Starwood Property Trust, Inc. (STWD) Income Statement
STWD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSTWD revenue and net income
Where STWD's revenue goes
2025Each bar shows an amount and its share of revenue. STWD kept 21.9% of revenue as net income.
STWD profit margins
STWD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −7.9% | +6.6% | +10.6% | +9.5% |
| Gross profit | −14.0% | +6.6% | +16.7% | +10.4% |
| Operating income | −12.8% | +10.5% | +17.4% | +7.6% |
| Net income | +14.3% | −22.1% | +4.4% | −0.9% |
| EPS (diluted) | −17.2% | −9.7% | −3.2% | −2.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
STWD quarterly EPS vs estimates
Starwood Property beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 6, 2026 (estimate $0.31).
STWD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.88B | $2.04B | $2.05B | $1.55B | $1.19B | $1.14B | $1.32B | $1.11B | $880.6M | $786.3M |
| Cost of revenue | $366.5M | $281.6M | $290.4M | $302.9M | $448.9M | $437.7M | $469.9M | $522.6M | $405.6M | $316.2M |
| Gross profit | $1.51B | $1.76B | $1.76B | $1.25B | $739.3M | $699.5M | $848.6M | $590.7M | $475.0M | $470.1M |
| Research & development | — | — | $0 | $1 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $208.8M | $278.0M | $233.2M | $331.1M | $264.7M | $157.9M | $274.2M | $265.6M | $252.3M | $270.4M |
| Total operating expenses | $80.9M | $115.7M | $347.3M | $188.0M | −$58.2M | $55.9M | −$18.8M | −$28.4M | $67.7M | −$144.7M |
| Operating income | $1.43B | $1.64B | $1.41B | $1.06B | $797.5M | $643.5M | $867.4M | $619.1M | $407.3M | $614.7M |
| Interest income | $1.55B | $1.76B | $1.81B | $1.28B | $845.5M | $806.4M | $800.6M | $677.4M | $566.6M | $538.0M |
| Interest expense | $1.28B | $1.35B | $1.44B | $797.1M | $445.1M | $419.8M | $508.7M | $408.2M | $295.7M | $230.8M |
| Income before taxes | $479.8M | $406.0M | $417.5M | $997.5M | $501.1M | $386.3M | $550.2M | $426.5M | $444.3M | $376.0M |
| Income taxes | $36.7M | $25.4M | −$682,000 | −$61.5M | $8.7M | $20.2M | $13.2M | $15.3M | $31.5M | $8.3M |
| Net income | $411.5M | $359.9M | $339.2M | $871.5M | $447.7M | $331.7M | $509.7M | $385.8M | $400.8M | $365.2M |
| EBITDA | $1.84B | $1.80B | $1.91B | $1.85B | $1.03B | $900.2M | $1.17B | $965.6M | $830.9M | $668.0M |
| EPS (diluted) | $1.68 | $2.03 | $2.05 | $2.28 | $2.63 | $1.98 | $1.79 | $2.19 | $2.23 | $2.09 |
| Gross margin | 80.5% | 86.2% | 85.8% | 80.5% | 62.2% | 61.5% | 64.4% | 53.1% | 53.9% | 59.8% |
| Operating margin | 76.2% | 80.5% | 68.9% | 68.4% | 67.1% | 56.6% | 65.8% | 55.6% | 46.3% | 78.2% |
| Net margin | 21.9% | 17.6% | 16.5% | 56.1% | 37.7% | 29.2% | 38.7% | 34.7% | 45.5% | 46.4% |
| 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 | $513.7M | $513.1M | $506.2M | $489.9M | $475.9M | $418.2M | $448.3M | $487.9M | $489.8M | $615.0M | $518.0M | $532.2M |
| Cost of revenue | $126.2M | $127.2M | $117.4M | $100.8M | $68.0M | $80.4M | $81.4M | $60.4M | $63.1M | $76.7M | $79.4M | $64.0M |
| Gross profit | $387.5M | $386.0M | $388.9M | $389.1M | $408.0M | $337.8M | $366.9M | $427.4M | $426.7M | $538.4M | $438.6M | $468.2M |
| Sales, general & admin | $56.7M | $58.3M | $58.1M | $72.5M | $81.9M | $48.1M | $50.0M | $48.1M | $72.7M | $96.7M | $92.1M | $46.7M |
