Annaly Capital Management, Inc. (NLY) Income Statement
NLY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNLY revenue and net income
Where NLY's revenue goes
2025Each bar shows an amount and its share of revenue. NLY kept 30.3% of revenue as net income.
NLY profit margins
NLY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.4% | +17.3% | +35.2% | +17.1% |
| Gross profit | +6.3% | +17.6% | +36.0% | +17.4% |
| Operating income | +22.2% | +30.1% | — | +21.8% |
| Net income | +102.3% | +5.5% | — | +15.8% |
| EPS (diluted) | +8.1% | −11.8% | −7.9% | −4.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NLY quarterly EPS vs estimates
Annaly Capital Management beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 20, 2026 (estimate $0.78).
NLY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.70B | $6.36B | $0 | $4.15B | $751.4M | $1.48B | $1.81B | $2.08B | $2.35B | $1.99B |
| Cost of revenue | $5.4M | $60.7M | $24.8M | $41.0M | $49.3M | $45.4M | $47.4M | $36.2M | $53.1M | $69.5M |
| Gross profit | $6.69B | $6.29B | −$1.65B | $4.11B | $702.1M | $1.44B | $1.77B | $2.04B | $2.30B | $1.92B |
| Research & development | — | — | $0 | $0 | $3 | $1 | $1 | $0 | $1 | $1 |
| Sales, general & admin | $48.1M | $171.4M | $43.0M | $162.7M | $62.0M | $222.2M | $271.8M | $329.9M | $224.1M | $250.4M |
| Total operating expenses | −$178.4M | $675.3M | $43.0M | $987.0M | −$2.23B | $1.46B | $1.16B | $1.89B | $721.9M | $443.0M |
| Operating income | $6.87B | $5.62B | −$1.60B | $3.12B | $2.93B | −$19.1M | $610.9M | $154.6M | $1.58B | $1.48B |
| Interest income | $5.96B | $4.84B | $3.54B | $2.78B | $1.98B | $2.23B | $3.79B | $3.33B | $2.49B | $2.21B |
| Interest expense | $4.82B | $4.59B | $3.84B | $1.31B | $249.2M | $899.1M | $2.78B | $1.90B | $1.01B | $657.8M |
| Income before taxes | $2.04B | $1.03B | −$1.60B | $1.77B | $2.40B | −$918.2M | −$2.17B | $51.8M | $1.58B | $1.43B |
| Income taxes | −$6.9M | $15.3M | $44.1M | $45.6M | $4.7M | −$28.4M | −$10.8M | −$2.4M | $7.0M | −$1.6M |
| Net income | $2.03B | $1.00B | −$1.64B | $1.73B | $2.39B | −$891.2M | −$2.16B | $54.4M | $1.57B | $1.43B |
| EBITDA | $6.90B | $5.65B | −$1.60B | $3.10B | $2.67B | $22.3M | $642.5M | $2.02B | $2.61B | $2.12B |
| EPS (diluted) | $2.92 | $2.70 | $2.87 | $4.26 | $4.60 | $4.40 | $4.04 | $4.76 | $4.88 | $3.94 |
| Gross margin | 99.9% | 99.0% | — | 99.0% | 93.4% | 96.9% | 97.4% | 98.3% | 97.7% | 96.5% |
| Operating margin | 102.6% | 88.4% | — | 75.2% | 389.8% | −1.3% | 33.7% | 7.4% | 67.0% | 74.3% |
| Net margin | 30.3% | 15.8% | — | 41.6% | 318.1% | −60.0% | −119.2% | 2.6% | 66.8% | 72.0% |
| 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 | $2.23B | $1.63B | $1.79B | $1.63B | $1.79B | $1.49B | $1.95B | $1.25B | $1.65B | $1.51B | $1.45B | $1.73B |
| Cost of revenue | $17.8M | $17.9M | $1.3M | $15.6M | $18.2M | $18.4M | $1.3M | $14.1M | $18.5M | $13.8M | $1.3M | $14.6M |
| Gross profit | $2.22B | $1.61B | $1.79B | $1.61B | $1.77B | $1.47B | $1.95B | $1.23B | $1.63B | $1.50B | $1.45B | $1.71B |
| Sales, general & admin | $58.2M | $52.6M | $11.9M | $61.9M | $50.0M | $48.1M | $44.0M | $9.5M | $44.9M | $38.6M | $38.9M | $39.9M |
| Total operating expenses | $58.2M | $51.2M | −$547.3M | −$477.5M | $564.4M | $233.7M | $315.0M | −$58.2M | $500.2M | −$68.7M | $795.3M | $1.22B |
