Annaly Capital Management (NLY) Financials

$22.59 -0.13 (-0.57%)

Closing price 03:59 PM Eastern

Extended Trading

$22.74 +0.15 (+0.66%)

As of 07:58 PM Eastern

Annual Income Statements for Annaly Capital Management

This table shows Annaly Capital Management'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	395	1,351	1,460	-75	-2,299	-1,033	2,282	1,615	-1,785	847	1,869
Consolidated Net Income / (Loss)	466	1,433	1,569	54	-2,163	-890	2,396	1,726	-1,638	1,012	2,052
Net Income / (Loss) Continuing Operations	466	1,433	1,569	54	-2,163	-890	2,396	1,726	-1,638	1,012	2,052
Total Pre-Tax Income	464	1,431	1,576	52	-2,174	-918	2,401	1,772	-1,599	1,027	2,045
Total Revenue	678	1,637	1,684	1,961	-2,009	1,398	1,791	1,691	215	684	1,655
Net Interest Income / (Expense)	1,699	1,553	1,485	1,435	1,002	1,331	1,734	1,469	-111	248	1,136
Total Interest Income	2,171	2,211	2,493	3,333	3,787	2,230	1,983	2,779	3,732	4,840	5,959
Investment Securities Interest Income	2,171	2,211	2,493	3,333	3,787	2,230	1,983	2,779	3,732	4,840	5,959
Total Interest Expense	472	658	1,008	1,898	2,785	899	249	1,310	3,843	4,592	4,824
Long-Term Debt Interest Expense	472	658	1,008	1,898	2,785	899	249	1,310	3,843	4,592	4,824
Total Non-Interest Income	-1,021	84	199	526	-3,011	68	57	222	327	436	519
Service Charges on Deposit Accounts	-	-	-	-	-	-26	-	-	-38	-49	-60
Other Service Charges	-	-	-	-	-	94	69	247	364	485	580
Total Non-Interest Expense	200	206	108	330	272	222	186	163	163	171	200
Salaries and Employee Benefits	150	152	164	180	171	132	118	113	120	130	152
Other Operating Expenses	50	99	60	150	101	91	68	50	43	41	48
Nonoperating Income / (Expense), net	-14	-	-	-1,579	107	-1,947	796	244	-1,652	515	590
Income Tax Expense	-1.95	-1.60	6.98	-2.38	-11	-28	4.68	46	39	15	-6.87
Preferred Stock Dividends Declared	72	82	110	129	137	142	108	111	142	155	158
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.81	-0.97	-0.59	-0.26	-0.23	1.39	6.38	1.10	4.71	9.86	24
Basic Earnings per Share	$0.42	$1.39	$1.37	($0.06)	($1.60)	($2.92)	$6.40	$3.93	($3.61)	$1.62	$2.92
Weighted Average Basic Shares Outstanding	947.06M	969.79M	1.07B	1.21B	1.43B	353.66M	356.86M	411.35M	494.54M	521.74M	639.51M
Diluted Earnings per Share	$0.42	$1.39	$1.37	($0.06)	($1.60)	($2.92)	$6.39	$3.92	($3.61)	$1.62	$2.92
Weighted Average Diluted Shares Outstanding	947.28M	970.10M	1.07B	1.21B	1.43B	353.66M	357.14M	411.62M	494.54M	522.75M	641.04M
Weighted Average Basic & Diluted Shares Outstanding	939.50M	972.30M	1.07B	1.25B	1.43B	1.40B	1.46B	493.62M	500.08M	578.36M	718.39M
Cash Dividends to Common per Share	$1.20	$0.30	$0.30	$0.30	$0.25	$0.22	$0.22	$0.88	$0.65	$0.65	$0.70

