Starwood Property Trust, Inc. (STWD) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Revenue | 513.13M | 506.25M | 489.9M | 475.94M | 418.18M | 448.31M | 487.86M | 489.83M | 615.05M | 518.01M | 532.16M | 520.35M | 490.6M | 480.15M | 403.99M | 325.72M | 305.86M | 302.31M | 302.24M | 299.6M |
| Revenue Growth % | 22.71% | 12.92% | 0.42% | -2.83% | -32.01% | -13.46% | -8.33% | -5.87% | 25.37% | 7.89% | 31.73% | 59.75% | 60.4% | 58.83% | 33.67% | 8.72% | 6.49% | 3.9% | 13.02% | 13.19% |
| Property Operating Expenses | 127.17M | 117.39M | 100.76M | 67.98M | 80.4M | 81.41M | 60.42M | 63.12M | 76.67M | 79.39M | 63.98M | 67.22M | 76.89M | 78.89M | 64.78M | 67.96M | 87.93M | 128.75M | 99.35M | 104.94M |
| Net Operating Income (NOI) | 385.97M | 388.86M | 389.15M | 407.96M | 337.78M | 366.89M | 427.43M | 426.71M | 538.38M | 438.62M | 468.19M | 453.13M | 413.72M | 401.26M | 339.21M | 257.76M | 217.93M | 173.56M | 202.89M | 194.66M |
| NOI Margin % | 75.22% | 76.81% | 79.43% | 85.72% | 80.77% | 81.84% | 87.61% | 87.11% | 87.53% | 84.67% | 87.98% | 87.08% | 84.33% | 83.57% | 83.96% | 79.14% | 71.25% | 57.41% | 67.13% | 64.97% |
| Operating Expenses | 39.81M | -18.43M | -8.15M | 115.09M | -7.63M | 21.61M | 74.48M | 17M | 2.62M | 43.38M | 58.97M | 149.72M | 96.7M | 203.8M | -69.59M | 28.23M | 27.22M | 53.12M | -59M | -27.31M |
| G&A Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 379.88M | 441.45M | 423.35M | 303.25M | 356.89M | 358.25M | 363.14M | 419.83M | 545.59M | 407.86M | 421.48M | 315.74M | 329.44M | 210.25M | 421.41M | 241.78M | 202.35M | 136.45M | 283.94M | 244.45M |
| EBITDA Margin % | 74.03% | 87.2% | 86.41% | 63.71% | 85.34% | 79.91% | 74.44% | 85.71% | 88.71% | 78.74% | 79.2% | 60.68% | 67.15% | 43.79% | 104.31% | 74.23% | 66.16% | 45.13% | 93.94% | 81.59% |
| Depreciation & Amortization | 33.73M | 34.16M | 26.04M | 10.37M | 11.48M | 12.96M | 10.19M | 10.12M | 9.82M | 12.63M | 12.27M | 12.32M | 12.42M | 12.79M | 12.61M | 12.24M | 11.65M | 16.01M | 22.04M | 22.48M |
| D&A / Revenue % | 6.57% | 6.75% | 5.32% | 2.18% | 2.75% | 2.89% | 2.09% | 2.07% | 1.6% | 2.44% | 2.31% | 2.37% | 2.53% | 2.66% | 3.12% | 3.76% | 3.81% | 5.3% | 7.29% | 7.5% |
| Operating Income | 346.16M | 407.29M | 397.3M | 292.88M | 345.41M | 345.28M | 352.95M | 409.71M | 535.77M | 395.24M | 409.21M | 303.41M | 317.02M | 197.46M | 408.8M | 229.54M | 190.7M | 120.44M | 261.89M | 221.98M |
| Operating Margin % | 67.46% | 80.45% | 81.1% | 61.54% | 82.6% | 77.02% | 72.35% | 83.64% | 87.11% | 76.3% | 76.9% | 58.31% | 64.62% | 41.12% | 101.19% | 70.47% | 62.35% | 39.84% | 86.65% | 74.09% |
| Interest Expense | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Interest Coverage | 1.16x | 1.39x | 1.28x | 1.43x | 1.41x | 1.22x | 1.24x | 1.27x | 1.45x | 1.28x | 1.11x | 1.62x | 1.15x | 1.53x | 1.79x | 2.86x | 4.02x | 1.90x | 2.28x | 2.12x |
| Non-Operating Income | -36.23M | -57.86M | -30.82M | -158.62M | -66.62M | -33.93M | -67.53M | -28.28M | 18.75M | -76.83M | 877K | -283.5M | -69.25M | -254.85M | 11.29M | -206.99M | -317.61M | -101.41M | -1.63M | -10.71M |
