TWO
Two Harbors Investments Corp
NYSE: TWO · REAL ESTATE · REIT - MORTGAGE
$12.55
+1.37% today
Updated 2026-05-08
Market cap
$1.30B
P/E ratio
—
P/S ratio
2.63x
EPS (TTM)
$-3.81
Dividend yield
11.50%
52W range
$9 – $14
Volume
3.6M
Two Harbors Investments Corp (TWO) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47M | $4.44M | $3.20M | $53.40M | $264.91M | $538.88M | $500.38M | $591.62M | $732.02M | $498.75M | $838.62M | $185.73M | $427.56M | $-1.56B | $255.22M | $12.61M | $-556.75M | $845.84M | $605.61M |
| Revenue growth (YoY) | — | +201.3% | -27.9% | +1567.8% | +396.0% | +103.4% | -7.1% | +18.2% | +23.7% | -31.9% | +68.1% | -77.9% | +130.2% | -465.3% | +116.3% | -95.1% | -4516.5% | +251.9% | -28.4% |
| Cost of revenue | — | — | $325654.00 | $2.99M | $14.24M | $3.46M | $48.82M | $76.34M | $81.12M | $73.95M | $76.73M | $611.08M | $57.05M | $66.35M | $63.80M | $94.12M | $115.18M | $-38.46M | $12.73M |
| Gross profit | $1.47M | $4.44M | $2.88M | $50.41M | $250.67M | $535.41M | $451.56M | $515.28M | $650.90M | $424.80M | $761.89M | $185.73M | $370.50M | $-1.63B | $191.42M | $-81.51M | $-671.93M | $884.29M | $592.88M |
| Gross margin | 100.0% | 100.0% | 89.8% | 94.4% | 94.6% | 99.4% | 90.2% | 87.1% | 88.9% | 85.2% | 90.9% | 100.0% | 86.7% | 104.2% | 75.0% | -646.6% | 120.7% | 104.5% | 97.9% |
| R&D | — | — | $1.35M | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.00 | $1.00 | $25.00 | $0.00 | — | — |
| SG&A | — | — | $1.58M | $7.57M | $7.87M | $33.17M | $41.71M | $48.80M | $50.29M | $39.26M | $40.47M | $30.27M | $60.10M | $37.72M | $35.04M | $40.72M | $38.98M | $89.75M | $95.33M |
| Operating income | $1.33M | $3.38M | $-9.06M | $35.07M | $131.43M | $256.15M | $661.11M | $93.79M | $476.25M | $335.05M | $648.73M | $517.20M | $310.40M | $-1.67B | $191.42M | $582.85M | $-129.03M | $951.08M | $415.81M |
| Operating margin | 90.4% | 76.1% | -283.0% | 65.7% | 49.6% | 47.5% | 132.1% | 15.9% | 65.1% | 67.2% | 77.4% | 278.5% | 72.6% | 106.6% | 75.0% | 4623.6% | 23.2% | 112.4% | 68.7% |
| EBITDA | $1.33M | $3.15M | $-9.02M | $39.49M | $149.03M | $319.04M | $761.53M | $202.47M | $619.27M | $544.80M | $648.91M | $517.20M | $310.40M | $-1.67B | $191.42M | $582.85M | $-129.03M | $952.56M | $45.52M |
| EBITDA margin | 90.4% | 70.8% | -281.8% | 74.0% | 56.3% | 59.2% | 152.2% | 34.2% | 84.6% | 109.2% | 77.4% | 278.5% | 72.6% | 106.6% | 75.0% | 4623.6% | 23.2% | 112.6% | 7.5% |
| EBIT | $-140999.00 | $-1.06M | $-9.06M | $28.13M | $154.96M | $317.30M | $759.86M | $200.85M | $617.91M | $543.52M | $647.95M | $517.20M | $310.40M | $-1.67B | $191.42M | $582.62M | $-129.03M | — | — |
| Interest expense | $0.00 | $0.00 | $131000.00 | $4.42M | $22.71M | $72.11M | $100.41M | $107.45M | $142.19M | $221.90M | $350.19M | $519.67M | $714.33M | $281.25M | $89.17M | $258.39M | $643.23M | $607.81M | $490.94M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $714573.00 | $2.06M | $-8.84M | $35.76M | $127.43M | $291.91M | $579.04M | $167.14M | $492.21M | $353.28M | $348.57M | $-44.29M | $323.96M | $-1.63B | $187.23M | $220.24M | $-152.00M | $298.17M | $-454.30M |
| Net income growth (YoY) | — | +188.1% | -529.2% | +504.6% | +256.4% | +129.1% | +98.4% | -71.1% | +194.5% | -28.2% | -1.3% | -112.7% | +831.5% | -603.2% | +111.5% | +17.6% | -169.0% | +296.2% | -252.4% |
| Profit margin | 48.5% | 46.3% | -276.0% | 67.0% | 48.1% | 54.2% | 115.7% | 28.3% | 67.2% | 70.8% | 41.6% | -23.8% | 75.8% | 104.4% | 73.4% | 1747.1% | 27.3% | 35.3% | -75.0% |