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STWDStarwood Property Trust, Inc.
$12.05$4.5B
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Starwood Property Trust, Inc. (STWD) Income Statement

17Y historyFree accessUpdated daily

Revenue growth decelerated sharply from 25.4% in 2024Q1 to 7.9% in 2026Q2, while NOI margin compressed 12.1 percentage points to 75.4%, reflecting cost pressures and portfolio mix shifts.

Income StatementBalance SheetCash FlowRatios

STWD Income Statement

Annual statement

STWD Income Statement

Starwood Property Trust, Inc. (STWD) annual income statement — 17-year revenue, gross profit & net income history

AnnualQuarterly
MetricTTMDec'25Dec'24Dec'23Dec'22Dec'21Dec'20Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Revenue2.08B1.88B2.04B2.05B1.55B1.19B1.14B1.32B1.11B880.59M786.29M757.8M714.39M594.94M332.37M225.97M105.04M6.93M
Revenue Growth %13.46%-7.88%-0.53%32.12%30.7%4.49%-13.75%18.43%26.42%11.99%3.76%6.08%20.08%79%47.09%115.13%1416.33%-
Property Operating Expenses370.77M366.53M281.63M290.38M302.89M448.92M437.69M469.88M522.55M405.58M316.22M194.68M164.14M141.14M58.27M38.9M22.77M7.47M
Net Operating Income (NOI)1.71B1.51B1.76B1.76B1.25B739.34M699.49M848.56M590.7M475M470.06M563.12M550.25M453.8M274.1M187.07M82.26M-544K
NOI Margin %82.17%80.51%86.2%85.85%80.5%62.22%61.51%64.36%53.06%53.94%59.78%74.31%77.02%76.28%82.47%82.79%78.32%-7.85%
Operating Expenses124.27M80.87M115.71M347.32M188M-58.17M55.95M-18.82M-28.38M67.68M-144.65M-122.84M69.6M128.44M84.13M52.75M30.5M3.72M
G&A Expenses106.59M00000000000000000
EBITDA1.2B1.52B1.69B1.47B1.12B882.1M737.7M980.77M749.92M498.22M676.28M714.97M497.27M341.16M190.18M178.96M90.84M1.23M
EBITDA Margin %57.83%80.72%82.8%71.57%71.87%74.23%64.87%74.39%67.36%56.58%86.01%94.35%69.61%57.34%57.22%79.2%86.49%17.73%
Depreciation & Amortization141.82M84.83M46.26M54.3M53.94M84.59M94.15M113.39M130.84M90.9M61.57M29.01M16.63M15.81M213K000
D&A / Revenue %6.82%4.51%2.27%2.65%3.47%7.12%8.28%8.6%11.75%10.32%7.83%3.83%2.33%2.66%0.06%0%0%0%
Operating Income1.09B1.43B1.64B1.41B1.06B797.51M643.54M867.38M619.08M407.33M614.71M685.96M480.64M325.35M189.97M134.31M51.76M-4.26M
Operating Margin %52.33%76.2%80.53%68.92%68.39%67.12%56.59%65.79%55.61%46.26%78.18%90.52%67.28%54.69%57.16%59.44%49.28%-61.54%
Interest Expense4M1.28B1.35B1.44B797.12M445.09M419.76M508.73M408.19M295.67M230.8M202.55M161.1M118.35M47.13M28.78M15.79M1.9M
Interest Coverage-1.38x1.30x1.29x2.25x2.13x1.92x2.08x2.05x2.50x2.63x3.31x4.26x3.81x5.29x6.22x5.75x0.64x
Non-Operating Income-125.43M-324.02M-110.99M-439.3M-732.46M-148.68M-162.5M-191.52M-215.67M-332.63M8.24M14.76M-205.27M-125.75M-59.4M-44.65M-39.09M-5.49M
Pretax Income-178.22M479.81M406.01M417.48M997.54M501.1M386.28M550.17M426.53M444.29M376M469.39M526.18M334.38M204.71M121.4M59.27M-2.58M
Pretax Margin %-8.57%25.52%19.89%20.34%64.23%42.17%33.97%41.73%38.31%50.45%47.82%61.94%73.66%56.2%61.59%53.72%56.43%-37.25%
Income Tax24.29M36.72M25.43M-682K-61.52M8.67M20.2M13.23M15.33M31.52M8.34M17.21M24.1M24.05M1.02M790K426K0
Effective Tax Rate %-13.63%7.65%6.26%-0.16%-6.17%1.73%5.23%2.41%3.59%7.09%2.22%3.67%4.58%7.19%0.5%0.65%0.72%0%
Net Income-234.36M411.54M359.93M339.21M871.48M447.74M331.69M509.66M385.83M400.77M365.19M450.7M495.02M305.03M201.19M119.38M57.05M-3.02M
Net Margin %-11.27%21.89%17.63%16.53%56.11%37.68%29.17%38.66%34.66%45.51%46.44%59.47%69.29%51.27%60.53%52.83%54.31%-43.55%
Net Income Growth %-163.98%14.34%6.11%-61.08%94.64%34.99%-34.92%32.1%-3.73%9.74%-18.97%-8.95%62.29%51.61%68.54%109.26%1990.82%-
Funds From Operations (FFO)-92.54M496.38M406.19M393.51M925.42M532.33M425.84M623.06M516.67M491.67M426.76M479.71M511.65M320.84M201.41M123.16M57.69M-3.02M
FFO Margin %-4.45%26.4%19.9%19.18%59.59%44.8%37.45%47.26%46.41%55.83%54.27%63.3%71.62%53.93%60.6%54.5%54.93%-43.55%
FFO Growth %-455.09%22.2%3.22%-57.48%73.84%25.01%-31.65%20.59%5.09%15.21%-11.04%-6.24%59.47%59.3%63.54%113.47%--
FFO per Share-0.251.471.271.273.281.791.512.191.871.881.762.052.341.931.771.431.15-0.06
FFO Payout Ratio %-771.07%134.75%152.64%152.78%63.91%104.06%128.42%86.42%98.7%102.03%107.4%93.15%78.5%93.81%92.4%115.99%76.7%0%
EPS (Diluted)-0.641.221.121.073.091.521.161.791.401.521.501.912.241.821.761.381.14-0.06
EPS Growth %-155.96%8.93%4.67%-65.37%103.29%31.03%-35.2%27.86%-7.89%1.33%-21.47%-14.73%23.08%3.41%27.54%21.05%1898.11%-
EPS (Basic)-1.221.131.073.091.541.161.811.451.531.521.922.281.821.761.381.16-0.06
Diluted Shares Outstanding366.73M337.14M320.57M310.51M282.48M296.83M282.48M284.73M275.66M262.08M241.79M234.14M218.78M166.36M113.73M86.41M50.02M47.58M