| Total operating expenses | $53.0M | $39.8M | −$18.4M | −$8.2M | $115.1M | −$7.6M | $21.6M | $74.5M | $17.0M | $2.6M | $43.4M | $59.0M |
| Operating income | $334.5M | $346.2M | $407.3M | $397.3M | $292.9M | $345.4M | $345.3M | $353.0M | $409.7M | $535.8M | $395.2M | $409.2M |
| Interest income | $403.2M | $379.2M | $388.5M | $402.8M | $395.5M | $366.1M | $402.8M | $436.0M | $444.4M | $481.7M | $478.9M | $477.4M |
| Interest expense | $344.6M | $328.9M | $333.8M | $334.8M | $316.1M | $292.2M | $310.5M | $337.9M | $344.4M | $356.0M | $369.1M | $368.4M |
| Income before taxes | $21.2M | $53.5M | $131.3M | $93.3M | $135.4M | $119.9M | $68.7M | $82.6M | $93.6M | $161.1M | $103.0M | $40.0M |
| Income taxes | $6.2M | −$3.9M | $18.9M | $13.3M | $671,000 | $3.8M | −$2.1M | $10.4M | $15.9M | $1.2M | $18.3M | −$11.4M |
| Net income | $6.6M | $51.9M | $96.9M | $72.6M | $129.8M | $112.3M | $51.6M | $76.1M | $77.9M | $154.3M | $71.0M | $47.4M |
| EBITDA | $402.8M | $417.8M | $498.0M | $454.2M | $463.1M | $424.8M | $391.7M | $431.9M | $449.3M | $528.1M | $485.5M | $421.9M |
| EPS (diluted) | $0.36 | $0.35 | $0.42 | $0.40 | $0.41 | $0.45 | $0.48 | $0.48 | $0.48 | $0.59 | $0.58 | $0.49 |
| Gross margin | 75.4% | 75.2% | 76.8% | 79.4% | 85.7% | 80.8% | 81.8% | 87.6% | 87.1% | 87.5% | 84.7% | 88.0% |
| Operating margin | 65.1% | 67.5% | 80.5% | 81.1% | 61.5% | 82.6% | 77.0% | 72.3% | 83.6% | 87.1% | 76.3% | 76.9% |
| Net margin | 1.3% | 10.1% | 19.1% | 14.8% | 27.3% | 26.8% | 11.5% | 15.6% | 15.9% | 25.1% | 13.7% | 8.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in STWD's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
STWD financial results
In fiscal year 2025 (ended December 31, 2025), Starwood Property reported revenue of $1.9 billion, down 7.9% from the year before. It had net income of $411.5 million (up 14.3%), a net profit margin of 21.9%. Diluted earnings per share came to $1.68. Over five years revenue grew at an average rate of 10.6% a year.
See the STWD stock overview for the latest quote and news, or the STWD chart for price history and technical indicators.
STWD income statement FAQ
What is Starwood Property's annual revenue?
Starwood Property reported total revenue of $1.9 billion for fiscal year 2025, which ended on December 31, 2025. That was down 7.9% from $2.0 billion the previous year.
Is Starwood Property profitable?
Yes. Starwood Property reported net income of $411.5 million in fiscal 2025, a net profit margin of 21.9%; its operating margin was 76.2%.
What is Starwood Property's gross margin?
Starwood Property's gross margin was 80.5% in fiscal 2025: for every $100 of revenue, Starwood Property kept $81 after the direct cost of its products and services.
How fast is Starwood Property growing?
Revenue grew 10.6% a year on average over the last five fiscal years, from $1.1 billion to $1.9 billion.
What are Starwood Property's earnings per share?
Starwood Property earned $1.68 per diluted share in fiscal 2025, compared with $2.03 a year earlier.
When will Starwood Property report its next earnings?
Starwood Property is expected to report results for the quarter ending September 30, 2026 on November 6, 2026 before the market opens.
When does Starwood Property's fiscal year end?
Starwood Property's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.