Two Harbors Investment Corp. (TWO) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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TWO Revenue Growth
TWO Revenue Analysis (2014–2025)
As of May 6, 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.
Looking at the longer-term picture, TWO's historical revenue data shows a 3-year CAGR of +263.5%. The company achieved its highest annual revenue of $1.90 billion in 2019.
When compared to Real Estate sector peers including AGNC (+729.5% YoY), NLY (+5.4% YoY), and DX (+179.9% YoY), TWO has underperformed the peer group in terms of 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 | $4.9B | +729.5% | +35.1% | 79.6% | |
 NLY | $6.7B | +5.4% | +35.2% | 102.6% | |
 DX | $420M | +179.9% | +16.1% | 175.6% | |
 MFA | $875M | +25.6% | - | 78.8% | |
 IVR | $340M | +0.7% | - | 94.5% |
TWO Historical Revenue Data (2014–2025)
| 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% |
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Start ComparisonTWO — 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 slowed to +3.2%, below the 5-year CAGR of N/A. TTM revenue is $765M. The deceleration marks a shift from historical growth rates.
What is TWO's long-term revenue growth rate?
Two Harbors Investment Corp.'s 5-year revenue CAGR of N/A reflects the variable expansion pattern. Current YoY growth of +3.2% is near this long-term average.
How is TWO's revenue distributed by segment?
TWO reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.