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Dynex Capital (DX) Financials

Dynex Capital logo
$13.00 -0.09 (-0.65%)
As of 01:07 PM Eastern
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Annual Income Statements for Dynex Capital

Annual Income Statements for Dynex Capital

This table shows Dynex Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 7.37 34 23 -4.78 -166 160 91 135 -14 106 319
Consolidated Net Income / (Loss)		 17 43 34 7.02 -153 178 102 143 -6.13 114 319
Net Income / (Loss) Continuing Operations		 16 43 34 7.02 -153 178 102 143 -6.13 114 319
Total Pre-Tax Income 		16 43 34 7.02 -153 178 102 143 -6.13 114 319
Total Revenue		 34 58 50 22 -137 199 141 389 -118 291 -0.28
Net Interest Income / (Expense)		 78 67 58 50 56 64 54 43 -7.93 5.88 114
Total Interest Income		 100 92 95 110 170 96 60 87 208 320 534
Investment Securities Interest Income		 100 92 - 110 170 96 60 87 208 320 534
Total Interest Expense		 23 25 36 60 114 33 5.67 44 215 314 419
Long-Term Debt Interest Expense		 23 25 36 60 114 33 5.67 44 215 314 419
Total Non-Interest Income		 -44 -8.96 -8.69 -28 -193 135 87 345 -110 285 -115
Other Service Charges		 - 0.88 -0.20 -1.57 0.02 -1.06 -1.34 -1.49 -2.15 -1.91 -1.54
Net Realized & Unrealized Capital Gains on Investments		 -44 -9.84 -8.49 -27 -193 136 88 347 -108 287 -113
Total Non-Interest Expense		 18 15 16 15 16 21 24 32 31 35 52
Salaries and Employee Benefits		 9.10 7.55 8.51 6.61 7.52 12 13 17 17 21 35
Other Operating Expenses		 8.57 7.16 7.31 8.50 8.47 9.34 11 16 14 14 16
Nonoperating Income / (Expense), net		 - - - - -0.06 0.02 -15 -213 143 -142 371
Preferred Stock Dividends Declared		 9.18 9.19 11 12 13 18 11 7.69 7.69 7.69 0.00
Basic Earnings per Share		 $0.14 $0.69 $1.37 ($0.25) ($7.01) $6.93 $2.79 $3.19 ($0.25) $1.50 $2.49
Weighted Average Basic Shares Outstanding		 52.85M 49.11M 16.81M 19.24M 23.62M 23.11M 32.60M 42.49M 54.81M 70.77M 124.13M
Diluted Earnings per Share		 $0.14 $0.69 $1.37 ($0.25) ($7.01) $6.93 $2.78 $3.17 ($0.25) $1.49 $2.47
Weighted Average Diluted Shares Outstanding		 52.85M 49.11M 16.81M 19.24M 23.62M 23.11M 32.76M 42.74M 54.81M 71.26M 125.07M
Weighted Average Basic & Diluted Shares Outstanding		 52.85M 49.11M 16.81M 19.24M 23.62M 23.11M 36.67M 53.84M 58.54M 90.47M 201.98M
Cash Dividends to Common per Share		 $0.96 $0.84 $0.72 $0.72 $2.01 $1.66 $1.56 - - $1.60 $2.00

