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REDWOOD TRUST INC (RWTP) Financials

RWTP
Trailing 12 months to June 30, 2026
Revenue $1.4B +27.7% YoY
Net Income $5.7M +107.7% YoY
EPS (Diluted) -$0.05 +92.3% YoY
Operating Cash Flow -$14.3B -103.8% YoY
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RWTP SEC filings page.

REDWOOD TRUST INC (RWTP) reported $1.4B in revenue over the twelve months to Jun 30, 2026, up 27.7% from the prior twelve months. 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).

Rhea AI RWTP FY2025

The dominant mechanic is liability-funded expansion: rising scale is accompanied by weaker cash conversion and thinner equity.

Accounting earnings and cash economics diverged sharply: FY2024 showed net income of $54M alongside operating cash flow of -$5.9B. In FY2025, a net loss of $70M coincided with operating cash flow of -$10.1B, indicating that reported profit is not capturing the business’s cash demands.

Leverage intensified while the equity cushion contracted: debt-to-equity rose from 1.4x in FY2023 to 23.1x in FY2025. Equity declined from $1.2B to $982.6M, so the expansion of assets was financed increasingly through liabilities rather than retained capital.

Financing costs absorbed more of the operating scale: interest expense reached $1.1B against FY2025 revenue of $1.2B. Net margin moved from -0.3% in FY2023 to -5.9% in FY2025, showing that higher revenue did not translate into proportional earnings after financing costs.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

REDWOOD TRUST INC 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.

Piotroski F-Score Partial
1/6

REDWOOD TRUST INC 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.

Earnings Quality No Cash Backing
N/A

REDWOOD TRUST INC 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

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Earnings & Revenue

Revenue
$385.2M
YoY+35.5%
QoQ+7.9%
5Y CAGR+22.7%
10Y CAGR+19.2%

REDWOOD TRUST INC generated $385.2M in revenue in Q2 2026. This represents an increase of 35.5% from the same quarter a year earlier. Against the prior quarter it is up 7.9%.

Net Income
-$1.1M
YoY+98.9%
QoQ+80.0%

REDWOOD TRUST INC reported -$1.1M in net income in Q2 2026. This represents an increase of 98.9% from the same quarter a year earlier. Against the prior quarter it is up 80.0%.

EPS (Diluted)
-$0.03

REDWOOD TRUST INC earned -$0.03 per diluted share (EPS) in Q2 2026.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt
$191.8M
YoY-36.5%
QoQ-5.2%
5Y CAGR-14.6%
10Y CAGR-1.2%

REDWOOD TRUST INC held $191.8M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding
126M
5Y CAGR+2.1%
10Y CAGR+5.0%

REDWOOD TRUST INC had 126M shares outstanding in Q2 2026.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Net Margin
-0.3%
YoY+34.3pp
QoQ+1.3pp
5Y CAGR-65.2pp
10Y CAGR-62.1pp

REDWOOD TRUST INC's net profit margin was -0.3% in Q2 2026, showing the share of revenue converted to profit. This is up 34.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.

Return on Equity
-0.1%
YoY+9.2pp
QoQ+0.5pp
5Y CAGR-7.1pp
10Y CAGR-3.9pp

REDWOOD TRUST INC's ROE was -0.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 9.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks
$0
YoY-100.0%
QoQ-100.0%

REDWOOD TRUST INC repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

R&D Spending

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

RWTP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RWTP quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Revenue$385.2M+35.5%$356.9M+31.2%$327.0M+22.8%$299.5M+20.5%$284.3M+26.1%$272.1M+32.9%$266.4M+40.3%$248.6M+40.4%
SG&A Expenses$38.2M+3.3%$49.4M+31.7%$40.8M+25.4%$38.7M+7.5%$37.0M+11.1%$37.5M+8.4%$32.5M+0.9%$36.0M+21.3%
Interest Expense$353.2M+30.6%$322.2M+32.0%$301.0M+26.1%$284.5M+27.5%$270.5M+35.2%$244.2M+35.2%$238.8M+40.6%$223.1M+42.4%
Income Tax$1.1M-74.9%-$2.5M-140.0%$8.0M+27.9%$6.4M-10.9%$4.6M-7.4%$6.3M+1097.3%$6.3M+530.6%$7.1M+320.3%
Net Income-$1.1M+98.9%-$5.5M-134.1%$20.0M+402.6%-$7.7M-152.0%-$98.5M-734.0%$16.1M-46.6%-$6.6M-131.4%$14.8M+148.1%
EPS (Basic)-$0.03+96.1%-$0.07-170.0%$0.13+262.5%-$0.08-188.9%-$0.76-860.0%$0.10-52.4%-$0.08-150.0%$0.09+131.0%
EPS (Diluted)-$0.03-$0.07$0.13-$0.08-$0.76-860.0%$0.10-52.4%-$0.08$0.09
Diluted Shares (Avg)125M125MN/A129M133M+0.7%133M+0.9%N/A132M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

