Filing Flows › Starwood Property Trust (STWD) › Q2 2025
Starwood Property Trust (STWD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Starwood Property Trust (STWD) reported revenue of $444M for the second quarter 2025 (Q2 2025), -9% from a year earlier and +6% from the quarter before. Operating margin was 3.1%, net earnings $130M (29.2% of revenue).
Starwood Property Trust, Q2 2025: revenue $444M (-9% year over year), operating margin 3.1%, net earnings $130M, operating cash flow −$87.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $444M | +6% | -9% |
| Operating profit | $13.8M | -59% | — |
| Net earnings | $130M | +16% | +67% |
| Operating cash flow | −$87.4M | -137% | — |
What changed
Revenue was $444.3M in Q2 2025, down 9% year over year and up 6% from the previous quarter.
Operating profit was $13.8M, a 3.1% margin (up 3.4 points year over year). Total costs fell 12% while revenue fell 9%. Net earnings were $129.8M, up 67% year over year. The effective tax rate was 0.5%. Non-operating items added $121.6M, 90% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$87.4M. Non-cash charges added back $10.4M of depreciation and amortization. Working capital and other items used $232.4M.
Questions
What was Starwood Property Trust's revenue in the second quarter 2025?
Starwood Property Trust (STWD) reported revenue of $444M for the second quarter 2025 (Q2 2025), -9% from a year earlier and +6% from the quarter before.
Was Starwood Property Trust profitable in the second quarter 2025?
Operating profit was $13.8M (3.1% of revenue) and net earnings $130M.