Dynex Capital, Inc. (DX) Income Statement
DX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsDX revenue and net income
Where DX's revenue goes
2025Each bar shows an amount and its share of revenue. DX kept 59.8% of revenue as net income.
DX profit margins
DX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +67.8% | — | +18.1% | +25.3% |
| Gross profit | +67.8% | — | +18.1% | +25.3% |
| Operating income | +72.7% | +58.1% | +28.6% | +46.9% |
| Net income | +180.1% | +30.6% | +12.4% | +34.4% |
| EPS (diluted) | — | −6.8% | −14.2% | −10.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DX quarterly EPS vs estimates
Dynex Capital beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 19, 2026 (estimate $0.37).
DX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $533.5M | $318.0M | $0 | $0 | $66.8M | $232.3M | $164.4M | $83.2M | $86.0M | $82.1M |
| Cost of revenue | $419.2M | $20.5M | $2.2M | $18.3M | $5.7M | $32.6M | $136.6M | $59.6M | −$75,000 | −$103,000 |
| Gross profit | $533.5M | $318.0M | −$42.4M | −$2.4M | $66.8M | $232.3M | $164.4M | $83.2M | $86.0M | $82.1M |
| Research & development | — | — | $0 | $60 | $2 | $1 | $1 | $0 | $0 | $1 |
| Sales, general & admin | $51.5M | $14.1M | $30.7M | $32.4M | $11.3M | $21.1M | $16.0M | $15.1M | $15.8M | $14.7M |
| Total operating expenses | −$204.7M | −$109.5M | $30.7M | −$189.1M | −$41.2M | $22.1M | $317.1M | $76.2M | $52.0M | $40.0M |
| Operating income | $738.2M | $427.6M | −$73.1M | $186.8M | $107.9M | $210.1M | −$152.7M | $7.0M | $34.0M | $42.1M |
| Interest income | $533.5M | $319.5M | $166.9M | $86.7M | $60.1M | $96.5M | $170.2M | $110.1M | $94.5M | $91.9M |
| Interest expense | $419.2M | $313.7M | $215.4M | $43.6M | $5.7M | $32.6M | $114.1M | $59.6M | $36.2M | $25.2M |
| Income before taxes | $319.1M | $113.9M | −$6.1M | $143.2M | $102.3M | $177.5M | −$152.7M | $7.0M | $33.9M | $43.1M |
| Income taxes | — | — | −$2.3M | $43.6M | $11.3M | $17.5M | −$114.2M | $1.1M | $70.3M | $67.2M |
| Net income | $319.1M | $113.9M | −$6.1M | $143.2M | $102.3M | $177.5M | −$152.7M | $7.0M | $33.9M | $43.1M |
| EBITDA | $740.3M | $429.4M | −$73.1M | $189.1M | $110.2M | $212.1M | −$36.9M | $67.8M | $71.4M | $69.6M |
| EPS (diluted) | $0.90 | −$0.42 | −$0.95 | $1.11 | $1.96 | $1.93 | $2.11 | $2.19 | $2.19 | $2.49 |
| Gross margin | 100.0% | 100.0% | — | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 138.4% | 134.4% | — | — | 161.7% | 90.5% | −92.9% | 8.4% | 39.5% | 51.3% |
| Net margin | 59.8% | 35.8% | — | — | 153.2% | 76.4% | −92.9% | 8.4% | 39.4% | 52.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $302.8M | $257.4M | $177.0M | $149.7M | $111.7M | $95.1M | $88.5M | $83.5M | $74.5M | $71.5M | $71.2M | $63.3M |
| Cost of revenue | $209.0M | $0 | $126.3M | $119.1M | $8.0M | $7.9M | $11.7M | $5.0M | $601,000 | $3.2M | $62.9M | $3.1M |
| Gross profit | $93.8M | $257.4M | $177.0M | $149.7M | $111.7M | $95.1M | $88.5M | $83.5M | $74.5M | $71.5M | $71.2M | $63.3M |
| Sales, general & admin | $15.2M | $20.5M | $5.1M | $4.1M | $11.9M | $11.8M | $3.3M | $3.7M | $6.6M | $3.7M | $3.3M | $7.8M |
