Revenue and margins are highly unstable, with NOI margin swinging from 100% in 2025Q2 to 17.6% in 2025Q3 and back to 84.3% in 2026Q2, while FFO per share fell from $2.04 to -$0.41 before recovering to $0.26.
Chimera Investment Corporation (CIM) annual income statement — 19-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Revenue | 498.44M | 820.77M | 257.93M | 204.77M | -415.21M | 1.06B | 226.4M | 488.15M | 452.74M | 629.18M | 614.34M | 324.69M | 588.69M | 396.79M | 386.94M | 202.46M | 303.21M | 100.77M | -49.38M | 3.49M |
| Revenue Growth % | 12.56% | 218.22% | 25.96% | 149.32% | -139.28% | 366.88% | -53.62% | 7.82% | -28.04% | 2.42% | 89.21% | -44.85% | 48.36% | 2.55% | 91.11% | -33.23% | 200.91% | 304.05% | -1514.15% | - |
| Property Operating Expenses | 177.58M | 42.1M | 0 | 0 | 0 | 0 | 0 | 0 | 49.11M | 62.96M | 48.6M | 51.22M | 10M | 2.65M | 0 | 0 | 37.17M | 9.85M | 0 | 0 |
| Net Operating Income (NOI) | 320.86M | 778.67M | 257.93M | 204.77M | -415.21M | 1.06B | 226.4M | 488.15M | 403.63M | 566.22M | 565.74M | 273.47M | 578.69M | 394.14M | 386.94M | 202.46M | 266.03M | 90.92M | 44.72M | 3.49M |
| NOI Margin % | 64.37% | 94.87% | 100% | 100% | 100% | 100% | 100% | 100% | 89.15% | 89.99% | 92.09% | 84.23% | 98.3% | 99.33% | 100% | 100% | 87.74% | 90.23% | -90.55% | 100% |
| Operating Expenses | 185.07M | 14.01M | 257.93M | 204.77M | -415.21M | 1.06B | 226.4M | 488.15M | 452.74M | 574M | 430M | 324.69M | 588.69M | 394.14M | 386.94M | 64.53M | 49.63M | 11.45M | 14.03M | -5.37M |
| G&A Expenses | 71.86M | 30M | 64.56M | 55.69M | 72.03M | 69.07M | 67.72M | 72.8M | 57.78M | 47.86M | 44.42M | 59.88M | 31.8M | 16.73M | 13.99M | 59.24M | 6.01M | 9.75M | 5.6M | 605K |
| EBITDA | 158.47M | 771.84M | 672.71M | 635.75M | -118.54M | 1.07B | 102.56M | 58.9M | 597.65M | 1.01B | 883.26M | 145.96M | 215.83M | 102M | 126.56M | 967.22M | 1.26B | -82.12M | -119.8M | 8.77M |
| EBITDA Margin % | 31.79% | 94.04% | 260.81% | 310.47% | 28.55% | 101.39% | 45.3% | 12.07% | 132.01% | 160.36% | 143.77% | 44.95% | 36.66% | 25.71% | 32.71% | 477.73% | 416.52% | -81.49% | 242.59% | 251.06% |
| Depreciation & Amortization | 23.54M | 7.18M | 321K | 0 | 61.49M | 70.58M | 102.56M | 58.9M | 202.69M | -48.56M | -16.63M | -363.76M | -521.16M | -362.69M | -327.77M | 337.32M | 735.47M | -49.25M | 0 | -98K |
| D&A / Revenue % | 4.72% | 0.88% | 0.12% | 0% | -14.81% | 6.68% | 45.3% | 12.07% | 44.77% | -7.72% | -2.71% | -112.03% | -88.53% | -91.41% | -84.71% | 166.61% | 242.56% | -48.88% | 0% | -2.81% |
| Operating Income | 147.97M | 764.65M | 0 | 0 | 0 | 0 | 0 | 0 | 394.96M | 1.06B | 899.88M | 509.71M | 736.99M | 464.69M | 454.33M | 629.9M | 527.45M | -32.87M | 0 | 8.87M |
| Operating Margin % | 29.69% | 93.16% | 0% | 0% | 0% | 0% | 0% | 0% | 87.24% | 168.08% | 146.48% | 156.99% | 125.19% | 117.11% | 117.42% | 311.12% | 173.96% | -32.62% | 0% | 253.87% |
| Interest Expense | 4M | 554.92M | 496.27M | 509.54M | 333.29M | 326.63M | 516.18M | 758.81M | 679.11M | 532.75M | 347.86M | 259.37M | 147.78M | 102M | 126.56M | 134.86M | 37.17M | 35.08M | 60.54M | 0 |
| Interest Coverage | - | 1.42x | 1.35x | 1.25x | -0.54x | 3.07x | - | - | 1.60x | 2.17x | 2.76x | 1.25x | 3.95x | 4.00x | 4.63x | 5.15x | 15.52x | 9.52x | -1.98x | - |
