Ellington Residential Mortgage REIT (EARN) Income Statement
EARN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEARN revenue and net income
Where EARN's revenue goes
2025Each bar shows an amount and its share of revenue. EARN kept −33.9% of revenue as net income.
EARN profit margins
EARN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −16.0% | +28.2% | +10.4% | +14.1% |
| Gross profit | +129.0% | +24.7% | +8.1% | +21.5% |
| Operating income | −219.0% | — | — | — |
| Net income | −319.4% | — | — | — |
| EPS (diluted) | −20.7% | −6.0% | −6.9% | −9.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EARN quarterly EPS vs estimates
Ellington Residential Mortgage REIT beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 18, 2026 (estimate $0.19).
EARN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.6M | $50.7M | $55.4M | $20.2M | $0 | $25.9M | $27.5M | $0 | $35.5M | $26.2M |
| Cost of revenue | $6.2M | $34.8M | $45.3M | $1.4M | $1.3M | $1.3M | $1.3M | $1.2M | $19.0M | $9.3M |
| Gross profit | $36.4M | $15.9M | $10.1M | $18.8M | −$1.9M | $24.6M | $26.2M | −$7.0M | $16.5M | $16.9M |
| Research & development | — | — | $0 | $3 | $0 | $1 | $3 | $0 | $0 | $0 |
| Sales, general & admin | $520,000 | $1.9M | $1.9M | $2.9M | $3.5M | $3.3M | $3.2M | $3.4M | $3.8M | $3.1M |
| Total operating expenses | $44.8M | $8.8M | $5.5M | $824,000 | −$5.8M | −$5.8M | −$5.3M | $3.4M | $5.7M | $5.0M |
| Operating income | −$8.4M | $7.1M | $4.6M | −$15.4M | −$6.3M | $20.1M | $22.3M | $21.2M | $10.8M | $11.9M |
| Interest income | — | $49.9M | $40.6M | $35.0M | $28.4M | $27.3M | $43.8M | $54.6M | $49.2M | $33.5M |
| Interest expense | $10.5M | $34.8M | $45.3M | $14.8M | $2.7M | $10.0M | $35.3M | $32.5M | $19.0M | $9.3M |
| Income before taxes | −$14.5M | $7.1M | $4.6M | −$30.2M | −$6.3M | $20.1M | $22.3M | −$11.3M | $10.8M | $11.9M |
| Income taxes | −$6,000 | $510,000 | −$5.6M | $79.5M | −$6.3M | −$59,000 | −$2.4M | $21.1M | $28.2M | $21.9M |
| Net income | −$14.5M | $6.6M | $4.6M | −$30.2M | −$6.3M | $20.1M | $22.3M | −$11.3M | $10.8M | $11.9M |
| EBITDA | −$8.4M | $7.1M | $4.6M | −$13.1M | −$6.3M | $34.4M | $22.3M | $21.2M | $10.8M | $27.7M |
| EPS (diluted) | $0.88 | $1.11 | $0.86 | $1.06 | $1.27 | $1.26 | $0.91 | $1.34 | $1.83 | $1.71 |
| Gross margin | 85.4% | 31.3% | 18.2% | 92.9% | — | 95.0% | 95.3% | — | 46.4% | 64.6% |
| Operating margin | −19.8% | 14.0% | 8.2% | −76.2% | — | 77.5% | 80.8% | — | 30.4% | 45.5% |
| Net margin | −33.9% | 13.0% | 8.2% | −149.6% | — | 77.5% | 80.8% | — | 30.4% | 45.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.8M | $12.3M | $14.3M | $15.4M | $11.9M | $6.8M | $16.4M | $11.5M | $16.0M | $1.5M | $2.3M | $14.4M |
| Cost of revenue | $0 | $0 | $0 | $0 | $6.2M | $6.7M | $7.8M | $10.2M | $10.1M | $512,000 | $12.3M | $11.7M |
| Gross profit | $11.8M | $12.3M | $14.3M | $15.4M | $11.9M | $83,000 | $8.6M | $1.3M | $5.9M | $991,000 | −$10.1M | $2.7M |
| Sales, general & admin | — | — | — | — | $520,000 | $475,000 | $661,000 | $524,000 | $364,000 | $283,000 | $272,000 | $282,000 |
| Total operating expenses | −$3.5M | $40.0M | $33.1M | $9.2M | −$21,000 | $2.3M | $2.7M | $2.2M | $1.6M | −$23.0M | $1.4M | $1.5M |
| Operating income | $15.3M | −$27.7M | −$18.7M | $6.2M | $11.9M | −$2.2M | $5.9M | −$890,000 | $4.3M | $23.9M | −$11.4M | $1.2M |