| Pretax Income | 53.48M | 131.31M | 93.27M | 135.37M | 119.87M | 68.72M | 82.62M | 93.6M | 161.07M | 102.95M | 39.98M | 223.58M | 50.97M | 156.68M | 175.08M | 283.91M | 381.86M | 105.32M | 147.99M | 123.03M |
| Pretax Margin % | 10.42% | 25.94% | 19.04% | 28.44% | 28.66% | 15.33% | 16.94% | 19.11% | 26.19% | 19.87% | 7.51% | 42.97% | 10.39% | 32.63% | 43.34% | 87.16% | 124.85% | 34.84% | 48.96% | 41.07% |
| Income Tax | -3.94M | 18.94M | 13.34M | 671K | 3.77M | -2.1M | 10.45M | 15.88M | 1.21M | 18.32M | -11.4M | 1.2M | -8.79M | -12.52M | -48.76M | 2.21M | -2.45M | 2.29M | 7.5M | -3.35M |
| Effective Tax Rate % | -7.38% | 14.42% | 14.31% | 0.5% | 3.14% | -3.06% | 12.65% | 16.96% | 0.75% | 17.79% | -28.51% | 0.54% | -17.26% | -7.99% | -27.85% | 0.78% | -0.64% | 2.18% | 5.07% | -2.73% |
| Net Income | 51.88M | 96.92M | 72.56M | 129.81M | 112.25M | 51.64M | 76.07M | 77.89M | 154.33M | 70.96M | 47.44M | 168.84M | 51.97M | 140.03M | 194.56M | 212.29M | 324.6M | 91.45M | 128.6M | 116.31M |
| Net Margin % | 10.11% | 19.14% | 14.81% | 27.28% | 26.84% | 11.52% | 15.59% | 15.9% | 25.09% | 13.7% | 8.91% | 32.45% | 10.59% | 29.16% | 48.16% | 65.17% | 106.13% | 30.25% | 42.55% | 38.82% |
| Net Income Growth % | -53.79% | 87.66% | -4.61% | 66.66% | -27.26% | -27.22% | 60.36% | -53.87% | 196.94% | -49.32% | -75.62% | -20.46% | -83.99% | 53.12% | 51.29% | 82.52% | 191.44% | -14.51% | -15.3% | -16.72% |
| Funds From Operations (FFO) | 85.6M | 131.07M | 98.6M | 140.19M | 123.74M | 64.61M | 86.26M | 88.01M | 164.15M | 83.59M | 59.71M | 181.17M | 64.39M | 152.82M | 207.17M | 224.53M | 336.25M | 107.46M | 150.64M | 138.79M |
| FFO Margin % | 16.68% | 25.89% | 20.13% | 29.45% | 29.59% | 14.41% | 17.68% | 17.97% | 26.69% | 16.14% | 11.22% | 34.82% | 13.12% | 31.83% | 51.28% | 68.93% | 109.93% | 35.55% | 49.84% | 46.32% |
| FFO Growth % | -30.82% | 102.88% | 14.32% | 59.28% | -24.62% | -22.71% | 44.47% | -51.42% | 154.93% | -45.3% | -71.18% | -19.31% | -80.85% | 42.22% | 37.53% | 61.78% | 151.21% | -17.82% | -14.12% | -14.89% |
| FFO per Share | 0.25 | 0.39 | 0.29 | 0.42 | 0.37 | 0.19 | 0.27 | 0.28 | 0.50 | 0.27 | 0.19 | 0.58 | 0.21 | 0.48 | 0.65 | 0.71 | 1.07 | 0.35 | 0.51 | 0.47 |
| FFO Payout Ratio % | 208.22% | 135.96% | 330.65% | 116.78% | 131.18% | 251.96% | 176.59% | 173.36% | 92.78% | 180.28% | 252.08% | 82.93% | 232.59% | 97.28% | 71.69% | 65.72% | 43.63% | 129.31% | 92.22% | 99.71% |
| EPS (Diluted) | 0.15 | 0.30 | 0.22 | 0.38 | 0.33 | 0.14 | 0.23 | 0.24 | 0.48 | 0.22 | 0.15 | 0.54 | 0.16 | 0.44 | 0.61 | 0.67 | 1.01 | 0.30 | 0.44 | 0.40 |
| EPS Growth % | -54.55% | 114.29% | -4.35% | 58.33% | -31.25% | -36.36% | 53.33% | -55.56% | 200% | -50% | -75.41% | -19.4% | -84.16% | 46.67% | 38.64% | 67.5% | 165.79% | -21.05% | -15.38% | -18.37% |
| EPS (Basic) | 0.15 | 0.29 | 0.22 | 0.38 | 0.33 | 0.14 | 0.23 | 0.24 | 0.49 | 0.22 | 0.15 | 0.54 | 0.16 | 0.45 | 0.63 | 0.68 | 1.01 | 0.30 | 0.44 | 0.40 |
| Diluted Shares Outstanding | 337.14M | 337.14M | 337.14M | 337.14M | 337.41M | 337.41M | 319.78M | 313.61M | 330.84M | 313.37M | 310.57M | 310.06M | 309M | 318.24M | 316.57M | 314.96M | 313.33M | 304.82M | 295.45M | 294.57M |