Q3 2026 Revenue up 59% year over year to $1.8B · 14¢ of every $1 of revenue kept as net profit · operating margin 29.6%
Rithm Capital made $1.8B in Q3 2026 (+59% Y/Y): Servicing revenue, net $717M, Interest income $480M, Gain on originated residential mortgage loans, held-for-sale, net $214M. Operating margin 29.6%, net earnings $253M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
Revenue$1.8B
Year over year+59%
Operating margin29.6%
Net earnings$253M
Operating cash flow−$1.6B
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
Rithm Capital Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on XEmbed this chart on your site
Free to use with the credit line. Click a box to select the code.
What changed this quarter
Revenue was $1.8B in Q3 2026, up 59% year over year and up 37% from the previous quarter. Servicing and related fee revenue, net was the largest line at 34% of revenue. Change in Fair Value of Mortgage Servicing Right added $0.39B year over year, 59% of the total change. Incentive fees declined 27%.
Operating profit was $0.52B, a 29.6% margin (up 8.1 points year over year). Of the extra revenue versus Q3 2025, 43% reached operating profit, above the 21% margin then. Total costs grew 42% against revenue growth of 59%. The fastest-growing cost line was General & admin (+50%). Net earnings were $0.25B, up 14% year over year. The effective tax rate was 49.7%.
Operating cash flow was −$1.6B. Non-cash charges added back $0.09B of depreciation and amortization. Working capital and other items used $1.9B. Capital expenditures of $0.07B exceeded it, leaving free cash flow of −$1.7B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 2, 2026
$1.8B
+59%
29.6%
$253M
−$1.6B
Q2 2026
10-Q
Aug 4, 2026
$1.3B
+5%
6.8%
$56.3M
$174M
Q1 2026
10-Q
May 4, 2026
$1.4B
+41%
11.2%
$103M
$101M
Q4 2025
10-K
Feb 19, 2026
$1.3B
-18%
16.0%
$85.0M
−$115M
Q3 2025
10-Q
Oct 31, 2025
$1.1B
+11%
21.4%
$222M
−$2.0B
Q2 2025
10-Q
Aug 1, 2025
$1.2B
+5%
25.2%
$312M
−$557M
Q1 2025
10-Q
May 2, 2025
$768M
-39%
7.4%
$78.8M
$1.4B
Charts
Latest (Q3 2026): Y/Y +59%, Q/Q +37%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $261M, Operating cash flow −$1.6B.+31.4% since FY2020: more shares outstanding (issuance, stock pay).Cash $1.8B, short-term investments —, long-term debt $35.4B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
ASPS — 8% of its revenue · Stated in 10-K (sentence) · source
About Rithm Capital
Rithm Capital is a global asset manager focused on real estate, credit and financial services. We are a Delaware corporation formed in September 2011, commencing operations in December 2011 and becoming a publicly traded company on May 15, 2013. We have operated as a REIT for U.S. federal income tax purposes since inception and, since June 17, 2022, have been structured as an internally managed REIT. We seek to generate long-term value for our stockholders by leveraging our investment expertise and operating capabilities to identify, acquire, manage and enhance the value of real estate-related and other financial assets. Our platform integrates operating companies, investment portfolios and asset management capabilities across the residential mortgage, real estate and credit markets.
In its own words, from its 10-K, filed Feb 19, 2026.
Rithm Capital against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +59% against the peers' median +14%. Operating margin: 29.6% against the peers' median 20.6%.
