What is Redwood Trust's earnings per share (EPS)?

Redwood Trust (RWT) reported diluted earnings per share of $-0.63 for fiscal year 2025. This represents a -296.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Redwood Trust Financials

RWT

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Redwood Trust (RWT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

1/9

Redwood Trust passes 1 of 9 financial strength tests. No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

144.15x

For every $1 of reported earnings, Redwood Trust generates $144.15 in operating cash flow (-$10.1B OCF vs -$70.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.2B

YoY+25.2%

5Y CAGR+15.6%

10Y CAGR+18.0%

Redwood Trust generated $1.2B in revenue in fiscal year 2025. This represents an increase of 25.2% from the prior year.

EBITDA

N/A

Net Income

-$70.0M

YoY-229.7%

Redwood Trust reported -$70.0M in net income in fiscal year 2025. This represents a decrease of 229.7% from the prior year.

EPS (Diluted)

$-0.63

YoY-296.9%

Redwood Trust earned $-0.63 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 296.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$255.7M

YoY+4.3%

5Y CAGR-11.1%

10Y CAGR+4.0%

Redwood Trust held $255.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.72

YoY+7.5%

5Y CAGR-0.1%

10Y CAGR-4.3%

Redwood Trust paid $0.72 per share in dividends in fiscal year 2025. This represents an increase of 7.5% from the prior year.

Shares Outstanding

124M

YoY-6.1%

5Y CAGR+2.1%

10Y CAGR+4.2%

Redwood Trust had 124M shares outstanding in fiscal year 2025. This represents a decrease of 6.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-5.9%

YoY-11.6pp

5Y CAGR+95.8pp

10Y CAGR-82.5pp

Redwood Trust's net profit margin was -5.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 11.6 percentage points from the prior year.

Return on Equity

-7.1%

YoY-11.7pp

5Y CAGR+45.3pp

10Y CAGR-21.0pp

Redwood Trust's ROE was -7.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 11.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$51.8M

5Y CAGR+19.1%

Redwood Trust spent $51.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

RWT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.2B+25.2%	$945.2M+30.5%	$724.5M+2.3%	$707.9M+23.1%	$574.9M+0.5%	$571.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$153.9M+12.9%	$136.4M+6.3%	$128.3M-9.0%	$140.9M-14.7%	$165.2M+45.6%	$113.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.1B+30.6%	$842.6M+33.4%	$631.5M+14.3%	$552.4M+29.4%	$426.7M-4.7%	$448.0M
Income Tax	$25.2M+33.7%	$18.8M+1052.1%	$1.6M+108.2%	-$19.9M-207.8%	$18.5M+501.0%	-$4.6M
Net Income	-$70.0M-229.7%	$54.0M+2474.8%	-$2.3M+98.6%	-$163.5M-151.2%	$319.6M+154.9%	-$581.8M
EPS (Diluted)	$-0.63-296.9%	$0.32+390.9%	$-0.11+92.3%	$-1.43-160.3%	$2.37+146.3%	$-5.12

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$327.0M+9.2%	$299.5M+5.3%	$284.3M+4.5%	$272.1M+2.2%	$266.4M+7.1%	$248.6M+10.3%	$225.4M+10.1%	$204.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$40.8M+5.4%	$38.7M+4.7%	$37.0M-1.3%	$37.5M+15.2%	$32.5M-9.7%	$36.0M+8.2%	$33.3M-3.7%	$34.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$301.0M+5.8%	$284.5M+5.2%	$270.5M+10.8%	$244.2M+2.3%	$238.8M+7.0%	$223.1M+11.5%	$200.1M+10.9%	$180.5M
Income Tax	$8.0M+26.1%	$6.4M+39.3%	$4.6M-27.1%	$6.3M0.0%	$6.3M-12.1%	$7.1M+44.8%	$4.9M+841.5%	$523K
Net Income	$20.0M+359.9%	-$7.7M+92.2%	-$98.5M-710.0%	$16.1M+344.0%	-$6.6M-144.6%	$14.8M-4.6%	$15.5M-48.7%	$30.3M
EPS (Diluted)	N/A	$-0.08+89.5%	$-0.76-860.0%	$0.10	N/A	$0.09-10.0%	$0.10-52.4%	$0.21

RWT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$23.7B+29.8%	$18.3B+25.9%	$14.5B+11.3%	$13.0B-11.4%	$14.7B+42.0%	$10.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$255.7M+4.3%	$245.2M-16.3%	$293.0M+13.1%	$259.0M-42.4%	$450.0M-2.4%	$461.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M	$0	$0
Total Liabilities	$22.7B+33.1%	$17.1B+28.3%	$13.3B+11.3%	$11.9B-10.3%	$13.3B+44.1%	$9.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	$1.7B-3.0%	$1.7B+5.6%	$1.6B+15.1%	$1.4B
Total Equity	$982.6M-17.3%	$1.2B-1.2%	$1.2B+11.0%	$1.1B-21.8%	$1.4B+24.8%	$1.1B
Retained Earnings	$1.1B-6.5%	$1.2B+4.1%	$1.1B-0.8%	$1.2B-12.4%	$1.3B+32.0%	$997.3M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$23.7B+4.9%	$22.6B+5.9%	$21.3B+7.4%	$19.9B+8.8%	$18.3B-0.9%	$18.4B+11.7%	$16.5B+9.5%	$15.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$255.7M+13.0%	$226.3M-25.1%	$302.0M+16.2%	$259.9M+6.0%	$245.2M-3.4%	$253.7M-7.9%	$275.6M+0.1%	$275.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M
Total Liabilities	$22.7B+5.2%	$21.6B+6.5%	$20.3B+8.5%	$18.7B+9.5%	$17.1B-0.8%	$17.2B+12.7%	$15.3B+10.4%	$13.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.7B
Total Equity	$982.6M-1.6%	$999.0M-5.2%	$1.1B-11.0%	$1.2B-0.4%	$1.2B-2.9%	$1.2B+0.2%	$1.2B-0.3%	$1.2B
Retained Earnings	$1.1B+1.7%	$1.1B-0.9%	$1.1B-8.3%	$1.2B+1.2%	$1.2B-0.7%	$1.2B+1.1%	$1.2B+1.2%	$1.2B

