Filing Flows › Starwood Real Estate Income Trust (SWDR) › Q2 2026
Starwood Real Estate Income Trust (SWDR) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 12, 2026
Starwood Real Estate Income Trust (SWDR) reported revenue of $398M for the second quarter 2026 (Q2 2026), +0.9% from a year earlier and +1% from the quarter before. Operating margin was 63.4%, net loss $153M (38.5% of revenue).
Starwood Real Estate Income Trust, Q2 2026: revenue $398M (+0.9% year over year), operating margin 63.4%, net loss $153M, operating cash flow $106M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $398M | +1% | +0.9% |
| Operating profit | $252M | +1% | +4% |
| Net earnings | −$153M | — | — |
| Operating cash flow | $106M | +96% | -6% |
| Free cash flow | $77.0M | +156% | +0.7% |
What changed
Revenue was $398.0M in Q2 2026, up 1% year over year and up 1% from the previous quarter. Rental Revenue was the largest line at 98% of revenue. Rental Revenue added $3.2M year over year (up 1%), 94% of the total change.
Operating profit was $252.2M, a 63.4% margin (up 2.1 points year over year). Of the extra revenue versus Q2 2025, 308% reached operating profit, above the 61% margin then. Total costs fell 5% while revenue rose 1%. The quarter ended with a net loss of $153.0M, wider than the previous quarter's $119.9M loss. Minority interests bore $8.8M of it: to shareholders the quarter was a loss of $144.2M. Net interest and other expense of $405.5M was the main reason.
Operating cash flow was $106.0M (down 6% year over year). Non-cash charges added back $177.3M of depreciation and amortization. Working capital and other items added $81.7M. Capital expenditures of $29.0M left free cash flow of $77.0M.
Questions
What was Starwood Real Estate Income Trust's revenue in the second quarter 2026?
Starwood Real Estate Income Trust (SWDR) reported revenue of $398M for the second quarter 2026 (Q2 2026), +0.9% from a year earlier and +1% from the quarter before.
Was Starwood Real Estate Income Trust profitable in the second quarter 2026?
Operating profit was $252M (63.4% of revenue) and net loss $153M.
Source: Starwood Real Estate Income Trust 10-Q on SEC EDGAR.