Redwood Trust, Inc. (RWT) Income Statement
RWT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRWT revenue and net income
Where RWT's revenue goes
2025Each bar shows an amount and its share of revenue. RWT kept −6.3% of revenue as net income.
RWT profit margins
RWT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.2% | +28.4% | — | +17.8% |
| Gross profit | +0.8% | +28.2% | — | +18.0% |
| Operating income | +15.3% | +42.0% | — | +24.1% |
| Net income | −229.7% | — | — | — |
| EPS (diluted) | −23.1% | +88.2% | +9.9% | −10.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RWT quarterly EPS vs estimates
Redwood beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.24).
RWT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.08B | $158.6M | $522.6M | $952.0M | $0 | $327.2M | $216.2M | $239.2M | $259.5M |
| Cost of revenue | $48.4M | $33.6M | $21.7M | $19.7M | $22.0M | $12.7M | $9.9M | $7.5M | $4.0M | $14.8M |
| Gross profit | $1.06B | $1.05B | $136.9M | $502.9M | $930.1M | −$330.8M | $317.2M | $208.7M | $239.2M | $244.7M |
| Research & development | — | — | — | $0 | $0 | $1 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $43.2M | $134.4M | $126.3M | $133.9M | $161.4M | $108.7M | $105.7M | $75.3M | $77.2M | $60.3M |
| Total operating expenses | $3.2M | $134.4M | $126.3M | $133.9M | $161.4M | $108.7M | $105.7M | $75.3M | $77.2M | $60.3M |
| Operating income | $1.06B | $915.4M | $10.6M | $369.0M | $768.7M | −$439.4M | $211.5M | $133.4M | $162.0M | $184.4M |
| Interest income | $1.18B | $945.2M | $707.9M | $708.0M | $575.0M | $572.0M | $622.3M | $378.7M | $248.1M | $246.4M |
| Interest expense | $1.10B | $842.6M | $631.5M | $552.0M | $427.0M | $448.0M | $480.0M | $239.0M | $109.0M | $88.5M |
| Income before taxes | −$44.8M | $72.8M | −$639,000 | −$183.4M | $338.1M | −$586.5M | $176.6M | $130.7M | $152.2M | $135.0M |
| Income taxes | $25.2M | $18.8M | $1.6M | −$19.9M | $18.5M | −$4.6M | $7.4M | $11.1M | $11.8M | $3.7M |
| Net income | −$70.0M | $54.0M | −$2.3M | −$163.5M | $319.6M | −$581.8M | $169.2M | $119.6M | $140.4M | $131.3M |
| EBITDA | $1.07B | $927.3M | $7.8M | $384.9M | $781.6M | −$30.8M | $675.1M | $371.1M | $263.2M | $235.3M |
| EPS (diluted) | $0.40 | $0.52 | $0.40 | $0.06 | $1.41 | $0.25 | $1.57 | $1.79 | $1.41 | $1.61 |
| Gross margin | 95.6% | 96.9% | 86.3% | 96.2% | 97.7% | — | 97.0% | 96.5% | 100.0% | 94.3% |
| Operating margin | 95.3% | 84.5% | 6.7% | 70.6% | 80.7% | — | 64.6% | 61.7% | 67.7% | 71.1% |
| Net margin | −6.3% | 5.0% | −1.4% | −31.3% | 33.6% | — | 51.7% | 55.3% | 58.7% | 50.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $56.0M | $370.7M | $210.7M | $327.6M | $217.6M | $307.9M | $45.2M | $67.5M | $67.4M | $74.5M | $57.0M | $10.8M |
| Cost of revenue | $11.8M | $322.2M | $9.3M | $284.5M | $270.5M | −$516.0M | $9.7M | $9.5M | $8.5M | $5.8M | $6.9M | $5.5M |
| Gross profit | $43.0M | $48.5M | $201.4M | $43.0M | −$52.9M | $63.8M | $21.2M | $58.0M | $58.9M | $68.7M | $50.2M | $5.2M |
| Sales, general & admin | $7.7M | $47.4M | $38.3M | $37.7M | $41.1M | $37.5M | $32.5M | $36.0M | $33.3M | $32.6M | $32.2M | $29.7M |
| Total operating expenses | $44.0M | $56.5M | −$127.6M | $44.4M | $41.0M | $37.5M | $32.5M | $36.0M | $33.3M | $32.6M | $32.2M | $29.7M |
| Operating income | $353.2M | −$8.0M | $329.1M | −$1.4M | −$93.9M | $263.8M | $3.0M | $22.0M | $25.6M | $36.1M | $17.9M | −$24.5M |
| Interest income | $385.2M | $356.9M | $327.0M | $299.5M | $284.3M | $272.1M | $266.4M | $248.6M | $225.4M | $204.7M | $189.9M | $177.0M |
| Interest expense | $6.0M | $322.2M | $301.0M | $284.5M | $270.5M | $244.2M | $238.8M | $223.1M | $200.1M | $180.5M | $169.8M | $157.0M |
| Income before taxes | $45,000 | −$8.0M | $28.0M | −$1.4M | −$93.9M | $22.4M | −$356,000 | $22.0M | $20.5M | $30.8M | $22.0M | −$29.1M |
| Income taxes | $1.1M | −$2.5M | $8.0M | $6.4M | $4.6M | $6.3M | $6.3M | $7.1M | $4.9M | $523,000 | $993,000 | $1.7M |
| Net income | −$1.1M | −$5.5M | $20.0M | −$7.7M | −$98.5M | $16.1M | −$6.6M | $14.8M | $15.5M | $30.3M | $21.0M | −$30.8M |
| EBITDA | $355.6M | −$5.7M | $331.3M | $978,000 | −$91.2M | $824.4M | $241.2M | $24.8M | $223.4M | $36.1M | $3.8M | $134.5M |
| EPS (diluted) | $0.25 | $0.26 | $0.21 | $0.20 | −$0.15 | $0.14 | $0.13 | $0.18 | $0.13 | $0.08 | $0.05 | $0.09 |
| Gross margin | 76.8% | 13.1% | 95.6% | 13.1% | −24.3% | 20.7% | 46.9% | 85.9% | 87.4% | 92.2% | 88.0% | 48.5% |
| Operating margin | 630.6% | −2.2% | 156.1% | −0.4% | −43.2% | 85.7% | 6.6% | 32.5% | 38.0% | 48.5% | 31.5% | −227.6% |
| Net margin | −2.0% | −1.5% | 9.5% | −2.4% | −45.3% | 5.2% | −14.6% | 22.0% | 23.0% | 40.6% | 36.9% | −286.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RWT's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RWT financial results
In fiscal year 2025 (ended December 31, 2025), Redwood reported revenue of $1.1 billion, up 2.2% from the year before. It had a net loss of $70.0 million, a net profit margin of −6.3%. Diluted earnings per share came to $0.40.
See the RWT stock overview for the latest quote and news, or the RWT chart for price history and technical indicators.
RWT income statement FAQ
What is Redwood's annual revenue?
Redwood reported total revenue of $1.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.2% from $1.1 billion the previous year.
Is Redwood profitable?
No. Redwood reported a net loss of $70.0 million in fiscal 2025, a net profit margin of −6.3%; its operating margin was 95.3%.
What is Redwood's gross margin?
Redwood's gross margin was 95.6% in fiscal 2025: for every $100 of revenue, Redwood kept $96 after the direct cost of its products and services.
What are Redwood's earnings per share?
Redwood earned $0.40 per diluted share in fiscal 2025, compared with $0.52 a year earlier.
When will Redwood report its next earnings?
Redwood is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Redwood's fiscal year end?
Redwood's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.