MFA Financial, Inc. (MFA) Income Statement
MFA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMFA revenue and net income
Where MFA's revenue goes
2025Each bar shows an amount and its share of revenue. MFA kept 20.2% of revenue as net income.
MFA profit margins
MFA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +213.0% | — | — | +9.4% |
| Gross profit | +244.6% | — | — | +11.1% |
| Operating income | +8.2% | — | — | +22.9% |
| Net income | +48.2% | — | — | −5.6% |
| EPS (diluted) | −38.7% | −4.5% | — | −10.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MFA quarterly EPS vs estimates
MFA Financial beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.30).
MFA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $875.2M | $279.6M | $234.0M | $0 | $488.3M | $0 | $433.3M | $347.9M | $373.1M | $358.8M |
| Cost of revenue | $33.4M | $35.3M | $34.1M | $42.9M | $44.1M | $555.9M | $141.6M | $113.2M | $94.2M | $74.4M |
| Gross profit | $841.8M | $244.3M | $199.9M | −$110.5M | $418.2M | −$1.11B | $433.3M | $234.6M | $278.9M | $284.4M |
| Research & development | — | $800,000 | $800,000 | $800,000 | $400,000 | $3 | $0 | $0 | $1 | $1 |
| Sales, general & admin | $41.7M | $131.9M | $129.9M | $112.7M | $82.7M | $56.7M | $52.6M | $46.1M | $49.6M | $45.6M |
| Total operating expenses | $151.8M | $132.7M | $130.7M | $113.5M | $17.8M | −$123.5M | $433.3M | $79.0M | $50.0M | $46.0M |
| Operating income | $690.0M | $637.8M | $69.2M | −$224.0M | $426.4M | −$679.4M | $378.1M | $534.0M | $74.2M | $93.0M |
| Interest income | $745.1M | $724.0M | $578.6M | $482.4M | $362.3M | $359.4M | $581.7M | $455.7M | $433.4M | $457.2M |
| Interest expense | $514.0M | $521.2M | $429.1M | $258.8M | $120.4M | $268.8M | $332.4M | $232.2M | $197.1M | $193.4M |
| Income before taxes | $176.0M | $119.7M | $80.2M | −$232.4M | $328.9M | −$679.4M | $378.1M | $301.8M | $322.4M | $312.7M |
| Income taxes | −$735,000 | $443,000 | $278,000 | −$851,000 | $33.9M | −$965.1M | $230.1M | $1.7M | $445.4M | $413.0M |
| Net income | $176.8M | $119.3M | $80.2M | −$231.6M | $328.9M | −$679.4M | $378.1M | $301.8M | $322.4M | $312.7M |
| EBITDA | $692.2M | $122.9M | $504.1M | $36.5M | $455.9M | −$633.3M | $3.3M | $303.6M | $324.9M | $314.1M |
| EPS (diluted) | $0.95 | $1.55 | $1.59 | $1.09 | $2.60 | −$6.28 | $3.12 | $2.44 | $2.43 | $2.31 |
| Gross margin | 96.2% | 87.4% | 85.4% | — | 85.6% | — | 100.0% | 67.4% | 74.8% | 79.3% |
| Operating margin | 78.8% | 228.1% | 29.6% | — | 87.3% | — | 87.3% | 153.5% | 19.9% | 25.9% |
| Net margin | 20.2% | 42.6% | 34.3% | — | 67.3% | — | 87.3% | 86.8% | 86.4% | 87.2% |
| 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 | $252.0M | $229.4M | $88.1M | $182.5M | $192.0M | $74.8M | $41.7M | $82.4M | $74.6M | $63.2M | $114.0M | $0 |
| Cost of revenue | $10.7M | $10.5M | $7.4M | $129.3M | $127.9M | $123.0M | $11.0M | $8.5M | $9.5M | $7.8M | −$166.3M | $9.8M |
| Gross profit | $241.4M | $218.9M | $80.7M | $77.3M | $64.2M | $74.8M | $30.7M | $82.4M | $74.6M | $63.2M | $114.0M | −$22.7M |
| Research & development | — | — | $200,000 | $200,000 | — | — | $800,000 | — | — | $200,000 | $200,000 | — |
