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Annaly Capital Management (NLY) Financials

Annaly Capital Management logo
$22.72 -0.36 (-1.54%)
Closing price 07/31/2026 03:59 PM Eastern
Extended Trading
$22.84 +0.11 (+0.50%)
As of 07/31/2026 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Annaly Capital Management

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

Quarterly Income Statements for Annaly Capital Management

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

Annual Cash Flow Statements for Annaly Capital Management

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

Quarterly Cash Flow Statements for Annaly Capital Management

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

Annual Balance Sheets for Annaly Capital Management

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

Quarterly Balance Sheets for Annaly Capital Management

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

Annual Metrics And Ratios for Annaly Capital Management

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		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Annaly Capital Management

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 latest quarter shows a mixed picture, with solid earnings but weaker operating cash flow and a highly levered balance sheet. For Q1 2026, the company reported net income of $290.5 million and common EPS of $0.33, down from the very strong Q4 2025 result but still well above the weak quarters seen in 2024. Revenue also improved year over year, helped by higher investment interest income. However, operating cash flow remained negative, and the company continues to rely heavily on financing activity to support its portfolio.

Over the last several years, Annaly has shown earnings volatility that is typical for a mortgage REIT, but recent results suggest some stabilization. Interest income has generally trended higher from 2023 into 2025 and early 2026, while quarterly EPS rebounded sharply from losses in 2022–2024 to profitable results in 2025 and 2026. At the same time, the balance sheet has expanded, with both assets and liabilities rising materially, and equity remaining a relatively small cushion compared with total assets.

  • Q1 2026 net income remained strong at $290.5 million, showing the company is still generating meaningful earnings after the strong 2025 turnaround.
  • EPS of $0.33 in Q1 2026 was well above the loss periods seen in 2024 and far better than the breakeven-to-low-profit quarters of early 2025.
  • Interest income stayed elevated, rising to $1.72 billion in Q1 2026 from $1.69 billion in Q4 2025 and $1.09 billion in Q1 2024.
  • Net interest income improved sharply versus the 2024 trough, reflecting better spread conditions than the company experienced during the weaker rate environment.
  • Liquidity remained manageable, with $1.91 billion in cash and equivalents at the end of Q1 2026.
  • Quarterly common dividends remained at $0.70 per share, signaling continued shareholder payout support.
  • Annaly’s portfolio is still heavily concentrated in trading account securities, which totaled about $89.8 billion in Q1 2026 and can create earnings and book-value volatility.
  • Financing activity remains a major part of the business model, with the company issuing debt and repaying debt each quarter to manage its asset base.
  • Total assets rose to $138.5 billion in Q1 2026 from $105.1 billion in Q1 2025, indicating meaningful balance sheet growth but also more exposure to market and funding risk.
  • Operating cash flow was negative at $1.4 billion in Q1 2026, showing earnings are not converting into positive cash from operations.
  • Leverage remains high, with total liabilities of $122.2 billion versus total equity of only $16.3 billion.
  • Other long-term liabilities are very large at $86.8 billion, underscoring the balance-sheet intensity of the business.
  • Retained earnings remain deeply negative at $13.4 billion, reflecting the long history of dividend-heavy distributions and volatility in mortgage REIT earnings.
  • Quarterly results can swing sharply, as shown by the contrast between profitable 2025/2026 quarters and the losses seen in 2022–2024, which increases uncertainty for investors.

Bottom line: Annaly appears to be in a better earnings position than it was in 2022–2024, but investors should still view it as a high-yield, high-leverage income stock rather than a stable compounder. The recent improvement in profitability is encouraging, yet negative operating cash flow and balance sheet leverage remain key risks to monitor.

08/02/26 06:27 AM 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 fiscal year ends in December. Their fiscal 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. Check out Annaly Capital Management's forecast to explore projected trends and price targets.

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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