How UWM Holdings makes money

Period

FY2025

How does UWM Holdings make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

UWM Holdings Corporation · FY2025 · year ended 2025-12-31

Revenue$3.2BGross profit$3.2B · 100%Cost of revenue$0 · 0%Operating income$1.0B · 32%Operating expenses$2.2B · 68%Other opex$2.2B · 68%Pre-tax income$34M · 1%Other expense$974M · 31%Net income$27M · 1%Income tax$0 · 0%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.