Filing Flows › Starwood Real Estate Income Trust (SWDR) › Q2 2025
Starwood Real Estate Income Trust (SWDR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Starwood Real Estate Income Trust (SWDR) reported revenue of $395M for the second quarter 2025 (Q2 2025), -6% from a year earlier and -1% from the quarter before. Operating margin was 61.2%, net loss $205M (52.0% of revenue).
Starwood Real Estate Income Trust, Q2 2025: revenue $395M (-6% year over year), operating margin 61.2%, net loss $205M, operating cash flow $112M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $395M | -1% | -6% |
| Operating profit | $242M | -2% | — |
| Net earnings | −$205M | — | — |
| Operating cash flow | $112M | +32% | +27% |
| Free cash flow | $76.5M | +43% | +66% |
What changed
Revenue was $394.5M in Q2 2025, down 6% year over year and down 1% from the previous quarter. Rental Revenue was the largest line at 98% of revenue. Rental Revenue lost $25.7M year over year (down 6%), 94% of the total change.
Operating profit was $241.6M, a 61.2% margin (up 1.5 points year over year). Total costs fell 10% while revenue fell 6%. The quarter ended with a net loss of $205.3M, wider than the previous quarter's $187.6M loss. Minority interests bore $11.4M of it: to shareholders the quarter was a loss of $193.9M. Net interest and other expense of $447.7M was the main reason.
Operating cash flow was $112.4M (up 27% year over year). Non-cash charges added back $173.7M of depreciation and amortization. Working capital and other items added $144.1M. Capital expenditures of $36.0M left free cash flow of $76.5M.
Questions
What was Starwood Real Estate Income Trust's revenue in the second quarter 2025?
Starwood Real Estate Income Trust (SWDR) reported revenue of $395M for the second quarter 2025 (Q2 2025), -6% from a year earlier and -1% from the quarter before.
Was Starwood Real Estate Income Trust profitable in the second quarter 2025?
Operating profit was $242M (61.2% of revenue) and net loss $205M.
Source: Starwood Real Estate Income Trust 10-Q on SEC EDGAR.