RWTP Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RWTP quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$28.8B+35.1%$26.8B+34.9%$23.7B+29.8%$22.6B+22.6%$21.3B+29.4%$19.9B+32.0%$18.3B+25.9%$18.4B+41.5%
Cash & Equivalents$191.8M-36.5%$202.4M-22.1%$255.7M+4.3%$226.3M-10.8%$302.0M+9.6%$259.9M-5.6%$245.2M-16.3%$253.7M+24.6%
Short-Term Investments$0$0$0$0$0$0$0$0
Long-Term Investments$0$0$0$0$0$0$0$0
Goodwill$23.4M0.0%$23.4M0.0%$23.4M0.0%$23.4M0.0%$23.4M0.0%$23.4M0.0%$23.4M0.0%$23.4M0.0%
Total Liabilities$27.9B+37.5%$25.9B+38.4%$22.7B+33.1%$21.6B+25.6%$20.3B+32.8%$18.7B+35.1%$17.1B+28.3%$17.2B+44.4%
Total Equity$933.8M-11.4%$956.7M-19.2%$982.6M-17.3%$999.0M-18.3%$1.1B-13.7%$1.2B-3.3%$1.2B-1.2%$1.2B+10.6%
Retained Earnings$1.1B-0.1%$1.1B-8.2%$1.1B-6.5%$1.1B-8.6%$1.1B-6.8%$1.2B+2.8%$1.2B+4.1%$1.2B+6.6%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

RWTP Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RWTP quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash Flow-$3.7B-77.3%-$4.5B-130.9%-$3.4B-293.5%-$2.7B-27.8%-$2.1B-7.5%-$2.0B-104.6%-$854.0M+25.6%-$2.1B-134.4%
Depreciation & Amortization$2.4M-11.9%$2.3M-17.5%$2.3M-18.4%$2.3M-17.3%$2.7M-4.9%$2.8M-20.6%$2.8M-26.2%$2.8M-24.9%
Stock-Based Compensation$5.4M-4.5%$8.4M+48.5%N/A$5.8M-25.7%$5.6M-23.5%$5.7M-12.6%N/A$7.8M+56.4%
Investing Cash Flow$1.5B+50.2%$1.2B+86.5%$1.6B+60.9%$1.3B+101.9%$979.1M+77.5%$658.8M+88.1%$1.0B+271.4%$635.6M+151.3%
Financing Cash Flow$2.3B+83.9%$3.1B+135.4%$1.9B+1267.7%$1.3B-12.0%$1.2B-12.6%$1.3B+130.6%-$160.1M-116.2%$1.4B+219.2%
Dividends Paid$24.1M-5.0%$23.8M-6.3%$24.0M-4.3%$24.3M+3.1%$25.3M+14.4%$25.4M+14.7%$25.1M+14.4%$23.6M+19.3%
Share Buybacks$0-100.0%$1.1M$14.8M$29.6M$7.5M$0$0$0

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

RWTP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RWTP quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Net Margin-0.3%+34.3pp-1.5%-7.5pp6.1%+8.6pp-2.6%-8.5pp-34.6%-41.5pp5.9%-8.8pp-2.5%-13.6pp6.0%+23.4pp
Return on Equity-0.1%+9.2pp-0.6%-1.9pp2.0%+2.6pp-0.8%-2.0pp-9.3%-10.6pp1.4%-1.1pp-0.6%-2.3pp1.2%+4.0pp
Return on Assets0.0%+0.5pp0.0%-0.1pp0.1%+0.1pp0.0%-0.1pp-0.5%-0.5pp0.1%-0.1pp0.0%-0.2pp0.1%+0.3pp
Debt-to-Equity29.86+10.6x27.03+11.2x23.12+8.7x21.62+7.6x19.25+6.7x15.79+14.4x14.37+13.0x14.07+12.4x
Asset Turnover0.010.0x0.010.0x0.010.0x0.010.0x0.010.0x0.010.0x0.010.0x0.010.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Frequently Asked Questions

What is REDWOOD TRUST INC's annual revenue?

REDWOOD TRUST INC (RWTP) 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 INC's revenue growing?

REDWOOD TRUST INC (RWTP) revenue grew by 25.2% year-over-year, from $945.2M to $1.2B in fiscal year 2025.

Is REDWOOD TRUST INC profitable?

No, REDWOOD TRUST INC (RWTP) reported a net income of -$70.0M in fiscal year 2025, with a net profit margin of -5.9%.

REDWOOD TRUST INC (RWTP) reported diluted earnings per share of -$0.63 for fiscal year 2025. 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 INC (RWTP) had a net profit margin of -5.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, REDWOOD TRUST INC (RWTP) paid $0.72 per share in dividends during fiscal year 2025.

REDWOOD TRUST INC (RWTP) has a return on equity of -7.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

REDWOOD TRUST INC (RWTP) recorded an outflow of $10.1B in operating cash flow during fiscal year 2025, representing cash used by core business activities.

REDWOOD TRUST INC (RWTP) had $23.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, REDWOOD TRUST INC (RWTP) spent $51.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

REDWOOD TRUST INC (RWTP) had 125M shares outstanding as of fiscal year 2025.

REDWOOD TRUST INC (RWTP) 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.

REDWOOD TRUST INC (RWTP) had a return on assets of -0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

REDWOOD TRUST INC (RWTP) 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.

REDWOOD TRUST INC (RWTP) 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.

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