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REITs · Real Estate · Fiscal year ends Dec 31
Rithm Capital reported revenue of $4.6B in the fiscal year ended Dec 2025, down 6.7% from the year before. Net income was $697M. Net debt was $33.6B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,729 | 4,921 | 3,680 | 4,917 | 4,590 |
| Interest expense | 497 | 791 | 1,421 | – | – |
| Pre-tax income | 964 | 1,263 | 753 | 1,209 | 806 |
| Income tax | 158 | 280 | 122 | 267 | 88.3 |
| Net income | 806 | 983 | 622 | 932 | 697 |
| Diluted EPS | 1.51 | 1.80 | 1.10 | 1.67 | 1.04 |
| Diluted shares | 468 | 482 | 484 | 500 | 546 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,333 | 1,337 | 1,287 | 1,459 | 1,848 |
| Net PP&E | 56.6 | 37.9 | 40.0 | 70.5 | 82.9 |
| Goodwill | 85.2 | 85.2 | 132 | 134 | 317 |
| Total assets | 39,742 | 34,587 | 39,717 | 46,049 | 53,063 |
| Deferred revenue | – | 0.0 | 37.5 | 17.3 | 9.3 |
| Long-term debt | 29,823 | 22,011 | 26,962 | 32,551 | 35,443 |
| Total liabilities | 33,073 | 27,576 | 32,616 | 38,163 | 43,808 |
| Shareholders' equity | 6,604 | 6,943 | 7,007 | 7,795 | 8,430 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 3,435 | 5,753 | 694 | −2,185 | −1,292 |
| Depreciation & amortisation | 6.1 | 89.5 | 80.7 | 124 | 107 |
| Stock-based compensation | 1.1 | 1.3 | 14.1 | 49.1 | 71.6 |
| Acquisitions | 1,173 | 0.0 | 307 | 604 | – |
| Share buybacks | 0.0 | – | – | – | – |
| Dividends paid | 376 | – | – | – | – |
| Dividend per share | 0.90 | 1.00 | 1.00 | 1.00 | 1.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.0% | −25.2% | 33.6% | −6.7% |
| EPS growth (YoY) | – | 19.2% | −38.9% | 51.8% | −37.7% |
| Net margin | 21.6% | 20.0% | 16.9% | 18.9% | 15.2% |
| Return on equityBlank when equity is negative | 12.2% | 14.2% | 8.9% | 12.0% | 8.3% |
| Cash conversion (CFO ÷ net income) | 4.26x | 5.85x | 1.11x | −2.35x | −1.85x |
| Debt ÷ equity | 4.52x | 3.17x | 3.85x | 4.18x | 4.20x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 28,491 | 20,674 | 25,675 | 31,093 | 33,596 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.