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-441	426	-47	25	443	87	20	791	971	242	782
Consolidated Net Income / (Loss)	-391	465	-8.83	82	473	130	60	843	1,018	291	828
Net Income / (Loss) Continuing Operations	-391	465	-8.83	82	473	130	60	843	1,018	291	828
Total Pre-Tax Income	-390	464	3.10	76	483	139	61	835	1,010	289	835
Total Revenue	418	96	161	123	419	187	400	402	666	595	893
Net Interest Income / (Expense)	-54	-6.45	54	13	187	220	273	276	367	453	488
Total Interest Income	990	1,094	1,177	1,229	1,339	1,317	1,419	1,532	1,691	1,725	1,812
Investment Securities Interest Income	990	1,094	1,177	1,229	1,339	1,317	1,419	1,532	1,691	1,725	1,812
Total Interest Expense	1,044	1,101	1,124	1,216	1,152	1,097	1,146	1,257	1,324	1,272	1,324
Long-Term Debt Interest Expense	1,044	1,101	1,124	1,216	1,152	1,097	1,146	1,257	1,324	1,272	1,324
Total Non-Interest Income	471	103	108	110	232	-33	127	126	299	143	405
Service Charges on Deposit Accounts	-	-12	-13	-13	-255	126	-15	-15	-157	-17	157
Other Service Charges	245	115	121	123	318	7.40	142	141	289	159	14
Net Realized & Unrealized Capital Gains on Investments	-	-	-	-	-	-167	-	-	-	-	234
Total Non-Interest Expense	39	39	45	44	44	48	50	50	51	53	58
Salaries and Employee Benefits	30	29	33	34	34	37	37	38	39	41	45
Other Operating Expenses	9.40	9.85	12	9.47	10	11	13	12	12	11	14
Income Tax Expense	1.73	-0.94	12	-6.14	10	8.27	0.44	-7.82	-7.75	-1.52	6.90
Preferred Stock Dividends Declared	37	37	37	42	39	37	37	41	42	41	41
Net Income / (Loss) Attributable to Noncontrolling Interest	13	2.28	0.65	16	-8.98	6.08	3.27	11	4.46	7.86	5.10
Basic Earnings per Share	($0.89)	$0.85	($0.09)	$0.05	$0.81	$0.15	$0.03	$1.21	$1.53	$0.33	$1.06
Weighted Average Basic Shares Outstanding	494.54M	500.61M	500.95M	515.73M	521.74M	587.15M	620.21M	656.34M	639.51M	722.71M	738.93M
Diluted Earnings per Share	($0.89)	$0.85	($0.09)	$0.05	$0.81	$0.15	$0.03	$1.20	$1.54	$0.33	$1.06
Weighted Average Diluted Shares Outstanding	494.54M	501.18M	500.95M	516.83M	522.75M	588.42M	621.10M	657.86M	641.04M	724.36M	740.26M
Weighted Average Basic & Diluted Shares Outstanding	500.08M	500.44M	501.02M	560.55M	578.36M	605.09M	642.08M	683.03M	718.39M	732.78M	753.71M

This table details how cash moves in and out of Annaly Capital Management'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	28	-230	-833	1,029	115	-607	98	235	-165	76	550
Net Cash From Operating Activities	-3,643	1,581	1,632	2,622	-1,200	528	3,077	5,372	2,367	3,311	693
Net Cash From Continuing Operating Activities	-3,643	1,581	1,632	2,622	-1,200	528	3,077	5,372	2,367	3,311	693
Net Income / (Loss) Continuing Operations	466	1,433	1,569	54	-2,163	-890	2,396	1,726	-1,638	1,012	2,052
Consolidated Net Income / (Loss)	466	1,433	1,569	54	-2,163	-890	2,396	1,726	-1,638	1,012	2,052
Provision For Loan Losses	-	0.00	0.00	3.50	17	148	-145	-21	-0.22	0.00	0.00
Depreciation Expense	13	42	28	72	32	41	25	21	25	30	34
Amortization Expense	813	809	869	689	1,101	1,360	777	82	200	117	211
Non-Cash Adjustments to Reconcile Net Income	-4,942	-670	-861	1,594	2.57	-223	57	3,787	4,476	2,003	-1,829
Changes in Operating Assets and Liabilities, net	7.33	-33	27	208	-189	92	-34	-223	-694	148	225
Net Cash From Investing Activities	12,145	-2,062	-14,666	-908	-20,642	40,352	4,899	-14,527	-8,416	-14,985	-27,363
Net Cash From Continuing Investing Activities	12,145	-2,062	-14,666	-908	-20,642	40,352	4,899	-14,527	-8,416	-14,985	-27,363
Purchase of Investment Securities	-23,538	-89,166	-110,103	-133,256	-165,321	-93,742	-47,335	-77,126	-175,552	-655,632	-696,556
Sale and/or Maturity of Investments	35,683	87,099	95,424	132,322	144,676	134,080	51,115	62,599	167,136	640,622	669,187
Other Investing Activities, net	0.00	4.62	8.00	26	3.16	7.59	0.29	0.00	0.00	25	6.67
Net Cash From Financing Activities	-8,474	252	12,201	-684	21,956	-41,487	-7,878	9,389	5,884	11,750	27,220
Net Cash From Continuing Financing Activities	-8,474	252	12,201	-684	21,956	-41,487	-7,878	9,389	5,884	11,750	27,220
Issuance of Debt	2,575	1,382	0.00	920	3,444	2,424	5,565	7,382	6,488	14,465	22,394
Issuance of Common Equity	0.00	2.36	2,347	1,532	1,829	1.18	552	2,636	674	1,558	2,911
Repayment of Debt	-945	-367	-1,038	-1,385	-2,058	-1,300	-2,535	-1,243	-947	-2,394	-5,554
Payment of Dividends	-1,208	-1,221	-1,353	-1,541	-1,689	-1,476	-1,360	-1,519	-1,518	-1,494	-1,882
Other Financing Activities, Net	-8,783	558	12,430	201	20,884	-40,467	-10,100	2,134	1,187	-386	9,352
Cash Interest Received	2,966	2,968	3,447	3,894	4,811	3,682	2,701	2,459	3,279	3,783	4,302

