Q3 2026 Revenue up 12% year over year to $546M · 70¢ of every $1 of revenue lost · operating margin -53.8%
Starwood Property Trust made $546M in Q3 2026 (+12% Y/Y). Operating margin -53.8%, net loss $381M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$546M
Year over year+12%
Operating margin-53.8%
Net earnings−$381M
Operating cash flow$231M
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
What changed this quarter
Revenue was $545.9M in Q3 2026, up 12% year over year and up 6% from the previous quarter.
Operating costs exceeded revenue by $293.9M, an operating margin of -53.8%. Total costs grew 72% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+80%). The quarter ended with a net loss of $381.2M, after a profit of $15.0M the previous quarter.
Operating cash flow was $231.2M (down 32% year over year). Non-cash charges added back $36.6M of depreciation and amortization. Working capital and other items added $575.8M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$546M
+12%
-53.8%
−$381M
$231M
Q2 2026
10-Q
Aug 6, 2026
$514M
+16%
-2.2%
$15.0M
$171M
Q1 2026
10-Q
May 8, 2026
$512M
+22%
6.3%
$51.9M
$93.6M
Q4 2025
10-K
Feb 25, 2026
$493M
+8%
2.1%
$96.9M
$489M
Q3 2025
10-Q
Nov 10, 2025
$489M
+2%
-0.1%
$79.9M
$338M
Q2 2025
10-Q
Aug 7, 2025
$444M
-9%
3.1%
$130M
−$87.4M
Q1 2025
10-Q
May 9, 2025
$418M
-20%
8.1%
$112M
$239M
Charts
Latest (Q3 2026): Y/Y +12%, Q/Q +6%.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 −$381M, Operating cash flow $231M.+23.9% since FY2020: more shares outstanding (issuance, stock pay).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
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
The following description of our business should be read in conjunction with the information included elsewhere in this Form 10‑K for the year ended December 31, 2025. This discussion contains forward‑looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward‑looking statements due to the factors set forth in “Risk Factors” and elsewhere in this Form 10‑K. References in this Form 10‑K to “we,” “our,” “us,” or the “Company” refer to Starwood Property Trust, Inc. and its subsidiaries.
In its own words, from its 10-K, filed Feb 25, 2026.
Starwood Property Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +12%. Operating margin: -53.8% against the peers' median 15.9%.