| Total operating expenses | $16.2M | $20.5M | −$141.9M | −$119.8M | $36.7M | $20.2M | −$44.2M | −$30.1M | $8.1M | −$43.3M | −$26.6M | $40.8M |
| Operating income | $77.6M | $236.9M | $318.9M | $269.5M | $75.0M | $74.8M | $132.7M | $113.6M | $66.5M | $114.8M | $97.8M | $22.5M |
| Interest income | $302.8M | $257.4M | $177.0M | $149.7M | $111.7M | $95.1M | $88.5M | $83.5M | $76.1M | $71.5M | $71.2M | $63.3M |
| Interest expense | $209.0M | $178.1M | $133.6M | $119.1M | $88.6M | $77.9M | $81.6M | $82.6M | $74.8M | $74.7M | $73.5M | $65.5M |
| Income before taxes | $180.8M | −$80.4M | $185.4M | $150.4M | −$13.6M | −$3.1M | $51.1M | $31.0M | −$8.3M | $40.1M | $24.3M | −$43.1M |
| Income taxes | — | — | — | — | — | — | — | — | −$1 | −$3.2M | −$1,000 | −$2.8M |
| Net income | $180.8M | −$80.4M | $185.4M | $150.4M | −$13.6M | −$3.1M | $51.1M | $31.0M | −$8.3M | $40.1M | $24.3M | −$43.1M |
| EBITDA | $78.2M | $104.3M | $319.5M | $270.0M | $75.5M | $75.3M | $133.2M | $114.0M | $66.9M | $115.3M | $98.3M | $23.0M |
| EPS (diluted) | $0.36 | $0.31 | $0.22 | $0.25 | $0.22 | $0.21 | $0.10 | −$0.10 | −$0.12 | −$0.30 | −$0.24 | −$0.28 |
| Gross margin | 31.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 25.6% | 92.0% | 180.1% | 180.0% | 67.1% | 78.7% | 149.9% | 136.1% | 89.2% | 160.6% | 137.3% | 35.5% |
| Net margin | 59.7% | −31.2% | 104.7% | 100.5% | −12.2% | −3.2% | 57.7% | 37.1% | −11.1% | 56.1% | 34.1% | −68.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DX's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DX financial results
In fiscal year 2025 (ended December 31, 2025), Dynex Capital reported revenue of $533.5 million, up 67.8% from the year before. It had net income of $319.1 million (up 180.1%), a net profit margin of 59.8%. Diluted earnings per share came to $0.90. Over five years revenue grew at an average rate of 18.1% a year.
See the DX stock overview for the latest quote and news, or the DX chart for price history and technical indicators.
DX income statement FAQ
What is Dynex Capital's annual revenue?
Dynex Capital reported total revenue of $533.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 67.8% from $318.0 million the previous year.
Is Dynex Capital profitable?
Yes. Dynex Capital reported net income of $319.1 million in fiscal 2025, a net profit margin of 59.8%; its operating margin was 138.4%.
What is Dynex Capital's gross margin?
Dynex Capital's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Dynex Capital kept $100 after the direct cost of its products and services.
How fast is Dynex Capital growing?
Revenue grew 18.1% a year on average over the last five fiscal years, from $232.3 million to $533.5 million.
What are Dynex Capital's earnings per share?
Dynex Capital earned $0.90 per diluted share in fiscal 2025, compared with $-0.42 a year earlier.
When will Dynex Capital report its next earnings?
Dynex Capital is expected to report results for the quarter ending September 30, 2026 on October 19, 2026 before the market opens.
When does Dynex Capital's fiscal year end?
Dynex Capital's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.