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Financials · RWT

Redwood Trust Inc. (RWT) financials

For the twelve months ended Jun 30, 2026, Redwood Trust Inc. reported $1.37B of revenue and $5.72M of net income.

Revenue, TTM
$1.37B
Revenue growth, YoY
+27.7%
Net income, TTM
$5.72M
Net margin
0.4%
EPS, diluted, TTM
-$0.07
Cash
$191.85M
P/E
68.45
P/S
0.29
Market cap
$391.3M
Annual revenue$1.18B
FY2016FY2025
Annual net income-$70.03M
FY2016FY2025

RWT revenue and earnings growth

RWT revenueQ2 2026$385.22M

Quarter YoY
+35.5%
QoQ
+7.9%
FY YoY
+25.2%
10Y CAGR
+20.1%

RWT revenue was $385.22M in fiscal Q2 2026 (ended Jun 30, 2026), up 35.5% from a year earlier and up 7.9% from the prior quarter. For the full fiscal 2025 it was $1.18B, up 25.2% from fiscal 2024. Compound annual growth was +20.1% over 10 years. Fiscal 2025 is the highest of the 15 fiscal years on file.

RWT net incomeQ2 2026-$1.10M

RWT net income was -$1.10M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$98.49M a year earlier. For the full fiscal 2025 it was -$70.03M, compared with $54.00M in fiscal 2024.

RWT EPSQ2 2026-$0.03

RWT diluted EPS was -$0.03 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.76 a year earlier. For the full fiscal 2025 it was -$0.63, compared with $0.32 in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$1.18B$945.16M$165.63M-$7.22M$541.98M-$351.44M$308.32M$213.67M$229.31M$216.64M
Selling, general and admin$153.95M$136.39M$128.29M$140.91M$165.22M$113.50M$108.74M$75.30M$77.16M$4.55M
Interest expense--$631.52M$552.40M$426.75M$448.00M$479.81M$239.04M$108.82M$88.53M
Pre-tax income-$44.84M$72.84M-$639.0K-$183.44M$338.09M-$586.46M$176.62M$130.69M$152.16M$134.96M
Income tax$25.18M$18.84M$1.64M-$19.92M$18.48M-$4.61M$7.44M$11.09M$11.75M$3.71M
Net income-$70.03M$54.00M-$2.27M-$163.52M$319.61M-$581.85M$169.18M$119.60M$140.41M$131.25M
EPS, basic-$0.63$0.32-$0.11-$1.43$2.73-$5.12$1.63$1.47$1.78$1.66
EPS, diluted-$0.63$0.32-$0.11-$1.43$2.37-$5.12$1.46$1.34$1.60$1.54
Diluted shares130.3M132.1M116.3M117.2M142.1M113.9M136.8M110.0M102.0M97.9M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$255.66M$312.93M$293.00M$329.36M$531.48M$544.45M$290.83M$205.08M$146.81M$221.47M
Goodwill$23.37M$23.37M$23.37M$23.37M$0$0$88.67M$0--
Total assets$23.70B$18.26B$14.50B$13.03B$14.71B$10.36B$18.00B$11.94B$7.04B$5.48B
Short-term debt--$1.56B$2.03B$2.18B$522.61M$2.33B$2.40B$1.94B$791.54M
Total debt--$1.68B$1.73B$1.64B$1.43B-$2.57B$2.58B$2.62B
Total liabilities$22.72B$17.07B$13.30B$11.95B$13.32B$9.24B$16.17B$10.59B$5.83B$4.33B
Shareholders' equity$982.62M$1.19B$1.20B$1.08B$1.39B$1.11B$1.83B$1.35B$1.21B$1.15B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$10.09B-$5.86B-$2.02B-$139.14M-$5.69B-$505.47M-$1.17B-$1.61B-$1.71B-$545.65M
Investing cash flow$4.53B$2.54B$908.72M$213.89M$1.40B$4.07B$1.03B-$12.75M$280.38M$1.34B
Financing cash flow$5.70B$3.27B$1.15B-$276.87M$4.28B-$3.31B$225.47M$1.68B$1.36B-$795.39M
Dividends paid$98.97M$92.90M$88.38M$111.67M$91.67M$83.98M$129.45M$96.80M$88.30M$88.47M
Share repurchases$51.83M$0$0$56.50M$0$21.66M$0$16.32M$8.42M$28.07M
Stock-based compensation--$19.06M$23.94M$18.90M$15.30M$14.96M$13.74M$10.38M$12.65M
Depreciation and amortization$10.06M$11.92M$14.85M$15.92M$16.78M$17.36M$10.13M$1.31M$1.21M$1.14M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY25.2%470.6%--101.3%--214.0%44.3%-6.8%5.8%14.7%
Net income growth, YoY------41.5%-14.8%7.0%28.6%
EPS growth, YoY------9.0%-16.2%3.9%30.5%
Net margin-5.9%5.7%-1.4%-59.0%-54.9%56.0%61.2%60.6%
Return on equity-7.1%4.5%-0.2%-15.1%23.1%-52.4%9.3%8.9%11.6%11.4%
Return on assets-0.3%0.3%-0.0%-1.3%2.2%-5.6%0.9%1.0%2.0%2.4%
Debt to equity--1.401.601.181.28-1.912.122.28

Source: XBRL data Redwood Trust Inc. files with the SEC, latest filing dated Aug 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

RWT peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
RWT$1.37B+27.7%$5.72M0.4%$391.3M
WELL$13.79B+39.2%$1.67B12.1%$179.74B
PLD$8.95B+6.7%$3.71B41.5%$120.67B
EQIX$10.06B+11.1%$1.65B16.4%$100.25B
AMT$11.01B+5.3%$3.31B30.1%$87.55B
SPG$7.15B+16.2%$4.51B63.0%$73.91B
DLR$6.34B+12.6%$1.38B21.7%$65.90B
PSA$5.03B+5.2%$1.90B37.8%$63.05B
O$6.21B+10.8%$1.36B21.8%$56.15B

RWT FAQ

7 questions
  • What is RWT revenue?
    Redwood Trust Inc. (RWT) reported $1.37B of revenue for the twelve months ended Jun 30, 2026. That is up 27.7% from the year before. Revenue for fiscal 2025 was $1.18B.
  • Is RWT profitable?
    Yes. Redwood Trust Inc. earned $5.72M in net income for the twelve months ended Jun 30, 2026, a net margin of 0.4%.
  • How much cash and debt does RWT have?
    Redwood Trust Inc. reported $191.85M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is RWT revenue growing?
    Redwood Trust Inc.'s revenue changed +25.2% in fiscal 2025, to $1.18B. Its compound annual growth rate was +20.1% over 10 years.
  • What is RWT earnings per share?
    Diluted earnings per share were -$0.07 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did RWT last report financial results?
    The latest statements here come from Redwood Trust Inc.'s 10-Q filed on Aug 5, 2026, covering the period ended Jun 30, 2026.
  • Where does this RWT financial data come from?
    Quantisnow builds these statements from the structured XBRL data Redwood Trust Inc. files with the SEC. It is provided for information only and is not investment advice.