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Mortgage finance · Financial Services · Fiscal year ends Dec 31
UWM reported revenue of $3.2B in the fiscal year ended Dec 2025, up 18.2% from the year before. Operating income was $782M, an operating margin of 24.7%, and net income was $27M. Operating cash flow of −$2.6B less capital expenditure of $74M left free cash flow of −$2.7B. Net debt was $2.5B.
Ranks among the 4 mortgage finance companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,970 | 2,373 | 2,165 | 2,674 | 3,161 |
| Operating incomederived: pre-tax income + interest | 1,883 | 1,241 | 244 | 827 | 782 |
| Interest expense | 305 | 306 | 320 | 491 | 531 |
| Pre-tax income | 1,578 | 935 | −76.3 | 336 | 251 |
| Income tax | 9.8 | 2.8 | −6.5 | 6.6 | 6.9 |
| Net income | 98.4 | 41.7 | −13.2 | 14.4 | 27.4 |
| Diluted EPS | 0.66 | 0.45 | −0.14 | 0.13 | 0.12 |
| Diluted shares | 1,603 | 92.5 | 93.2 | 111 | 1,599 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 731 | 705 | 497 | 507 | 503 |
| Net PP&E | 152 | 152 | 146 | 146 | 180 |
| Total assets | 22,528 | 13,601 | 11,872 | 15,671 | 16,929 |
| Long-term debt | 2,000 | 2,000 | 1,988 | 2,785 | 2,982 |
| Total liabilities | 19,357 | 10,429 | 9,397 | 13,617 | 15,335 |
| Shareholders' equity | 3,171 | 3,172 | 2,475 | 2,054 | 1,594 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −9,957 | 8,268 | 165 | −6,241 | −2,648 |
| Capital expenditure | 65.4 | 26.6 | 26.4 | 39.5 | 74.0 |
| Free cash flow | −10,022 | 8,242 | 139 | −6,281 | −2,722 |
| Depreciation & amortisation | 38.0 | 49.4 | 50.1 | 48.8 | 55.5 |
| Stock-based compensation | 6.5 | 7.5 | 13.8 | 24.6 | 50.4 |
| Share buybacks | 81.6 | 0.0 | 0.0 | – | – |
| Dividends paid | 30.6 | 36.9 | 37.2 | 39.7 | 78.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −20.1% | −8.7% | 23.5% | 18.2% |
| Operating income growth (YoY) | – | −34.1% | −80.3% | 238.9% | −5.4% |
| EPS growth (YoY) | – | −31.8% | −131.1% | – | −7.7% |
| Operating margin | 63.4% | 52.3% | 11.3% | 30.9% | 24.7% |
| Net margin | 3.3% | 1.8% | −0.6% | 0.5% | 0.9% |
| Return on equityBlank when equity is negative | 3.1% | 1.3% | −0.5% | 0.7% | 1.7% |
| Free cash flow margin | −337.4% | 347.4% | 6.4% | −234.9% | −86.1% |
| Cash conversion (CFO ÷ net income) | −101x | 198x | −12.5x | −433x | −96.7x |
| Interest cover | 6.18x | 4.05x | 0.76x | 1.68x | 1.47x |
| Debt ÷ equity | 0.63x | 0.63x | 0.80x | 1.36x | 1.87x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,269 | 1,295 | 1,491 | 2,278 | 2,479 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.