Filing Flows › Rithm Capital (RITM) › Q3 2026 › vs Q3 2025
Rithm Capital (RITM) Q3 2026 vs Q3 2025 (year over year)
Rithm Capital's revenue rose $651M (+59%) from $1.1B in Q3 2025 to $1.8B in Q3 2026. The biggest changes: Servicing revenue, net +$402M (+128%); Commercial real estate revenue +$187M (—); Interest income +$25.8M (+6%). Operating margin 29.6% against 21.4% (+8.1 pts).
Rithm Capital, Q3 2026: revenue $1.8B (+59% year over year), operating margin 29.6%, net earnings $253M, operating cash flow −$1.6B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 29.6% | 21.4% | +8.1 pts |
| Net margin | 14.4% | 20.0% | -5.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Servicing and related fee revenue, net | $595M | $579M | $16.1M | +3% |
| Change in Fair Value of Mortgage Servicing Right | $121M | −$264M | $386M | — |
| Management fees | $93.0M | $65.1M | $27.8M | +43% |
| Incentive fees | $14.4M | $19.7M | −$5.3M | -27% |
| Servicing revenue, net | $717M | $315M | $402M | +128% |
| Asset management revenue | $107M | $84.9M | $22.5M | +26% |
| Interest income | $480M | $454M | $25.8M | +6% |
| Gain on originated residential mortgage loans, held-for-sale, net | $214M | $196M | $17.8M | +9% |
| Commercial real estate revenue | $187M | $0 | $187M | — |
| Other residential-related revenue | $51.6M | $58.3M | −$6.7M | -11% |
| Other | $6.4M | $6.8M | −$341K | -5% |
| Revenue | $1.8B | $1.1B | $651M | +59% |
| Operating profit | $519M | $237M | $282M | +119% |
| Costs & expenses | $1.2B | $869M | $369M | +42% |
| Pre-tax earnings | $519M | $237M | $282M | +119% |
| General & admin | $321M | $214M | $107M | +50% |
| Other operating costs | $916M | $655M | $262M | +40% |
| Net earnings | $253M | $222M | $31.7M | +14% |
| Minority interests | $8.0M | $7.3M | $729K | +10% |
| Income tax | $258M | $8.1M | $250M | 32× |
| Operating cash sources | $1.9B | $2.3B | −$352M | -15% |
| Depreciation & amortization | $92.4M | $23.1M | $69.3M | +300% |
| Cash used in operations | $1.6B | $2.0B | −$453M | -22% |
| Working capital & other | $1.9B | $2.3B | −$352M | -15% |
Questions
How much did Rithm Capital's revenue grow year over year in Q3 2026?
Rithm Capital's revenue rose $651M (+59%) from $1.1B in Q3 2025 to $1.8B in Q3 2026.
What drove Rithm Capital's revenue change in Q3 2026?
Servicing revenue, net +$402M (+128%); Commercial real estate revenue +$187M (—); Interest income +$25.8M (+6%).