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	171	253	-78	-27	-72	346	225	38	-59	-125	1,000
Net Cash From Operating Activities	379	1,698	477	-1,673	2,808	-156	181	24	644	-1,401	1,619
Net Cash From Continuing Operating Activities	379	1,698	477	-1,673	2,808	-156	181	24	644	-1,401	1,619
Net Income / (Loss) Continuing Operations	-391	465	-8.83	82	473	130	60	843	1,018	291	828
Consolidated Net Income / (Loss)	-391	465	-8.83	82	473	130	60	843	1,018	291	828
Depreciation Expense	5.46	6.88	9.25	7.05	7.18	9.22	9.08	7.79	7.95	9.62	10
Amortization Expense	56	30	15	57	14	69	40	50	53	81	64
Non-Cash Adjustments to Reconcile Net Income	721	775	488	-1,599	2,340	-553	76	-811	-542	-1,843	709
Changes in Operating Assets and Liabilities, net	-13	421	-27	-220	-26	189	-5.03	-66	107	60	8.72
Net Cash From Investing Activities	1,203	-167	-4,139	-4,429	-6,250	1,663	-7,313	-11,820	-9,893	-4,396	-6,221
Net Cash From Continuing Investing Activities	1,203	-167	-4,139	-4,429	-6,250	1,663	-7,313	-11,820	-9,893	-4,396	-6,221
Purchase of Investment Securities	-94,946	-161,028	-158,135	-156,337	-180,132	-180,838	-177,893	-191,892	-145,932	-68,243	-25,042
Sale and/or Maturity of Investments	96,150	160,862	153,985	151,900	173,875	182,498	170,579	180,071	136,039	63,847	18,821
Net Cash From Financing Activities	-1,411	-1,278	3,584	6,075	3,369	-1,161	7,357	11,834	9,190	5,672	5,602
Net Cash From Continuing Financing Activities	-1,411	-1,278	3,584	6,075	3,369	-1,161	7,357	11,834	9,190	5,672	5,602
Issuance of Debt	2,189	3,498	3,939	3,784	3,244	4,686	5,090	5,906	6,712	6,893	8,554
Issuance of Common Equity	94	-0.05	11	1,149	398	496	761	1,089	565	508	447
Repayment of Debt	-270	-1,257	429	-634	-4,971	-824	-1,139	-1,509	-2,083	-2,524	-2,512
Payment of Dividends	-359	-362	-363	-367	-402	-413	-459	-487	-523	-536	-552
Other Financing Activities, Net	-3,064	-3,157	-433	2,143	5,100	-5,106	3,104	6,835	4,520	1,330	-335
Cash Interest Received	878	915	1,236	-123	995	1,025	984	1,082	1,211	1,227	1,601

This table presents Annaly Capital Management'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	75,191	92,691	101,760	105,788	15,079	88,455	76,764	81,851	93,227	103,556	135,610
Cash and Due from Banks	1,769	1,586	707	1,736	1,918	1,244	1,342	1,577	1,412	1,488	2,038
Trading Account Securities	67,844	154,896	92,879	93,543	118	75,839	63,829	66,707	72,486	72,183	91,404
Loans and Leases, Net of Allowance	279	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	231	280	324	357	-	268	235	-	1,223	1,069	927
Intangible Assets	39	34	95	101	93	127	24	17	12	9.42	6.73
Other Assets	4,958	12,295	4,757	10,050	12,950	10,977	11,334	13,550	18,094	28,807	41,200
Total Liabilities & Shareholders' Equity	75,191	87,905	101,760	105,788	130,295	88,455	76,764	81,851	93,227	103,556	135,610
Total Liabilities	63,285	79,008	86,888	91,670	114,499	74,433	63,569	70,481	81,882	90,859	119,450
Short-Term Debt	56,231	192,615	77,696	82,006	102,545	65,859	55,651	-	302	60	54
Accrued Interest Payable	152	167	253	571	476	191	91	325	288	268	381
Other Short-Term Payables	-	306	-	394	358	308	321	-	325	376	495
Long-Term Debt	4,734	7,656	7,119	8,041	10,564	7,036	7,108	8,795	13,204	21,445	31,926
Other Long-Term Liabilities	2,016	1,794	1,820	658	557	1,040	397	61,361	67,763	68,710	86,594
Total Equity & Noncontrolling Interests	11,906	13,777	14,872	14,118	15,796	14,022	13,195	11,369	11,345	12,697	16,160
Total Preferred & Common Equity	11,896	12,568	14,865	14,112	15,792	14,008	13,170	11,270	11,256	12,609	16,091
Preferred Stock	913	1,201	1,720	1,778	1,982	1,537	1,537	1,537	1,537	1,537	1,802
Total Common Equity	10,983	11,368	13,145	12,334	13,810	12,472	11,633	9,734	9,719	11,073	14,288
Common Stock	14,685	15,590	17,233	18,807	19,981	19,765	20,328	22,986	23,677	25,264	27,934
Retained Earnings	-3,325	-3,136	-2,962	-4,494	-8,309	-10,667	-9,654	-9,543	-12,623	-13,173	-13,157
Accumulated Other Comprehensive Income / (Loss)	-378	-1,086	-1,126	-1,980	2,138	3,374	958	-3,709	-1,335	-1,018	-489
Noncontrolling Interest	9.95	7.79	6.10	5.69	4.33	13	25	99	89	88	69