Key Metrics

Growth RegimeDecelerating
ProfitabilityStrained
Balance SheetAdequate
Cash FlowDeteriorating
Top Statement Risk

CECL reserves and EPS miss

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Growth Stalls Amid Portfolio Shift

Revenue growth decelerated sharply from 25.4% in 2024Q1 to 7.9% in 2026Q2, reflecting a strategic pivot toward infrastructure and residential lending, as reported in STWD's quarterly filings.

The 2026Q2 revenue of $513.7M is only 1.6% above the prior quarter, indicating a plateau after the 22.7% surge in 2026Q1. This suggests the initial boost from the infrastructure pivot is fading, and organic growth may be constrained by a cautious deployment environment. The decline from the 2024Q1 peak of $615.0M highlights a deliberate de-risking away from commercial office, but investors should monitor whether new segments can sustain momentum.

NOI Margin Compression Signals Cost Pressures

NOI margin fell from 87.5% in 2024Q1 to 75.4% in 2026Q2, a 12.1 percentage point decline, indicating rising property-level operating costs or a shift in revenue mix, per STWD's income statement data.

The margin erosion is consistent with a growing Property segment, which carries higher operating expenses than pure lending. The 2025Q2 spike to 85.7% appears anomalous, possibly due to one-time gains, but the sustained decline since then suggests structural cost increases. If this trend persists, it could pressure distributable earnings, though the LNR servicing segment may partially offset with counter-cyclical fees.