Quarterly Income Statements for Dynex Capital

This table shows Dynex Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -45 22 38 -10 29 49 -5.00 -16 148 193 -80
Consolidated Net Income / (Loss)		 -43 24 40 -8.30 31 51 -3.08 -14 150 185 -80
Net Income / (Loss) Continuing Operations		 -43 24 40 -8.30 31 51 -3.08 -14 150 185 -80
Total Pre-Tax Income 		-43 24 40 -8.30 31 51 -3.08 -14 150 185 -80
Total Revenue		 144 -231 121 40 -154 283 -101 -35 19 117 192
Net Interest Income / (Expense)		 -2.26 -2.28 -3.19 1.29 0.89 6.89 17 23 31 43 79
Total Interest Income		 63 71 72 76 83 88 95 112 150 177 257
Investment Securities Interest Income		 63 71 72 76 83 88 95 112 150 177 257
Total Interest Expense		 66 73 75 75 83 82 78 89 119 134 178
Long-Term Debt Interest Expense		 66 73 75 75 83 82 78 89 119 134 178
Total Non-Interest Income		 146 -229 124 39 -155 276 -118 -58 -11 74 113
Other Service Charges		 -0.80 -0.49 -0.42 -0.60 -0.44 -0.45 - -0.38 -0.53 -0.27 -0.78
Net Realized & Unrealized Capital Gains on Investments		 147 -229 125 40 -154 277 -118 -58 -11 74 113
Total Non-Interest Expense		 7.84 8.32 11 6.64 8.27 8.80 12 12 11 16 20
Salaries and Employee Benefits		 4.57 4.99 7.18 3.28 4.53 5.51 7.92 8.01 7.33 12 15
Other Operating Expenses		 3.27 3.33 3.70 3.36 3.74 3.29 4.20 3.90 4.14 4.50 5.17
Nonoperating Income / (Expense), net		 -179 264 -70 -42 193 -223 110 34 142 85 -252
Basic Earnings per Share		 ($0.82) $0.41 $0.65 ($0.15) $0.38 $0.62 ($0.06) ($0.14) $1.09 $1.60 ($0.41)
Weighted Average Basic Shares Outstanding		 54.56M 54.81M 59.00M 66.95M 75.79M 70.77M 90.49M 113.18M 135.95M 124.13M 200.08M
Diluted Earnings per Share		 ($0.82) $0.42 $0.64 ($0.15) $0.38 $0.62 ($0.06) ($0.14) $1.08 $1.59 ($0.41)
Weighted Average Diluted Shares Outstanding		 54.56M 54.81M 59.71M 66.95M 76.37M 71.26M 90.49M 113.18M 136.93M 125.07M 200.08M
Weighted Average Basic & Diluted Shares Outstanding		 56.65M 58.54M 64.16M 74.71M 79.30M 90.47M 105.33M 129.91M 146.82M 201.98M 215.15M
Cash Dividends to Common per Share		 $0.39 - - - $0.39 - $0.47 - $0.51 - $0.51

Annual Cash Flow Statements for Dynex Capital

This table details how cash moves in and out of Dynex Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -1.08 14 -12 1.50 44 174 112 29 -212 384 309
Net Cash From Operating Activities		 217 211 204 181 175 174 147 126 62 14 121
Net Cash From Continuing Operating Activities		 217 211 204 181 175 174 147 126 62 14 121
Net Income / (Loss) Continuing Operations		 17 43 34 7.02 -153 178 102 143 -6.13 114 319
Consolidated Net Income / (Loss)		 17 43 34 7.02 -153 178 102 143 -6.13 114 319
Depreciation Expense		 5.34 1.50 1.29 1.23 1.68 1.99 2.31 2.35 2.32 1.87 2.10
Amortization Expense		 152 151 158 143 134 126 118 98 75 48 26
Non-Cash Adjustments to Reconcile Net Income		 3.87 12 10 28 194 -134 -71 -129 -30 -137 -245
Changes in Operating Assets and Liabilities, net		 39 2.73 1.20 1.26 -1.33 2.03 -4.98 12 21 -12 19
Net Cash From Investing Activities		 -209 68 87 -869 -1,605 2,353 -555 -65 -2,960 -1,026 -8,074
Net Cash From Continuing Investing Activities		 -209 68 87 -869 -1,605 2,353 -555 -65 -2,960 -1,026 -8,074
Purchase of Investment Securities		 -1,169 -496 -1,318 -1,795 -2,991 -2,437 -1,542 -1,100 -3,674 -1,509 -8,882
Sale and/or Maturity of Investments		 960 564 1,406 926 1,388 4,784 992 1,036 669 529 800
Other Investing Activities, net		 - - - -0.10 -1.72 5.68 -5.85 -1.40 46 -46 8.37
Net Cash From Financing Activities		 -8.66 -265 -304 690 1,474 -2,353 520 -32 2,686 1,395 8,262
Net Cash From Continuing Financing Activities		 -8.66 -265 -304 690 1,474 -2,353 520 -32 2,686 1,395 8,262
Issuance of Debt		 23,555 40,595 84,877 105,236 102,505 31,054 12,635 16,249 23,502 66,437 143,888
Issuance of Common Equity		 0.17 0.14 47 42 64 9.89 237 247 43 332 1,169
Repayment of Debt		 -23,461 -40,807 -85,211 -104,536 -101,022 -33,372 -12,223 -16,454 -20,766 -65,255 -136,547
Payment of Dividends		 -61 -52 -48 -53 -68 -52 -59 -72 -93 -118 -247
Other Financing Activities, Net		 -0.56 -0.69 -0.58 -0.37 -0.48 -0.25 -1.18 -1.35 -0.45 -1.18 -1.79
Cash Interest Paid		 19 24 36 53 109 46 5.71 29 179 322 369

