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Annaly Capital Management Income Statement

Revenue, expenses, and profitability over time

Annaly Capital Management generated $6.4B in trailing twelve-month revenue, up 0.3% year-over-year. Net income was $2.2B with a 34.33% net margin. Diluted EPS is $3.04, which grew 2.3% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$6.4BNet Income (TTM)$2.2BEps Diluted (TTM)$3.04
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$16.1B
P/E Ratio7.38
ROE14.94%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits$34M$37.3M$36.6M$38.4M$39.3M$41.4M
Depreciation and amortization$672K$673K$672K$673K$672K$673K
General and administrative$44M$48.1M$50M$50.3M$51.2M$52.6M
Occupancy and equipment$800K$1.1M$1.5M$1.5M$900K$900K

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$0.82$0.15$0.03$1.21$1.47$0.33
Diluted earnings per share$0.82$0.15$0.03$1.20$1.48$0.33
Weighted-average shares, basic521.7M587.1M620.2M656.3M639.5M722.7M
Weighted-average shares, diluted522.7M588.4M621.1M657.9M641M724.4M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income from equity method investments$2.7M-$4.4M$0$4.1M-$13.5M-$5.3M
Gain (loss) on disposal of assets-$2B$810.8M$83.5M$561.9M$289.4M-$672.1M
Interest expense$1.2B$1.1B$1.1B$1.3B$1.3B$1.3B
Net investment gains (losses)$23.8M$64.9M$9.2M$11.4M$53.8M$46.7M
Other income (expense), net$224.6M-$159.7M-$289.5M$483.6M$555.2M-$253.7M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$483.5M$138.6M$60.8M$835.2M$1B$289M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$10.4M$8.3M$440K-$7.8M-$7.8M-$1.5M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests—$6.1M$3.3M$10.6M$4.5M$7.9M
Net income$482.1M$124.2M$57.1M$832.4M$1B$282.7M
Preferred stock dividends$38.7M$37.2M$37.3M$41.1M$42.4M$40.7M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net interest income$187.3M$220M$273.2M$275.8M$366.6M$452.7M
Total interest income$1.3B$1.3B$1.4B$1.5B$1.7B$1.7B
Total revenue$1.3B$1.3B$1.4B$1.5B$1.7B$1.7B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
(Amortization) / accretion-$8.1M-$57.4M-$28.2M-$36.7M-$41.4M-$67.5M
Accretion (Amortization) of Discounts and Premiums, Investments-$17.3M-$71.2M-$46.8M-$58.7M-$69.9M-$102.6M
Amortization Of Securitized Debt Premiums And Discounts Net—$2.7M$6.9M$8.9M$16.7M$21.2M
Stock options excluded as their inclusion would be anti-dilutive (in shares)0001K00
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—$345.5M$225.3M$37.9M—-$125.4M
Cash dividend per common share (in dollars per share)—$0.70$0.70$0.70—$0.70
Dividends declared (in dollars per share)$0.65$0.70$0.70$0.70$0.70$0.70
Common stock dividends taxable (in dollars per share)$0.65$0.70$0.70$0.70$0.70—
Common stock, dividends, taxable ordinary income, percent100.0%———100.0%—
Common stock, dividends, taxable return of capital, percent100.0%—————
Comprehensive Income Loss Attributable To Common Stock Holders$137.9M$317.3M$67.2M$907M$1.1B$197M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$176.6M$354.5M$104.5M$948.1M$1.1B$237.6M
Less: comprehensive income attributable to noncontrolling interest—$6.1M$3.3M$10.6M$4.5M$7.9M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$167.6M$360.6M$107.7M$958.7M$1.2B$245.5M
Federal$771K$0$0$20K-$151K$1.4M
Current State And Local Tax Expense Benefit$199K$13K$0$0$162K$173K
Debt Securities, Available-for-Sale, Realized Loss$88.3M$119.5M$35M$9.6M$74.8M$10.8M
Federal$8.3M$7.2M$385K-$6.9M-$7.1M-$2.8M
Deferred taxes$9.4M$8.3M$440K-$7.8M-$7.8M-$3.1M
State$1.2M$1M$55K-$981K-$707K-$268K
Depreciation, amortization and other noncash expenses$7.2M$9.2M$9.1M$7.8M$7.9M$9.6M
Derivative, Gain (Loss) on Derivative, Net$336.6M-$372M-$50.5M-$92.1M$0$86.2M
