UWM Holdings Corp UWMC
Unless otherwise indicated or the context otherwise requires, when used in this Annual Report, the term "UWMC" means UWM Holdings Corporation, "UWM" means United Wholesale Mortgage, LLC and the "Company," "we," "our" and "us" refer to UWM Holdings Corporation and our subsidiaries.
We are the publicly traded indirect parent of United Wholesale Mortgage, LLC ("UWM"). UWM is the largest overall residential mortgage lender as well as the largest purchase lender in the U.S., by closed loan volume, despite originating loans exclusively through the wholesale channel. We originate primarily conforming and government loans across all 50 states and the District of Columbia.
Founded in 1986 and headquartered in Pontiac, Michigan, we have built a client-focused, team-oriented culture that strives to bring superior customer service, efficiency and operational stability to our clients, the Independent Mortgage Brokers. After being privately owned for 35 years, on January 21, 2021, UWM completed its business combination with Gores Holdings IV, Inc. and changed its name to UWM Holdings Corporation. We began trading on the New York Stock Exchange ("NYSE") on January 22, 2021 under the ticker symbol "UWMC".
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $3.16B | $2.67B | $2.17B | $2.37B | $2.97B | $4.94B | $1.28B |
| Total operating expenses | $2.15B | $1.83B | $1.39B | $1.44B | $1.39B | $1.55B | $863.4M |
| Operating income | — | — | — | — | — | -$6.8M | — |
| Interest expense | — | — | $320.3M | $306.0M | $304.7M | $167.0M | $164.1M |
| Pre-tax income | $250.9M | $336.0M | -$76.3M | $934.7M | $1.58B | $3.38B | $415.1M |
| Income tax | $6.9M | $6.6M | $6.5M | $2.8M | $9.8M | $2.5M | $0 |
| Net income | $244.0M | $329.4M | -$69.8M | $931.9M | $1.57B | $3.38B | $415.1M |
| EPS, basic | 0.13 | 0.13 | -0.14 | 0.45 | 0.98 | — | — |
| EPS, diluted | 0.12 | 0.13 | -0.14 | 0.45 | 0.66 | -0.12 | — |
| Shares, diluted (wtd. avg.) | $1.60B | $111.4M | $93.2M | $92.5M | $1.60B | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $503.4M | $507.3M | $497.5M | $704.9M | $731.1M | $1.22B | $1.1K |
| Total current assets | — | — | — | — | — | $234.5K | $412.5K |
| Property, plant and equipment | $180.2M | $146.2M | $146.4M | $152.5M | $151.7M | $107.6M | — |
| Total assets | $16.93B | $15.67B | $11.87B | $13.60B | $22.53B | $11.49B | $412.5K |
| Total current liabilities | — | — | — | — | — | $5.2M | $426.5K |
| Long-term debt | $2.98B | $2.79B | $1.99B | $2.00B | $2.00B | $800.0M | — |
| Total liabilities | $15.34B | $13.62B | $9.40B | $10.43B | $19.36B | $9.12B | $426.5K |
| Retained earnings | $189.4M | $157.8M | $110.7M | $142.5M | $141.8M | $2.35B | -$39.0K |
| Total equity | $1.59B | $2.05B | $2.47B | $3.17B | $3.17B | $2.37B | $661.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.65B | -$6.24B | $165.2M | $8.27B | -$9.96B | $56.4M | -$3.50B |
| Depreciation and amortisation | $55.5M | $48.8M | $50.1M | $49.4M | $38.0M | — | — |
| Stock-based compensation | $50.4M | $24.6M | $13.8M | $7.5M | $6.5M | $0 | $0 |
| Capital expenditure | $74.0M | $39.5M | $26.4M | $26.6M | $65.4M | $57.3M | $16.8M |
| Investing cash flow | $2.26B | $2.68B | $1.83B | $1.29B | $199.8M | $231.9M | $577.4M |
| Financing cash flow | $384.0M | $3.58B | -$2.20B | -$9.58B | $9.26B | $802.3M | $3.01B |
| Dividends paid | $78.6M | $39.7M | $37.2M | $36.9M | $30.6M | $0 | $0 |
| Buybacks | — | — | $0 | $0 | $81.6M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-176695.
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