Two Harbors Investment Corp. (TWO) Financial Statements
Industry: Real Estate Investment Trusts
In fiscal 2025, Two Harbors Investment reported revenue of $412.0M, down 8.5% from $450.2M the year before. Net income was -$454.3M (a -110.3% net margin), or -$4.88 per diluted share. Gross margin was -36.0% and operating margin was -36.0%. Operating activities generated $88.9M of cash. At fiscal year end, Two Harbors Investment held $10.86B in total assets against $9.07B in total liabilities, including $842.3M of cash and equivalents.
Open the full interactive Two Harbors Investment financials → Quarterly statements, key ratios, valuation history and price charts.
Two Harbors Investment Key Stats
| Share Price | $25.39 |
|---|---|
| Revenue YoY Growth | -8.5% |
| 52-Week Range | $21.92 – $25.39 |
| Shares Outstanding | 104.9 million (basic, 2026 Q2) |
Two Harbors Investment Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $525.0M | $168.6M | $295.5M | $480.4M | $450.2M | $412.0M |
| Cost of Goods Sold | $198.1M | $150.1M | $176.8M | $115.2M | $166.0M | $560.5M |
| Gross Profit | $327.0M | $18.5M | $118.7M | $365.2M | $284.2M | -$148.5M |
| Operating Income | $327.0M | $18.5M | $118.7M | $365.2M | $284.2M | -$148.5M |
| Pre-Tax Income | -$1.67B | $191.4M | $324.5M | -$83.4M | $344.8M | -$445.4M |
| Income Tax | -$35.7M | $4.2M | $104.2M | $23.0M | $46.6M | $8.9M |
| Net Income | -$1.63B | $187.2M | $220.2M | -$106.4M | $298.2M | -$454.3M |
| Diluted EPS | -$6.24 | $0.43 | $2.13 | -$1.60 | $2.37 | -$4.88 |
Two Harbors Investment Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $93.6M | $89.9M | $88.7M | $83.5M |
| Net Income | -$127.9M | $11.7M | $32.3M | $62.2M |
| Diluted EPS | -$1.36 | $0.11 | $0.18 | $0.46 |
Two Harbors Investment Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.38B | $1.15B | $683.5M | $729.7M | $504.6M | $842.3M |
| Total Assets | $19.52B | $12.11B | $13.47B | $13.14B | $12.20B | $10.86B |
| Total Long-Term Debt | $395.6M | $821.6M | $398.0M | $295.3M | $260.2M | $8.56B |
| Total Liabilities | $16.43B | $9.37B | $11.28B | $10.94B | $10.08B | $9.07B |
| Shareholders' Equity | $3.09B | $2.74B | $2.18B | $2.20B | $2.12B | $1.79B |
Two Harbors Investment Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $631.6M | $423.5M | $623.4M | $343.5M | $201.0M | $88.9M |
| Cash From Investing | $14.90B | $6.31B | -$2.75B | -$195.8M | $895.3M | $911.6M |
| Cash From Financing | -$14.51B | -$7.30B | $1.17B | -$479.4M | -$1.07B | -$756.2M |
Figures from Two Harbors Investment's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Two Harbors Investment financials page for every line item.
Two Harbors Investment Company Profile
| Ticker | TWO |
|---|---|
| Exchange | NYSE |
| Industry | Real Estate Investment Trusts |
| Headquarters | St. Louis Park, Minnesota |
| Incorporated in | Maryland |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001465740 |
Frequently Asked Questions
What was Two Harbors Investment's revenue in fiscal 2025?
Two Harbors Investment (TWO) reported revenue of $412.0M for fiscal 2025.
What is Two Harbors Investment's annual revenue history?
Two Harbors Investment's annual revenue by fiscal year: 2020: $525.0M; 2021: $168.6M; 2022: $295.5M; 2023: $480.4M; 2024: $450.2M; 2025: $412.0M.
What was Two Harbors Investment's net income in fiscal 2025?
Two Harbors Investment reported net income of -$454.3M for fiscal 2025.
What was Two Harbors Investment's earnings per share (EPS) in fiscal 2025?
Two Harbors Investment's diluted EPS was -$4.88 for fiscal 2025 (adjusted for any later stock splits).
What was Two Harbors Investment's revenue last quarter?
In its most recent reported quarter (2026 Q2), Two Harbors Investment reported revenue of $83.5M.
How much debt does Two Harbors Investment have?
Two Harbors Investment reported $8.56B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Two Harbors Investment are outstanding?
Two Harbors Investment reported a weighted average of 104.9 million basic shares outstanding in 2026 Q2.
When does Two Harbors Investment's fiscal year end?
Two Harbors Investment's fiscal year end, as registered with the SEC, is December 31.
Where is Two Harbors Investment headquartered?
Two Harbors Investment lists its business address in St. Louis Park, Minnesota in its SEC filings.