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	86,832	89,330	89,648	91,484	93,669	101,516	105,115	112,142	125,862	138,538	143,741
Cash and Due from Banks	1,794	1,237	1,241	1,665	1,587	1,560	1,834	2,059	2,097	1,912	2,912
Trading Account Securities	70,317	72,447	71,458	67,646	67,553	72,526	70,431	74,785	85,297	89,760	89,702
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
Accrued Investment Income	774	945	-	867	917	1,061	837	831	959	806	847
Intangible Assets	16	15	13	11	11	10	8.74	8.07	7.40	6.05	5.38
Other Assets	13,931	14,687	16,936	21,294	23,600	26,359	32,005	34,459	37,466	46,019	50,242
Total Liabilities & Shareholders' Equity	86,832	89,330	89,648	91,484	93,669	101,516	105,115	112,142	125,862	138,538	143,741
Total Liabilities	74,923	77,443	78,971	79,987	82,406	88,976	92,031	98,668	110,865	122,212	126,763
Short-Term Debt	61,467	61,794	64,694	103	101	103	181	426	199	207	248
Accrued Interest Payable	118	141	198	350	369	276	286	256	285	348	421
Other Short-Term Payables	321	321	-	325	326	363	422	449	477	511	563
Long-Term Debt	9,729	10,782	11,272	15,452	17,577	19,776	24,450	26,689	29,458	34,328	38,045
Other Long-Term Liabilities	3,288	4,406	2,807	63,756	64,033	68,458	66,692	70,847	80,446	86,817	87,486
Total Equity & Noncontrolling Interests	11,909	11,887	10,677	11,496	11,263	12,540	13,085	13,474	14,997	16,326	16,978
Total Preferred & Common Equity	11,792	11,776	10,564	11,410	11,181	12,443	12,995	13,381	14,911	16,274	16,925
Preferred Stock	1,537	1,537	1,537	1,537	1,537	1,537	1,537	1,537	1,802	1,802	1,802
Total Common Equity	10,256	10,240	9,028	9,873	9,645	10,907	11,458	11,845	13,108	14,472	15,123
Common Stock	23,548	23,555	23,578	23,679	23,700	24,857	25,755	26,527	27,360	28,435	28,894
Retained Earnings	-10,742	-10,933	-11,855	-12,524	-12,898	-13,238	-13,510	-13,942	-13,627	-13,430	-13,214
Accumulated Other Comprehensive Income / (Loss)	-2,551	-2,383	-2,695	-1,282	-1,157	-712	-787	-740	-624	-534	-557
Noncontrolling Interest	117	111	113	87	82	97	90	93	86	52	53

