Filing Flows › Starwood Property Trust (STWD) › Q2 2026
Starwood Property Trust (STWD) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Starwood Property Trust (STWD) reported revenue of $514M for the second quarter 2026 (Q2 2026), +16% from a year earlier and +0.2% from the quarter before. Operating margin was -2.2%, net earnings $15.0M (2.9% of revenue).
Starwood Property Trust, Q2 2026: revenue $514M (+16% year over year), operating margin -2.2%, net earnings $15.0M, operating cash flow $171M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $514M | +0.2% | +16% |
| Operating profit | −$11.1M | -135% | -180% |
| Net earnings | $15.0M | -71% | -88% |
| Operating cash flow | $171M | +82% | — |
What changed
Revenue was $513.7M in Q2 2026, up 16% year over year and roughly flat from the previous quarter.
Operating costs exceeded revenue by $11.1M, an operating margin of -2.2%. Total costs grew 22% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $6.6M, down 95% year over year. The effective tax rate was 29.3%. Non-operating items added $32.3M, 152% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $170.7M, 1137% of net income including minority interests. Non-cash charges added back $35.3M of depreciation and amortization. Working capital and other items added $120.4M.
Questions
What was Starwood Property Trust's revenue in the second quarter 2026?
Starwood Property Trust (STWD) reported revenue of $514M for the second quarter 2026 (Q2 2026), +16% from a year earlier and +0.2% from the quarter before.
Was Starwood Property Trust profitable in the second quarter 2026?
Operating loss was $11.1M (-2.2% of revenue) and net earnings $15.0M.