Filing Flows › Starwood Real Estate Income Trust (SWDR) › Q1 2026
Starwood Real Estate Income Trust (SWDR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Starwood Real Estate Income Trust (SWDR) reported revenue of $392M for the first quarter 2026 (Q1 2026), -2% from a year earlier and 0% from the quarter before. Operating margin was 63.6%, net loss $120M (30.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $392M | 0% | -2% |
| Operating profit | $249M | +3% | +1% |
| Net earnings | −$120M | — | — |
| Operating cash flow | $54.2M | +10% | -36% |
| Free cash flow | $30.1M | — | -44% |
What changed
Revenue was $392.3M in Q1 2026, down 2% year over year and roughly flat from the previous quarter. Rental Revenue was the largest line at 98% of revenue. Rental Revenue lost $8.3M year over year (down 2%), 104% of the total change.
Operating profit was $249.4M, a 63.6% margin (up 1.9 points year over year). Total costs fell 7% while revenue fell 2%. The quarter ended with a net loss of $119.9M, narrower than the previous quarter's $161.3M loss. Minority interests bore $7.0M of it: to shareholders the quarter was a loss of $112.9M. Net interest and other expense of $369.9M was the main reason.
Operating cash flow was $54.2M (down 36% year over year). Non-cash charges added back $177.6M of depreciation and amortization. Working capital and other items used $3.6M. Capital expenditures of $24.1M left free cash flow of $30.1M.
Questions
What was Starwood Real Estate Income Trust's revenue in the first quarter 2026?
Starwood Real Estate Income Trust (SWDR) reported revenue of $392M for the first quarter 2026 (Q1 2026), -2% from a year earlier and 0% from the quarter before.
Was Starwood Real Estate Income Trust profitable in the first quarter 2026?
Operating profit was $249M (63.6% of revenue) and net loss $120M.
Source: Starwood Real Estate Income Trust 10-Q on SEC EDGAR.