This table displays calculated financial ratios and metrics derived from Annaly Capital Management'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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	683,031,214.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	683,031,214.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.00
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	$1.68	$5.56	$5.48	($0.24)	($6.40)	($2.92)	$6.40	$3.93	($3.61)	$1.62	$2.92
Adjusted Weighted Average Basic Shares Outstanding	236.77M	242.45M	266.48M	302.40M	358.73M	353.66M	356.86M	411.35M	494.54M	521.74M	639.51M
Adjusted Diluted Earnings per Share	$1.68	$5.56	$5.48	($0.24)	($6.40)	($2.92)	$6.40	$3.92	($3.61)	$1.62	$2.92
Adjusted Weighted Average Diluted Shares Outstanding	236.82M	242.53M	266.59M	302.40M	358.73M	353.66M	357.14M	411.62M	494.54M	522.75M	641.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($6.40)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	231.21M	254.74M	289.91M	350.02M	357.58M	349.63M	365.09M	493.62M	500.08M	578.36M	718.39M
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	683,031,214.00	718,386,976.00	732,776,229.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	683,031,214.00	718,386,976.00	732,776,229.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	1.49	0.40	1.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	325.60%	0.59%	-78.02%	123.25%	0.36%	93.57%	147.93%	226.84%	-	218.93%	123.05%
EBITDA Growth	343.44%	-26.56%	-87.79%	127.15%	-10.06%	127.52%	183.26%	185.20%	-	192.93%	127.69%
EBIT Growth	266.02%	5.12%	-98.23%	113.69%	-0.94%	139.55%	200.50%	344.72%	-	291.62%	138.29%
NOPAT Growth	56.08%	50.48%	-105.48%	121.13%	273.51%	124.80%	204.63%	315.44%	-	318.66%	138.04%
Net Income Growth	55.88%	155.42%	-105.48%	114.47%	220.92%	-71.99%	783.47%	923.74%	-	122.95%	1,271.14%
EPS Growth	60.09%	147.49%	-133.33%	104.13%	191.01%	-82.35%	133.33%	2,300.00%	-	120.00%	3,433.33%
Operating Cash Flow Growth	87.78%	266.63%	-58.03%	-189.40%	641.96%	-109.20%	-62.11%	101.44%	-	-796.83%	796.01%
Free Cash Flow Firm Growth	-108.99%	676.54%	506.75%	540.95%	-78.99%	-118.77%	-120.48%	-121.88%	-	-19.61%	-22.59%
Invested Capital Growth	23.24%	-67.45%	-65.74%	-62.58%	37.63%	39.42%	40.25%	37.74%	-	34.85%	36.17%
Revenue Q/Q Growth	180.82%	168.01%	-50.23%	150.34%	248.93%	-55.48%	114.48%	0.43%	-	-10.61%	50.00%
EBITDA Q/Q Growth	185.04%	179.93%	-71.12%	412.13%	181.72%	-45.40%	84.54%	2.52%	-	-6.25%	43.44%
EBIT Q/Q Growth	168.04%	132.02%	-94.64%	2,360.17%	392.31%	-63.07%	152.78%	0.39%	-	-11.71%	53.81%
NOPAT Q/Q Growth	30.03%	121.26%	-115.24%	1,032.31%	474.46%	-72.46%	166.87%	2.07%	-	-46.41%	51.74%
Net Income Q/Q Growth	31.25%	218.90%	-101.90%	1,032.31%	474.46%	-72.46%	-53.67%	1,296.47%	-	-71.46%	184.93%
EPS Q/Q Growth	26.45%	195.51%	-110.59%	155.56%	1,520.00%	-81.48%	-80.00%	3,900.00%	-	-78.57%	221.21%
Operating Cash Flow Q/Q Growth	-79.77%	348.56%	-71.90%	-450.63%	267.89%	-105.56%	215.66%	-86.67%	-	-317.50%	215.56%
Free Cash Flow Firm Q/Q Growth	59.73%	1,231.33%	-1.07%	-2.17%	-116.35%	-18.66%	-7.28%	-5.12%	-	2.48%	-9.95%
Invested Capital Q/Q Growth	-71.32%	8.85%	6.98%	12.02%	5.50%	10.27%	7.62%	10.01%	-	5.65%	8.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	105.47%	98.61%	57.22%	117.06%	94.51%	115.90%	99.72%	101.80%	-	106.45%	101.79%
EBIT Margin	90.69%	60.00%	6.46%	63.44%	89.51%	74.25%	87.50%	87.48%	-	91.17%	93.48%
Profit (Net Income) Margin	-93.67%	482.46%	-18.41%	68.55%	112.85%	69.82%	15.08%	209.72%	-	48.81%	92.71%
Tax Burden Percent	100.44%	100.20%	-285.12%	108.05%	97.85%	94.03%	99.28%	100.94%	-	100.53%	99.17%
Interest Burden Percent	-102.83%	802.52%	100.00%	100.00%	128.85%	100.00%	17.36%	237.51%	-	53.25%	100.00%
Effective Tax Rate	0.00%	-0.20%	385.12%	-8.05%	2.15%	5.97%	0.72%	-0.94%	-	-0.53%	0.83%
