Two Harbors (TWOD) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TWOD SEC filings page.
Two Harbors (TWOD) reported $389.3M in revenue over the twelve months to Mar 31, 2026, down 12.3% 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).
Leverage remains near 4.8x while earnings swing sharply, making balance-sheet exposure—not revenue growth—the dominant operating mechanic.
Revenue changed little from FY2024 to FY2025, but net income swung from$298M to-$454M . Operating cash flow likewise fell to$89M from$201M , indicating that the earnings reversal was accompanied by weaker cash production, not just an accounting fluctuation.
Capital contraction was visible in FY2025: assets fell to
Distributions exceeded operating cash generation in FY2025: dividends were
Financial Health Signals
Two Harbors 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.
Two Harbors passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Two Harbors reported a net loss of $454.3M while generating $88.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Two Harbors generated $88.7M in revenue in Q1 2026. This represents a decrease of 20.4% from the same quarter a year earlier. Against the prior quarter it is down 1.4%.
Two Harbors reported $32.3M in net income in Q1 2026. This represents an increase of 140.8% from the same quarter a year earlier. Against the prior quarter it is up 175.5%.
Two Harbors earned $0.18 per diluted share (EPS) in Q1 2026. Against the prior quarter it is up 1900.0%.
Not reported for Q1 2026.
Cash & Balance Sheet
Two Harbors held $476.3M in cash against $8.3B in long-term debt as of Q1 2026.
Two Harbors paid $0.34 per share in dividends in Q1 2026. It is unchanged from the prior quarter.
Not reported for Q1 2026.
Margins & Returns
Two Harbors's net profit margin was 36.4% in Q1 2026, showing the share of revenue converted to profit. This is up 107.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 23.4 percentage points.
Two Harbors's ROE was 1.9% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 5.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.
Not reported for Q1 2026.
Not reported for Q1 2026.
Capital Allocation
None of these metrics is reported for Q1 2026.
TWOD 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.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $88.7M-20.4% | $89.9M-13.4% | $93.6M-16.9% | $117.1M+1.0% | $111.4M-5.4% | $103.8M-15.2% | $112.6M-8.9% | $116.0M-1.5% |
| SG&A Expenses | $26.7M+0.4% | $26.0M+19.1% | $21.3M+5.6% | $21.5M+1.1% | $26.6M+0.2% | $21.8M+2.4% | $20.2M+134.2% | $21.2M+139.6% |
| Interest Expense | $95.2M-27.8% | $105.4M-24.0% | $117.1M-24.4% | $136.7M-11.4% | $131.7M-17.7% | $138.7M-17.5% | $154.9M-10.5% | $154.2M-3.4% |
| Income Tax | $4.1M+843.9% | $5.6M-81.9% | $1.2M+111.5% | $1.7M-88.3% | $431K-96.4% | $30.9M+205.5% | -$10.5M-128.8% | $14.2M-28.2% |
| Net Income | $32.3M+140.8% | $11.7M-95.8% | -$127.9M+46.4% | -$259.0M-559.8% | -$79.1M-138.8% | $276.7M+163.9% | -$238.5M-177.9% | $56.3M-71.5% |
| EPS (Basic) | $0.18+120.2% | -$0.01-100.4% | -$1.36+43.8% | -$2.62-709.3% | -$0.89-148.1% | $2.55+154.7% | -$2.42-179.6% | $0.43-77.8% |
| EPS (Diluted) | $0.18 | -$0.01-100.4% | -$1.36+43.8% | -$2.62-709.3% | -$0.89-151.4% | $2.51+155.7% | -$2.42-186.1% | $0.43-76.1% |
| Diluted Shares (Avg) | 105M | N/A | 104M+0.5% | 104M+0.2% | 104M-8.0% | N/A | 104M-1.9% | 104M-2.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
TWOD 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.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.5B-23.0% | $10.9B-11.0% | $10.9B-15.7% | $13.0B+0.9% | $13.7B+4.0% | $12.2B-7.1% | $12.9B-7.4% | $12.8B-8.3% |
| Cash & Equivalents | $476.3M-17.0% | $842.3M+66.9% | $770.5M+47.4% | $657.8M+5.4% | $573.9M-13.9% | $504.6M-30.8% | $522.6M-18.9% | $624.2M-10.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $8.8B-23.7% | $9.1B-10.0% | $9.1B-15.1% | $11.1B+3.9% | $11.5B+5.6% | $10.1B-7.8% | $10.7B-9.2% | $10.7B-9.7% |
| Long-Term Debt | $8.3B | $8.6B | $8.4B | $10.2B | N/A | N/A | N/A | N/A |
| Total Equity | $1.7B-19.3% | $1.8B-15.8% | $1.8B-18.3% | $1.9B-14.1% | $2.1B-4.2% | $2.1B-3.7% | $2.2B+2.5% | $2.2B-0.9% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Retained Earnings.
