NA · Starwood Real Estate Income Trust, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $392.28M | - | $393.95M | $394.54M | $400.26M | - | $424.85M | $421.80M | $424.05M | - |
| Cost of Revenue | $160.12M | - | $172.37M | $166.88M | $171.10M | - | $183.57M | $180.51M | $179.66M | - |
| Gross Profit | $232.16M | - | $221.58M | $227.66M | $229.16M | - | $241.28M | $241.28M | $244.39M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $10.24M | - | $10.29M | $9.03M | $9.65M | - | $9.68M | $13.40M | $12.49M | - |
| Total Operating Expenses | $368.43M | - | $387.73M | $371.74M | $376.38M | - | $403.87M | $406.31M | $410.54M | - |
| D&A | $177.65M | - | $178.27M | $173.65M | $172.85M | - | $185.14M | $185.89M | $186.40M | - |
| Operating Income | $249.38M | - | $234.39M | $241.63M | $246.97M | - | $258.10M | $251.95M | $280.92M | - |
| Interest Expense | ($172.32M) | - | ($159.91M) | ($150.89M) | $152.23M | - | $165.52M | $158.19M | $154.03M | - |
| Income Tax | ($700.0K) | - | ($1.70M) | ($700.0K) | ($400.0K) | - | ($1.90M) | ($1.80M) | ($4.40M) | - |
| Net Income | ($112.85M) | - | ($168.51M) | ($193.90M) | ($177.18M) | - | ($316.96M) | ($145.72M) | ($81.35M) | - |
| EPS - Basic | ($0.29) | - | ($0.42) | ($0.49) | ($0.44) | - | ($0.79) | ($0.36) | ($0.19) | - |
| EPS - Diluted | ($0.29) | - | ($0.42) | ($0.49) | ($0.44) | - | ($0.79) | ($0.36) | ($0.19) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $211.14M | $200.81M | $243.84M | $240.17M | $270.37M | $281.51M | $262.88M | $293.84M | $316.14M | $294.98M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $18.74B | $18.92B | $19.17B | $19.37B | $19.62B | $20.99B | $21.68B | $21.97B | $22.69B | $23.11B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | $11.97B | $11.96B | $11.98B | $11.97B | $11.92B | $12.74B | $12.98B | $12.96B | $12.98B | $13.03B |
| Total Liabilities | $14.68B | $14.55B | $14.45B | $14.28B | $14.23B | $15.30B | $15.66B | $15.46B | $15.68B | $15.52B |
| Stockholders' Equity | $3.58B | $3.89B | $4.23B | $4.59B | $4.90B | $5.19B | $5.54B | $6.01B | $6.51B | $7.09B |
| Retained Earnings | ($5.07B) | ($4.84B) | ($4.58B) | ($4.29B) | ($3.98B) | ($3.69B) | ($3.43B) | ($3.00B) | ($2.74B) | ($2.54B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $54.21M | - | - | - | $85.25M | - | - | - | $118.25M | - |
| Investing Cash Flow | ($2.08M) | - | - | - | $1.12B | - | - | - | $161.29M | - |
| Financing Cash Flow | ($46.73M) | - | - | - | ($1.21B) | - | - | - | ($276.62M) | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 59.2% | - | 56.2% | 57.7% | 57.3% | - | 56.8% | 57.2% | 57.6% | - |
| Operating margin | 63.6% | - | 59.5% | 61.2% | 61.7% | - | 60.8% | 59.7% | 66.2% | - |
| EBITDA margin | 108.9% | - | 104.7% | 105.3% | 104.9% | - | 104.3% | 103.8% | 110.2% | - |
| Net margin | -28.8% | - | -42.8% | -49.1% | -44.3% | - | -74.6% | -34.5% | -19.2% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 2.6% | - | 2.6% | 2.3% | 2.4% | - | 2.3% | 3.2% | 2.9% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -0.6% | - | -0.9% | -1.0% | -0.9% | - | -1.5% | -0.7% | -0.4% | - |
| Return on equity | -3.1% | - | -4.0% | -4.2% | -3.6% | - | -5.7% | -2.4% | -1.2% | - |
| Return on invested capital | 1.3% | - | 1.1% | 1.2% | 1.2% | - | 1.1% | 1.0% | 1.1% | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | 3.34 | 3.08 | 2.83 | 2.61 | 2.43 | 2.45 | 2.34 | 2.16 | 1.99 | 1.84 |
| Debt / Assets | 0.64 | 0.63 | 0.63 | 0.62 | 0.61 | 0.61 | 0.60 | 0.59 | 0.57 | 0.56 |
| Debt / EBITDA | 28.03 | - | 29.03 | 28.82 | 28.40 | - | 29.28 | 29.61 | 27.77 | - |
| Interest coverage | -1.4x | - | -1.5x | -1.6x | 1.6x | - | 1.6x | 1.6x | 1.8x | - |
| Equity multiplier | 5.23 | 4.87 | 4.53 | 4.22 | 4.00 | 4.04 | 3.92 | 3.65 | 3.49 | 3.26 |
| Liabilities / Assets | 0.78 | 0.77 | 0.75 | 0.74 | 0.73 | 0.73 | 0.72 | 0.70 | 0.69 | 0.67 |
| Efficiency | ||||||||||
| Asset turnover | 0.02 | - | 0.02 | 0.02 | 0.02 | - | 0.02 | 0.02 | 0.02 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 0.3x | - | 0.5x | 0.8x | 0.4x | - | 0.6x | 0.3x | 1.1x | - |
| P / S | 2.9x | - | 5.4x | 9.4x | 4.5x | - | 7.3x | 4.3x | 16.7x | - |
| EV / EBITDA | 30.2x | - | 33.6x | 37.2x | 32.1x | - | 35.7x | 33.1x | 42.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -2.0% | - | -7.3% | -6.5% | -5.6% | - | -1.9% | -6.6% | -5.0% | - |
| Revenue CAGR (3y) | -4.2% | - | -2.9% | 1.3% | 6.6% | - | 37.8% | 49.8% | 58.9% | - |
| Revenue CAGR (5y) | 30.0% | - | 38.6% | 40.7% | 47.7% | - | 77.6% | 86.4% | 94.0% | - |
| Gross profit growth (YoY) | 1.3% | - | -8.2% | -5.6% | -6.2% | - | -1.1% | -6.8% | -4.8% | - |
| Operating income growth (YoY) | 1.0% | - | -9.2% | -4.1% | -12.1% | - | -9.8% | -16.9% | -1.6% | - |
| Net income growth (YoY) | 36.3% | - | 46.8% | -33.1% | -117.8% | - | -475.6% | -353.1% | 73.8% | - |
| EPS growth (YoY) | 34.1% | - | 46.8% | -36.1% | -131.6% | - | -558.3% | -414.3% | 69.8% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -26.9% | -25.2% | -23.6% | -23.7% | -24.7% | -26.8% | -29.8% | -29.7% | -29.4% | -29.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.58B totalMultifamily Segment$1.18B · 74.6%
Office Building Segment$167.03M · 10.6%
Industrial Segment$151.50M · 9.6%
Other Property Segment$82.71M · 5.2%
Product / service
$2.74B totalRental Revenue$1.55B · 56.5%
Rental$1.16B · 42.4%
Real Estate Other$31.26M · 1.1%
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing Starwood Real Estate Income Trust against the 5 most active filers in the same SIC group.