Redwood Trust Financials
Redwood Trust (RWT) reported $1.2B in revenue for fiscal year 2025, up 25.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
An asset-heavy spread business funded by rising liabilities is making small return changes dominate results.
From FY2024 to FY2025, return on assets slipped from0.3% to-0.3% . With debt-to-equity at 23.1x in FY2025, that tiny asset-level reversal was enough to push Redwood Trust from profit back to loss, showing that shareholder results are being dictated less by headline revenue growth than by small changes in asset yield versus funding cost.
Interest expense climbed from
Operating cash flow was
Financial Health Signals
Redwood Trust does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Redwood Trust passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). No profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
Redwood Trust reported a net loss of $70.0M while operations used $10.1B of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Redwood Trust generated $1.2B in revenue in fiscal year 2025. This represents an increase of 25.2% from the prior year.
Redwood Trust reported -$70.0M in net income in fiscal year 2025. This represents a decrease of 229.7% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Redwood Trust held $255.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Redwood Trust paid $0.72 per share in dividends in fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Redwood Trust spent $51.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
RWT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.2B+25.2% | $945.2M+30.5% | $724.5M+2.3% | $707.9M+23.1% | $574.9M+0.5% | $571.9M-8.1% | $622.3M+64.3% | $378.7M+52.7% | $248.1M+0.7% | $246.4M-5.0% | $259.4M+7.2% | $242.1M+7.0% | $226.2M-2.3% | $231.4M+6.5% | $217.2M |
| SG&A Expenses | $167.0M | $153.9M+12.9% | $136.4M+6.3% | $128.3M-9.0% | $140.9M-14.7% | $165.2M+45.6% | $113.5M+4.4% | $108.7M+44.4% | $75.3M-2.4% | $77.2M+1595.7% | $4.5M-13.7% | $5.3M+5.2% | $5.0M+43.0% | $3.5M-3.4% | $3.6M-7.8% | $3.9M |
| Interest Expense | $1.3B | $1.1B+30.6% | $842.6M+33.4% | $631.5M+14.3% | $552.4M+29.4% | $426.7M-4.7% | $448.0M-6.6% | $479.8M+100.7% | $239.0M+119.7% | $108.8M+22.9% | $88.5M-7.7% | $95.9M+9.6% | $87.5M+8.0% | $81.0M-32.9% | $120.7M+22.0% | $99.0M |
| Income Tax | $13.0M | $25.2M+33.7% | $18.8M+1052.1% | $1.6M+108.2% | -$19.9M-207.8% | $18.5M+501.0% | -$4.6M-161.9% | $7.4M-32.9% | $11.1M-5.7% | $11.8M+216.9% | $3.7M+135.8% | -$10.3M-1490.6% | $744K-93.2% | $10.9M+748.0% | $1.3M+2973.8% | $42K |
| Net Income | $5.7M | -$70.0M-229.7% | $54.0M+2474.8% | -$2.3M+98.6% | -$163.5M-151.2% | $319.6M+154.9% | -$581.8M-443.9% | $169.2M+41.5% | $119.6M-14.8% | $140.4M+7.0% | $131.3M+28.6% | $102.1M+1.5% | $100.6M-42.0% | $173.2M+31.5% | $131.8M+400.2% | $26.3M |
| EPS (Diluted) | — | -$0.63 | $0.32 | -$0.11 | -$1.43-160.3% | $2.37+146.3% | -$5.12-450.7% | $1.46+9.0% | $1.34-16.3% | $1.60+3.9% | $1.54+30.5% | $1.18+2.6% | $1.15-40.7% | $1.94+22.0% | $1.59+412.9% | $0.31 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RWT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $23.7B+29.8% | $18.3B+25.9% | $14.5B+11.3% | $13.0B-11.4% | $14.7B+42.0% | $10.4B-42.5% | $18.0B+50.7% | $11.9B+69.6% | $7.0B+28.4% | $5.5B-11.8% | $6.2B+5.1% | $5.9B+28.4% | $4.6B+3.7% | $4.4B-22.6% | $5.7B |
| Cash & Equivalents | $255.7M+4.3% | $245.2M-16.3% | $293.0M+13.1% | $259.0M-42.4% | $450.0M-2.4% | $461.0M+134.0% | $197.0M+11.9% | $176.0M+21.4% | $145.0M-31.9% | $213.0M-3.3% | $220.2M-18.4% | $269.7M+55.7% | $173.2M+113.6% | $81.1M-69.7% | $267.2M |