Net gains (losses) on derivatives$2.2B-$977.9M-$388.8M-$92.3M—$409.1M
Dividends, Common Stock, Cash$378.2M$423.9M$452.2M$479.7M$497.8M$514.3M
Effective tax rates$0$0.1$0-$0-$0-$0
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent0.0%0.0%0.0%0.0%0.0%0.0%
Nontaxable or nondeductible items—0.0%———0.2%
Effective Income Tax Rate Reconciliation Tax Exempt Income22.5%14.6%8.8%22.6%19.4%11.1%
Fees And Commissions Mortgage Banking And Servicing$127.2M$140.4M$141.7M$141.4M$156.1M$159.1M
Gain (Loss) On Investments, Debt and Derivatives-$51.6M-$358.6M-$490.9M——-$359.9M
Gain Loss On Realized Interest Rate Swaps$256.9M$191.5M$185.7M$191.9M$147.4M$96.8M
Securities gains, net – non-qualifying hedges on MSRs-$64.6M-$54.6M-$25.8M$1.8M-$21.1M$35.9M
Realized gains (losses) on termination of interest rate swaps—-$43.8M-$31.8M-$3.2M$0-$5.8M
Federal taxes—$45.8K$45.8K$45.8K$45.8K$0
State taxes—$123K$123K$123K$123K$54K
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount—$0$0$0$0$0
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount—$107.3M$107.3M$107.3M$107.3M$60.7M
Nontaxable or Nondeductible items—————$525K
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount—-$8.9M-$8.9M-$8.9M-$8.9M-$30.5M
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount—-$877.3K-$877.3K-$877.3K-$877.3K-$95K
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount—$99.2M$99.2M$99.2M$99.2M$32.2M
Accounts payable and other current liabilities$57.4M-$33.3M—$21.2M—-$48.2M
Increase (Decrease) in Interest and Dividends Receivable—-$230.8M-$6.2M—-$31M-$118.8M
Increase Decrease In Interest Payable Net-$8.1M$17.5M-$29.6M$28.8M$95.6M-$33.1M
Increase (Decrease) in Prepaid Expense and Other Assets$53.1M$26.2M$11.1M—$8.4M-$22.4M
Add - Incremental shares under stock-based compensation plans (in shares)$192.6K$1.3M$894.5K$1.5M$245.8K$1.7M
Participations issued$9.9M$27M$30.7M$28.7M$28.2M$32.9M
U.S. Treasury securities sold, not yet purchased$23.9M$25.7M$26.7M$26M$25.4M$8.3M
Debt issued by securitization vehicles$260.3M$283.6M$312.4M$350M$383.1M$398.1M
Agency securities$874.2M$820.2M$875.9M$949.5M$1.1B$1.1B
Commercial investment portfolio$1.6M$1.1M$163K$0$0$1.6M
Interest Income (Expense), Operating$187.3M$220M$273.2M$275.8M$366.6M$452.7M
Interest Income Operating$1.3B$1.3B$1.4B$1.5B$1.7B$1.7B
Residential mortgage loans$383.1M$426.1M$468M$505.5M$550.5M$596.8M
Residential credit securities$47M$40.2M$36.9M$33.5M$33.5M$31.4M
Securities purchased under agreements to resell$33M$29.6M$38M$44M$27M$10.7M
Interest paid (excluding interest paid on interest rate swaps)$924.2M$799.8M$870.1M$894.8M$881.2M$889.1M
Net interest received (paid) on interest rate swaps$296.9M$448M$277.6M$187M$217.1M$254.1M
Repurchase agreements$857.5M$760.8M$775.9M$852.2M$887.3M$832.9M
Residential Investment securities sold, carrying value$5.4B$5.2B$3.3B$1.3B$5.3B$5B
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Collections of Principal$44.9M$48.3M$81M$87.8M$73M$101.1M
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, New Mortgage Loan$4B$3.9B$4.2B$4.8B$6.1B$7.3B
Gains / (losses)-$53.2M$42.2M—$18.9M—-$14.2M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$3.4B-$1.2B$7.4B$11.8B$9.2B$5.7B
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$6.3B$1.7B-$7.3B-$11.8B-$9.9B-$4.4B
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$2.8B-$156.3M$180.7M$24.1M$644.3M-$1.4B
Net Income Loss Attributable To Noncontrolling Interest—$6.1M$3.3M$10.6M$4.5M$7.9M
Net Servicing Income$115.6M$126.3M$127.1M$126.3M$139.6M$142.6M
Number of investment groups0.750.750.750.750.753.00
Number of operating segments—3.00———3.00
Number of reportable segments—3.00———3.00
Operating Lease Payments$1M$1M$1M$1M$63K$65K
