Ellington Financial Inc. (EFC) Income Statement
EFC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEFC revenue and net income
Where EFC's revenue goes
2025Each bar shows an amount and its share of revenue. EFC kept 21.8% of revenue as net income.
EFC profit margins
EFC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +139.0% | +150.0% | +84.8% | +28.9% |
| Gross profit | +101.4% | +136.2% | +78.6% | +26.7% |
| Operating income | +257.2% | — | +62.7% | +23.5% |
| Net income | +0.7% | — | — | +14.4% |
| EPS (diluted) | +27.4% | +3.7% | +2.7% | −0.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EFC quarterly EPS vs estimates
Ellington Financial beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.47).
EFC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $674.5M | $282.2M | $256.5M | $43.1M | $122.0M | $31.3M | $85.2M | $76.8M | $10.7M | $2.3M |
| Cost of revenue | $106.2M | $73.2M | $4.7M | $19.6M | $78.4M | $77.1M | $90.1M | $415,000 | $41.9M | $26.4M |
| Gross profit | $568.4M | $282.2M | $256.5M | $43.1M | $122.0M | $31.3M | $85.2M | $76.4M | $10.7M | $2.3M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $13.1M | $65.7M | $121.2M | $29.0M | $20.9M | $16.5M | $14.8M | $10.0M | $2.2M | $18.0M |
| Total operating expenses | $153.1M | $165.9M | $167.3M | $68.1M | $36.4M | $29.4M | $30.6M | $26.9M | $4.1M | $18.0M |
| Operating income | $415.3M | $116.3M | $89.2M | −$25.0M | $136.6M | $36.4M | $59.5M | $103.4M | $65.1M | $299,000 |
| Interest income | $494.5M | $416.0M | $361.3M | $292.9M | $3.5M | $111.9M | $81.4M | $131.0M | $89.6M | $74.3M |
| Interest expense | $304.5M | $279.6M | $262.5M | $141.8M | $44.0M | $3.9M | $3.5M | $56.7M | $8.2M | $16.3M |
| Income before taxes | $154.6M | $148.7M | $88.4M | −$88.6M | $85.6M | $1.8M | $54.5M | $49.9M | $6.6M | −$15.7M |
| Income taxes | $3.8M | $612,000 | $457,000 | −$17.7M | $3.1M | $11.4M | $1.6M | $3.2M | $400,000 | $305,000 |
| Net income | $146.9M | $145.9M | $84.1M | −$70.0M | $82.5M | −$9.6M | $57.9M | $46.7M | $6.2M | −$16.0M |
| EBITDA | $459.1M | $403.2M | $323.5M | $5.7M | $136.6M | $36.4M | $59.5M | $103.4M | $65.1M | $299,000 |
| EPS (diluted) | $1.86 | $1.46 | $1.43 | $1.67 | $1.84 | $1.63 | $1.82 | $1.29 | $1.01 | $1.06 |
| Gross margin | 84.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 99.5% | 100.0% | 100.0% |
| Operating margin | 61.6% | 41.2% | 34.8% | −57.9% | 112.0% | 116.4% | 69.9% | 134.6% | 606.0% | 12.7% |
| Net margin | 21.8% | 51.7% | 32.8% | −162.3% | 67.6% | −30.6% | 68.0% | 60.8% | 57.7% | −682.0% |
| 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 | $174.9M | $228.8M | $147.4M | $123.0M | $86.3M | $72.3M | $66.1M | $60.9M | $85.3M | $69.8M | $79.0M | $48.8M |
| Cost of revenue | $34.2M | $26.9M | $25.1M | $24.0M | $21.3M | $19.7M | $76.8M | $19.0M | $16.9M | $19.0M | $15.2M | $14.5M |
| Gross profit | $140.7M | $201.9M | $122.3M | $99.0M | $86.3M | $72.3M | $66.1M | $60.9M | $85.3M | $69.8M | $79.0M | $48.8M |
| Sales, general & admin | $2.9M | $60.5M | $44.8M | $20.5M | $20.0M | $17.4M | $18.6M | $17.6M | $31.4M | $29.1M | $23.6M | $14.6M |
