NYSE:TRTX · New York Stock Exchange
+$0.04 today
Vol 0.53M · Avg 0.62M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Stock Ticker Earnings Waterfall
NYSE:TRTX · Revenue to Net Income
Key Ratios
Analysis
$338.7M of revenue converted into $65.5M of net income for the selected period. Gross margin is 80.5% and net margin is 19.3%, showing how much revenue survives after costs and taxes. EPS is $0.63, tying the income statement back to per-share earnings.
Revenue
—
Operating Income
—
Net Income
—
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $332.6M -5.2% | $350.9M -10.1% | $390.2M +27.6% | $305.7M +27.0% | $240.7M | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $68.8M -0.4% | $69.1M +107.4% | $33.3M +8.9% | $30.6M +32.4% | $23.1M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $263.7M -6.4% | $281.8M -21.0% | $356.8M +29.7% | $275.1M +26.4% | $217.6M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 79.3% -1.0pp | 80.3% -11.2pp | 91.5% +1.5pp | 90.0% -0.4pp | 90.4% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $42.6M | $0 | $0 | $0 | $0 | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $21.1M +274.4% | $5.6M -97.3% | $205.0M +9.5% | $187.2M +2056.3% | $8.7M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $12.7M -14.9% | $14.9M +327.5% | $3.5M | $0 | $0 | $374.2M | $1.2B | $631.8M |
| EBITDA | $262.4M -9.9% | $291.1M +79.3% | $162.4M +60.4% | $101.2M -55.0% | $224.7M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 78.9% -4.1pp | 83.0% +41.3pp | 41.6% +8.5pp | 33.1% -60.2pp | 93.3% | 5.6% | 46.3% | 42.0% |
| Operating Income | $242.7M -12.1% | $276.2M +81.9% | $151.9M +72.7% | $87.9M -57.9% | $208.9M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 73.0% -5.7pp | 78.7% +39.8pp | 38.9% +10.2pp | 28.8% -58.0pp | 86.8% | 16.6% | 24.1% | 22.0% |
| Interest Income | $290.2M -5.5% | $307.1M -15.3% | $362.6M +19.7% | $302.9M +26.1% | $240.2M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $189.0M -6.2% | $201.5M -26.8% | $275.3M +71.2% | $160.8M +88.9% | $85.1M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$182.0M +9.7% | -$201.5M +24.9% | -$268.2M -81.9% | -$147.5M -112.8% | -$69.3M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $60.7M -18.8% | $74.7M +164.2% | -$116.4M -95.5% | -$59.5M -142.6% | $139.6M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 18.3% -3.0pp | 21.3% +51.1pp | -29.8% -10.4pp | -19.5% -77.5pp | 58.0% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $378.0K -5.3% | $399.0K +54.1% | $259.0K -51.1% | $530.0K -50.2% | $1.1M | $1.3B | -$1.6B | $745.2M |
| Net Income | $60.3M -18.9% | $74.3M +163.7% | -$116.6M -94.2% | -$60.1M -143.4% | $138.6M | $4.9B | $4.8B | $4.7B |
| Net Margin | 18.1% -3.0pp | 21.2% +51.1pp | -29.9% -10.2pp | -19.6% -77.2pp | 57.6% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $1 -24.0% | $1 +144.4% | -$2 -77.9% | -$1 -203.3% | $1 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $1 -24.0% | $1 +144.4% | -$2 -77.9% | -$1 -209.2% | $1 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $79.3M -0.6% | $79.8M +2.9% | $77.6M +0.4% | $77.3M +0.4% | $77.0M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $79.4M -0.6% | $79.9M +3.0% | $77.6M +0.4% | $77.3M -5.4% | $81.7M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Whitestone REIT
NYSE:WSR
$975.46M
Adamas Trust, Inc.
NASDAQ:ADAM
$821.33M
CTO Realty Growth, Inc.
NYSE:CTO
$728.71M
BrightSpire Capital, Inc.
NYSE:BRSP
$708.71M
Franklin BSP Realty Trust, Inc.
NYSE:FBRT
$621.09M
Invesco Mortgage Capital Inc.
NYSE:IVR
$562.40M
Redwood Trust, Inc.
NYSE:RWT
$560.97M
Ready Capital Corporation
NYSE:RC
$295.74M
TPG Mortgage Investment Trust Inc
NYSE:MITT
$244.25M
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does TRTX generate?
TPG RE Finance Trust, Inc. (TRTX) reported $332.57M of revenue in fiscal 2025.
Is TRTX profitable?
TPG RE Finance Trust, Inc. (TRTX) reported $60.32M of net income, with a net margin of 18.1%.
Explore More
Continue the stock analysis
Jump to another research area for this company.