Return on Invested Capital (ROIC)	-0.62%	0.24%	-0.01%	0.79%	2.61%	1.67%	2.53%	2.96%	-	4.27%	4.94%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.69%	1.17%	-0.01%	0.79%	2.61%	1.67%	1.25%	4.93%	-	3.41%	4.94%
Return on Net Nonoperating Assets (RNNOA)	-1.66%	4.35%	-0.06%	3.24%	3.81%	2.73%	2.26%	8.87%	-	6.86%	10.62%
Return on Equity (ROE)	-2.28%	4.59%	-0.07%	4.03%	6.42%	4.40%	4.79%	11.83%	-	11.13%	15.56%
Cash Return on Invested Capital (CROIC)	-20.66%	101.84%	97.33%	91.33%	-29.96%	-30.84%	-31.36%	-27.84%	-	-24.69%	-24.42%
Operating Return on Assets (OROA)	0.22%	0.15%	0.00%	0.45%	0.62%	0.58%	0.86%	0.99%	-	1.54%	1.87%
Return on Assets (ROA)	-0.23%	1.17%	-0.01%	0.49%	0.78%	0.55%	0.15%	2.38%	-	0.83%	1.85%
Return on Common Equity (ROCE)	-1.95%	3.95%	-0.06%	3.46%	5.55%	3.82%	4.16%	10.32%	-	9.81%	13.78%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-2.93%	-4.51%	1.19%	0.00%	5.21%	5.58%	10.11%	-	13.59%	17.60%
Net Operating Profit after Tax (NOPAT)	-273	58	-8.83	82	473	130	348	355	-	546	828
NOPAT Margin	-65.28%	60.12%	-18.41%	68.55%	112.85%	69.82%	86.87%	88.30%	-	91.65%	92.71%
Net Nonoperating Expense Percent (NNEP)	1.06%	-0.94%	0.00%	0.00%	0.00%	0.00%	1.28%	-1.97%	-	0.86%	0.00%
SG&A Expenses to Revenue	7.06%	29.79%	69.34%	28.68%	8.10%	19.98%	9.14%	9.55%	-	6.95%	5.00%
Operating Expenses to Revenue	9.31%	40.00%	93.54%	36.56%	10.49%	25.75%	12.50%	12.52%	-	8.83%	6.52%
Earnings before Interest and Taxes (EBIT)	379	58	3.10	76	375	139	350	352	-	543	835
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	440	95	27	141	396	216	399	409	-	634	909
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.87	0.96	0.99	0.92	0.93	1.03	0.96	0.99	-	1.05	1.08
Price to Tangible Book Value (P/TBV)	0.87	0.97	0.99	0.92	0.93	1.03	0.96	0.99	-	1.05	1.08
Price to Revenue (P/Rev)	39.37	44.15	210.60	14.74	15.00	15.18	11.24	10.05	-	7.36	6.41
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	12.11	23.10	19.80	9.67	-	7.51	5.88
Dividend Yield	15.35%	13.66%	13.64%	12.95%	14.21%	13.05%	14.35%	13.61%	-	13.24%	12.75%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	8.26%	4.33%	5.05%	10.34%	-	13.32%	17.00%
Enterprise Value to Invested Capital (EV/IC)	0.89	0.93	0.94	0.93	0.93	0.96	0.94	0.95	-	0.98	0.97
Enterprise Value to Revenue (EV/Rev)	103.14	116.07	601.59	43.99	46.65	46.74	37.59	32.84	-	24.07	20.98
Enterprise Value to EBITDA (EV/EBITDA)	80.12	103.22	604.66	42.64	48.38	46.34	36.65	32.52	-	23.45	20.41
Enterprise Value to EBIT (EV/EBIT)	422.09	452.00	0.00	58.16	62.26	60.99	46.05	38.59	-	26.72	22.88
Enterprise Value to NOPAT (EV/NOPAT)	600.49	643.17	0.00	203.49	63.20	53.44	51.03	28.16	-	22.46	18.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.37	4.92	6.16	34.07	9.64	24.83	32.82	14.85	-	0.00	60.49
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.45	0.49	0.55	0.00	0.00	0.00	0.00	-	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.19	1.35	1.57	1.59	1.69	1.88	2.01	1.98	-	2.12	2.26
Long-Term Debt to Equity	1.16	1.34	1.56	1.58	1.69	1.87	1.98	1.96	-	2.10	2.24
Financial Leverage	0.98	3.71	3.90	4.13	1.46	1.63	1.81	1.80	-	2.01	2.15
Leverage Ratio	7.71	7.62	7.90	8.23	8.19	8.00	8.32	8.26	-	8.28	8.40
Compound Leverage Factor	-7.93	61.14	7.90	8.23	10.55	8.00	1.44	19.61	-	4.41	8.40
Debt to Total Capital	54.35%	57.50%	61.08%	61.32%	62.88%	65.31%	66.80%	66.42%	-	67.90%	69.28%
Short-Term Debt to Total Capital	1.22%	0.38%	0.35%	0.32%	0.17%	0.48%	1.05%	0.45%	-	0.41%	0.45%
Long-Term Debt to Total Capital	53.13%	57.12%	60.73%	61.00%	62.70%	64.83%	65.75%	65.97%	-	67.49%	68.83%
Preferred Equity to Total Capital	6.18%	5.68%	5.31%	4.74%	4.49%	4.07%	3.79%	4.04%	-	3.54%	3.26%
Noncontrolling Interests to Total Capital	0.36%	0.32%	0.28%	0.30%	0.26%	0.24%	0.23%	0.19%	-	0.10%	0.10%
Common Equity to Total Capital	39.11%	36.50%	33.33%	33.64%	32.37%	30.38%	29.18%	29.36%	-	28.45%	27.36%
Debt to EBITDA	48.77	64.13	392.29	28.25	32.62	31.55	26.10	22.73	-	16.31	14.57
Net Debt to EBITDA	43.67	57.27	357.07	26.03	30.36	29.21	24.12	21.13	-	15.40	13.46
