Filing Flows › Starwood Real Estate Income Trust (SWDR) › Q3 2025
Starwood Real Estate Income Trust (SWDR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Starwood Real Estate Income Trust (SWDR) reported revenue of $394M for the third quarter 2025 (Q3 2025), -7% from a year earlier and -0.1% from the quarter before. Operating margin was 59.5%, net loss $179M (45.4% of revenue).
Starwood Real Estate Income Trust, Q3 2025: revenue $394M (-7% year over year), operating margin 59.5%, net loss $179M, operating cash flow $98.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $394M | -0.1% | -7% |
| Operating profit | $234M | -3% | — |
| Net earnings | −$179M | — | — |
| Operating cash flow | $98.6M | -12% | -33% |
| Free cash flow | $55.3M | -28% | -42% |
What changed
Revenue was $393.9M in Q3 2025, down 7% year over year and roughly flat from the previous quarter. Rental Revenue was the largest line at 98% of revenue. Rental Revenue lost $30.3M year over year (down 7%), 98% of the total change.
Operating profit was $234.4M, a 59.5% margin (down 1.3 points year over year). Total costs fell 4% while revenue fell 7%. The quarter ended with a net loss of $178.9M, narrower than the previous quarter's $205.3M loss. Minority interests bore $10.4M of it: to shareholders the quarter was a loss of $168.5M. Net interest and other expense of $415.0M was the main reason.
Operating cash flow was $98.6M (down 33% year over year). Non-cash charges added back $178.3M of depreciation and amortization. Working capital and other items added $99.2M. Capital expenditures of $43.3M left free cash flow of $55.3M.
Questions
What was Starwood Real Estate Income Trust's revenue in the third quarter 2025?
Starwood Real Estate Income Trust (SWDR) reported revenue of $394M for the third quarter 2025 (Q3 2025), -7% from a year earlier and -0.1% from the quarter before.
Was Starwood Real Estate Income Trust profitable in the third quarter 2025?
Operating profit was $234M (59.5% of revenue) and net loss $179M.
Source: Starwood Real Estate Income Trust 10-Q on SEC EDGAR.