UWM Holdings (UWMC) Operating Expenses (2020 - 2026)
UWM Holdings (UWMC) posted quarterly Operating Expenses of $575.4 million for Q1 2026, up 18.49% year-over-year from $485.6 million in Q1 2025, and down 2.38% quarter-over-quarter from $589.4 million in Q4 2025.
UWM Holdings (UWMC) Operating Expenses (2020 - 2026) Analysis & Trends
UWM Holdings (UWMC) has reported Operating Expenses for 7 consecutive years, with $575.4 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses rose 18.49% year-over-year to $575.4 million; the TTM figure through Mar 2026 stood at $2.2 billion (up 16.32% YoY), while the FY2025 annual figure was $2.2 billion, up 17.76% from the prior year.
- Operating Expenses fell to $575.4 million in Q1 2026 per UWMC's latest filing, from $589.4 million in the prior quarter.
- Across five years, Operating Expenses topped out at $589.4 million in Q4 2025 and bottomed at $300.9 million in Q1 2023.
- Historically, Operating Expenses has averaged $434.2 million across 5 years, with a median of $385.7 million in 2024.
- Annual changes were most pronounced in 2023 — Operating Expenses slipped 17.44% — and 2024, when it jumped 46.36%.
- UWM Holdings' Operating Expenses stood at $371.7 million in 2022, then decreased by 4.81% to $353.8 million in 2023, then surged by 46.36% to $517.9 million in 2024, then grew by 13.81% to $589.4 million in 2025, then retreated by 2.38% to $575.4 million in 2026.
- Business Quant data shows UWMC's Operating Expenses at $575.4 million in Q1 2026, $589.4 million in Q4 2025, and $550.6 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 39.75 Bn | 36.65 Bn | - | 2.50 Bn |
| 2 | Federal National Mortgage Association Fannie Mae | 36.79 Bn | 36.79 Bn | - | 2.07 Bn |
| 3 | Federal Home Loan Mortgage | 18.50 Bn | 14.18 Bn | - | 2.10 Bn |
| 4 | PennyMac Financial Services | 3.89 Bn | 3.15 Bn | 480.08 Mn | 465.44 Mn |
| 5 | CNFinance Holdings | 1.54 Bn | 1.47 Bn | - | - |
| 6 | Walker & Dunlop | 1.33 Bn | 1.17 Bn | - | 304.62 Mn |
| 7 | Velocity Financial | 712.05 Mn | -6.74 Bn | - | 59.75 Mn |
| 8 | UWM Holdings | 472.91 Mn | -25.50 Mn | - | 635.05 Mn |
| 9 | Onity | 303.00 Mn | 106.70 Mn | - | 139.00 Mn |
| 10 | loanDepot | 202.43 Mn | -108.70 Mn | - | 343.94 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 635.05 Mn |
| Mar 31, 2026 | 575.39 Mn |
| Dec 31, 2025 | 589.42 Mn |
| Sep 30, 2025 | 550.57 Mn |
| Jun 30, 2025 | 526.77 Mn |
| Mar 31, 2025 | 485.60 Mn |
| Dec 31, 2024 | 517.88 Mn |
| Sep 30, 2024 | 494.15 Mn |
| Jun 30, 2024 | 430.02 Mn |
| Mar 31, 2024 | 385.69 Mn |
| Dec 31, 2023 | 353.83 Mn |
| Sep 30, 2023 | 375.39 Mn |
| Jun 30, 2023 | 357.52 Mn |
| Mar 31, 2023 | 300.89 Mn |
| Dec 31, 2022 | 371.69 Mn |
| Sep 30, 2022 | 353.79 Mn |
| Jun 30, 2022 | 348.01 Mn |
| Mar 31, 2022 | 364.46 Mn |
| Dec 31, 2021 | 373.62 Mn |
| Sep 30, 2021 | 356.97 Mn |