Long-Term Debt to EBITDA	47.68	63.71	390.06	28.10	32.53	31.32	25.69	22.58	-	16.21	14.48
Debt to NOPAT	365.52	399.63	-52.74	134.81	42.60	36.39	36.34	19.68	-	15.61	12.85
Net Debt to NOPAT	327.31	356.85	-48.00	124.23	39.66	33.68	33.58	18.29	-	14.75	11.88
Long-Term Debt to NOPAT	357.34	396.98	-52.44	134.11	42.49	36.12	35.77	19.55	-	15.52	12.77
Noncontrolling Interest Sharing Ratio	14.36%	14.00%	14.11%	14.14%	13.52%	13.22%	13.13%	12.79%	-	11.83%	11.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,960	56,111	55,513	54,307	-8,877	-10,534	-11,301	-11,880	-	-12,600	-13,854
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	-4.75	50.97	49.40	44.66	-7.71	-9.60	-9.86	-9.45	-	-9.90	-10.46
Operating Cash Flow to Interest Expense	0.36	1.54	0.42	-1.38	2.44	-0.14	0.16	0.02	-	-1.10	1.22
Operating Cash Flow Less CapEx to Interest Expense	0.36	1.54	0.42	-1.38	2.44	-0.14	0.16	0.02	-	-1.10	1.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.01	0.01	0.01	0.01	0.01	-	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	24,852	27,052	28,940	32,419	34,202	37,716	40,590	44,654	-	50,862	55,271
Invested Capital Turnover	0.01	0.00	0.00	0.01	0.02	0.02	0.03	0.03	-	0.05	0.05
Increase / (Decrease) in Invested Capital	4,687	-56,053	-55,522	-54,224	9,350	10,664	11,649	12,235	-	13,146	14,682
Enterprise Value (EV)	22,189	25,035	27,247	30,007	31,899	36,171	38,074	42,425	-	49,671	53,621
Market Capitalization	8,468	9,522	9,538	10,055	10,258	11,746	11,388	12,976	-	15,194	16,385
Book Value per Share	$19.43	$19.72	$19.27	$21.77	$19.75	$19.81	$19.58	$20.42	-	$20.14	$20.64
Tangible Book Value per Share	$19.41	$19.70	$19.25	$21.75	$19.74	$19.80	$19.56	$20.40	-	$20.14	$20.63
Total Capital	24,852	27,052	28,940	32,419	34,202	37,716	40,590	44,654	-	50,862	55,271
Total Debt	13,506	15,555	17,678	19,879	21,505	24,632	27,115	29,658	-	34,536	38,293
Total Long-Term Debt	13,204	15,452	17,577	19,776	21,445	24,450	26,689	29,458	-	34,328	38,045
Net Debt	12,094	13,890	16,090	18,319	20,017	22,798	25,056	27,561	-	32,623	35,381
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)	119	-407	0.00	0.00	0.00	0.00	287	-488	-	255	0.00
Net Nonoperating Obligations (NNO)	13,506	15,555	17,678	19,879	21,505	24,632	27,115	29,658	-	34,536	38,293
Total Depreciation and Amortization (D&A)	62	37	24	64	21	78	49	58	-	91	74
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.89)	$0.85	($0.09)	$0.05	$0.81	$0.15	$0.03	$1.21	$1.53	$0.33	$1.06
Adjusted Weighted Average Basic Shares Outstanding	494.54M	500.61M	500.95M	515.73M	521.74M	587.15M	620.21M	656.34M	639.51M	722.71M	738.93M
Adjusted Diluted Earnings per Share	($0.89)	$0.85	($0.09)	$0.05	$0.81	$0.15	$0.03	$1.20	$1.54	$0.33	$1.06
Adjusted Weighted Average Diluted Shares Outstanding	494.54M	501.18M	500.95M	516.83M	522.75M	588.42M	621.10M	657.86M	641.04M	724.36M	740.26M
Adjusted Basic & Diluted Earnings per Share	($0.89)	$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	500.08M	500.44M	501.02M	560.55M	578.36M	605.09M	642.08M	683.03M	718.39M	732.78M	753.71M
Normalized Net Operating Profit after Tax (NOPAT)	-273	40	2.17	53	473	130	348	246	-	380	828
Normalized NOPAT Margin	-65.28%	42.00%	4.52%	44.41%	112.85%	69.82%	86.87%	61.23%	-	63.82%	92.71%
Pre Tax Income Margin	-93.26%	481.48%	6.46%	63.44%	115.34%	74.25%	15.19%	207.77%	-	48.55%	93.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.36	0.05	0.00	0.06	0.33	0.13	0.31	0.28	-	0.43	0.63
NOPAT to Interest Expense	-0.26	0.05	-0.01	0.07	0.41	0.12	0.30	0.28	-	0.43	0.63
EBIT Less CapEx to Interest Expense	0.36	0.05	0.00	0.06	0.33	0.13	0.31	0.28	-	0.43	0.63
NOPAT Less CapEx to Interest Expense	-0.26	0.05	-0.01	0.07	0.41	0.12	0.30	0.28	-	0.43	0.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-92.63%	-429.96%	-286.04%	984.01%	147.63%	228.20%	219.96%	116.86%	-	90.63%	70.42%
Augmented Payout Ratio	-92.63%	-429.96%	-286.04%	984.01%	147.63%	228.20%	219.96%	116.86%	-	90.63%	70.42%

