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Starwood Property Trust Inc (STWD) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · REIT - MORTGAGE · DATA UPDATED 2026-08-15

Starwood Property Trust Inc (STWD) operates in the REIT - MORTGAGE industry and is headquartered in Miami Beach, United States with about 324 employees. Its market capitalization is roughly $6 billion. In the fiscal year ended 2025-12-31, STWD reported $1.9B in revenue and $412M in net income.

Starwood Property Trust, Inc. operates as a real estate investment trust (REIT) in the United States and internationally. It operates through four segments: Commercial and Residential Lending; Infrastructure Lending; Property; and Investing and Servicing.

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STWD Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Total Revenue	$2.0B	$1.9B	$2.0B	$2.1B	$1.6B	$1.2B	$1.1B	$1.3B	$1.1B	$881M	$786M	$758M	$714M	$595M	$284M	$172M	$89M	$5M
Gross Profit	$1.6B	$1.5B	$1.8B	$1.8B	$1.2B	$739M	$699M	$849M	$591M	$475M	$470M	$563M	$550M	$454M	$284M	$172M	$89M	$5M
Gross Margin %	76.7%	80.5%	86.2%	85.9%	80.5%	62.2%	61.5%	64.4%	53.1%	53.9%	59.8%	74.3%	77.0%	76.3%	100.0%	100.0%	100.0%	100.0%
Operating Income (EBIT)	$1.5B	$1.4B	$1.6B	$1.4B	$1.1B	$798M	$644M	$867M	$619M	$407M	$615M	$686M	$481M	$325M	$249M	$149M	$73M	($1M)
Operating Margin %	73.4%	76.2%	80.5%	68.9%	68.4%	67.1%	56.6%	65.8%	55.6%	46.3%	78.2%	90.5%	67.3%	54.7%	87.6%	86.4%	82.0%	-22.2%
Net Income	$228M	$412M	$360M	$339M	$871M	$448M	$332M	$510M	$386M	$401M	$365M	$451M	$495M	$305M	$201M	$119M	$57M	($3M)
Net Margin %	11.3%	21.9%	17.6%	16.5%	56.1%	37.7%	29.2%	38.7%	34.7%	45.5%	46.4%	59.5%	69.3%	51.3%	70.7%	69.3%	63.9%	-60.1%
EBITDA	$1.8B	$1.8B	$1.8B	$1.9B	$1.8B	$1.0B	$902M	$1.2B	$967M	$834M	$673M	$700M	$703M	$467M	$249M	$149M	$73M	($1M)
Earnings Per Share (EPS)	$0.67	$1.22	$1.12	$1.09	$3.09	$1.51	$1.17	$1.79	$1.40	$1.53	$1.51	$1.92	$2.26	$1.83	$1.77	$1.38	$1.14	$-0.06
Shares Outstanding (M)	367M	337M	321M	311M	282M	297M	282M	285M	276M	262M	242M	234M	219M	166M	114M	86M	50M	48M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

STWD Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$514M	$513M	$506M	$490M	$476M	$418M	$448M	$488M
Gross Profit	$387M	$386M	$389M	$389M	$408M	$338M	$367M	$427M
Gross Margin %	75.4%	75.2%	76.8%	79.4%	85.7%	80.8%	81.8%	87.6%
Operating Income (EBIT)	$334M	$346M	$407M	$397M	$293M	$345M	$345M	$353M
Operating Margin %	65.1%	67.5%	80.5%	81.1%	61.5%	82.6%	77.0%	72.4%
Net Income	$7M	$52M	$97M	$73M	$130M	$112M	$52M	$76M
Net Margin %	1.3%	10.1%	19.1%	14.8%	27.3%	26.8%	11.5%	15.6%
EBITDA	$401M	$416M	$499M	$454M	$462M	$424M	$392M	$431M
Earnings Per Share (EPS)	$0.02	$0.15	$0.29	$0.22	$0.39	$0.33	$0.15	$0.24
Shares Outstanding (M)	367M	337M	337M	337M	337M	337M	337M	320M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

STWD Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Cash from Operations (CFO)	$985M	$978M	$647M	$529M	$214M	($990M)	$1.0B	($13M)	$585M	($247M)	$557M	$613M	$221M	$326M	$266M	$79M	($100M)	$6M
Capital Expenditures (CapEx)	$576M	$269M	$28M	$25M	$25M	$26M	$25M	$31M	$55M	$574M	$233M	$104M	$38M	$2.2B	$168M	$0M	$0M	$0M
Free Cash Flow (FCF)	$409M	$709M	$619M	$504M	$189M	($1.0B)	$1.0B	($44M)	$531M	($821M)	$324M	$508M	$183M	($1.9B)	$98M	$79M	($100M)	$6M
FCF Margin %	20.2%	37.7%	30.3%	24.5%	12.1%	-85.5%	89.7%	-3.3%	47.7%	-93.2%	41.2%	67.1%	25.6%	-321.7%	34.4%	46.1%	-111.6%	111.3%
Dividends Paid	$861M	$669M	$620M	$601M	$591M	$554M	$547M	$538M	$510M	$502M	$458M	$447M	$402M	$301M	$186M	$143M	$44M	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

STWD Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$65M	$94M	$489M	$338M	($87M)	$239M	$296M	$242M
Capital Expenditures (CapEx)	$206M	$149M	$206M	$15M	$9M	$6M	$7M	$7M
Free Cash Flow (FCF)	($141M)	($56M)	$283M	$323M	($96M)	$233M	$289M	$235M
FCF Margin %	-27.5%	-10.9%	55.9%	65.9%	-20.2%	55.8%	64.4%	48.2%
Dividends Paid	$179M	$178M	$178M	$326M	$164M	$162M	$163M	$152M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

STWD Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Total Assets	$61.0B	$63.2B	$62.6B	$69.5B	$79.0B	$83.8B	$80.9B	$78.0B	$68.3B	$62.9B	$77.3B	$85.7B	$116.1B	$110.8B	$4.3B	$3.0B	$2.1B	$1.1B
Cash & Cash Equivalents	$368M	$499M	$378M	$195M	$261M	$217M	$563M	$478M	$240M	$369M	$616M	$369M	$255M	$318M	$178M	$114M	$227M	$645M
Total Liabilities	$53.9B	$55.7B	$55.4B	$62.5B	$71.8B	$77.2B	$76.0B	$72.9B	$63.4B	$58.4B	$72.7B	$81.6B	$112.2B	$106.4B	$1.5B	$1.2B	$764M	$213M
Total Debt (Short + Long-Term)	$23.7B	$22.1B	$9.0B	$8.9B	$21.9B	$18.4B	$14.2B	$13.0B	$12.2B	$8.5B	$6.2B	$10.7B	$4.6B	$3.3B	$1.3B	$1.1B	$548M	$171M
Total Shareholders' Equity	$6.5B	$6.8B	$6.4B	$6.3B	$7.2B	$6.6B	$4.9B	$5.1B	$4.9B	$4.6B	$4.6B	$4.2B	$3.9B	$4.3B	$2.7B	$1.8B	$1.3B	$888M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive STWD viewer.

Other Companies in REIT - MORTGAGE

NLY · Annaly Capital Management, Inc. — $16 billion
AGNC · AGNC Investment Corp. — $12 billion
RITM · Rithm Capital Corp. — $5 billion
DX · Dynex Capital Inc — $3 billion
BXMT · Blackstone Mortgage Trust Inc — $2 billion
ARR · ARMOUR Residential REIT Inc — $2 billion
EFC · Ellington Financial Inc. — $2 billion
LADR · Ladder Capital Corp Class A — $1 billion

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