| Total operating expenses | −$4.9M | $37.8M | $17.5M | $151,000 | $50.8M | $41.4M | $45.9M | $44.9M | $37.2M | $37.9M | $62.1M | $34.6M |
| Operating income | $145.7M | $164.0M | $104.8M | $98.9M | $35.5M | $30.9M | $20.2M | $16.1M | $48.2M | $31.9M | $16.9M | $14.3M |
| Interest income | $170.8M | $149.5M | $140.3M | $122.8M | $115.5M | $115.9M | $106.7M | $107.3M | $100.5M | $101.5M | $98.7M | $102.5M |
| Interest expense | $98.6M | $88.2M | $86.6M | $73.1M | $72.1M | $72.7M | $68.6M | $73.7M | $66.9M | $70.5M | $70.7M | $68.7M |
| Income before taxes | $58.1M | $108.5M | $24.0M | $38.8M | $52.5M | $39.2M | $31.1M | $23.3M | $60.2M | $34.1M | $19.5M | $13.3M |
| Income taxes | $52,000 | $966,000 | $1.4M | $1.1M | $1.5M | −$96,000 | $398,000 | $12,000 | $142,000 | $61,000 | $129,000 | $224,000 |
| Net income | $58.6M | $105.3M | $21.6M | $36.6M | $50.0M | $38.7M | $30.1M | $23.0M | $59.2M | $33.6M | $18.6M | $12.6M |
| EBITDA | $156.7M | $196.7M | $123.0M | $111.9M | $110.4M | $103.6M | $89.5M | $89.7M | $115.0M | $102.3M | $349,000 | $149,000 |
| EPS (diluted) | $0.60 | $0.78 | $0.47 | $0.53 | $0.47 | $0.39 | $0.45 | $0.40 | $0.33 | $0.28 | $0.27 | $0.33 |
| Gross margin | 80.5% | 88.2% | 83.0% | 80.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 83.3% | 71.7% | 71.1% | 80.4% | 41.1% | 42.8% | 30.5% | 26.3% | 56.4% | 45.7% | 21.4% | 29.2% |
| Net margin | 33.5% | 46.0% | 14.7% | 29.7% | 57.9% | 53.5% | 45.6% | 37.8% | 69.3% | 48.1% | 23.6% | 25.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EFC's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EFC financial results
In fiscal year 2025 (ended December 31, 2025), Ellington Financial reported revenue of $674.5 million, up 139.0% from the year before. It had net income of $146.9 million (up 0.7%), a net profit margin of 21.8%. Diluted earnings per share came to $1.86. Over five years revenue grew at an average rate of 84.8% a year.
See the EFC stock overview for the latest quote and news, or the EFC chart for price history and technical indicators.
EFC income statement FAQ
What is Ellington Financial's annual revenue?
Ellington Financial reported total revenue of $674.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 139.0% from $282.2 million the previous year.
Is Ellington Financial profitable?
Yes. Ellington Financial reported net income of $146.9 million in fiscal 2025, a net profit margin of 21.8%; its operating margin was 61.6%.
What is Ellington Financial's gross margin?
Ellington Financial's gross margin was 84.3% in fiscal 2025: for every $100 of revenue, Ellington Financial kept $84 after the direct cost of its products and services.
How fast is Ellington Financial growing?
Revenue grew 84.8% a year on average over the last five fiscal years, from $31.3 million to $674.5 million.
What are Ellington Financial's earnings per share?
Ellington Financial earned $1.86 per diluted share in fiscal 2025, compared with $1.46 a year earlier.
When will Ellington Financial report its next earnings?
Ellington Financial is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Ellington Financial's fiscal year end?
Ellington Financial's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.