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Dynex Capital Income Statement

Revenue, expenses, and profitability over time

Dynex Capital generated $695.9M in trailing twelve-month revenue, up 1.0% year-over-year. Net income was $241.8M with a 34.75% net margin. Diluted EPS is $1.89, which grew 1.3% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$695.9MNet Income (TTM)$241.8MEps Diluted (TTM)$1.89
Latest FilingQ1 2026
Report Date2026-04-27
Market Cap$2.8B
P/E Ratio11.48

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits$5.5M$7.9M$8M$7.3M$11.9M$15.3M
Other operating expenses$9.2M$12.1M$12.3M$12M$16.6M$21.3M
Total operating expenses$9.2M$12.1M$12.3M$12M$16.6M$21.3M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$0.65$-0.06$-0.14$1.09$1.38$-0.41
Diluted earnings per share$0.65$-0.06$-0.14$1.08$1.36$-0.41
Weighted-average shares, basic70.8M90.5M113.2M136M124.1M200.1M
Weighted-average shares, diluted71.3M90.5M113.2M136.9M125.1M200.1M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$81.6M$77.9M$88.6M$119.1M$133.6M$178.1M
Net investment gains (losses)$53.4M-$8.1M-$24.4M$131.8M$158.5M-$138.4M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income$51.1M-$3.1M-$13.6M$150.4M$185.4M-$80.4M
Preferred stock dividends$1.9M$1.9M$2.7M$2.8M—$2.7M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net interest income$6.9M$17.1M$23.1M$30.6M$43.5M$79.3M
Total interest income$88.5M$95.1M$111.7M$149.7M$177M$257.4M
Total revenue$88.5M$95.1M$111.7M$149.7M$177M$257.4M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Adjustment For Amortization$9.5M$8M$6.4M$6M$5.6M$6M
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation—$1.2M$0$441K$7K$2.4M
Equity issuance costs$31K$19K$42K$152K$18K$139K
Stock options excluded as their inclusion would be anti-dilutive (in shares)—547.8K687.6K——1.3M
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect$215.9M-$33.5M$117.8M$118M$106.6M$359.3M
Dividends declared (in dollars per share)$0.43$0.47$0.51$0.51$0.51$0.51
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$12.6M$14.4M-$12.2M$162.5M$189.6M-$83.2M
Debt and Equity Securities, Realized Gain (Loss)—$0$0$0$0$8.7M
Realized gain$0$0$0$0$0$8.7M
Net realized gain on sale of marketable equity securities—$0———$8.7M
Debt Securities, Trading, Realized Loss$0$0$0$0$0$0
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net$276.7M-$118.1M-$58.1M-$10.7M—$104.7M
Dividends, Common Stock, Cash$35.6M$43.9M$59.3M$71.3M$82.6M$104.6M
Collateral received-$7.9M$4.8M$24.5M——-$8.4M
Increase Decrease In Accrued Interest Receivable Net$780K$3.8M$6.6M$12.6M$12M$29.5M
Increase Decrease In Interest Payable Net-$3.9M$2.2M$14M$49.7M—$36.2M
Increase (Decrease) in Other Operating Assets and Liabilities, Net-$11.1M$7.5M——-$4.4M$9M
Interest Income (Expense), Operating$6.9M$17.1M$23.1M$30.6M$43.5M$79.3M
Interest Income Operating$88.5M$95.1M$111.7M$149.7M$177M$257.4M
Interest Paid, Excluding Capitalized Interest, Operating Activity$85.5M$75.7M$74.6M$69.4M$148.9M$141.9M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$168.9M$868.5M$1.6B$3.3B$2.5B$7.5B
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation$0-$908.4M-$1.5B-$3.3B-$2.4B-$7.2B
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$15.1M$6.4M$31.9M$68.3M$14.3M$69.8M
Noncash Or Part Noncash Acquisition Investments Acquired1$168.5M$325.4M——$546M$347.1M
Number of operating segments0.251.00———1.00
Other comprehensive income (loss)-$36.6M$19.4M$4.1M$15M$7M-$148K
Net unrealized gains (losses) on securities still held-$36.6M$19.4M$4.1M$15M$7M-$148K
Other Depreciation and Amortization$509K$496K$516K$544K$542K$545K
Other General and Administrative Expense$3.3M$3.8M$3.9M$4.1M$4.5M$5.2M
Other income, net-$446K-$354K-$380K-$534K-$271K-$775K
Payments for (Proceeds from) Derivative Instrument, Investing Activities-$325M$137M$64.1M$32.6M—-$169M
Payments of Dividends$34.8M$41.6M$56.6M$69.6M$78.8M$102.5M
Payments Of Stock Issuance Costs$57.8K$0———$120K
Payment, Tax Withholding, Share-Based Payment Arrangement$1K$1.2M$0$441K$7K$2.4M
Payments To Acquire Trading Securities Heldforinvestment$437.8M$957.1M$1.7B$3.5B$2.8B$8.5B
Proceeds from Issuance of Common Stock$64.4M$239.7M$282.1M$254.1M$393.3M$441.7M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$18M$60M$20.4M$23.6M$15.9M$18M
Principal payments received on trading securities$134.5M$120.9M$186.4M$232.8M$292.7M$453.3M
Repayments and sales of loans$97K$67K$57K$92K$333K$17K
Proceeds From Sale Of Trading Securities Heldforinvestment$3.4M$0$0$0$0$633.3M
Proceeds from Short-Term Debt$20.5B$22.8B——$46.6B$51.4B
Repayments of Short-Term Debt$20.4B$22.1B——$44.4B$44.2B
Stock-based compensation$1.1M$2M$3M$3M$4.2M$7.7M
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment$64.4M$239.7M$282.1M$254.1M$393.3M$441.7M
Stock Issued During Period Value Share Based Compensation Gross$1.1M$2M$3.4M$2.7M$4.2M$7.7M
Change in fair value of interest rate swap$276.7M-$118.1M-$58.1M-$10.7M—$104.7M