Quarterly Cash Flow Statements for Dynex Capital

This table details how cash moves in and out of Dynex Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -16 -179 180 -9.07 -3.67 216 -34 118 118 107 359
Net Cash From Operating Activities		 10 17 -17 19 -2.26 15 6.36 32 68 14 70
Net Cash From Continuing Operating Activities		 10 17 -17 19 -2.26 15 6.36 32 68 14 70
Net Income / (Loss) Continuing Operations		 -43 24 40 -8.30 31 51 -3.08 -14 150 185 -80
Consolidated Net Income / (Loss)		 -43 24 40 -8.30 31 51 -3.08 -14 150 185 -80
Depreciation Expense		 0.55 0.58 0.50 0.42 0.43 0.51 0.50 0.52 0.54 0.54 0.55
Amortization Expense		 19 17 14 12 12 9.49 7.96 6.40 6.01 5.60 5.95
Non-Cash Adjustments to Reconcile Net Income		 34 -34 -50 3.26 -38 -52 10 28 -129 -154 146
Changes in Operating Assets and Liabilities, net		 0.12 9.25 -21 11 -7.55 6.43 -9.14 11 40 -23 -2.31
Net Cash From Investing Activities		 -834 -556 233 -335 -955 32 -908 -1,505 -3,288 -2,373 -7,189
Net Cash From Continuing Investing Activities		 -834 -556 233 -335 -955 32 -908 -1,505 -3,288 -2,373 -7,189
Purchase of Investment Securities		 -1,099 -465 173 -675 -933 -75 -1,094 -1,535 -3,734 -2,518 -8,285
Sale and/or Maturity of Investments		 246 -112 97 329 -11 115 181 5.82 458 155 1,105
Other Investing Activities, net		 19 21 -37 11 -11 -7.90 4.80 25 -11 -10 -8.37
Net Cash From Financing Activities		 808 361 -35 308 954 169 868 1,591 3,337 2,465 7,478
Net Cash From Continuing Financing Activities		 808 361 -35 308 954 169 868 1,591 3,337 2,465 7,478
Issuance of Debt		 5,346 7,157 12,273 14,728 18,929 20,507 22,761 34,383 40,187 46,557 51,354
Issuance of Common Equity		 30 5.95 87 125 56 64 240 282 254 393 442
Repayment of Debt		 -4,546 -6,778 -12,370 -14,518 -18,000 -20,368 -22,089 -33,018 -37,034 -44,406 -44,213
Payment of Dividends		 -23 -24 -25 -27 -31 -35 -42 -57 -70 -79 -103
Other Financing Activities, Net		 -0.00 0.00 -0.53 - -0.65 -0.00 -1.18 - -0.60 -0.01 -2.49
Cash Interest Paid		 56 63 92 56 89 86 76 75 69 149 142

Annual Balance Sheets for Dynex Capital

This table presents Dynex Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 3,670 3,398 3,306 3,886 5,371 3,095 3,640 3,605 6,370 8,185 17,342
Cash and Due from Banks		 34 74 41 35 63 296 366 332 120 377 531
Restricted Cash		 51 25 46 54 72 14 55 118 118 244 399
Trading Account Securities		 3,512 3,260 3,192 3,768 5,202 2,608 3,190 3,120 6,093 7,512 16,317
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 48 39 26 30 35 177 24 36 39 51 94
Total Liabilities & Shareholders' Equity		 3,670 3,398 3,306 3,886 5,371 3,095 3,640 3,605 6,370 8,185 17,342
Total Liabilities		 3,178 2,931 2,749 3,359 4,788 2,461 2,868 2,704 5,499 7,000 14,880
Short-Term Debt		 2,631 2,906 2,723 3,328 4,760 2,438 2,852 2,671 5,381 6,928 14,721
Accrued Interest Payable		 1.74 3.16 3.73 10 16 1.41 1.37 16 53 45 95
Other Short-Term Payables		 14 12 13 14 6.28 5.81 - 9.10 10 17 37
Other Long-Term Liabilities		 3.50 2.81 3.87 3.24 3.52 8.28 15 7.19 54 11 27
Total Equity & Noncontrolling Interests		 492 467 557 527 583 633 771 901 871 1,185 2,462
Total Preferred & Common Equity		 492 467 557 527 583 633 771 901 871 1,185 2,462
Preferred Stock		 110 110 141 143 163 175 108 108 108 108 108
Total Common Equity		 382 357 416 384 420 459 663 793 763 1,077 2,354
Common Stock		 726 728 776 819 859 870 1,108 1,358 1,405 1,743 2,923
Retained Earnings		 -331 -338 -352 -399 -612 -491 -451 -383 -484 -494 -442
Accumulated Other Comprehensive Income / (Loss)		 -13 -33 -8.70 -36 174 80 6.73 -181 -159 -172 -127

