Two Harbors Investment Corp. (TWO) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Revenue | 218.79M | 179.37M | 247.57M | 119.38M | 211.99M | 219.45M | 126.48M | 208.81M | 292.02M | 24.56M | 342.45M | 278.5M | 14.32M | -33.81M | 192.05M | 53.33M | -146.48M | 151.06M | 18.87M | 41.03M |
| Revenue Growth % | 3.21% | -18.26% | 95.73% | -42.83% | -27.41% | 793.63% | -63.07% | -25.02% | 1939.25% | 172.64% | 78.31% | 422.25% | 109.78% | -122.38% | 917.81% | 29.98% | 36.67% | 10.94% | -81.34% | 107.09% |
| Property Operating Expenses | 97.01M | 3.38M | -4.37M | -4M | -2.78M | -7.58M | -13.16M | -10.54M | -7.18M | 4.58M | 23.05M | 21.74M | 24.75M | 25.27M | 21.15M | 22.99M | 24.7M | 21.58M | 21.04M | 18.68M |
| Net Operating Income (NOI) | 121.78M | 175.99M | 251.94M | 123.38M | 214.77M | 227.03M | 139.64M | 219.35M | 299.2M | 19.97M | 319.4M | 256.76M | -10.44M | -59.08M | 170.9M | 30.34M | -171.18M | 129.48M | -2.17M | 22.35M |
| NOI Margin % | 55.66% | 98.11% | 101.76% | 103.35% | 101.31% | 103.46% | 110.4% | 105.05% | 102.46% | 81.33% | 93.27% | 92.19% | -72.87% | 174.75% | 88.99% | 56.89% | 116.87% | 85.71% | -11.51% | 54.47% |
| Operating Expenses | 49.45M | 54.85M | 86.47M | 44.12M | 161.68M | -218.68M | 233.65M | -5.39M | -76.36M | 294.38M | -196.25M | -120.02M | 27.79M | 87.04M | -211.09M | 39.74M | -527.57M | 108.51M | -90.7M | 136.81M |
| G&A Expenses | 49.45M | 17.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 77.52M | 122.7M | -9.6M | -120.68M | 53.09M | 446.27M | -94.01M | 224.74M | 375.56M | -294.38M | 515.65M | 376.79M | -38.23M | -146.12M | 381.99M | -9.41M | 356.38M | 20.97M | 88.53M | -114.47M |
| EBITDA Margin % | 35.43% | 68.41% | -3.88% | -101.09% | 25.04% | 203.36% | -74.33% | 107.63% | 128.61% | -1198.76% | 150.58% | 135.29% | -266.94% | 432.19% | 198.9% | -17.64% | -243.3% | 13.88% | 469.19% | -279% |
| Depreciation & Amortization | 5.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 2.37% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Operating Income | 72.34M | 121.14M | 165.47M | 79.26M | 53.09M | 445.71M | -94.01M | 224.74M | 375.56M | -274.41M | 515.65M | 376.79M | -38.23M | -146.12M | 381.99M | -9.41M | 356.38M | 20.97M | 88.53M | -114.47M |
| Operating Margin % | 33.06% | 67.54% | 66.84% | 66.39% | 25.04% | 203.11% | -74.33% | 107.63% | 128.61% | -1117.45% | 150.58% | 135.29% | -266.94% | 432.19% | 198.9% | -17.64% | -243.3% | 13.88% | 469.19% | -279% |
| Interest Expense | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Interest Coverage | 0.76x | 1.16x | -0.08x | -0.88x | 0.40x | 3.22x | -0.61x | 1.46x | 2.35x | -1.75x | 2.98x | 2.36x | -0.27x | -1.26x | 4.58x | -0.25x | 15.97x | 1.04x | 4.05x | -4.69x |
| Non-Operating Income | 0 | -1.56M | 175.06M | 199.94M | 0 | -558K | 0 | 0 | 0 | 19.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 36.35M | 17.29M | -126.72M | -257.38M | -78.62M | 307.6M | -248.94M | 70.54M | 215.56M | -462.46M | 342.56M | 217.22M | -180.72M | -261.74M | 298.63M | -46.51M | 334.07M | 810K | 66.65M | -138.87M |
