Filing Flows › Rithm Capital (RITM) › Q2 2025
Rithm Capital (RITM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Rithm Capital (RITM) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +5% from a year earlier and +58% from the quarter before. Operating margin was 25.2%, net earnings $312M (25.6% of revenue).
Rithm Capital, Q2 2025: revenue $1.2B (+5% year over year), operating margin 25.2%, net earnings $312M, operating cash flow −$557M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +58% | +5% |
| Operating profit | $306M | +440% | +6% |
| Net earnings | $312M | +296% | +32% |
| Operating cash flow | −$557M | -139% | — |
What changed
Revenue was $1.2B in Q2 2025, up 5% year over year and up 58% from the previous quarter. Interest income was the largest line at 39% of revenue. Servicing revenue, net added $0.06B year over year (up 18%), 102% of the total change. Incentive fees declined 42%.
Operating profit was $0.31B, a 25.2% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 26% reached operating profit, above the 25% margin then. Total costs grew 5% against revenue growth of 5%. The fastest-growing cost line was General & admin (+12%). Net earnings were $0.31B, up 32% year over year. The effective tax rate was -3.8%.
Operating cash flow was −$0.56B. Non-cash charges added back $0.02B of depreciation and amortization. Working capital and other items used $0.90B.
Questions
What was Rithm Capital's revenue in the second quarter 2025?
Rithm Capital (RITM) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +5% from a year earlier and +58% from the quarter before.
Was Rithm Capital profitable in the second quarter 2025?
Operating profit was $306M (25.2% of revenue) and net earnings $312M.
Source: Rithm Capital 10-Q on SEC EDGAR.