Quarterly Balance Sheets for Dynex Capital

This table presents Dynex Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 4,050 3,870 5,526 6,041 6,304 6,684 7,816 9,045 11,311 14,159 24,343
Cash and Due from Banks		 260 279 300 271 296 286 268 327 388 491 773
Restricted Cash		 246 115 133 145 123 123 137 261 318 333 517
Trading Account Securities		 3,164 3,334 5,059 5,588 5,849 6,202 7,332 8,407 10,542 13,244 22,944
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 376 142 34 36 37 73 79 50 64 91 110
Total Liabilities & Shareholders' Equity		 4,050 3,870 5,526 6,041 6,304 6,684 7,816 9,045 11,311 14,159 24,343
Total Liabilities		 3,278 3,015 4,645 5,236 5,346 5,638 6,674 7,649 9,701 12,201 21,622
Short-Term Debt		 3,257 2,962 4,573 5,177 5,286 5,546 6,595 7,571 9,577 12,029 21,439
Accrued Interest Payable		 4.91 13 34 43 36 55 49 47 61 111 131
Other Short-Term Payables		 8.15 9.21 9.44 9.97 11 13 14 21 26 31 42
Other Long-Term Liabilities		 8.37 31 28 6.08 13 25 16 10 38 31 9.29
Total Equity & Noncontrolling Interests		 771 855 881 804 959 1,045 1,143 1,396 1,610 1,958 2,721
Total Preferred & Common Equity		 771 855 881 804 959 1,045 1,143 1,396 1,610 1,958 2,721
Preferred Stock		 108 108 108 108 108 108 108 108 108 108 108
Total Common Equity		 663 747 773 697 851 937 1,035 1,288 1,502 1,850 2,613
Common Stock		 1,265 1,362 1,366 1,398 1,496 1,621 1,678 1,984 2,269 2,526 3,370
Retained Earnings		 -405 -448 -417 -484 -469 -506 -507 -543 -618 -542 -630
Accumulated Other Comprehensive Income / (Loss)		 -197 -167 -176 -218 -176 -178 -136 -153 -149 -134 -127

Annual Metrics And Ratios for Dynex Capital

This table displays calculated financial ratios and metrics derived from Dynex Capital's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.42 $2.07 $1.38 ($0.24) ($7.01) $6.93 $2.79 $3.19 ($0.25) $1.50 $2.49
Adjusted Weighted Average Basic Shares Outstanding		 16.32M 16.40M 18.60M 23.61M 22.95M 26.86M 32.60M 42.49M 54.81M 70.77M 124.13M
Adjusted Diluted Earnings per Share		 $0.42 $2.07 $1.38 ($0.24) ($7.01) $6.93 $2.78 $3.17 ($0.25) $1.49 $2.47
Adjusted Weighted Average Diluted Shares Outstanding		 16.32M 16.40M 18.60M 23.61M 22.95M 26.86M 32.76M 42.74M 54.81M 71.26M 125.07M
Adjusted Basic & Diluted Earnings per Share		 $0.42 $2.07 $1.38 ($0.24) ($7.01) $6.93 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.62M 16.37M 16.81M 19.24M 23.62M 23.11M 36.67M 53.84M 58.54M 90.47M 201.98M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Dynex Capital

