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REITs · Real Estate · Fiscal year ends Dec 31
Starwood Property Trust reported revenue of $1.8B in the fiscal year ended Dec 2025, down 5.3% from the year before. Net income was $412M. Operating cash flow of $978M less capital expenditure of $878M left free cash flow of $99M.
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 | 1,170 | 1,465 | 2,050 | 1,947 | 1,844 |
| Interest expense | 445 | 797 | 1,436 | 1,349 | 1,277 |
| Pre-tax income | 501 | 998 | 417 | 406 | 480 |
| Income tax | 8.7 | −61.5 | −0.7 | 25.4 | 36.7 |
| Net income | 448 | 871 | 339 | 360 | 412 |
| Diluted EPS | 1.52 | 2.74 | 1.07 | 1.10 | 1.15 |
| Diluted shares | 297 | 316 | 311 | 321 | 350 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 217 | 261 | 195 | 378 | 499 |
| Goodwill | 260 | 260 | 260 | 260 | 260 |
| Total assets | 83,850 | 79,043 | 69,504 | 62,556 | 63,183 |
| Long-term debt | 1,829 | – | – | – | – |
| Total liabilities | 77,202 | 71,844 | 62,481 | 55,363 | 55,694 |
| Shareholders' equity | 6,073 | 6,462 | 6,251 | 6,437 | 6,796 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −990 | 214 | 529 | 647 | 978 |
| Capital expenditure | – | – | 0.0 | 0.0 | 878 |
| Free cash flow | – | – | 529 | 647 | 99.4 |
| Depreciation & amortisation | 83.0 | 49.3 | 49.1 | 41.3 | 79.0 |
| Stock-based compensation | 74.4 | 65.1 | 52.9 | 59.4 | 61.0 |
| Share buybacks | 0.0 | 0.0 | – | – | – |
| Dividends paid | 554 | 591 | 601 | 620 | 669 |
| Dividend per share | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.2% | 40.0% | −5.0% | −5.3% |
| EPS growth (YoY) | – | 80.3% | −60.9% | 2.8% | 4.5% |
| Net margin | 38.3% | 59.5% | 16.5% | 18.5% | 22.3% |
| Return on equityBlank when equity is negative | 7.4% | 13.5% | 5.4% | 5.6% | 6.1% |
| Free cash flow margin | – | – | 25.8% | 33.2% | 5.4% |
| Cash conversion (CFO ÷ net income) | −2.21x | 0.25x | 1.56x | 1.80x | 2.38x |
| Debt ÷ equity | 0.30x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,611 | – | – | – | – |
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.