| Goodwill | $23.4M0.0% | $23.4M0.0% | $23.4M0.0% | $23.4M | $0 | $0-100.0% | $88.7M | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $22.7B+33.1% | $17.1B+28.3% | $13.3B+11.3% | $11.9B-10.3% | $13.3B+44.1% | $9.2B-42.8% | $16.2B+52.7% | $10.6B+81.7% | $5.8B+34.5% | $4.3B-14.6% | $5.1B+8.8% | $4.7B+38.7% | $3.4B+1.8% | $3.3B-31.9% | $4.9B |
| Long-Term Debt | N/A | N/A | $1.7B-3.0% | $1.7B+5.6% | $1.6B+15.1% | $1.4B | N/A | $2.6B-0.1% | $2.6B-1.7% | $2.6B+29.2% | $2.0B+69.7% | $1.2B+150.7% | $476.5M+241.6% | $139.5M0.0% | $139.5M |
| Total Equity | $982.6M-17.3% | $1.2B-1.2% | $1.2B+11.0% | $1.1B-21.8% | $1.4B+24.8% | $1.1B-39.2% | $1.8B+35.5% | $1.3B+11.3% | $1.2B+5.5% | $1.1B+0.3% | $1.1B-9.4% | $1.3B+1.6% | $1.2B+9.3% | $1.1B+27.7% | $892.6M |
| Retained Earnings | $1.1B-6.5% | $1.2B+4.1% | $1.1B-0.8% | $1.2B-12.4% | $1.3B+32.0% | $997.3M-36.8% | $1.6B+12.0% | $1.4B+9.3% | $1.3B+12.2% | $1.1B+12.9% | $1.0B+12.3% | $906.9M+12.5% | $806.3M+27.4% | $633.1M+26.3% | $501.3M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
RWT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.3B | -$10.1B-72.2% | -$5.9B-190.8% | -$2.0B-1348.8% | -$139.1M+97.6% | -$5.7B-1026.6% | -$505.5M+56.6% | -$1.2B+27.7% | -$1.6B+5.9% | -$1.7B-214.0% | -$545.7M+56.4% | -$1.3B+30.2% | -$1.8B-707.4% | -$221.8M+60.6% | -$563.3M-3263.1% | $17.8M |
| Investing Cash Flow | $5.6B | $4.5B+78.5% | $2.5B+179.3% | $908.7M+324.9% | $213.9M-84.8% | $1.4B-65.5% | $4.1B+296.8% | $1.0B+8144.7% | -$12.8M-104.5% | $280.4M-79.0% | $1.3B+54.8% | $863.2M+16.6% | $740.6M+110.8% | $351.3M-58.0% | $836.4M+301.3% | -$415.6M |
| Financing Cash Flow | $8.5B | $5.7B+74.4% | $3.3B+185.1% | $1.1B+514.1% | -$276.9M-106.5% | $4.3B+229.2% | -$3.3B-1568.6% | $225.5M-86.6% | $1.7B+23.9% | $1.4B+270.7% | -$795.4M-335.7% | $337.5M-70.6% | $1.1B+3168.1% | -$37.4M+91.9% | -$459.2M-174.3% | $618.0M |
| Dividends Paid | $96.1M | $99.0M+6.5% | $92.9M+5.1% | $88.4M-20.9% | $111.7M+21.8% | $91.7M+9.2% | $84.0M-35.1% | $129.5M+33.7% | $96.8M+9.6% | $88.3M-0.2% | $88.5M-6.8% | $94.9M-0.4% | $95.3M+0.9% | $94.4M+14.7% | $82.3M-18.3% | $100.7M |
| Share Buybacks | $45.4M | $51.8M | $0 | $0-100.0% | $56.5M | $0-100.0% | $21.7M | $0-100.0% | $16.3M+93.8% | $8.4M-70.0% | $28.1M-67.3% | $85.8M | $0 | $0 | N/A | $7.0M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RWT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -5.9%-11.6pp | 5.7%+6.0pp | -0.3%+22.8pp | -23.1%-78.7pp | 55.6% | -101.7% | 27.2%-4.4pp | 31.6%-25.0pp | 56.6%+3.3pp | 53.3%+13.9pp | 39.4%-2.2pp | 41.5%-35.1pp | 76.6%+19.7pp | 57.0%+44.8pp | 12.1% |
| 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%-61.6pp | 9.3%+0.4pp | 8.9%-2.7pp | 11.6%+0.2pp | 11.4%+2.5pp | 8.9%+1.0pp | 7.9%-6.0pp | 13.9%+2.4pp | 11.6%+8.6pp | 2.9% |
| 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%-6.6pp | 0.9%-0.1pp | 1.0%-1.0pp | 2.0%-0.4pp | 2.4%+0.8pp | 1.6%-0.1pp | 1.7%-2.1pp | 3.8%+0.8pp | 3.0%+2.5pp | 0.5% |
| Debt-to-Equity | 23.12+8.7x | 14.37+13.0x | 1.40-0.2x | 1.60+0.4x | 1.18-0.1x | 1.28-7.6x | 8.85+6.9x | 1.91-0.2x | 2.12-0.2x | 2.28+0.5x | 1.77+0.8x | 0.94+0.6x | 0.38+0.3x | 0.120.0x | 0.16 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where Redwood Trust Ranks
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) recorded an outflow of $10.1B in operating cash flow during fiscal year 2025, representing cash used by 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.
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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $70.0M while operations used $10.1B of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.