Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $785M | $880M | $1.11B | $1.20B | $1.14B | $1.17B | $1.46B | $2.05B | $1.95B | $1.84B |
| Revenue growth | — | 12.1% | 26.1% | 7.9% | -5.0% | 3.0% | 25.2% | 40.0% | -5.0% | -5.3% |
| Operating income | $134M | $145M | — | — | — | — | — | — | — | — |
| Operating margin | 17.0% | 16.4% | — | — | — | — | — | — | — | — |
| Net income | $365M | $401M | $386M | $510M | $332M | $448M | $871M | $339M | $360M | $412M |
| Net margin | 46.5% | 45.5% | 34.8% | 42.6% | 29.2% | 38.3% | 59.5% | 16.5% | 18.5% | 22.3% |
| EPS (diluted) | $1.50 | $1.52 | $1.42 | $1.79 | $1.16 | $1.52 | $2.74 | $1.07 | $1.10 | $1.15 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $557M | -$247M | $585M | -$13.2M | $1.05B | -$990M | $214M | $529M | $647M | $978M |
| Capital expenditures | — | — | — | — | — | — | — | $0.00 | $0.00 | $878M |
| Free cash flow | — | — | — | — | — | — | — | $529M | $647M | $99.4M |
| Share buybacks | $19.7M | — | $12.1M | $0.00 | $33.8M | $0.00 | $0.00 | — | — | — |
| Dividends paid | $458M | $502M | $510M | $538M | $547M | $554M | $591M | $601M | $620M | $669M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $616M | $369M | $240M | $478M | $563M | $217M | $261M | $195M | $378M | $499M |
| 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 |
| Long-term debt | $2.01B | $2.13B | $2.00B | $1.93B | $1.73B | — | — | — | — | — |
| Shareholders' equity | $4.52B | $4.48B | $4.60B | $4.70B | $4.49B | $6.07B | $6.46B | $6.25B | $6.44B | $6.80B |
| Retained earnings | -$116M | -$217M | -$349M | -$382M | -$630M | $493M | $769M | $506M | $235M | -$39.0M |
| Shares (wtd avg diluted) | 242M | 262M | 288M | 290M | 282M | 297M | 316M | 311M | 321M | 350M |
Every figure is extracted from STARWOOD PROPERTY TRUST, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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