Filing Flows › Starwood Property Trust (STWD) › Q1 2025
Starwood Property Trust (STWD) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Starwood Property Trust (STWD) reported revenue of $418M for the first quarter 2025 (Q1 2025), -20% from a year earlier and -8% from the quarter before. Operating margin was 8.1%, net earnings $112M (26.8% of revenue).
Starwood Property Trust, Q1 2025: revenue $418M (-20% year over year), operating margin 8.1%, net earnings $112M, operating cash flow $239M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $418M | -8% | -20% |
| Operating profit | $34.0M | — | +146% |
| Net earnings | $112M | +117% | -27% |
| Operating cash flow | $239M | -19% | +327% |
What changed
Revenue was $418.2M in Q1 2025, down 20% year over year and down 8% from the previous quarter.
Operating profit was $34.0M, a 8.1% margin (up 5.5 points year over year). Total costs fell 25% while revenue fell 20%. Net earnings were $112.3M, down 27% year over year. The effective tax rate was 3.1%. Non-operating items added $85.9M, 72% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $238.9M (up 327% year over year), 206% of net income including minority interests. Non-cash charges added back $11.5M of depreciation and amortization. Working capital and other items added $111.3M.
Questions
What was Starwood Property Trust's revenue in the first quarter 2025?
Starwood Property Trust (STWD) reported revenue of $418M for the first quarter 2025 (Q1 2025), -20% from a year earlier and -8% from the quarter before.
Was Starwood Property Trust profitable in the first quarter 2025?
Operating profit was $34.0M (8.1% of revenue) and net earnings $112M.