Redfin Corporation — research brief (BMC #087 on gallery, queue id 87)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated in an SEC filing (Redfin Form 10-K for fiscal 2024, audited; Redfin Form 10-Q for Q1 2025, unaudited; Redfin Form 8-K of Jul 1, 2025; Rocket Companies Form 10-K for fiscal 2025 and Form 10-Q for the quarter ended Jun 30, 2026, unaudited). SECONDARY = a company-commissioned study cited in the 10-K (days on market). INFERENCE = ratios or interpretation computed or drawn by this project.

Status check (important)

Redfin (NASDAQ: RDFN) was acquired by Rocket Companies (NYSE: RKT) on July 1, 2025 in an all-stock deal (0.7926 Rocket shares per Redfin share; acquisition-date fair value of consideration about $1,742M per Rocket: $1,466M stock, $24M converted awards, $252M cash to settle Redfin's term loan) (FACT). Redfin filed a Form 15 on Jul 11, 2025 and no longer files its own reports. Its last audited annual report is FY2024; its last quarterly report is Q1 2025. Rocket states it is impracticable to separate legacy Redfin results post-acquisition. So there is no standalone full-year figure for FY2025; the canvas uses FY2024 and labels it as such. Nothing is annualized.

Sources (accessed 2026-10-11)

Redfin Form 10-K FY2024 (filed Feb 27, 2025): https://www.sec.gov/Archives/edgar/data/1382821/000138282125000046/rdfn-20241231.htm
Redfin Form 10-Q Q1 2025: https://www.sec.gov/Archives/edgar/data/1382821/000138282125000064/rdfn-20250331.htm
Redfin Form 8-K, Jul 1, 2025: https://www.sec.gov/Archives/edgar/data/1382821/000095014225001793/eh250648521_8k.htm
Rocket Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1805284/000162828026013283/rkt-20251231.htm
Rocket Form 10-Q, quarter ended Jun 30, 2026: https://www.sec.gov/Archives/edgar/data/1805284/000162828026054577/rkt-20260630.htm
Logo: project monogram ("R" on a red tile), not Redfin's official mark. Trademark of its owner; identification only.

Teaching arc

A brokerage that tried to be cheaper by employing its own agents and owning the search site — earning a commission at closing plus rentals, mortgage and title fees — but whose salaried-agent costs left it losing money until Rocket Companies bought it in 2025 and folded it into a mortgage-led group.

Key figures — Redfin standalone, FY2024 (year ended Dec 31, 2024)

Revenue $1,042,979K (+7% vs $976,672K): brokerage $607.5M (58%, +5%), partner $35.3M (3%, -10%), rentals $203.7M (20%, +10%), mortgage $139.8M (13%, +4%), title $37.5M (4%, +49%), monetization $19.0M (2%, +35%) (FACT).
Cost of revenue $678.8M (65.1%), gross profit $364.2M (34.9%); technology and development $163.9M, marketing $114.5M, G&A $235.4M, restructuring $5.7M; loss from continuing operations $155.3M (-14.9%); interest expense $27.8M; net loss $164.8M (FY2023 net loss $130.0M) (FACT).
Net cash used in operating activities $32.3M; cash and equivalents $124.7M at Dec 31, 2024 (FACT).
48.1M average monthly visitors; 61,430 transactions (brokerage 48,982 at $12,403; partner 12,448 at $2,838); U.S. share by units 0.76%; average 1,765 lead agents; 4,778 employees; mortgage originations $4.56B (10,891 loans); about 100 markets in U.S. and Canada; 5,148 partner agents (FACT).
Seller listing commission typically 1%–1.5% vs 2.5% common elsewhere; ~44% of brokerage transactions are sellers (FACT). Days-on-market comparison (39 vs 43) is from a company-commissioned study (SECONDARY).

Last standalone quarter

Q1 2025 (unaudited): revenue $221.0M (-2% vs $225.5M); loss from operations $85.5M; net loss $92.5M (vs $66.8M) (FACT).

Zillow rentals deal (signed Feb 6, 2025)

Zillow becomes exclusive provider of multifamily rental listings (>25 units) on Redfin, Rent.com and ApartmentGuide.com for an initial five-year term; pays Redfin per lead; $100M upfront under a partnership agreement; rentals restructuring affecting ~450 employees (FACT, FY2024 10-K).
Rocket reports combined revenue from the Zillow agreements of $68M in H2 2025, and $92M in H1 2026 ($50M in Q2 2026) (FACT).

After the acquisition (Rocket)

Rocket's "Real estate services revenue" (commission brokerage and network referral fees; also covered Rocket Homes, which Rocket is winding down) was $404M in FY2025 vs $54M in FY2024, +$350M "primarily due to an increase in real estate transactions associated with Redfin"; H1 2026 $453M vs $25M. Redfin real estate transactions: ~19 thousand in Q2 2026, ~33 thousand in H1 2026 (FACT). These are not Redfin standalone revenue and are not used as its full-year figure (INFERENCE caution).
Branding "Redfin Powered by Rocket" since H2 2025 (FACT).

Not stated / not used

No standalone FY2025 revenue, profit or visitor counts; no valuation beyond the stated acquisition consideration; no Redfin-only figures after Q1 2025.

