Filing Flows › Starwood Real Estate Income Trust (SWDR) › Q1 2026 › vs Q1 2025
Starwood Real Estate Income Trust (SWDR) Q1 2026 vs Q1 2025 (year over year)
Starwood Real Estate Income Trust's revenue fell $8.0M (-2%) from $400M in Q1 2025 to $392M in Q1 2026. The biggest changes: Rental Revenue −$8.3M (-2%); Real Estate Other +$351K (+6%).
Starwood Real Estate Income Trust, Q1 2026: revenue $392M (-2% year over year), operating margin 63.6%, net loss $120M, operating cash flow $54.2M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 7.7% | 13.3% | -5.6 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Rental Revenue | $386M | $394M | −$8.3M | -2% |
| Real Estate Other | $6.6M | $6.2M | $351K | +6% |
| Revenue | $392M | $400M | −$8.0M | -2% |
| Income tax benefit | $700K | $400K | $300K | +75% |
| Net loss | $120M | $188M | −$67.7M | -36% |
| Costs & expenses | $513M | $588M | −$75.4M | -13% |
| Operating costs | $143M | $153M | −$10.4M | -7% |
| Interest & other, net | $370M | $435M | −$65.0M | -15% |
| General & admin | $10.2M | $9.7M | $585K | +6% |
| Other operating costs | $133M | $144M | −$11.0M | -8% |
| Operating cash sources | $178M | $173M | $4.8M | +3% |
| Depreciation & amortization | $178M | $173M | $4.8M | +3% |
| Net loss absorbed | $120M | $188M | −$67.7M | -36% |
| Working capital & other | $3.6M | −$100M | $104M | — |
| Operating cash flow | $54.2M | $85.2M | −$31.0M | -36% |
| Free cash flow (OCF − capex) | $30.1M | $53.3M | −$23.2M | -44% |
| Capital expenditures | $24.1M | $31.9M | −$7.8M | -24% |
Questions
How much did Starwood Real Estate Income Trust's revenue grow year over year in Q1 2026?
Starwood Real Estate Income Trust's revenue fell $8.0M (-2%) from $400M in Q1 2025 to $392M in Q1 2026.
What drove Starwood Real Estate Income Trust's revenue change in Q1 2026?
Rental Revenue −$8.3M (-2%); Real Estate Other +$351K (+6%).