Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data UWM Holdings Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1,278
4,939
2,970
2,373
2,165
2,674
3,161
Selling and marketing
5.6
7.9
21.8
29
28.4
31.7
34.1
Operating expenses
863
1,554
1,392
1,438
1,388
1,828
2,152
Operating income
-6.83
Interest expense
164
167
305
306
320
Interest income
1.1
Other non-operating income
0
0
23.1
-23.7
0.01
5.55
4.39
Pre-tax income
415
3,385
1,578
935
-76.3
336
251
Income tax
0
2.45
9.84
2.81
-6.51
6.58
6.87
Net income to minority interests
1,470
890
-56.6
315
217
Net income
415
-5.81
98.4
41.7
-13.2
14.4
27.4
EBITDA
9.99
EPS, basic
-0.12
0.98
0.45
-0.14
0.13
0.13
EPS, diluted
-0.12
0.66
0.45
-0.14
0.13
0.12
Shares, basic (weighted)
101
92.5
93.2
111
211
Shares, diluted (weighted)
1,603
92.5
93.2
111
1,599
Balance sheet
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0
1,224
731
705
497
507
503
Other current assets
0.18
Total current assets
0.41
0.23
Property, plant and equipment
108
152
152
146
146
180
Lease right-of-use assets
93.1
105
104
99.1
93.7
94.3
Total assets
0.41
11,493
22,528
13,601
11,872
15,671
16,929
Accrued liabilities
0.27
3.92
Total current liabilities
0.43
5.2
Total liabilities
0.43
9,119
19,357
10,429
9,397
13,617
15,335
Total debt
800
2,000
2,000
1,988
2,785
2,982
Paid-in capital
0.02
24.8
0.44
0.9
1.7
3.52
9.91
Retained earnings
-0.04
2,349
142
143
111
158
189
Shareholders' equity
-0.01
5
Minority interests
0
3,029
3,028
2,362
1,892
1,394
Total equity
661
2,374
3,171
3,172
2,475
2,054
1,594
Total liabilities and equity
0.41
11,493
22,528
13,601
11,872
15,671
16,929
Cash flow statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
415
3,383
1,568
932
-69.8
329
244
Depreciation and amortization
9.41
16.8
38
49.4
50.1
48.8
55.5
Stock-based compensation
0
0
6.47
7.55
13.8
24.6
50.4
Deferred income tax
0
0
8.34
3.5
-6.61
5.34
6.75
Cash from operations
-3,496
56.4
-9,957
8,268
165
-6,241
-2,648
Capital expenditures
-16.8
-57.3
-65.4
-26.6
-26.4
-39.5
-74
Purchases of investments
0
0
-100
Cash from investing
577
232
200
1,290
1,830
2,676
2,260
Debt issued
0
800
1,200
0
0
800
1,000
Debt repaid
0
0
-800
Share buybacks
0
0
-81.6
0
0
Dividends paid
0
0
-30.6
-36.9
-37.2
-39.7
-78.6
Cash from financing
3,010
802
9,264
-9,585
-2,203
3,575
384
Net change in cash
91.2
1,091
-493
-26.2
-207
9.87
-3.98
Free cash flow
-3,513
-0.88
-10,022
8,242
139
-6,281
-2,722
Interest paid
158
162
287
242
341
477
496
Income taxes paid
0
0
1.78
0
-0.06
2.98
0.91
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.22 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
-3.2%
Pre-tax income / revenue.
Net margin
-1.0%
Net income / revenue.
FCF margin
-137.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-135.9%
Cash from operations / revenue.
Return on assets (ROA)
-0.2%
Net income / average total assets.
Stock-based pay / revenue
1.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.7%
Capital expenditures / revenue.
D&A / revenue
1.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
18.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
10.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-8.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y
90.1%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
-13.1%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y
-7.7%
EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y
-35.6%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
8.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
7.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
8.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
1,336.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
158.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Debt / assets
16.6%
Total debt / total assets.
Liabilities / assets
94.5%
Total liabilities / total assets.
Net debt
$2.49B
Total debt - cash - short-term investments. Negative means more cash than debt.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.20x
Revenue / average total assets.
Fixed asset turnover
20.5x
Revenue / average property, plant and equipment.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.11
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Market cap + total debt - cash - short-term investments.
P/S
0.55x
Market cap / revenue.
EV/Sales
1.24x
Enterprise value / revenue.
FCF yield
-251.5%
Free cash flow / market cap.
Earnings yield
-1.9%
Net income / market cap (the inverse of P/E).
Dividend yield
5.3%
Dividends paid over the period / market cap.
Shareholder yield
5.3%
(Dividends paid + share buybacks) / market cap.
What was UWM Holdings Corp's revenue in fiscal 2025?
UWM Holdings Corp reported revenue of $3.16B for fiscal 2025, 18.2% higher than the year before.
Was UWM Holdings Corp profitable in fiscal 2025?
Yes. Net income was $27.4M, a net margin of 0.9%.
How much free cash flow did UWM Holdings Corp generate in fiscal 2025?
Cash from operations of $2.65B minus capital expenditures of $74.0M left free cash flow of -$2.72B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.