Income Statement

Revenue

-14%

+67%

10Y

Currency: USD

	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Revenue	69 N/A	94 +35%	119 +27%	146 +23%	176 +21%	207 +17%	243 +18%	264 +9%	279 +6%	307 +10%	314 +2%	379 +21%	457 +20%	550 +20%	638 +16%	674 +6%	705 +5%	703 0%	710 +1%	718 +1%	728 +1%	736 +1%	753 +2%	774 +3%	786 +2%	785 0%	788 +0%	800 +1%	822 +3%	880 +7%	942 +7%	1 000 +6%	1 059 +6%	1 109 +5%	1 159 +4%	1 201 +4%	1 203 +0%	1 196 -1%	1 199 +0%	1 153 -4%	1 132 -2%	1 136 +0%	1 111 -2%	1 136 +2%	1 171 +3%	1 177 +0%	1 417 +20%	2 287 +61%	2 493 +9%	2 220 -11%	2 724 +23%	2 303 -15%	2 333 +1%	2 341 +0%	2 374 +1%	2 135 -10%	2 091 -2%	1 988 -5%	1 882 -5%	1 841 -2%	1 852 +1%	1 899 +3%
Gross Profit
Cost of Revenue	(33)	(16)	(50)	(60)	(63)	(68)	(78)	(85)	(94)	(104)	(110)	(126)	(154)	(189)	(222)	(246)	(256)	(279)	(292)	(306)	(320)	(327)	(330)	(335)	(343)	(348)	(357)	(372)	(392)	(408)	(446)	(469)	(491)	(525)	(578)	(612)	(636)	(608)	(631)	(603)	(568)	(529)	(528)	(543)	(563)	(593)	(652)	(880)	(990)	(934)	(1 328)	(1 356)	(1 502)	(1 560)	(1 605)	(1 585)	(1 555)	(1 475)	(1 425)	(1 397)	(1 399)	(1 414)
Gross Profit	36 N/A	78 +116%	69 -11%	86 +25%	114 +32%	139 +22%	165 +19%	179 +9%	185 +3%	203 +10%	204 +0%	254 +24%	303 +19%	361 +19%	416 +15%	428 +3%	449 +5%	424 -6%	418 -1%	412 -1%	409 -1%	409 0%	422 +3%	439 +4%	443 +1%	436 -2%	431 -1%	428 -1%	430 +0%	472 +10%	496 +5%	531 +7%	568 +7%	584 +3%	581 -1%	589 +1%	568 -4%	589 +4%	568 -4%	550 -3%	564 +2%	607 +8%	583 -4%	593 +2%	608 +2%	583 -4%	765 +31%	1 408 +84%	1 503 +7%	1 286 -14%	1 396 +9%	947 -32%	831 -12%	782 -6%	769 -2%	550 -29%	535 -3%	514 -4%	457 -11%	444 -3%	453 +2%	485 +7%
Operating Income
Operating Expenses	(6)	(30)	(6)	(6)	(9)	(9)	(11)	(11)	(12)	(14)	(16)	(61)	(110)	(163)	(212)	(218)	(221)	(202)	(190)	(187)	(178)	(196)	(217)	(239)	(280)	(289)	(299)	(302)	(294)	(323)	(334)	(390)	(407)	(444)	(430)	(399)	(402)	(420)	(445)	(441)	(431)	(432)	(365)	(355)	(358)	(394)	(346)	(399)	(392)	(336)	(427)	(477)	(515)	(538)	(517)	(444)	(458)	(507)	(432)	(399)	(384)	(372)
Selling, General & Administrative	(6)	(30)	(6)	(6)	(9)	(9)	(10)	(10)	(11)	(12)	(13)	(54)	(99)	(150)	(192)	(193)	(195)	(170)	(164)	(162)	(153)	(166)	(175)	(183)	(212)	(218)	(224)	(228)	(215)	(234)	(234)	(247)	(252)	(276)	(266)	(266)	(276)	(298)	(280)	(274)	(272)	(294)	(276)	(290)	(291)	(302)	(269)	(302)	(290)	(238)	(273)	(219)	(220)	(243)	(232)	(241)	(243)	(267)	(249)	(252)	(259)	(270)