Unrealized gains (losses) on available-for-sale securities-$2.3B$1.2B$187.8M$738.5M$535.9M-$798.4M
Other comprehensive income (loss)—$230.3M$47.4M$115.7M$135.8M-$45M
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax-$31.6M-$65.4M-$13.8M-$2.4M-$60.8M$0
Net unrealized gains (losses) on securities still held-$337.1M$164.9M$33.6M$113.3M$75M-$45M
Other General and Administrative Expense$10M$10.8M$13.4M$11.9M$11.9M$11.2M
Other income, net (Note 6)$19.3M$7.4M$15.8M$14M$14M$9.3M
Net receipts (payments) on derivatives$1.7B-$899.2M-$419.8M-$416.6M-$86.5M$182.2M
Payments For Purchase Of Loans, Operating Activities$20.3M$38.6M$66M$49.5M$108.2M$83.7M
Payments For Securities Purchased Under Agreements To Resell$166.8B$172.2B$164.6B$173.8B$125.7B$54.3B
Payments of Dividends$401.6M$413.2M$459M$487.1M$523M$535.7M
Payments of Ordinary Dividends, Common Stock$13.2M$421.6M$449.5M$476.7M$18.1M$511.2M
Payments of Financing Costs$1.5M$7M$3.3M$616K$3M$451K
Payments On U.S. Treasury securities$2B$1.9B$1.9B$1.9B$1.9B—
Payment, Tax Withholding, Share-Based Payment Arrangement—$13.9M$14K$0$241K$19.2M
Payments to Acquire Debt Securities, Available-for-Sale$9.2B$4.4B$9.2B$13.1B$14.1B$6.2B
Payments to Acquire Finance Receivables$3.9B$3.9B$4.1B$4.7B$6B$7.2B
Payments to Acquire Mortgage Servicing Rights (MSR)$161.7M$387.1M$38.8M$284.1M$172.8M$500.9M
Purchases$7.6B$6.4B$8.4B$14.2B$13.5B$5.7B
REIT Taxable income distributed100.0%100.0%——100.0%100.0%
Preferred Stock Dividends and Other Adjustments$38.7M$37.2M$37.3M$41.1M$42.4M$40.7M
Preferred stock, dividends, taxable ordinary income, percent100.0%———100.0%—
Dividends received from unconsolidated affiliates—$0———$296K
Proceeds from Issuance of Common Stock$398M$495.5M$760.8M$1.1B$565.3M$508.3M
Proceeds From Issuance Of Secured Debt$2.1B$2.9B$3.4B$3.9B$4.4B$4.5B
Proceeds from Maturities, Prepayments and Calls of Held-to-Maturity Securities$987.6M$900.7M$1.3B$1.7B$2.3B$2.8B
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$2B$1.7B$2.1B$2B$2.5B$2.6B
Taxes received (paid)-$422K-$237K———-$364K
Transactions involving noncontrolling interests$0-$4M$0-$18M-$21M-$25.3M
Proceeds from repurchase agreements and other secured financing$1.7T$1.5T$1.7T$1.9T$2.1T$2T
Proceeds from sales and redemptions of investments in debt securities classified as available for sale$1.9B$1.7B$2.1B$2B$2.5B$2.6B
Sale of investments$3.9B$7.3B$2.2B$2.2B$5.4B$4.1B
Proceeds From Sale Of Held To Maturity Securities$271.4M$378.9M$438M$404.7M$128.2M$0
Proceeds From Sale Of Loans Held For Sale$10.9M$42.1M$72.2M$39M$81.9M$90.5M
MSRs$0$1.9M———$0
Proceeds From Securities Purchased Under Agreements To Resell$166.8B$172.2B$164.6B$173.7B$125.7B$54.3B
Proceeds from U.S. Treasury securities$2.5B$2.5B$0$2.4B$2.4B$702.1M
Proceeds from Sale of Debt Securities, Available-for-sale, Excluding Variable Interest Entity$5.4B$5.2B$3.3B$1.3B$5.3B$5B
Repayments of Secured Debt$916M$819.6M$1.1B$1.3B$1.9B$2.5B
Number of subsidiaries—0.500.500.500.50—
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Sales And Transfers—$3.6B$4.2B$4.4B—$5B
SEC Schedule, 12-29, Real Estate Companies, Investment In Mortgage Loans On Real Estate, Amortization (Accretion) Of Premium$5.2M$4.6M$5.7M$5.4M$6.3M$8.7M
Securitized debt of consolidated VIE, unrealized gain (loss)$343.1M-$170.9M-$59.1M-$92.9M-$46M$122.3M
Servicing and related expense$11.6M$14.1M$14.6M$15.1M$16.5M$16.6M
Servicing Asset At Fair Value Additions$161.7M$396.7M$39.4M$283.4M$186.1M$524.4M
Changes in valuation inputs or assumptions$98.7M$12.8M$28.5M-$28.6M$15.7M$7.9M
Servicing rights obtained in acquisition-$44.4M-$45.7M-$59.5M-$59.8M-$60.2M-$62.2M
Change in fair value of interest rate swap—-$753.6M-$492.2M-$189M—$231.8M