This table displays calculated financial ratios and metrics derived from Dynex Capital's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 201,983,261.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 201,983,261.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.40
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 340.45% -1,340.05% 232.31% -33.96% -206.75% 222.36% -183.71% -187.67% 112.62% - 290.11%
EBITDA Growth		 221.10% -793.76% 258.62% -36.91% -196.13% 227.77% -183.89% -186.72% 109.66% - 270.09%
EBIT Growth		 504.04% -2,327.37% 211.43% -37.47% -218.98% 214.45% -202.66% -240.34% 104.89% - 251.63%
NOPAT Growth		 504.04% -2,327.37% 259.19% -56.23% -269.98% 214.45% -171.86% -240.34% 104.89% - 251.63%
Net Income Growth		 7.76% -43.85% 196.16% -115.28% 172.00% 110.18% -107.67% -63.85% 385.17% - -2,512.55%
EPS Growth		 23.36% -4.55% 179.01% -115.63% 146.34% 47.62% -109.38% 6.67% 184.21% - -583.33%
Operating Cash Flow Growth		 -59.27% -44.90% -557.69% -40.91% -121.68% -8.62% 137.20% 71.31% 3,127.72% - 997.74%
Free Cash Flow Firm Growth		 -163.07% -4,812.84% -2,752.35% 51.25% -3.22% 45.65% -20.89% -315.73% -225.37% - -438.01%
Invested Capital Growth		 48.49% 75.00% 63.60% 20.84% 29.36% 29.76% 43.60% 69.72% 80.76% - 169.44%
Revenue Q/Q Growth		 135.71% -260.80% 152.31% -66.69% -481.01% 284.31% -135.78% 65.11% 154.84% - 64.05%
EBITDA Q/Q Growth		 111.25% -242.85% 156.04% -62.69% -421.90% 289.86% -136.80% 61.44% 135.87% - 66.67%
EBIT Q/Q Growth		 152.65% -276.18% 145.95% -69.43% -580.73% 269.46% -141.22% 58.21% 116.76% - 70.38%
NOPAT Q/Q Growth		 76.85% -351.68% 145.95% -78.60% -786.76% 269.46% -128.85% 58.21% 123.94% - 19.27%
Net Income Q/Q Growth		 -179.23% 156.46% 65.05% -120.70% 473.28% 64.81% -106.02% -342.33% 1,205.31% - -143.35%
EPS Q/Q Growth		 -185.42% 151.22% 52.38% -123.44% 353.33% 63.16% -109.68% -133.33% 871.43% - -125.79%
Operating Cash Flow Q/Q Growth		 -66.97% 59.31% -203.22% 208.80% -112.12% 771.49% -57.98% 401.01% 114.17% - 388.32%
Free Cash Flow Firm Q/Q Growth		 18.63% -57.10% 20.61% 51.96% -72.28% 17.28% -76.59% -65.20% -34.84% - -68.06%
Invested Capital Q/Q Growth		 9.66% 4.52% -0.12% 5.55% 17.39% 4.85% 10.53% 24.75% 25.03% - 40.61%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 108.26% 0.00% 103.04% 115.39% 0.00% 100.42% 0.00% 0.00% 74.66% - 92.71%
EBIT Margin		 94.55% 0.00% 91.01% 83.52% 0.00% 96.89% 0.00% 0.00% 40.86% - 89.33%
Profit (Net Income) Margin		 -29.92% 0.00% 33.15% -20.60% 0.00% 18.04% 0.00% 0.00% 775.88% - -41.87%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Interest Burden Percent		 -31.64% -10.14% 36.42% -24.66% -19.15% 18.62% 2.72% 28.79% 1,899.08% - -46.87%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 1.75% 0.00% 1.71% 0.72% 0.00% 3.92% 0.00% 0.00% 0.62% - 1.10%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1.53% 0.00% 0.01% 0.09% 0.00% 0.30% 0.00% 0.00% 2.15% - -0.28%
Return on Net Nonoperating Assets (RNNOA)		 -8.20% 0.00% 0.06% 0.46% 0.00% 1.78% 0.00% 0.00% 12.94% - -1.95%
Return on Equity (ROE)		 -6.45% -0.69% 1.77% 1.17% 8.95% 5.70% 0.00% 4.93% 13.56% - -0.85%
Cash Return on Invested Capital (CROIC)		 -37.00% -56.66% -47.06% -18.21% -29.36% -22.34% -35.36% -52.24% -56.41% - -90.32%
Operating Return on Assets (OROA)		 2.48% 0.00% 1.69% 1.01% 0.00% 3.87% 0.00% 0.00% 0.62% - 1.57%
Return on Assets (ROA)		 -0.78% 0.00% 0.62% -0.25% 0.00% 0.72% 0.00% 0.00% 11.71% - -0.73%
