Several analysts were left surprised after UWM did not allow the question and answer session during its quarterly earnings call with analysts.

  • BTIG said that UWM Holdings management's change in routine this quarter, of not fielding questions on the earnings call is "catching investors off guard”.
  • Keefe Bruyette analyst Bose George called the move "a surprise."

UWM Holdings’ shares fell more than 12% on Wednesday as several analysts found the company not fielding questions during its earnings call surprising. 

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At the time of writing the stock was down 11% at $4.06. 

Surprised Analysts

BTIG said that UWM Holdings is selling off possibly in reaction to management's change in routine this quarter, which included not fielding questions on the earnings call. This is "catching investors off guard," especially since the company is guiding to slightly lower revenue quarter-over-quarter, and following its "material" acquisition of Two Harbors (TWO), which is still on target to close in June, the analyst told investors in a research note. 

Keefe Bruyette analyst Bose George said that UWM Holdings (UWMC) hosted its Q4 conference call and management noted they will not field questions, "which was a surprise."

The shares had already been weak on the Q1 guidance, and will likely sell off further given the lack of questions on the call, the analyst told investors in a research note. 

However, BTIG said that UWM's $50 billion of originations in the quarter is solid and helps validate the company's scale. 

Q4 Earnings And Q126 Forecast

The company reported a total revenue of $945.2 million in 4Q25 compared to $843.3 million in 3Q25 and $720.6 million in 4Q24. Analysts on average had expected revenue to be at $781.7 million, as per data from fiscal.ai. 

UWM said that it anticipates total revenue in the first quarter of 2026 to be between $650 million and $850 million.

How Did Stocktwits Users React?

Retail sentiment around ‘bullish’ territory amid ‘high’ message volume. 

Shares in the company have fallen 38% over the past 12 months. 

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