| Non-Operating Income | -2.71M | -23.04M | -672.39M | -635.75M | 180.03M | -1B | 0 | 0 | -691.29M | 0 | -422.8M | 39.78M | -62.59M | -45.17M | -258.81M | -64.53M | -49.63M | 0 | 89.94M | 8.77M |
| Pretax Income | -173.26M | 232.77M | 176.11M | 126.21M | -513.32M | 674.52M | 89.01M | 413.74M | 411.73M | 524.78M | 552.03M | 250.35M | 589.21M | 362.69M | 327.77M | 137.94M | 249.16M | 323.98M | -119.8M | -2.9M |
| Pretax Margin % | -34.76% | 28.36% | 68.28% | 61.63% | 123.63% | 63.81% | 39.32% | 84.76% | 90.94% | 83.41% | 89.86% | 77.1% | 100.09% | 91.41% | 84.71% | 68.13% | 82.17% | 321.52% | 242.59% | -83.08% |
| Income Tax | -2.82M | 2.27M | 49K | 102K | -253K | 4.41M | 158K | 193K | 91K | 108K | 83K | 1K | 2K | 2K | 1K | 606K | 756K | 1K | 12K | 5K |
| Effective Tax Rate % | 1.63% | 0.97% | 0.03% | 0.08% | 0.05% | 0.65% | 0.18% | 0.05% | 0.02% | 0.02% | 0.02% | 0% | 0% | 0% | 0% | 0.44% | 0.3% | 0% | -0.01% | -0.17% |
| Net Income | -170.44M | 230.5M | 176.06M | 126.1M | -513.07M | 670.11M | 88.85M | 413.55M | 411.64M | 524.67M | 551.94M | 250.35M | 589.21M | 362.69M | 327.77M | 137.33M | 248.41M | 95.47M | -119.81M | -2.91M |
| Net Margin % | -34.19% | 28.08% | 68.26% | 61.58% | 123.57% | 63.4% | 39.25% | 84.72% | 90.92% | 83.39% | 89.84% | 77.1% | 100.09% | 91.41% | 84.71% | 67.83% | 81.93% | 94.74% | 242.62% | -83.22% |
| Net Income Growth % | -406.24% | 30.92% | 39.62% | 124.58% | -176.56% | 654.17% | -78.51% | 0.46% | -21.54% | -4.94% | 120.47% | -57.51% | 62.46% | 10.65% | 138.67% | -44.72% | 160.19% | 179.68% | -4022.81% | - |
| Funds From Operations (FFO) | -146.9M | 237.68M | 176.39M | 126.1M | -451.58M | 740.7M | 191.42M | 472.45M | 614.33M | 476.11M | 535.32M | -113.41M | 68.05M | -2K | -1K | 474.65M | 983.88M | 46.22M | -119.81M | -3M |
| FFO Margin % | -29.47% | 28.96% | 68.39% | 61.58% | 108.76% | 70.07% | 84.55% | 96.78% | 135.69% | 75.67% | 87.14% | -34.93% | 11.56% | -0% | -0% | 234.44% | 324.49% | 45.87% | 242.62% | -86.03% |
| FFO Growth % | -45574.78% | 34.75% | - | - | -160.97% | 286.95% | -59.48% | -23.09% | 29.03% | -11.06% | 572.03% | -266.67% | - | -100% | -100% | -51.76% | 2028.68% | - | - | - |
| FFO per Share | -1.75 | 2.83 | 2.15 | 1.61 | -5.79 | 9.05 | 2.70 | 7.52 | 9.82 | 7.59 | 8.54 | -1.70 | 0.99 | -0.00 | -0.00 | 6.93 | 17.94 | 0.00 | -9.49 | -0.40 |
| FFO Payout Ratio % | -69.38% | 51.62% | 67.51% | 154.81% | -63.72% | 40.32% | 168.54% | 79.22% | 60.94% | 78.93% | 84.86% | -336.12% | 845.43% | -18487000% | -41071200% | 123.25% | 52.53% | 293.43% | -19.07% | 0% |
| EPS (Diluted) | -2.03 | 2.75 | 1.10 | 0.54 | -7.53 | 7.32 | 0.21 | 5.43 | 5.88 | 7.83 | 8.76 | 3.75 | 8.55 | 1.77 | 1.60 | 1.95 | 3.24 | 2.25 | -9.50 | -0.39 |
| EPS Growth % | -617.41% | 150% | 103.7% | 107.17% | -202.87% | 3385.71% | -96.13% | -7.65% | -24.9% | -10.62% | 133.6% | -56.14% | 383.05% | 10.63% | -17.95% | -39.81% | 44% | 123.68% | -2335.9% | - |
| EPS (Basic) | - | 2.80 | 1.12 | 0.55 | -7.53 | 7.65 | 0.21 | 5.46 | 5.91 | 7.86 | 8.79 | 1.25 | 8.55 | 1.77 | 1.60 | 1.95 | 3.24 | 2.30 | -9.50 | -0.38 |
| Diluted Shares Outstanding | 83.87M | 83.94M | 82.16M | 78.14M | 77.98M | 81.83M | 71M | 62.8M | 62.58M | 62.76M | 62.65M | 66.55M | 68.5M | 68.49M | 68.48M | 68.48M | 54.84M | 169.01B | 12.63M | 7.48M |
Quick answers to the most common questions about buying CIM stock.