| Interest income | — | — | — | — | $15.5M | $12.8M | $12.5M | $14.1M | $10.4M | $11.9M | $11.3M | $10.1M |
| Interest expense | $3.0M | $2.3M | $2.3M | $2.0M | $1.7M | $6.7M | $7.8M | $10.2M | $10.1M | $11.5M | $12.3M | $11.7M |
| Income before taxes | $12.3M | −$32.3M | −$21.1M | $4.3M | $10.2M | −$2.2M | $5.9M | −$890,000 | $4.3M | $12.4M | −$11.4M | $1.2M |
| Income taxes | — | — | — | — | −$6,000 | −$181,000 | $463,000 | −$75,000 | $303,000 | −$24.2M | $19.9M | $17.8M |
| Net income | $12.3M | −$32.3M | −$21.1M | $4.3M | $10.2M | −$2.0M | $5.4M | −$815,000 | $4.0M | $12.4M | −$11.4M | $1.2M |
| EBITDA | $15.3M | −$30.0M | −$18.7M | $6.2M | $11.9M | −$2.2M | $5.9M | −$890,000 | $4.3M | $23.9M | −$11.4M | $1.2M |
| EPS (diluted) | $0.15 | $0.19 | $0.21 | $0.23 | $0.26 | $0.27 | $0.21 | $0.36 | $0.27 | $0.27 | $0.21 | $0.17 |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 1.2% | 52.7% | 11.1% | 36.8% | 65.9% | −440.4% | 18.8% |
| Operating margin | 129.7% | −224.5% | −130.6% | 40.5% | 100.2% | −32.2% | 36.1% | −7.7% | 26.7% | 1,593.5% | −499.8% | 8.4% |
| Net margin | 104.2% | −261.5% | −146.9% | 27.8% | 85.8% | −29.5% | 33.2% | −7.1% | 24.8% | 827.6% | −499.8% | 8.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EARN's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EARN financial results
In fiscal year 2025 (ended December 31, 2025), Ellington Residential Mortgage REIT reported revenue of $42.6 million, down 16.0% from the year before. It had a net loss of $14.5 million, a net profit margin of −33.9%. Diluted earnings per share came to $0.88. Over five years revenue grew at an average rate of 10.4% a year.
See the EARN stock overview for the latest quote and news, or the EARN chart for price history and technical indicators.
EARN income statement FAQ
What is Ellington Residential Mortgage REIT's annual revenue?
Ellington Residential Mortgage REIT reported total revenue of $42.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 16.0% from $50.7 million the previous year.
Is Ellington Residential Mortgage REIT profitable?
No. Ellington Residential Mortgage REIT reported a net loss of $14.5 million in fiscal 2025, a net profit margin of −33.9%; its operating margin was −19.8%.
What is Ellington Residential Mortgage REIT's gross margin?
Ellington Residential Mortgage REIT's gross margin was 85.4% in fiscal 2025: for every $100 of revenue, Ellington Residential Mortgage REIT kept $85 after the direct cost of its products and services.
How fast is Ellington Residential Mortgage REIT growing?
Revenue grew 10.4% a year on average over the last five fiscal years, from $25.9 million to $42.6 million.
What are Ellington Residential Mortgage REIT's earnings per share?
Ellington Residential Mortgage REIT earned $0.88 per diluted share in fiscal 2025, compared with $1.11 a year earlier.
When will Ellington Residential Mortgage REIT report its next earnings?
Ellington Residential Mortgage REIT is expected to report results for the quarter ending September 30, 2026 on November 18, 2026.
When does Ellington Residential Mortgage REIT's fiscal year end?
Ellington Residential Mortgage REIT's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.