Filing Flows › Rithm Capital (RITM) › Q1 2026
Rithm Capital (RITM) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
Rithm Capital (RITM) reported revenue of $1.4B for the first quarter 2026 (Q1 2026), +41% from a year earlier and +7% from the quarter before. Operating margin was 11.2%, net earnings $103M (7.4% of revenue).
Rithm Capital, Q1 2026: revenue $1.4B (+41% year over year), operating margin 11.2%, net earnings $103M, operating cash flow $101M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +7% | +41% |
| Operating profit | $154M | -25% | +172% |
| Net earnings | $103M | +21% | +30% |
| Operating cash flow | $101M | — | -93% |
| Free cash flow | $61.0M | — | — |
What changed
Revenue was $1.4B in Q1 2026, up 41% year over year and up 7% from the previous quarter. Interest income was the largest line at 33% of revenue. Commercial real estate revenue added $0.17B year over year (up 888%), 43% of the total change. Incentive fees declined 45%.
Operating profit was $0.15B, a 11.2% margin (up 5.4 points year over year). Of the extra revenue versus Q1 2025, 24% reached operating profit, above the 6% margin then. Total costs grew 33% against revenue growth of 41%. The fastest-growing cost line was General & admin (+58%). Net earnings were $0.10B, up 30% year over year. The effective tax rate was 29.0%.
Operating cash flow was $0.10B (down 93% year over year), 92% of net income including minority interests. Non-cash charges added back $0.09B of depreciation and amortization. Working capital and other items used $0.10B. Capital expenditures of $0.04B left free cash flow of $0.06B.
Questions
What was Rithm Capital's revenue in the first quarter 2026?
Rithm Capital (RITM) reported revenue of $1.4B for the first quarter 2026 (Q1 2026), +41% from a year earlier and +7% from the quarter before.
Was Rithm Capital profitable in the first quarter 2026?
Operating profit was $154M (11.2% of revenue) and net earnings $103M.
Source: Rithm Capital 10-Q on SEC EDGAR.