| Pretax Margin % | 16.61% | 9.64% | -51.18% | -215.59% | -37.09% | 140.17% | -196.82% | 33.78% | 73.82% | -1883.21% | 100.03% | 78% | -1261.98% | 774.2% | 155.5% | -87.21% | -228.07% | 0.54% | 353.22% | -338.49% |
| Income Tax | 4.07M | 5.58M | 1.2M | 1.66M | 431K | 30.87M | -10.46M | 14.2M | 11.97M | -29.26M | 36.37M | 19.78M | -3.91M | 8.48M | 21.02M | 25.91M | 48.8M | 2.1M | 325K | -20.91M |
| Effective Tax Rate % | 11.19% | 32.24% | -0.95% | -0.65% | -0.55% | 10.04% | 4.2% | 20.13% | 5.55% | 6.33% | 10.62% | 9.11% | 2.16% | -3.24% | 7.04% | -55.72% | 14.61% | 259.75% | 0.49% | 15.06% |
| Net Income | 32.28M | 11.72M | -127.92M | -259.04M | -79.06M | 276.73M | -238.49M | 56.34M | 203.59M | -433.2M | 306.19M | 197.44M | -176.81M | -270.22M | 277.61M | -72.42M | 285.27M | -1.29M | 66.32M | -117.96M |
| Net Margin % | 14.76% | 6.53% | -51.67% | -216.98% | -37.29% | 126.1% | -188.55% | 26.98% | 69.72% | -1764.06% | 89.41% | 70.9% | -1234.69% | 799.29% | 144.55% | -135.8% | -194.75% | -0.86% | 351.5% | -287.52% |
| Net Income Growth % | 140.84% | -95.77% | 46.36% | -559.81% | -138.83% | 163.88% | -177.89% | -71.47% | 215.15% | -60.31% | 10.29% | 372.64% | -161.98% | -20782.77% | 318.57% | 38.61% | 18.78% | -100.61% | -67.15% | 32.04% |
| Funds From Operations (FFO) | 37.47M | 11.72M | -127.92M | -259.04M | -79.06M | 276.73M | -238.49M | 56.34M | 203.59M | -433.2M | 306.19M | 197.44M | -176.81M | -270.22M | 277.61M | -72.42M | 285.27M | -1.29M | 66.32M | -117.96M |
| FFO Margin % | 17.12% | 6.53% | -51.67% | -216.98% | -37.29% | 126.1% | -188.55% | 26.98% | 69.72% | -1764.06% | 89.41% | 70.9% | -1234.69% | 799.29% | 144.55% | -135.8% | -194.75% | -0.86% | 351.5% | -287.52% |
| FFO Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FFO per Share | 0.35 | 0.11 | -1.23 | -2.49 | -0.76 | 2.48 | -2.31 | 0.54 | 1.80 | -4.44 | 2.90 | 1.86 | -1.91 | -3.13 | 2.89 | -0.84 | 2.97 | -0.02 | 0.77 | -1.72 |
| FFO Payout Ratio % | 0% | 304.75% | -32.02% | -18.23% | -59.43% | 16.96% | -19.68% | 83.25% | 23.04% | -10.06% | 14.23% | 29.57% | -29.49% | -21.85% | 21.2% | -81.21% | 20.56% | -4139.34% | 70.5% | -39.54% |
| EPS (Diluted) | 0.18 | -0.02 | -1.36 | -2.62 | -0.89 | 2.37 | -2.42 | 0.43 | 1.73 | -4.56 | 2.81 | 1.80 | -1.91 | -3.13 | 2.73 | -0.84 | 2.81 | -0.02 | 0.66 | -1.72 |
| EPS Growth % | 120.22% | -100.65% | 43.8% | -709.3% | -151.45% | 151.97% | -186.12% | -76.11% | 190.58% | -45.69% | 2.93% | 314.29% | -167.97% | -20224.68% | 313.64% | 51.16% | -5.07% | -100.57% | -74.22% | 32.28% |
| EPS (Basic) | 0.18 | -0.02 | -1.36 | -2.62 | -0.89 | 2.54 | -2.42 | 0.43 | 1.86 | -4.56 | 3.04 | 1.94 | -1.91 | -3.13 | 2.73 | -0.84 | 2.81 | -0.02 | 0.68 | -1.72 |
| Diluted Shares Outstanding | 108.21M | 104.24M | 104.08M | 104.08M | 103.98M | 111.79M | 103.42M | 103.91M | 112.97M | 97.49M | 105.63M | 106.06M | 92.58M | 86.39M | 96.13M | 86.07M | 96.21M | 83.78M | 86.68M | 68.43M |