Starwood Property Trust (STWD) financial statements
Starwood Property Trust reported revenue of $1.8B in fiscal 2025, up 10.0% a year over 9 years.
Net income was $412M and the operating margin 3.1%, against 17.0% in 2016.
Free cash flow was $99M, and the company returned $669M in dividends.
The diluted share count rose 45% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Starwood Property Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $785M | $880M | $1.1B | $1.2B | $1.1B | $1.2B | $1.5B | $2.0B | $1.9B | $1.8B |
| Selling, general and admin | $153M | $130M | $136M | $155M | $158M | $171M | $176M | $180M | $199M | $209M |
| Operating income | $134M | $145M | $132M | $167M | $172M | $181M | $192M | -$48M | -$35M | $58M |
| Interest expense | $231M | $296M | $408M | $509M | $420M | $445M | $797M | $1.4B | — | — |
| Pre-tax income | $376M | $444M | $427M | $550M | $386M | $501M | $998M | $417M | $406M | $480M |
| Income tax | $8M | $32M | $15M | $13M | $20M | $9M | -$62M | -$682,000 | $25M | $37M |
| Net income | $365M | $401M | $386M | $510M | $332M | $448M | $871M | $339M | $360M | $412M |
| EPS (diluted) | $1.50 | $1.52 | $1.42 | $1.79 | $1.16 | $1.52 | $2.74 | $1.07 | $1.10 | $1.15 |
| Diluted shares | 242M | 262M | 288M | 290M | 282M | 297M | 316M | 311M | 321M | 350M |
| Operating margin | 17.0% | 16.4% | 11.9% | 13.9% | 15.1% | 15.5% | 13.1% | -2.4% | -1.8% | 3.1% |
| Net margin | 46.5% | 45.5% | 34.8% | 42.6% | 29.2% | 38.3% | 59.5% | 16.5% | 18.5% | 22.3% |
Balance sheet
Fiscal years, from Starwood Property Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $616M | $369M | $240M | $478M | $563M | $217M | $261M | $195M | $378M | $499M |
| Goodwill | $140M | $140M | $260M | $260M | $260M | $260M | $260M | $260M | $260M | $260M |
| Total assets | $77.3B | $62.9B | $68.3B | $78.0B | $80.9B | $83.9B | $79.0B | $69.5B | $62.6B | $63.2B |
| Total liabilities | $72.7B | $58.4B | $63.4B | $72.9B | $76.0B | $77.2B | $71.8B | $62.5B | $55.4B | $55.7B |
| Shareholders' equity | $4.5B | $4.5B | $4.6B | $4.7B | $4.5B | $6.1B | $6.5B | $6.3B | $6.4B | $6.8B |
| Net debt | -$616M | -$369M | -$240M | -$478M | -$563M | -$217M | -$261M | -$195M | -$378M | -$499M |
Cash flow
Fiscal years, from Starwood Property Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $557M | -$247M | $585M | -$13M | $1.0B | -$990M | $214M | $529M | $647M | $978M |
| Capital spending | — | — | — | — | — | — | — | $0 | $0 | $878M |
| Free cash flow | — | — | — | — | — | — | — | $529M | $647M | $99M |
| Stock-based compensation | $49M | $39M | $43M | $46M | $66M | $74M | $65M | $53M | $59M | $61M |
| Dividends paid | $458M | $502M | $510M | $538M | $547M | $554M | $591M | $601M | $620M | $669M |
| Share buybacks (net) | -$20M | — | -$12M | $0 | -$34M | $0 | $0 | — | — | — |
| Net borrowing | $758M | $1.7B | $3.1B | $1.5B | $963M | $5.5B | $3.6B | -$914M | -$2.0B | $3.2B |
| Free cash flow margin | — | — | — | — | — | — | — | 25.8% | 33.2% | 5.4% |
| Dividends per share | $1.90 | $1.91 | $1.77 | $1.86 | $1.94 | $1.87 | $1.87 | $1.94 | $1.93 | $1.91 |
Questions
What was Starwood Property Trust's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Starwood Property Trust generate?
$99M in fiscal 2025 (operating cash flow minus capital spending).
From Starwood Property Trust's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.