Filing Flows › Rithm Capital (RITM) › Q2 2026 › vs Q2 2025
Rithm Capital (RITM) Q2 2026 vs Q2 2025 (year over year)
Rithm Capital's revenue rose $65.2M (+5%) from $1.2B in Q2 2025 to $1.3B in Q2 2026. The biggest changes: Servicing revenue, net −$198M (-47%); Commercial real estate revenue +$182M (—); Gain on originated residential mortgage loans, held-for-sale, net +$37.3M (+22%). Operating margin 6.8% against 25.2% (-18.4 pts).
Rithm Capital, Q2 2026: revenue $1.3B (+5% year over year), operating margin 6.8%, net earnings $56.3M, operating cash flow $174M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 6.8% | 25.2% | -18.4 pts |
| Net margin | 4.4% | 25.6% | -21.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Interest income | $475M | $478M | −$3.9M | -0.8% |
| Management fees | $90.5M | $66.2M | $24.3M | +37% |
| Property and maintenance | $47.5M | $49.5M | −$2.0M | -4% |
| Servicing and related fee revenue, net | $613M | $594M | $18.5M | +3% |
| Servicing revenue, net | $222M | $420M | −$198M | -47% |
| Gain on originated residential mortgage loans, held-for-sale, net | $207M | $170M | $37.3M | +22% |
| Commercial real estate revenue | $182M | $0 | $182M | — |
| Other residential-related revenue | $54.6M | $56.6M | −$2.1M | -4% |
| Other | $7.0M | $7.1M | −$89K | -1% |
| Revenue | $1.3B | $1.2B | $65.2M | +5% |
| Operating profit | $86.9M | $306M | −$220M | -72% |
| Costs & expenses | $1.2B | $911M | $285M | +31% |
| Pre-tax earnings | $86.9M | $306M | −$220M | -72% |
| General & admin | $307M | $216M | $91.6M | +42% |
| Other operating costs | $888M | $695M | $193M | +28% |
| Net earnings | $56.3M | $312M | −$255M | -82% |
| Minority interests | $11.6M | $6.3M | $5.3M | +85% |
| Income tax | $19.0M | −$11.6M | $30.6M | — |
| Depreciation & amortization | $93.5M | $23.8M | $69.8M | +293% |
| Working capital & other | $24.2M | −$893M | $917M | — |
| Operating cash flow | $174M | −$557M | $731M | — |
Questions
How much did Rithm Capital's revenue grow year over year in Q2 2026?
Rithm Capital's revenue rose $65.2M (+5%) from $1.2B in Q2 2025 to $1.3B in Q2 2026.
What drove Rithm Capital's revenue change in Q2 2026?
Servicing revenue, net −$198M (-47%); Commercial real estate revenue +$182M (—); Gain on originated residential mortgage loans, held-for-sale, net +$37.3M (+22%).