| Operating income | $2.16B | $1.56B | $2.33B | $2.09B | $1.21B | $1.24B | $1.64B | $1.29B | $1.13B | $1.57B | $654.4M | $490.1M |
| Interest income | $1.81B | $1.72B | $1.69B | $1.53B | $1.42B | $1.32B | $1.34B | $1.23B | $1.18B | $1.09B | $990.4M | $1.00B |
| Interest expense | $1.32B | $1.27B | $1.32B | $1.26B | $1.15B | $1.10B | $1.15B | $1.22B | $1.12B | $1.10B | $1.04B | $1.05B |
| Income before taxes | $834.7M | $289.0M | $1.01B | $835.2M | $60.8M | $138.6M | $483.5M | $76.2M | $3.1M | $464.2M | −$389.5M | −$556.7M |
| Income taxes | $6.9M | −$1.5M | −$7.8M | −$7.8M | $440,000 | $8.3M | $10.4M | −$6.1M | $11.9M | −$943,000 | $1.7M | $12.4M |
| Net income | $822.7M | $282.7M | $1.01B | $832.4M | $57.1M | $124.2M | $482.1M | $66.4M | −$9.5M | $462.9M | −$403.7M | −$562.2M |
| EBITDA | $2.17B | $1.57B | $2.34B | $2.10B | $1.22B | $1.24B | $1.64B | $1.30B | $1.14B | $1.57B | $659.9M | $497.4M |
| EPS (diluted) | $0.79 | $0.76 | $0.74 | $0.73 | $0.73 | $0.72 | $0.72 | $0.66 | $0.68 | $0.64 | $0.68 | $0.66 |
| Gross margin | 99.2% | 98.9% | 99.9% | 99.0% | 99.0% | 98.8% | 99.9% | 98.9% | 98.9% | 99.1% | 99.9% | 99.2% |
| Operating margin | 96.6% | 95.8% | 130.5% | 128.3% | 67.4% | 83.1% | 83.8% | 103.5% | 68.5% | 103.6% | 45.1% | 28.4% |
| Net margin | 36.8% | 17.3% | 56.7% | 51.1% | 3.2% | 8.3% | 24.7% | 5.3% | −0.6% | 30.7% | −27.8% | −32.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NLY's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NLY financial results
In fiscal year 2025 (ended December 31, 2025), Annaly Capital Management reported revenue of $6.7 billion, up 5.4% from the year before. It had net income of $2.0 billion (up 102.3%), a net profit margin of 30.3%. Diluted earnings per share came to $2.92. Over five years revenue grew at an average rate of 35.2% a year.
See the NLY stock overview for the latest quote and news, or the NLY chart for price history and technical indicators.
NLY income statement FAQ
What is Annaly Capital Management's annual revenue?
Annaly Capital Management reported total revenue of $6.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 5.4% from $6.4 billion the previous year.
Is Annaly Capital Management profitable?
Yes. Annaly Capital Management reported net income of $2.0 billion in fiscal 2025, a net profit margin of 30.3%; its operating margin was 102.6%.
What is Annaly Capital Management's gross margin?
Annaly Capital Management's gross margin was 99.9% in fiscal 2025: for every $100 of revenue, Annaly Capital Management kept $100 after the direct cost of its products and services.
How fast is Annaly Capital Management growing?
Revenue grew 35.2% a year on average over the last five fiscal years, from $1.5 billion to $6.7 billion.
What are Annaly Capital Management's earnings per share?
Annaly Capital Management earned $2.92 per diluted share in fiscal 2025, compared with $2.70 a year earlier.
When will Annaly Capital Management report its next earnings?
Annaly Capital Management is expected to report results for the quarter ending September 30, 2026 on October 20, 2026 after the market closes.
When does Annaly Capital Management's fiscal year end?
Annaly Capital Management's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.