Filing Flows › Starwood Real Estate Income Trust (SWDR) › Q4 2025
Starwood Real Estate Income Trust (SWDR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 20, 2026
Starwood Real Estate Income Trust (SWDR) reported revenue of $392M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -0.4% from the quarter before. Operating margin was 61.8%, net loss $161M (41.1% of revenue).
Starwood Real Estate Income Trust, Q4 2025: revenue $392M (-6% year over year), operating margin 61.8%, net loss $161M, operating cash flow $49.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $392M | -0.4% | -6% |
| Operating profit | $242M | +3% | -8% |
| Net earnings | −$161M | — | — |
| Operating cash flow | $49.3M | -50% | -36% |
What changed
Revenue was $392.2M in Q4 2025, down 6% year over year and roughly flat from the previous quarter. Rental Revenue was the largest line at 98% of revenue.
Operating profit was $242.5M, a 61.8% margin (down 1.5 points year over year). Total costs fell 2% while revenue fell 6%. The quarter ended with a net loss of $161.3M, narrower than the previous quarter's $178.9M loss. Minority interests bore $9.2M of it: to shareholders the quarter was a loss of $152.0M. Net interest and other expense of $406.4M was the main reason.
Operating cash flow was $49.3M (down 36% year over year). Non-cash charges added back $180.0M of depreciation and amortization. Working capital and other items added $30.6M. Capital expenditures of $62.2M exceeded it, leaving free cash flow of −$12.9M.
Questions
What was Starwood Real Estate Income Trust's revenue in the fourth quarter 2025?
Starwood Real Estate Income Trust (SWDR) reported revenue of $392M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -0.4% from the quarter before.
Was Starwood Real Estate Income Trust profitable in the fourth quarter 2025?
Operating profit was $242M (61.8% of revenue) and net loss $161M.
Source: Starwood Real Estate Income Trust 10-K on SEC EDGAR.