Return on Common Equity (ROCE)		 -5.57% -0.61% 1.56% 1.04% 7.96% 5.10% 0.00% 4.53% 12.62% - -0.80%
Return on Equity Simple (ROE_SIMPLE)		 1.60% 0.00% 7.90% 1.25% 7.62% 0.00% 5.07% 4.06% 9.44% - 8.88%
Net Operating Profit after Tax (NOPAT)		 95 -240 110 24 -162 274 -79 -33 7.92 - 120
NOPAT Margin		 66.19% 0.00% 91.01% 58.47% 0.00% 96.89% 0.00% 0.00% 40.86% - 62.53%
Net Nonoperating Expense Percent (NNEP)		 3.28% -6.56% 1.70% 0.63% -3.28% 3.63% -1.18% -0.26% -1.53% - 1.38%
SG&A Expenses to Revenue		 3.18% 0.00% 5.93% 8.15% 0.00% 1.95% 0.00% 0.00% 37.79% - 7.98%
Operating Expenses to Revenue		 5.45% 0.00% 8.99% 16.48% 0.00% 3.11% 0.00% 0.00% 59.14% - 10.67%
Earnings before Interest and Taxes (EBIT)		 136 -240 110 34 -162 274 -113 -47 7.92 - 171
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 156 -223 125 47 -150 284 -105 -40 14 - 178
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.81 0.80 0.72 0.81 0.91 0.90 0.90 0.85 0.85 - 0.97
Price to Tangible Book Value (P/TBV)		 0.81 0.80 0.72 0.81 0.91 0.90 0.90 0.85 0.85 - 0.97
Price to Revenue (P/Rev)		 4.26 0.00 6.43 10.26 0.00 3.33 16.95 0.00 9.51 - 8.70
Price to Earnings (P/E)		 109.02 0.00 8.95 141.04 11.88 9.13 18.42 22.30 8.99 - 10.45
Dividend Yield		 15.03% 14.51% 14.52% 13.20% 12.35% 12.93% 13.09% 14.93% 15.82% - 16.19%
Earnings Yield		 0.92% 0.00% 11.18% 0.71% 8.42% 10.96% 5.43% 4.48% 11.13% - 9.57%
Enterprise Value to Invested Capital (EV/IC)		 0.91 0.94 0.89 0.91 0.94 0.91 0.92 0.92 0.92 - 0.94
Enterprise Value to Revenue (EV/Rev)		 41.11 0.00 59.04 81.27 0.00 25.39 120.45 0.00 77.72 - 77.93
Enterprise Value to EBITDA (EV/EBITDA)		 29.68 0.00 42.40 57.45 0.00 24.15 107.91 0.00 83.79 - 88.10
Enterprise Value to EBIT (EV/EBIT)		 53.34 0.00 92.53 149.41 0.00 28.81 249.80 0.00 105.74 - 97.98
Enterprise Value to NOPAT (EV/NOPAT)		 53.34 0.00 92.53 149.41 0.00 28.81 249.80 0.00 105.74 - 97.98
Enterprise Value to Operating Cash Flow (EV/OCF)		 71.74 94.22 135.02 210.78 457.68 513.02 217.97 200.45 105.95 - 123.72
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 6.44 6.18 5.51 5.31 5.77 5.85 5.42 5.95 6.14 - 7.88
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 5.35 4.54 4.55 5.25 6.05 5.99 5.46 5.70 6.01 - 7.05
Leverage Ratio		 6.40 5.63 5.61 6.34 7.12 7.08 6.52 6.78 7.09 - 8.11
Compound Leverage Factor		 -2.03 -0.57 2.04 -1.56 -1.36 1.32 0.18 1.95 134.61 - -3.80
Debt to Total Capital		 86.55% 86.07% 84.65% 84.14% 85.23% 85.39% 84.43% 85.61% 86.00% - 88.74%
Short-Term Debt to Total Capital		 86.55% 86.07% 84.65% 84.14% 85.23% 85.39% 84.43% 85.61% 86.00% - 88.74%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 1.80% 1.73% 1.73% 1.64% 1.39% 1.33% 1.20% 0.96% 0.77% - 0.45%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 11.64% 12.20% 13.62% 14.22% 13.37% 13.28% 14.36% 13.43% 13.23% - 10.82%
Debt to EBITDA		 28.30 -75.14 40.14 53.08 -32.80 22.66 99.01 -921.54 78.20 - 82.83
Net Debt to EBITDA		 26.02 -71.81 36.96 49.17 -30.79 20.62 91.32 -853.62 72.84 - 77.85
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 50.85 -51.72 87.59 138.04 -25.59 27.04 229.19 -199.95 98.68 - 92.12
Net Debt to NOPAT		 46.76 -49.44 80.65 127.85 -24.01 24.61 211.39 -185.21 91.92 - 86.58
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Noncontrolling Interest Sharing Ratio		 13.69% 12.17% 11.89% 11.20% 11.08% 10.49% 0.00% 8.12% 6.96% - 5.24%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,858 -2,919 -2,318 -1,113 -1,918 -1,587 -2,802 -4,628 -6,241 - -15,074