TWOD 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.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $56.6M-49.4% | $117.1M+656.2% | -$239.2M-374.7% | $99.1M-31.0% | $111.9M+1390.8% | -$21.1M-119.2% | $87.1M-28.8% | $143.7M+29.0% |
| Stock-Based Compensation | $4.4M-32.2% | N/A | $1.5M-6.3% | $1.9M+18.8% | $6.5M+7.2% | N/A | $1.6M0.0% | $1.6M-5.9% |
| Investing Cash Flow | -$38.1M+98.1% | -$17.2M-101.4% | $2.1B+934.5% | $829.2M+202.7% | -$2.0B-483.2% | $1.2B+57.4% | -$254.9M-548.5% | $274.0M+586.8% |
| Financing Cash Flow | -$320.2M-117.8% | $75.1M+107.5% | -$1.8B-24684.7% | -$827.8M-124.2% | $1.8B+498.7% | -$997.0M+12.3% | -$7.3M+95.3% | -$369.2M-922.0% |
| Dividends Paid | $35.9M-23.6% | $35.7M-23.9% | $41.0M-12.8% | $47.2M+0.7% | $47.0M+0.2% | $46.9M+7.8% | $46.9M+7.8% | $46.9M-19.7% |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $0 | $0 | N/A |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow.
TWOD 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.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 36.4%+107.4pp | 13.0% | -136.7% | -221.3% | -71.0% | 266.7% | -211.7% | 48.6% |
| Return on Equity | 1.9%+5.5pp | 0.7%-12.4pp | -7.2%+3.8pp | -13.7%-16.3pp | -3.7%-12.8pp | 13.0%+32.7pp | -11.0%-25.4pp | 2.6%-6.3pp |
| Return on Assets | 0.3%+0.9pp | 0.1%-2.2pp | -1.2%+0.7pp | -2.0%-2.4pp | -0.6%-2.1pp | 2.3%+5.6pp | -1.8%-4.0pp | 0.4%-1.0pp |
| Debt-to-Equity | 4.79-0.6x | 4.790.0x | 4.76-0.2x | 5.40+0.5x | 5.37+0.5x | 4.75-0.2x | 4.94-0.6x | 4.85-0.5x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
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.
Where Two Harbors Ranks
Frequently Asked Questions
What is Two Harbors's annual revenue?
Two Harbors (TWOD) reported $412.0M in total revenue for fiscal year 2025. This represents a -8.5% 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 Two Harbors's revenue growing?
Two Harbors (TWOD) revenue declined by 8.5% year-over-year, from $450.2M to $412.0M in fiscal year 2025.
Is Two Harbors profitable?
No, Two Harbors (TWOD) reported a net income of -$454.3M in fiscal year 2025.
How much debt does Two Harbors have?
As of fiscal year 2025, Two Harbors (TWOD) had $842.3M in cash and equivalents against $8.6B in long-term debt.
Does Two Harbors pay dividends?
Yes, Two Harbors (TWOD) paid $1.52 per share in dividends during fiscal year 2025.
What is Two Harbors's return on equity (ROE)?
Two Harbors (TWOD) has a return on equity of -25.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Two Harbors's operating cash flow?
Two Harbors (TWOD) generated $88.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Two Harbors's total assets?
Two Harbors (TWOD) had $10.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Two Harbors's debt-to-equity ratio?
Two Harbors (TWOD) had a debt-to-equity ratio of 4.79 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Two Harbors's return on assets (ROA)?
Two Harbors (TWOD) had a return on assets of -4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Two Harbors's Piotroski F-Score?
Two Harbors (TWOD) has a Piotroski F-Score of 3 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 Two Harbors's earnings high quality?
Two Harbors (TWOD) reported a net loss of $454.3M while generating $88.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, 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.