Depreciation & Amortization	0	0	0	0	0	0	0	0	(0)	0	(0)	(2)	(6)	(10)	(14)	(17)	(17)	(17)	(16)	(17)	(21)	(29)	(44)	(57)	(65)	(67)	(70)	(73)	(81)	(94)	(103)	(118)	(130)	(133)	(130)	(122)	(116)	(113)	(108)	(103)	(98)	(94)	(93)	(92)	(90)	(83)	(72)	(74)	(64)	(49)	(62)	(50)	(50)	(49)	(47)	(44)	(42)	(41)	(43)	(43)	(59)	(79)
Other Operating Expenses	0	0	0	0	0	0	0	0	(0)	(2)	(3)	(4)	(5)	(3)	(5)	(8)	(9)	(15)	(10)	(9)	(4)	(0)	1	2	(3)	(5)	(5)	(0)	2	5	3	(25)	(26)	(35)	(35)	(12)	(11)	(8)	(57)	(64)	(60)	(44)	4	27	24	(9)	(5)	(23)	(38)	(48)	(92)	(208)	(246)	(246)	(238)	(159)	(173)	(199)	(140)	(104)	(66)	(24)
Operating Income	30 N/A	48 +63%	63 +31%	80 +27%	105 +31%	130 +24%	155 +19%	169 +9%	173 +2%	189 +9%	188 -1%	193 +3%	193 N/A	198 +2%	204 +3%	210 +3%	229 +9%	223 -3%	228 +2%	225 -1%	231 +3%	213 -8%	205 -4%	200 -2%	163 -18%	147 -10%	132 -10%	126 -4%	135 +7%	149 +10%	161 +8%	140 -13%	161 +14%	141 -12%	151 +7%	190 +26%	166 -13%	169 +2%	123 -27%	109 -11%	133 +22%	175 +32%	218 +24%	238 +9%	250 +5%	189 -25%	419 +122%	1 009 +141%	1 111 +10%	951 -14%	969 +2%	470 -52%	316 -33%	244 -23%	253 +4%	105 -58%	78 -26%	6 -92%	25 +302%	45 +79%	69 +53%	113 +64%
Pre-Tax Income
Interest Income Expense	11	11	23	30	(3)	2	(8)	(11)	22	25	45	86	142	178	230	256	301	305	314	318	269	274	165	150	169	238	335	367	352	303	290	300	284	302	264	243	319	403	296	325	322	218	373	327	285	328	357	338	320	145	180	229	194	311	414	407	477	414	351	348	335	382
Non-Reccuring Items	(0)	(0)	(1)	(2)	(5)	(11)	(10)	(13)	(12)	(11)	(16)	(25)	(26)	(24)	(21)	(7)	(6)	(6)	(10)	(14)	(17)	(19)	(14)	(12)	(10)	(22)	(28)	(26)	(25)	(11)	(4)	(5)	(13)	(15)	(18)	(20)	(16)	(21)	(19)	(19)	(14)	(7)	(7)	(5)	(5)	(9)	(9)	(9)	(10)	(5)	(5)	(28)	(28)	(127)	(128)	(104)	(103)	(4)	(2)	19	19	18
Total Other Income	0	0	(0)	1	2	1	3	6	5	3	3	1	1	2	3	3	3	5	4	3	3	2	4	13	13	14	12	3	3	2	2	3	1	(1)	(1)	(2)	0	(1)	(0)	(0)	0	0	0	(5)	(7)	(7)	(8)	(37)	(93)	(94)	(96)	(64)	(11)	(11)	(11)	(11)	(11)	(10)	(9)	(5)	(5)	(33)
Pre-Tax Income	41 N/A	59 +46%	85 +44%	108 +27%	98 -9%	121 +23%	140 +15%	151 +8%	187 +24%	207 +10%	220 +7%	254 +15%	311 +22%	354 +14%	416 +17%	462 +11%	526 +14%	526 +0%	535 +2%	532 -1%	485 -9%	469 -3%	360 -23%	351 -2%	335 -5%	376 +12%	451 +20%	471 +4%	465 -1%	444 -4%	450 +1%	438 -3%	433 -1%	427 -1%	396 -7%	411 +4%	468 +14%	550 +18%	400 -27%	416 +4%	441 +6%	386 -12%	584 +51%	555 -5%	524 -6%	501 -4%	758 +51%	1 301 +72%	1 328 +2%	998 -25%	1 049 +5%	606 -42%	471 -22%	417 -11%	528 +26%	398 -25%	440 +11%	406 -8%	365 -10%	407 +11%	417 +3%	480 +15%
Net Income
