Filing Flows › Starwood Property Trust (STWD) › Q1 2026
Starwood Property Trust (STWD) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Starwood Property Trust (STWD) reported revenue of $512M for the first quarter 2026 (Q1 2026), +23% from a year earlier and +4% from the quarter before. Operating margin was 6.3%, net earnings $51.9M (10.1% of revenue).
Starwood Property Trust, Q1 2026: revenue $512M (+22% year over year), operating margin 6.3%, net earnings $51.9M, operating cash flow $93.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $512M | +4% | +23% |
| Operating profit | $32.2M | +205% | -5% |
| Net earnings | $51.9M | -46% | -54% |
| Operating cash flow | $93.6M | -81% | -61% |
What changed
Revenue was $512.5M in Q1 2026, up 23% year over year and up 4% from the previous quarter.
Operating profit was $32.2M, a 6.3% margin (down 1.8 points year over year). Operating profit fell $1.8M even though revenue rose $94.3M versus Q1 2025, so costs grew faster than sales. Total costs grew 25% against revenue growth of 23%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $51.9M, down 54% year over year. The effective tax rate was -7.4%. Non-operating items added $21.3M, 40% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $93.6M (down 61% year over year), 163% of net income including minority interests. Non-cash charges added back $33.7M of depreciation and amortization.
Questions
What was Starwood Property Trust's revenue in the first quarter 2026?
Starwood Property Trust (STWD) reported revenue of $512M for the first quarter 2026 (Q1 2026), +23% from a year earlier and +4% from the quarter before.
Was Starwood Property Trust profitable in the first quarter 2026?
Operating profit was $32.2M (6.3% of revenue) and net earnings $51.9M.