Rocket Companies, Inc.RKT

Rocket Companies, Inc. Goodwill & Intangibles Disclosure

10-KFiled Mar 2, 20263 min read
Goodwill and Intangible Assets
Goodwill

As of December 31, 2025 and 2024, there was approximately $10,611 and $1,136 of goodwill recorded in Goodwill on our Consolidated Balance Sheets, respectively.

The changes to the amount of goodwill for the year ended December 31, 2025 by reportable segment were as follows:
Direct to Consumer Other Total
Balance at December 31, 2024 $719 $417 $1,136 
Redfin Acquisition (1)
1,012 221 1,233 
Mr. Cooper Acquisition (1)
8,251 — 8,251 
Impairment (2)
— (9)(9)
Balance at December 31, 2025 $9,982 $629 $10,611 
(1)    Amounts reflect the Company’s preliminary allocation of goodwill resulting from the Acquisitions.

(2)    In connection with the Acquisitions, management approved a restructuring plan that included the wind down of the Rocket Homes business. Based on this restructuring, the Company recorded a goodwill impairment charge of $9, representing a full impairment of the Rocket Homes reporting unit. The reporting unit did not hold any other long-lived assets to be assessed for impairment. The impairment charge was included in Other expenses in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).
The following table summarizes the carrying value of goodwill:
December 31, 2025December 31, 2024
Gross
Carrying
Amount		Accumulated
Impairment
Losses		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Impairment
Losses		Net
Carrying
Amount
Direct to Consumer$9,982 $— $9,982 $719 $— $719 
Other (1)
638 (9)629 417 — 417 
Total$10,620 $(9)$10,611 $1,136 $— $1,136 
(1)    Refer to subfootnote (2) above for details about the impairment loss in 2025.

Goodwill Impairment Test

The Company completed a qualitative impairment assessment of goodwill for each reporting unit as of October 1, 2025. The qualitative assessment did not identify indicators of impairment except for Rocket Homes which is described above. The Company concluded that it was more likely than not that each respective reporting unit had a fair value in excess of its carrying value. As such, further impairment assessment was not necessary.

Intangible Assets

As of December 31, 2025 and 2024, there was $2,224 and $91 of intangible assets recorded in Intangible assets, net on our Consolidated Balance Sheets, respectively, which primarily consist of trade names, customer relationships and developed technology recorded in connection with the Acquisitions.

The following table summarizes the carrying value of intangible assets:
December 31, 2025
December 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Definite-lived intangible assets
Trade names (1)
$382 $53 $329 $19 $4 $15 
Customer relationships (1)
1,439 95 1,344 91 29 62 
Developed technology (1)
659 114 545 55 47 8 
Other— — — 2 2 — 
Total$2,480 $262 $2,218 $167 $82 $85 
Indefinite-lived
intangible assets
Title insurance assets$6 $— $6 $6 $— $6 
Total intangible assets$2,486 $262 $2,224 $173 $82 $91 
(1)    As of December 31, 2025 these amounts include identifiable intangible assets acquired from the Acquisitions. Refer to Note 2, Acquisitions for further information.
The weighted average remaining amortization period for each definite-lived intangible asset category is as follows:
Definite-lived intangible assetWeighted average remaining amortization period
Trade names6 years
Customer relationships7 years
Developed technology4 years
Other7 years
Aggregate amortization expense was $186, $24 and $22 during the years ended December 31, 2025, 2024 and 2023, respectively.

The following table outlines the estimated remaining aggregate amortization expense of intangible assets that existed as of December 31, 2025:
YearAmount
2026$459 
2027458 
2028436 
2029323 
2030230 
Thereafter312 
Total$2,218 

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Mar 3, 2025
2023Feb 27, 2024
2022Mar 1, 2023

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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