Filing Flows › Starwood Property Trust (STWD) › Q4 2025
Starwood Property Trust (STWD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Starwood Property Trust (STWD) reported revenue of $493M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +0.8% from the quarter before. Operating margin was 2.1%, net earnings $96.9M (19.7% of revenue).
Starwood Property Trust, Q4 2025: revenue $493M (+8% year over year), operating margin 2.1%, net earnings $96.9M, operating cash flow $489M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $493M | +0.8% | +8% |
| Operating profit | $10.5M | — | — |
| Net earnings | $96.9M | +34% | +88% |
| Operating cash flow | $489M | +45% | +65% |
What changed
Revenue was $492.9M in Q4 2025, up 8% year over year and up 1% from the previous quarter.
Operating profit was $10.5M, a 2.1% margin (up 7.6 points year over year). Total costs grew 1% against revenue growth of 8%. The fastest-growing cost line was General & admin (+17%). Net earnings were $96.9M, up 88% year over year. The effective tax rate was 14.4%. Non-operating items added $120.8M, 92% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $488.8M (up 65% year over year), 435% of net income including minority interests. Non-cash charges added back $31.1M of depreciation and amortization. Working capital and other items added $345.3M.
Questions
What was Starwood Property Trust's revenue in the fourth quarter 2025?
Starwood Property Trust (STWD) reported revenue of $493M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +0.8% from the quarter before.
Was Starwood Property Trust profitable in the fourth quarter 2025?
Operating profit was $10.5M (2.1% of revenue) and net earnings $96.9M.