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Free Cash Flow to Firm to Interest Expense		 -28.36 -39.74 -31.02 -14.89 -23.23 -19.44 -35.95 -52.23 -52.41 - -84.62
Operating Cash Flow to Interest Expense		 0.16 0.23 -0.23 0.25 -0.03 0.19 0.08 0.36 0.57 - 0.39
Operating Cash Flow Less CapEx to Interest Expense		 0.16 0.23 -0.23 0.25 -0.03 0.19 0.08 0.36 0.57 - 0.39
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.00 0.02 0.01 0.00 0.04 0.01 0.00 0.02 - 0.02
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,982 6,252 6,245 6,591 7,738 8,113 8,967 11,187 13,986 - 24,161
Invested Capital Turnover		 0.03 0.00 0.02 0.01 0.00 0.04 0.01 0.00 0.02 - 0.02
Increase / (Decrease) in Invested Capital		 1,953 2,679 2,428 1,137 1,756 1,861 2,723 4,595 6,249 - 15,194
Enterprise Value (EV)		 5,431 5,860 5,584 6,003 7,241 7,383 8,252 10,249 12,889 - 22,803
Market Capitalization		 563 609 609 758 943 969 1,161 1,270 1,576 - 2,546
Book Value per Share		 $12.85 $13.47 $14.42 $14.61 $13.85 $13.58 $14.24 $14.26 $14.24 - $12.94
Tangible Book Value per Share		 $12.85 $13.47 $14.42 $14.61 $13.85 $13.58 $14.24 $14.26 $14.24 - $12.94
Total Capital		 5,982 6,252 6,245 6,591 7,738 8,113 8,967 11,187 13,986 - 24,161
Total Debt		 5,177 5,381 5,286 5,546 6,595 6,928 7,571 9,577 12,029 - 21,439
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt		 4,761 5,143 4,868 5,137 6,190 6,306 6,983 8,871 11,205 - 20,150
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Expense (NNE)		 138 -264 70 32 -193 223 -76 -19 -142 - 200
Net Nonoperating Obligations (NNO)		 5,177 5,381 5,286 5,546 6,595 6,928 7,571 9,577 12,029 - 21,439
Total Depreciation and Amortization (D&A)		 20 17 15 13 12 10 8.46 6.92 6.55 - 6.50
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.82) $0.41 $0.65 ($0.15) $0.38 $0.62 ($0.06) ($0.14) $1.09 $1.60 ($0.41)
Adjusted Weighted Average Basic Shares Outstanding		 54.56M 54.81M 59.01M 66.95M 75.79M 70.77M 90.49M 113.18M 135.95M 124.13M 200.08M
Adjusted Diluted Earnings per Share		 ($0.82) $0.42 $0.64 ($0.15) $0.38 $0.62 ($0.06) ($0.14) $1.08 $1.59 ($0.41)
Adjusted Weighted Average Diluted Shares Outstanding		 54.56M 54.81M 59.72M 66.95M 76.37M 71.26M 90.49M 113.18M 136.93M 125.07M 200.08M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 56.65M 58.54M 64.16M 74.71M 79.30M 90.47M 105.33M 129.91M 146.82M 201.98M 215.15M
Normalized Net Operating Profit after Tax (NOPAT)		 95 -168 77 24 -113 192 -79 -33 5.54 - 120
Normalized NOPAT Margin		 66.19% 0.00% 63.71% 58.47% 0.00% 67.82% 0.00% 0.00% 28.60% - 62.53%
Pre Tax Income Margin		 -29.92% 0.00% 33.15% -20.60% 0.00% 18.04% 0.00% 0.00% 775.88% - -41.87%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.08 -3.26 1.47 0.45 -1.96 3.36 -1.45 -0.53 0.07 - 0.96
NOPAT to Interest Expense		 1.45 -3.26 1.47 0.32 -1.96 3.36 -1.02 -0.37 0.07 - 0.67
EBIT Less CapEx to Interest Expense		 2.08 -3.26 1.47 0.45 -1.96 3.36 -1.45 -0.53 0.07 - 0.96
NOPAT Less CapEx to Interest Expense		 1.45 -3.26 1.47 0.32 -1.96 3.36 -1.02 -0.37 0.07 - 0.67
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 695.14% -1,517.80% 125.49% 757.04% 122.93% 103.46% 190.29% 250.98% 109.59% - 127.19%
Augmented Payout Ratio		 695.14% -1,517.80% 125.49% 757.04% 122.93% 103.46% 190.29% 250.98% 109.59% - 127.19%

