ($0.01) $0.14 $0.09 ($0.24)
Adjusted Weighted Average Diluted Shares Outstanding		 93.25M 1.60B 95.39M 99.80M 111.37M 1.60B 202.13M 221.35M 1.60B 1.60B 337.53M
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)		 -328 181 76 32 41 -183 115 -14 - 303 91
Normalized NOPAT Margin		 -1,053.01% 38.31% 19.15% 6.07% 5.29% -81.22% 17.77% -2.70% - 34.01% 11.92%
Pre Tax Income Margin		 -1,504.30% 39.10% 19.34% 6.13% 5.52% -116.03% 50.89% 2.37% - 19.92% -61.79%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 1.87 0.71 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 1.83 0.70 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 1.80 0.60 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 1.76 0.59 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -914.38% 273.59% 754.41% -437.60% 228.85% -730.54% 514.49% 596.27% - 107.26% -629.03%
Augmented Payout Ratio		 -914.38% 273.59% 754.41% -437.60% 228.85% -730.54% 514.49% 596.27% - 107.26% -629.03%

Financials Breakdown Chart

Key Financial Trends

UWM Holdings Corp. (NYSE: UWMC) shows a mixed but still resilient multi-year trend, with strong revenue and earnings recovery in 2025 and early 2026 after a difficult stretch in 2023. The company’s latest quarter benefited from higher non-interest income and solid profitability, but operating cash flow remained deeply negative and debt levels stayed elevated.

  • Revenue rebounded strongly in Q1 2026. Total revenue rose to $891.1 million from $697.6 million in Q4 2025 and $224.8 million in Q1 2025, showing a major improvement in the business mix versus the weak early-2025 period.
  • Net income improved sharply year over year. UWM reported $170.4 million in net income in Q1 2026, up from $164.5 million in Q4 2025 and a loss of $247.0 million in Q1 2025.
  • Pre-tax profitability remains healthy. Q1 2026 pre-tax income was $177.5 million, indicating the core business is generating meaningful earnings before taxes.
  • Cash on hand increased sequentially. Cash and equivalents rose to $424.0 million in Q1 2026 from $870.7 million in Q3 2025, though the company is still operating with a relatively modest cash cushion versus its balance sheet size.
  • The company continued to generate strong non-interest income. Q1 2026 non-interest income was $757.6 million, driven by service charges and investment gains, which continues to be a key profit engine for UWM.
  • Operating performance is still volatile quarter to quarter. UWM has shown large swings in revenue and earnings over the last several years, especially in 2023 and early 2025, suggesting results remain sensitive to market conditions and gain-on-sale performance.
  • Noncontrolling interest remains a major feature of the capital structure. UWM’s financial statements show a very large noncontrolling interest component, which reduces the earnings attributable to common shareholders.
  • Operating cash flow was deeply negative in Q1 2026. Net cash from operating activities came in at negative $2.23 billion, a significant warning sign even though investing and financing activities offset some of the pressure.
  • Debt remains heavy. Q1 2026 balance sheet debt totaled about $16.1 billion, including $2.0 billion of short-term debt and $14.1 billion of long-term debt.
  • Margin quality has been inconsistent. In 2024 and early 2025, UWM posted several quarters with weak or negative common shareholder earnings despite positive consolidated net income, highlighting the impact of noncontrolling interests and volatile non-operating items.

Bottom line: UWM’s latest results show a meaningful recovery in profitability and revenue, but investors should not ignore the large debt load and weak operating cash flow. The company appears capable of producing strong accounting earnings, yet its cash generation and capital structure remain areas to watch closely.

08/16/26 04:46 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. Check out UWM's forecast to explore projected trends and price targets.

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 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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