For fiscal year 2025, Chimera Investment Corporation (CIM) reported total revenue of $820.8M. This represents a 23404.3% increase compared to $3.5M in 2007.
Chimera Investment Corporation (CIM) is profitable, generating $230.5M in net income for the fiscal year ending 2025 with a net profit margin of 28.1%.
Chimera Investment Corporation (CIM) reported an operating income of $764.7M, resulting in an operating profit margin of 93.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Chimera Investment Corporation (CIM) generated $778.7M in gross profit for the year, representing a gross profit margin of 94.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Earnings volatility from fair value
Metrics are mathematically derived from official filings.
Revenue Swings Mask Core Trends
CIM's revenue swung from $318.3M in 2025Q1 to $100.5M in 2026Q2, a 218% YoY increase but a 47% sequential decline, suggesting mark-to-market volatility rather than stable growth.
The 218% YoY revenue growth in 2026Q2 is largely attributable to fair value recoveries, as evidenced by the sharp sequential drop from 2026Q1's $188.6M. This volatility indicates that reported revenue is not a reliable indicator of underlying portfolio expansion. Investors should focus on core interest income and realized gains, which appear to be more stable, but the data suggests a portfolio in transition.
NOI Margin Instability Raises Concerns
NOI margin swung from 100% in 2025Q2 to 17.6% in 2025Q3, then to 84.3% in 2026Q2, reflecting significant non-cash adjustments and interest expense timing, per reported financials.
The extreme volatility in NOI margin—ranging from 17.6% to 100%—indicates that property-level profitability is heavily influenced by fair value adjustments and the timing of interest expense recognition. The 2026Q2 margin of 84.3% is still below the 93% operating margin, suggesting that interest costs are consuming a larger share of revenue. This instability complicates the assessment of core operational efficiency and warrants close monitoring of the cost of funds.
FFO Per Share Shows Earnings Fragility
FFO per share swung from $2.04 in 2025Q1 to -$0.41 in 2026Q1, then recovered to $0.26 in 2026Q2, indicating high sensitivity to market conditions and potential dilution.
The dramatic swings in FFO per share, including a negative quarter in 2026Q1, highlight the earnings fragility of CIM's credit-sensitive portfolio. The 2026Q2 FFO of $21.4M is well below the $168.2M reported in 2025Q1, suggesting that the company's earnings power has diminished. Dividend coverage appears thin, with the current dividend yield of 6.3% potentially at risk if FFO does not stabilize.
Depreciation Distortions Limited
Depreciation charges are not explicitly disclosed, but the gap between NOI and FFO suggests minimal real estate depreciation, as CIM's assets are primarily financial instruments.
Unlike traditional REITs, CIM's assets are mortgage loans and securities, which are not subject to significant physical depreciation. The primary non-cash adjustments are fair value mark-to-market changes, which are reflected in the volatile NOI and FFO figures. Investors should focus on realized gains and core interest income rather than GAAP depreciation, which is not a meaningful metric for this business model.
Organic Portfolio Performance Unclear
Same-store metrics are not reported, but the 2026Q2 revenue decline of 47% sequentially suggests that organic portfolio income may be contracting, based on reported figures.
The absence of same-store metrics makes it difficult to isolate organic growth from portfolio changes. However, the sharp sequential revenue decline in 2026Q2, despite a 218% YoY increase, implies that the portfolio's earning power is not stable. This could be due to prepayments, asset sales, or a shift in asset mix. Investors should demand more transparency on same-store loan performance and prepayment speeds.
2026Q1 Marks Earnings Trough
2026Q1 was a clear inflection point with a net loss of $43.9M and negative FFO of $34.3M, followed by a partial recovery in 2026Q2, indicating a potential stabilization.
The 2026Q1 quarter appears to be the trough, with significant mark-to-market losses and a negative EPS of -$0.78. The subsequent recovery in 2026Q2, though modest, suggests that the portfolio may be stabilizing. However, the recovery is incomplete, and the company's ability to generate consistent earnings remains uncertain. This inflection warrants close attention to whether the recovery is sustainable or merely a temporary reprieve.
Fair Value Volatility Masks Core Earnings
The 28.08% net margin versus 93.16% operating margin in 2026Q2 highlights significant non-operating losses, likely from fair value adjustments, which may distort underlying profitability.
The large gap between operating and net margins suggests that CIM's earnings are heavily influenced by non-cash fair value adjustments, which can be volatile and unpredictable. This raises questions about the quality of reported earnings and the sustainability of dividends. Investors should adjust for these non-cash items to assess the company's true cash-generating ability, as the reported figures may overstate or understate the company's financial health.