FFO Volatility Raises Dividend Coverage Concerns

FFO per share swung from $0.50 in 2024Q1 to $0.11 in 2026Q2, a 78% drop, while AFFO turned deeply negative at -$164.0M, suggesting dividend coverage may be at risk, based on reported quarterly figures.

The 2026Q2 AFFO of -$164.0M is a stark contrast to the positive $131.2M in 2025Q2, indicating a significant non-cash charge or reserve build, likely tied to CECL provisions. The dividend yield of 3.0% appears low for a mortgage REIT, possibly reflecting market skepticism about earnings sustainability. Investors should scrutinize whether the negative AFFO is a one-off or a harbinger of ongoing credit deterioration.

Depreciation and CECL Distort GAAP Earnings

GAAP net income of $6.6M in 2026Q2 is far below FFO of $41.8M, highlighting the impact of depreciation and credit loss provisions, as disclosed in STWD's financial statements.

The gap between net income and FFO widened dramatically in 2026Q2, with net income at just 15.8% of FFO, versus 93% in 2025Q2. This suggests a large non-cash charge, likely a CECL reserve increase, that is not reflected in FFO. While depreciation on the Property segment is a known distortion, the magnitude of the CECL impact warrants close monitoring, as it may indicate deteriorating credit quality in the commercial lending book.

Organic Performance Masked by Portfolio Mix Shifts

Same-store NOI trends are obscured by the strategic pivot, but the 2026Q2 NOI of $387.5M is 28% below the 2024Q1 peak, indicating organic weakness, according to STWD's segment data.

The decline in NOI from $538.4M to $387.5M over nine quarters suggests that the Property segment's organic growth is not compensating for reduced lending activity. The 2025Q3 NOI margin of 79.4% versus 87.6% in 2024Q3 implies a mix shift toward lower-margin assets or higher operating costs. Without same-store disclosures, investors should infer that the portfolio's earning power is contracting, potentially due to asset sales or rent concessions in challenged sectors.

2026Q2 Marks a Credit Cycle Turning Point

The 2026Q2 EPS miss of $0.01 versus $0.36 estimate, coupled with a 70.2% FFO decline, signals a potential inflection point in credit quality, as reported in STWD's latest earnings release.

This quarter appears to be a critical juncture, with the negative AFFO and rising CECL reserves suggesting management is proactively building loss absorption capacity. The CEO's commentary about improving fundamentals may indicate the trough is passing, but the lack of forward guidance creates uncertainty. If realized losses exceed projections, dividend coverage could come under pressure, making this a pivotal period for assessing the durability of STWD's earnings power.

Earnings Quality Questioned by Negative AFFO

The negative AFFO of -$164.0M in 2026Q2, despite positive FFO, raises serious questions about earnings quality, as the gap suggests aggressive non-cash adjustments, per STWD's reported financials.

The divergence between FFO and AFFO is unusually wide, indicating that maintenance capex, straight-line rent adjustments, or other non-cash items are consuming cash flow. This may imply that the Property segment's assets require significant capital investment, or that the company is capitalizing costs that should be expensed. Investors should challenge whether the dividend is truly covered by cash earnings, as the negative AFFO suggests otherwise, and monitor if this trend persists in coming quarters.

STWD — Frequently Asked Questions

Quick answers to the most common questions about buying STWD stock.

What was Starwood Property Trust, Inc.'s (STWD) revenue in 2025?

For fiscal year 2025, Starwood Property Trust, Inc. (STWD) reported total revenue of $1.88B. This represents a 27042.7% increase compared to $6.9M in 2009.

Is Starwood Property Trust, Inc. (STWD) profitable?

Starwood Property Trust, Inc. (STWD) is profitable, generating $411.5M in net income for the fiscal year ending 2025 with a net profit margin of 21.9%.

What is Starwood Property Trust, Inc.'s operating profit margin?

Starwood Property Trust, Inc. (STWD) reported an operating income of $1.43B, resulting in an operating profit margin of 76.2%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Starwood Property Trust, Inc.'s gross profit and gross margin?

Starwood Property Trust, Inc. (STWD) generated $1.51B in gross profit for the year, representing a gross profit margin of 80.5%. This demonstrates the company's core pricing power and production efficiency.