Filing Flows › Starwood Property Trust (STWD) › Q3 2025
Starwood Property Trust (STWD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Starwood Property Trust (STWD) reported revenue of $489M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +10% from the quarter before. Operating margin was -0.1%, net earnings $79.9M (16.3% of revenue).
Starwood Property Trust, Q3 2025: revenue $489M (+2% year over year), operating margin -0.1%, net earnings $79.9M, operating cash flow $338M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $489M | +10% | +2% |
| Operating profit | −$566K | -104% | — |
| Net earnings | $79.9M | -38% | — |
| Operating cash flow | $338M | — | +40% |
What changed
Revenue was $488.9M in Q3 2025, up 2% year over year and up 10% from the previous quarter.
Operating costs exceeded revenue by $566K, an operating margin of -0.1%. Total costs fell 3% while revenue rose 2%. Net earnings were $72.6M, down 5% year over year. The effective tax rate was 14.3%. Non-operating items added $93.8M, 101% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $337.6M (up 40% year over year), 422% of net income including minority interests. Non-cash charges added back $26.0M of depreciation and amortization. Working capital and other items added $231.6M.
Questions
What was Starwood Property Trust's revenue in the third quarter 2025?
Starwood Property Trust (STWD) reported revenue of $489M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +10% from the quarter before.
Was Starwood Property Trust profitable in the third quarter 2025?
Operating loss was $566K (-0.1% of revenue) and net earnings $79.9M.