Two Harbors Investment Corp. (TWO) Revenue History
Annual and quarterly revenue from 2007 to present
TWO Revenue Over Time (2007–2025)
TWO Revenue Growth History
12 of 18 years with positive growth- FY2007 revenue growth
- N/A
- FY2008 revenue growth
- +201.3%
- FY2009 revenue growth
- -27.9%
- FY2010 revenue growth
- +1567.8%
- FY2011 revenue growth
- +396.0%
- FY2012 revenue growth
- +103.4%
- FY2013 revenue growth
- -7.1%
- FY2014 revenue growth
- +18.2%
- FY2015 revenue growth
- +23.7%
- FY2016 revenue growth
- -31.9%
- FY2017 revenue growth
- +68.1%
- FY2018 revenue growth
- -15.6%
- FY2019 revenue growth
- +168.1%
- FY2020 revenue growth
- -145.4%
- FY2021 revenue growth
- +83.4%
- FY2022 revenue growth
- +108.8%
- FY2023 revenue growth
- +4980.8%
- FY2024 revenue growth
- +32.1%
- FY2025 revenue growth
- -28.4%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $218.8M | +3.2% |
| Q4 2025 | $179.4M | -18.3% |
| Q3 2025 | $247.6M | +95.7% |
| Q2 2025 | $119.4M | -42.8% |
| Q1 2025 | $212.0M | -27.4% |
| Q4 2024 | $219.4M | +793.6% |
| Q3 2024 | $126.5M | -63.1% |
| Q2 2024 | $208.8M | -25.0% |
Multi-year avg. share of annual revenue by fiscal quarter
TWO Revenue Analysis (2007–2025)
Current Revenue & Growth
As of June 21, 2026, Two Harbors Investment Corp. (TWO) generated trailing twelve-month (TTM) revenue of $765.1 million, reflecting modest growth of +3.2% year-over-year. The most recent quarter (Q1 2026) recorded $218.8 million in revenue, up 22.0% sequentially.
Historical Growth Trajectory
TWO's historical revenue data shows a 3-year CAGR of +263.5%. Two Harbors Investment Corp.'s highest annual revenue of $1.90 billion was recorded in 2019.
Peer Comparison
Compared to Real Estate sector peers — including AGNC (-60.6% YoY), NLY (+5.4% YoY), and DX (+67.8% YoY) — TWO has underperformed the peer group in revenue growth. Compare TWO vs AGNC →
TWO Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TWOCurrent | $765M | +3.2% | - | 68.7% | |
 AGNC | $1.9B | -60.6% | +41.2% | 236.3% | |
 NLY | $6.7B | +5.4% | +35.2% | 102.6% | |
 DX | $534M | +67.8% | +18.1% | 138.4% | |
 MFA | $875M | +137.8% | - | 78.8% | |
 IVR | $340M | +0.7% | - | 94.5% |
TWO Historical Revenue Data (2007–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $605.6M | -28.4% | $592.9M | 97.9% | $415.8M | 68.7% |
| 2024 | $845.8M | +32.1% | $884.3M | 104.5% | $951.1M | 112.4% |
| 2023 | $640.5M | +4980.8% | $566.4M | 88.4% | $559.8M | 87.4% |
| 2022 | $12.6M | +108.8% | $-81,513,000 | -646.6% | $582.8M | 4623.6% |
| 2021 | $-142,909,000 | +83.4% | $-229,159,000 | 160.4% | $280.6M | -196.3% |
| 2020 | $-862,563,000 | -145.4% | $-988,567,000 | 114.6% | $-1,378,869,000 | 159.9% |
| 2019 | $1.90B | +168.1% | $1.76B | 92.9% | $1.04B | 54.7% |
| 2018 | $708.1M | -15.6% | $616.7M | 87.1% | $612.6M | 86.5% |
| 2017 | $838.6M | +68.1% | $761.9M | 90.9% | $648.7M | 77.4% |
| 2016 | $498.7M | -31.9% | $424.8M | 85.2% | $335.0M | 67.2% |
| 2015 | $732.0M | +23.7% | $650.9M | 88.9% | $476.3M | 65.1% |
| 2014 | $591.6M | +18.2% | $515.3M | 87.1% | $93.8M | 15.9% |
| 2013 | $500.4M | -7.1% | $451.6M | 90.2% | $661.1M | 132.1% |
| 2012 | $538.9M | +103.4% | $535.4M | 99.4% | $256.1M | 47.5% |
| 2011 | $264.9M | +396.0% | $250.7M | 94.6% | $131.4M | 49.6% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
19+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
TWO — Frequently Asked Questions
Quick answers to the most common questions about buying TWO stock.
Is TWO's revenue growth accelerating or slowing?
TWO revenue growth is slowing. TTM revenue is $765M, up +3.2% year-over-year — below the 5-year CAGR of N/A. The deceleration suggests maturing end-markets or increased competition.
What is TWO's revenue history from 2007 to 2026?
Two Harbors Investment Corp. (TWO) revenue history spans 2007 to 2026. TTM revenue as of 2026 is $765M, growing at +3.2% YoY. The 5-year CAGR is N/A. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is TWO's long-term revenue growth rate (CAGR)?
Two Harbors Investment Corp.'s 5-year revenue CAGR of N/A reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of +3.2% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for TWO.
Why does TWO's quarterly revenue fluctuate?
TWO quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Two Harbors Investment Corp.'s revenue data from 2007 to 2026 shows full historical quarterly detail on this page.
How is TWO's revenue distributed by segment?
TWO reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does TWO's revenue compare to industry peers?
Two Harbors Investment Corp. (TWO) with TTM revenue of $765M and +3.2% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.