Tax Provision	(0)	(0)	(1)	(2)	(1)	(1)	(1)	0	(1)	(1)	(1)	(12)	(26)	(24)	(29)	(22)	(12)	(24)	(35)	(34)	(38)	(17)	(1)	2	7	(8)	(7)	(16)	(23)	(21)	(25)	(19)	(17)	(15)	(13)	(13)	(9)	(13)	(6)	(1)	(12)	(20)	(29)	(27)	(20)	(9)	(4)	(7)	49	62	70	69	32	1	(9)	(24)	(46)	(25)	(28)	(13)	(16)	(37)
Income from Continuing Operations	40	59	84	106	97	121	139	151	186	206	219	242	285	330	387	440	514	502	501	498	447	452	358	353	342	368	444	455	442	423	425	419	416	411	383	398	459	537	394	415	429	366	555	528	504	492	754	1 294	1 377	1 059	1 119	675	503	418	518	374	394	381	337	394	402	443
Income to Minority Interest	(2)	(2)	(2)	(2)	(2)	(1)	(1)	(0)	(0)	(3)	(4)	(5)	(6)	(5)	(5)	(6)	(6)	(6)	(6)	(4)	(2)	(2)	(2)	(2)	(1)	(3)	(3)	(8)	(12)	(12)	(17)	(19)	(19)	(25)	(27)	(24)	(29)	(27)	(22)	(30)	(33)	(34)	(45)	(42)	(41)	(45)	(93)	(212)	(230)	(188)	(195)	(120)	(94)	(79)	(77)	(23)	(15)	(21)	(19)	(24)	(35)	(32)
Net Income (Common)	38 N/A	56 +45%	82 +47%	103 +26%	94 -8%	117 +25%	136 +16%	149 +9%	184 +24%	200 +8%	212 +6%	228 +8%	265 +16%	304 +15%	361 +19%	417 +16%	493 +18%	489 -1%	490 +0%	489 0%	442 -10%	447 +1%	354 -21%	349 -1%	338 -3%	363 +7%	439 +21%	444 +1%	427 -4%	398 -7%	395 -1%	387 -2%	383 -1%	382 0%	353 -8%	371 +5%	426 +15%	506 +19%	368 -27%	381 +4%	392 +3%	327 -17%	504 +54%	479 -5%	456 -5%	441 -3%	647 +47%	1 057 +63%	1 122 +6%	854 -24%	905 +6%	548 -40%	402 -27%	333 -17%	434 +30%	344 -21%	372 +8%	353 -5%	310 -12%	362 +17%	358 -1%	402 +12%
EPS (Diluted)	0.93 N/A	1.11 +19%	1.12 +1%	1.22 +9%	0.99 -19%	1.36 +37%	1.44 +6%	1.3 -10%	1.57 +21%	1.77 +13%	1.35 -24%	1.4 +4%	1.54 +10%	1.82 +18%	1.81 -1%	1.73 -4%	2.2 +27%	2.24 +2%	2.11 -6%	2.04 -3%	1.85 -9%	1.91 +3%	1.49 -22%	1.47 -1%	1.42 -3%	1.5 +6%	1.67 +11%	1.69 +1%	1.62 -4%	1.51 -7%	1.5 -1%	1.34 -11%	1.44 +7%	1.32 -8%	1.29 -2%	1.28 -1%	1.47 +15%	1.74 +18%	1.3 -25%	1.28 -2%	1.34 +5%	1.16 -13%	1.71 +47%	1.62 -5%	1.54 -5%	1.48 -4%	2.05 +39%	3.34 +63%	3.54 +6%	2.7 -24%	2.9 +7%	1.76 -39%	1.29 -27%	1.07 -17%	1.39 +30%	1.1 -21%	1.18 +7%	1.1 -7%	0.92 -16%	1.09 +18%	0.99 -9%	1.15 +16%

Income Statement Balance Sheet Cash Flow Statement

Starwood Property Trust Inc
NYSE:STWD

Income Statement

Earnings Waterfall
Starwood Property Trust Inc

Income Statement
Starwood Property Trust Inc

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Starwood Property Trust Inc NYSE:STWD

Income Statement

Earnings Waterfall Starwood Property Trust Inc

Income Statement Starwood Property Trust Inc

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Starwood Property Trust Inc
NYSE:STWD

Earnings Waterfall
Starwood Property Trust Inc

Income Statement
Starwood Property Trust Inc