Financials Breakdown Chart

Key Financial Trends

Annaly Capital Management’s recent financial statements show a substantially larger business and a meaningful recovery in core interest income, although results remain highly sensitive to interest rates, investment valuations and financing conditions.

Core earnings have improved considerably. Investment securities interest income increased from $678.5 million in Q3 2022 to $1.81 billion in Q2 2026. Net interest income also recovered from $13.4 million in Q3 2024 and $273.2 million in Q2 2025 to $488.2 million in Q2 2026. The improvement reflects stronger portfolio income, although long-term debt interest expense also climbed from $400.5 million in Q3 2022 to $1.32 billion in Q2 2026.

Reported profitability has been volatile. Annaly posted consolidated losses in Q3 2022, Q4 2022, Q1 2023, Q3 2023 and Q2 2024, but subsequently reported net income of $843.1 million in Q3 2025, $1.02 billion in Q4 2025 and $827.8 million in Q2 2026. The sharp swings indicate that valuation changes and other nonoperating items continue to have a major effect on earnings beyond recurring net interest income.

The balance sheet has expanded rapidly. Total assets rose from $85.4 billion in Q3 2022 to $143.7 billion in Q2 2026, while trading account securities increased from $70.9 billion to $89.7 billion. Cash also improved to $2.91 billion in Q2 2026 from $1.91 billion in Q1 2026. However, liabilities increased from $74.5 billion to $126.8 billion over the same period, leaving Annaly reliant on substantial leverage and continued access to funding markets.

Cash flow patterns are typical of a highly active mortgage-investment platform rather than a conventional operating company. Investment-security purchases and sales regularly exceed tens of billions of dollars per quarter, while operating cash flow has alternated between substantial inflows and outflows. In Q2 2026, operating cash flow was positive at $1.62 billion, but the company still relied on $8.55 billion of debt issuance to help fund portfolio activity after investing cash flow fell $6.22 billion.

Net interest income reached a multiyear high. Q2 2026 net interest income of $488.2 million was up from $452.7 million in Q1 2026, $273.2 million in Q2 2025 and just $13.4 million in Q3 2024.
Net income has returned to strong positive levels. Consolidated net income was $827.8 million in Q2 2026, compared with $290.5 million in Q1 2026 and $60.4 million in the restated Q2 2025 period.
The investment portfolio and asset base have expanded. Total assets reached $143.7 billion in Q2 2026, while trading account securities stood near $89.7 billion, potentially providing greater earnings capacity if spreads and funding conditions remain favorable.
Liquidity improved during the latest quarter. Cash and equivalents increased to $2.91 billion in Q2 2026 from $1.91 billion in Q1 2026, and quarterly operating cash flow was positive at $1.62 billion.
Common equity has grown. Total common equity increased to $15.1 billion in Q2 2026 from $9.0 billion in Q3 2022, supported by retained earnings recovery and common-equity issuance.
Reported earnings remain heavily influenced by noninterest and nonoperating items. Q2 2026 included $233.9 million of net realized and unrealized investment gains, while earlier quarters included significant losses. Future earnings may therefore remain uneven even if net interest income is stable.
Investment turnover is extremely high. Annaly purchased $25.0 billion of investment securities and sold or received maturities on $18.8 billion in Q2 2026. These flows reflect portfolio management but make cash flow trends difficult to interpret using traditional corporate metrics.
Leverage and financing needs have increased. Total liabilities rose to $126.8 billion in Q2 2026 from $74.5 billion in Q3 2022, while long-term debt increased to $38.0 billion from $8.8 billion.
Common-share dilution has been substantial. Weighted-average basic shares increased from 411.3 million in Q4 2022 to 738.9 million in Q2 2026. A larger share base can reduce per-share earnings growth and spread dividend payments across more investors.
Dividend coverage should be monitored closely. Cash dividends paid rose to $552.4 million in Q2 2026 from $359.0 million in Q4 2023, while reported common dividends per share declined from $0.88 in Q3 2022 to $0.65 in 2024 and 2025. The Q2 2026 income statement does not provide a common dividend-per-share figure, so the latest coverage cannot be confirmed from the supplied data.

Overall, Annaly’s core interest-income trend has improved, and the company is operating with a larger portfolio and stronger recent profitability. The main risks are leverage, dilution, volatile investment marks and the company’s dependence on debt markets. Investors should place greater emphasis on recurring net interest income, asset-liability management and book-value trends than on any single quarter’s net income.

09/09/26 09:54 PM ETAI Generated. May Contain Errors.

Annaly Capital Management Financials - Frequently Asked Questions

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

Annaly Capital Management's net income appears to be on an upward trend, with a most recent value of $2.05 billion in 2025, rising from $465.75 million in 2015. The previous period was $1.01 billion in 2024. View Annaly Capital Management's forecast to see where analysts expect Annaly Capital Management to go next.

Over the last 10 years, Annaly Capital Management's total revenue changed from $677.75 million in 2015 to $1.65 billion in 2025, a change of 144.2%.

Annaly Capital Management's total liabilities were at $119.45 billion at the end of 2025, a 31.5% increase from 2024, and a 88.7% increase since 2015.

In the past 10 years, Annaly Capital Management's cash and equivalents has ranged from $706.59 million in 2017 to $2.04 billion in 2025, and is currently $2.04 billion as of their latest financial filing in 2025.

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Financial statements for NYSE:NLY last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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