RWT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$10.1B-72.2%	-$5.9B-190.8%	-$2.0B-1348.8%	-$139.1M+97.6%	-$5.7B-1026.6%	-$505.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$4.5B+78.5%	$2.5B+179.3%	$908.7M+324.9%	$213.9M-84.8%	$1.4B-65.5%	$4.1B
Financing Cash Flow	$5.7B+74.4%	$3.3B+185.1%	$1.1B+514.1%	-$276.9M-106.5%	$4.3B+229.2%	-$3.3B
Dividends Paid	$99.0M+6.5%	$92.9M+5.1%	$88.4M-20.9%	$111.7M+21.8%	$91.7M+9.2%	$84.0M
Share Buybacks	$51.8M	$0	$0-100.0%	$56.5M	$0-100.0%	$21.7M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$3.4B-26.0%	-$2.7B-26.3%	-$2.1B-8.2%	-$2.0B-128.6%	-$854.0M+59.1%	-$2.1B-6.2%	-$2.0B-106.0%	-$954.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$1.6B+25.5%	$1.3B+31.1%	$979.1M+48.6%	$658.8M-34.2%	$1.0B+57.5%	$635.6M+15.3%	$551.5M+57.4%	$350.3M
Financing Cash Flow	$1.9B+47.6%	$1.3B+2.5%	$1.2B-6.9%	$1.3B+929.3%	-$160.1M-111.1%	$1.4B+1.8%	$1.4B+145.6%	$575.5M
Dividends Paid	$24.0M-1.2%	$24.3M-4.1%	$25.3M-0.1%	$25.4M+1.1%	$25.1M+6.5%	$23.6M+6.5%	$22.1M+0.1%	$22.1M
Share Buybacks	$14.8M-50.1%	$29.6M	N/A	N/A	$0	$0	N/A	N/A

RWT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-5.9%-11.6pp	5.7%+6.0pp	-0.3%+22.8pp	-23.1%-78.7pp	55.6%+157.3pp	-101.7%
Return on Equity	-7.1%-11.7pp	4.5%+4.7pp	-0.2%+14.9pp	-15.1%-38.1pp	23.1%+75.4pp	-52.4%
Return on Assets	-0.3%-0.6pp	0.3%+0.3pp	-0.0%+1.2pp	-1.3%-3.4pp	2.2%+7.8pp	-5.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	23.12+8.7	14.37+13.0	1.40-0.2	1.60+0.4	1.18-0.1	1.28
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	6.1%+8.7pp	-2.6%+32.1pp	-34.6%-40.6pp	5.9%+8.4pp	-2.5%-8.4pp	6.0%-0.9pp	6.9%-7.9pp	14.8%
Return on Equity	2.0%+2.8pp	-0.8%+8.6pp	-9.3%-10.7pp	1.4%+1.9pp	-0.6%-1.8pp	1.2%-0.1pp	1.3%-1.2pp	2.5%
Return on Assets	0.1%+0.1pp	-0.0%+0.4pp	-0.5%-0.5pp	0.1%+0.1pp	-0.0%-0.1pp	0.1%0.0pp	0.1%-0.1pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	23.12+1.5	21.62+2.4	19.25+3.5	15.79+1.4	14.37+0.3	14.07+1.6	12.51+11.1	1.39
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Redwood Trust's annual revenue?

Redwood Trust (RWT) reported $1.2B in total revenue for fiscal year 2025. This represents a 25.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Redwood Trust's revenue growing?

Redwood Trust (RWT) revenue grew by 25.2% year-over-year, from $945.2M to $1.2B in fiscal year 2025.

Is Redwood Trust profitable?

No, Redwood Trust (RWT) reported a net income of -$70.0M in fiscal year 2025, with a net profit margin of -5.9%.

What is Redwood Trust's net profit margin?

Redwood Trust (RWT) had a net profit margin of -5.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Redwood Trust pay dividends?

Yes, Redwood Trust (RWT) paid $0.72 per share in dividends during fiscal year 2025.

What is Redwood Trust's return on equity (ROE)?

Redwood Trust (RWT) has a return on equity of -7.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Redwood Trust's operating cash flow?

Redwood Trust (RWT) generated -$10.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Redwood Trust's total assets?

Redwood Trust (RWT) had $23.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Redwood Trust buy back shares?

Yes, Redwood Trust (RWT) spent $51.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Redwood Trust have outstanding?

Redwood Trust (RWT) had 124M shares outstanding as of fiscal year 2025.

What is Redwood Trust's debt-to-equity ratio?

Redwood Trust (RWT) had a debt-to-equity ratio of 23.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Redwood Trust's return on assets (ROA)?

Redwood Trust (RWT) had a return on assets of -0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Redwood Trust's cash runway?

Based on fiscal year 2025 data, Redwood Trust (RWT) had $255.7M in cash against an annual operating cash burn of $10.1B. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Redwood Trust's Piotroski F-Score?

Redwood Trust (RWT) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Redwood Trust's earnings high quality?

Redwood Trust (RWT) has an earnings quality ratio of 144.15x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.