Financials Breakdown Chart

Key Financial Trends

Dynex Capital’s latest quarter showed a sharp swing back to a loss, driven mainly by investment mark-to-market volatility and higher leverage, even though the company remained active in generating interest income. Compared with the strong fourth quarter of 2025, Q1 2026 was much weaker on both earnings and capital structure. For retail investors, the biggest takeaway is that DX remains highly sensitive to interest-rate moves and portfolio valuation changes, which can make quarterly results very uneven.

  • Cash and equivalents increased to $1.29 billion in Q1 2026 from $823.8 million in Q4 2025, giving the company more liquidity.
  • Operating cash flow was positive at $69.8 million in Q1 2026, showing the core business still generated cash despite the net loss.
  • Total revenue in Q1 2026 was $191.9 million, supported by $257.4 million of interest income and $112.7 million of non-interest income.
  • The company continued to pay dividends, with $0.51 per share declared for common shareholders in Q1 2026.
  • The balance sheet remains highly leveraged, with $21.4 billion of short-term debt against $24.3 billion of total assets.
  • DX’s portfolio is still concentrated in trading securities, which totaled $22.9 billion at the end of Q1 2026.
  • Q1 2026 included a large amount of non-cash and market-driven items, so reported earnings may not fully reflect operating cash generation.
  • Q1 2026 net income fell to a $80.4 million loss, or -$0.41 per share, versus $185.4 million of net income in Q4 2025.
  • Nonoperating expense was heavy at -$251.8 million in Q1 2026, a major drag on profitability.
  • Common equity declined to $2.61 billion from $2.72 billion in the prior quarter, reflecting pressure on book value.
  • The company repaid a large amount of debt while also issuing debt aggressively, underscoring a financing model that depends on constant access to capital markets.

Longer-term trend: DX has had a highly volatile earnings profile over the last four years. Quarterly results swung from losses in weaker rate environments to strong gains when portfolio valuations improved, and the company has also expanded and contracted its balance sheet significantly. Total assets climbed from about $3.9 billion in Q1 2023 to $24.3 billion in Q1 2026, while equity also grew, but the latest quarter shows that book value and earnings can still move sharply from one period to the next.

Bottom line: Dynex Capital looks liquid and still generates operating cash, but its earnings remain highly volatile and closely tied to interest-rate conditions and portfolio valuation changes. For investors, DX is best viewed as a high-income, high-rate-sensitivity mortgage REIT where dividend support and book value stability can change quickly from quarter to quarter.

06/01/26 11:09 AM ETAI Generated. May Contain Errors.

Dynex Capital Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Dynex Capital's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Dynex Capital's net income appears to be on an upward trend, with a most recent value of $319.07 million in 2025, rising from $16.54 million in 2015. The previous period was $113.90 million in 2024. See where experts think Dynex Capital is headed by visiting Dynex Capital's forecast page.

Over the last 10 years, Dynex Capital's total revenue changed from $33.53 million in 2015 to -$276 thousand in 2025, a change of -100.8%.

Dynex Capital's total liabilities were at $14.88 billion at the end of 2025, a 112.6% increase from 2024, and a 368.2% increase since 2015.

In the past 10 years, Dynex Capital's cash and equivalents has ranged from $33.94 million in 2015 to $531.04 million in 2025, and is currently $531.04 million as of their latest financial filing in 2025.


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Financial statements for NYSE:DX last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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