| Sales, general & admin | $13.2M | $12.2M | $27.0M | $29.0M | $29.9M | $33.5M | $28.0M | $56.3M | $54.2M | $37.5M | $31.3M | $34.1M |
| Total operating expenses | $54.9M | $84.1M | $27.2M | $29.3M | $30.7M | $74.8M | $28.8M | $82.4M | $74.6M | $63.2M | $114.0M | −$22.7M |
| Operating income | $186.5M | $134.7M | $191.9M | $176.7M | $163.4M | $40.3M | $1.8M | $181.1M | $172.7M | $151.9M | $89.7M | −$56.4M |
| Interest income | $196.8M | $191.9M | $190.4M | $185.8M | $188.3M | $180.5M | $178.3M | $182.0M | $186.8M | $176.8M | $169.9M | $159.2M |
| Interest expense | $138.2M | $132.7M | $134.9M | $129.0M | $127.1M | $123.0M | $127.5M | $131.3M | $133.3M | $129.0M | $123.4M | $113.0M |
| Income before taxes | $46.8M | −$984,000 | $54.3M | $48.0M | $33.4M | $40.3M | $3.4M | $49.7M | $42.3M | $24.3M | $89.7M | −$56.3M |
| Income taxes | — | — | −$202,000 | −$101,000 | $238,000 | −$872,000 | −$2.5M | $1.5M | $346,000 | $1.0M | −$800,000 | $94,000 |
| Net income | $46.8M | −$984,000 | $54.3M | $48.1M | $33.2M | $41.2M | $5.9M | $48.2M | $41.9M | $23.2M | $89.7M | −$56.4M |
| EBITDA | $185.3M | $131.8M | $54.6M | $48.3M | $34.2M | — | $4.2M | $181.1M | $174.6M | $152.0M | $89.7M | −$56.4M |
| EPS (diluted) | $0.33 | $0.34 | $0.25 | $0.20 | $0.21 | $0.29 | $0.39 | $0.37 | $0.44 | $0.35 | $0.49 | $0.40 |
| Gross margin | 95.8% | 95.4% | 91.6% | 42.3% | 33.4% | 100.0% | 73.5% | 100.0% | 100.0% | 100.0% | 100.0% | — |
| Operating margin | 74.0% | 58.7% | 217.8% | 96.8% | 85.1% | 53.9% | 4.4% | 219.7% | 231.4% | 240.4% | 78.7% | — |
| Net margin | 18.6% | −0.4% | 61.7% | 26.4% | 17.3% | 55.1% | 14.2% | 58.5% | 56.2% | 36.7% | 78.7% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MFA's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MFA financial results
In fiscal year 2025 (ended December 31, 2025), MFA Financial reported revenue of $875.2 million, up 213.0% from the year before. It had net income of $176.8 million (up 48.2%), a net profit margin of 20.2%. Diluted earnings per share came to $0.95.
See the MFA stock overview for the latest quote and news, or the MFA chart for price history and technical indicators.
MFA income statement FAQ
What is MFA Financial's annual revenue?
MFA Financial reported total revenue of $875.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 213.0% from $279.6 million the previous year.
Is MFA Financial profitable?
Yes. MFA Financial reported net income of $176.8 million in fiscal 2025, a net profit margin of 20.2%; its operating margin was 78.8%.
What is MFA Financial's gross margin?
MFA Financial's gross margin was 96.2% in fiscal 2025: for every $100 of revenue, MFA Financial kept $96 after the direct cost of its products and services.
What are MFA Financial's earnings per share?
MFA Financial earned $0.95 per diluted share in fiscal 2025, compared with $1.55 a year earlier.
When will MFA Financial report its next earnings?
MFA Financial is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does MFA Financial's fiscal year end?
MFA Financial's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.