# Redfin Corporation — research brief (BMC #087 on gallery, queue id 87) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated in an SEC filing (Redfin Form 10-K for fiscal 2024, audited; Redfin Form 10-Q for Q1 2025, unaudited; Redfin Form 8-K of Jul 1, 2025; Rocket Companies Form 10-K for fiscal 2025 and Form 10-Q for the quarter ended Jun 30, 2026, unaudited). **SECONDARY** = a company-commissioned study cited in the 10-K (days on market). **INFERENCE** = ratios or interpretation computed or drawn by this project. ## Status check (important) Redfin (NASDAQ: RDFN) was acquired by Rocket Companies (NYSE: RKT) on **July 1, 2025** in an all-stock deal (0.7926 Rocket shares per Redfin share; acquisition-date fair value of consideration about $1,742M per Rocket: $1,466M stock, $24M converted awards, $252M cash to settle Redfin's term loan) (FACT). Redfin filed a Form 15 on Jul 11, 2025 and no longer files its own reports. Its last audited annual report is **FY2024**; its last quarterly report is **Q1 2025**. Rocket states it is impracticable to separate legacy Redfin results post-acquisition. So **there is no standalone full-year figure for FY2025**; the canvas uses FY2024 and labels it as such. Nothing is annualized. ## Sources (accessed 2026-10-11) - Redfin Form 10-K FY2024 (filed Feb 27, 2025): https://www.sec.gov/Archives/edgar/data/1382821/000138282125000046/rdfn-20241231.htm - Redfin Form 10-Q Q1 2025: https://www.sec.gov/Archives/edgar/data/1382821/000138282125000064/rdfn-20250331.htm - Redfin Form 8-K, Jul 1, 2025: https://www.sec.gov/Archives/edgar/data/1382821/000095014225001793/eh250648521_8k.htm - Rocket Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1805284/000162828026013283/rkt-20251231.htm - Rocket Form 10-Q, quarter ended Jun 30, 2026: https://www.sec.gov/Archives/edgar/data/1805284/000162828026054577/rkt-20260630.htm - Logo: project monogram ("R" on a red tile), **not** Redfin's official mark. Trademark of its owner; identification only. ## Teaching arc **A brokerage that tried to be cheaper by employing its own agents and owning the search site — earning a commission at closing plus rentals, mortgage and title fees — but whose salaried-agent costs left it losing money until Rocket Companies bought it in 2025 and folded it into a mortgage-led group.** ## Key figures — Redfin standalone, FY2024 (year ended Dec 31, 2024) - Revenue $1,042,979K (+7% vs $976,672K): brokerage $607.5M (58%, +5%), partner $35.3M (3%, -10%), rentals $203.7M (20%, +10%), mortgage $139.8M (13%, +4%), title $37.5M (4%, +49%), monetization $19.0M (2%, +35%) (FACT). - Cost of revenue $678.8M (65.1%), gross profit $364.2M (34.9%); technology and development $163.9M, marketing $114.5M, G&A $235.4M, restructuring $5.7M; loss from continuing operations $155.3M (-14.9%); interest expense $27.8M; net loss $164.8M (FY2023 net loss $130.0M) (FACT). - Net cash used in operating activities $32.3M; cash and equivalents $124.7M at Dec 31, 2024 (FACT). - 48.1M average monthly visitors; 61,430 transactions (brokerage 48,982 at $12,403; partner 12,448 at $2,838); U.S. share by units 0.76%; average 1,765 lead agents; 4,778 employees; mortgage originations $4.56B (10,891 loans); about 100 markets in U.S. and Canada; 5,148 partner agents (FACT). - Seller listing commission typically 1%–1.5% vs 2.5% common elsewhere; ~44% of brokerage transactions are sellers (FACT). Days-on-market comparison (39 vs 43) is from a company-commissioned study (SECONDARY). ## Last standalone quarter - Q1 2025 (unaudited): revenue $221.0M (-2% vs $225.5M); loss from operations $85.5M; net loss $92.5M (vs $66.8M) (FACT). ## Zillow rentals deal (signed Feb 6, 2025) - Zillow becomes exclusive provider of multifamily rental listings (>25 units) on Redfin, Rent.com and ApartmentGuide.com for an initial five-year term; pays Redfin per lead; $100M upfront under a partnership agreement; rentals restructuring affecting ~450 employees (FACT, FY2024 10-K). - Rocket reports combined revenue from the Zillow agreements of $68M in H2 2025, and $92M in H1 2026 ($50M in Q2 2026) (FACT). ## After the acquisition (Rocket) - Rocket's "Real estate services revenue" (commission brokerage and network referral fees; also covered Rocket Homes, which Rocket is winding down) was $404M in FY2025 vs $54M in FY2024, +$350M "primarily due to an increase in real estate transactions associated with Redfin"; H1 2026 $453M vs $25M. Redfin real estate transactions: ~19 thousand in Q2 2026, ~33 thousand in H1 2026 (FACT). **These are not Redfin standalone revenue and are not used as its full-year figure** (INFERENCE caution). - Branding "Redfin Powered by Rocket" since H2 2025 (FACT). ## Not stated / not used - No standalone FY2025 revenue, profit or visitor counts; no valuation beyond the stated acquisition consideration; no Redfin-only figures after Q1 2025.