Revenue surged 170.9% year-over-year to $302.8M in 2026Q2, but FFO volatility remains extreme, swinging from -$73.9M in 2026Q1 to $181.4M in 2026Q2, indicating earnings quality is driven by mark-to-market swings rather than stable core income.
Dynex Capital, Inc. (DX) annual income statement — 30-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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 886.86M | 533.52M | 318.03M | 132.6M | -2.37M | 66.76M | 232.26M | 164.41M | 83.22M | 86.02M | 82.05M | 56.14M | 121.87M | 119.91M | 122.01M | 73.79M | 51.67M | 39.41M | 31.97M | 30.78M | 50.45M | 74.39M | 122.22M | 40.96M | 22.91M | 39.98M | 31.49M | 73.52M | 78.4M | 104.5M | 93.8M |
| Revenue Growth % | 134.15% | 67.76% | 139.84% | 5690.26% | -103.55% | -71.26% | 41.27% | 97.57% | -3.25% | 4.83% | 46.16% | -53.94% | 1.63% | -1.72% | 65.34% | 42.81% | 31.12% | 23.27% | 3.87% | -38.99% | -32.19% | -39.13% | 198.38% | 78.79% | -42.7% | 26.98% | -57.17% | -6.23% | -24.98% | 11.41% | 70.24% |
| Property Operating Expenses | 208.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 677.89M | 533.52M | 318.03M | 132.6M | -2.37M | 66.76M | 232.26M | 164.41M | 83.22M | 86.02M | 82.05M | 56.14M | 121.87M | 119.91M | 122.01M | 73.79M | 59.85M | 39.41M | 31.97M | 30.78M | 50.45M | 74.39M | 122.22M | 40.96M | 22.91M | 39.98M | 31.49M | 73.52M | 78.4M | 104.5M | 93.8M |
| NOI Margin % | 76.44% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 115.82% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -224.96M | -204.71M | -109.53M | -76.72M | -189.15M | -41.18M | 22.12M | 317.08M | 76.19M | 52M | 39.97M | 40.38M | 86.89M | 52.5M | 48.25M | 23.9M | 11.9M | 19.5M | 16.99M | 22.2M | 43.56M | 0 | 0 | 40.96M | 22.91M | 24.14M | -52.55M | 73.52M | 78.4M | 101.7M | 93.8M |
| G&A Expenses | 47.15M | 0 | 34.59M | 30.73M | 32.35M | 24.09M | 21.08M | 15.99M | 15.11M | 15.82M | 14.71M | 17.67M | 16.01M | 13.06M | 12.74M | 9.96M | 8.82M | 6.72M | 5.63M | 4M | 4.52M | 5.68M | 7.75M | 8.63M | 9.49M | 10.53M | 8.71M | 24.68M | 31.4M | 21.6M | 20.8M |
| EBITDA | 910.43M | 740.33M | 429.42M | 211.63M | 189.13M | 110.24M | 212.13M | -150.98M | 8.26M | 35.3M | 43.59M | 21.09M | 43.88M | 75.15M | -281K | 82.39M | 33.59M | 19.91M | 11.8M | 7.41M | 5.81M | 2.95M | 796K | 0 | 118.82M | 183.87M | 183.93M | 0 | 0 | 0 | 333.2M |
| EBITDA Margin % | 102.66% | 138.76% | 135.03% | 159.6% | -7973.31% | 165.14% | 91.33% | -91.83% | 9.92% | 41.04% | 53.12% | 37.57% | 36% | 62.68% | -0.23% | 111.66% | 65.01% | 50.51% | 36.93% | 24.08% | 11.52% | 3.96% | 0.65% | 0% | 518.6% | 459.9% | 584.14% | 0% | 0% | 0% | 355.22% |
| Depreciation & Amortization | 7.58M | 2.1M | 1.87M | 2.31M | 2.35M | 2.31M | 1.99M | 1.68M | 1.23M | 1.29M | 1.5M | 5.34M | 8.9M | 7.74M | -74.04M | 32.51M | 6.18M | 2.47M | -1.58M | -583K | -538K | 2.61M | 3.73M | 3.07M | 6.45M | 12.28M | 16.12M | 28.13M | 43.9M | 26.4M | 23M |
| D&A / Revenue % | 0.85% | 0.39% | 0.59% | 1.75% | -99.24% | 3.46% | 0.86% | 1.02% | 1.48% | 1.5% | 1.83% | 9.51% | 7.3% | 6.46% | -60.69% | 44.05% | 11.96% | 6.27% | -4.96% | -1.89% | -1.07% | 3.5% | 3.05% | 7.5% | 28.13% | 30.71% | 51.19% | 38.27% | 55.99% | 25.26% | 24.52% |
| Operating Income | 902.85M | 738.23M | 427.56M | 209.32M | 186.77M | 107.93M | 210.15M | -152.67M | 7.02M | 34.01M | 42.09M | 15.75M | 34.98M | 67.41M | 73.76M | 49.89M | 27.41M | 17.44M | 13.39M | 7.99M | 6.35M | 340K | -2.93M | 0 | 112.37M | 171.59M | 167.81M | 0 | 0 | 0 | 310.2M |
| Operating Margin % | 101.8% | 138.37% | 134.44% | 157.86% | -7874.07% | 161.68% | 90.48% | -92.86% | 8.44% | 39.54% | 51.29% | 28.06% | 28.7% | 56.22% | 60.46% | 67.61% | 53.05% | 44.25% | 41.88% | 25.97% | 12.58% | 0.46% | -2.4% | 0% | 490.46% | 429.19% | 532.95% | 0% | 0% | 0% | 330.7% |
| Interest Expense | 4M | 419.17M | 313.66M | 215.45M | 43.61M | 5.67M | 32.62M | 114.11M | 59.57M | 36.18M | 25.23M | 22.61M | 25.91M | 39.03M | 35.15M | 24.08M | 14.36M | 14.67M | 19.11M | 20.09M | 39.36M | 62.51M | 98.94M | 113.24M | 127.21M | 174.68M | 259.67M | 277.28M | 332.6M | 245.2M | 237.2M |
| Interest Coverage | - | 1.76x | 1.36x | 0.97x | 4.28x | 19.03x | 6.44x | -0.34x | 1.12x | 1.94x | 2.70x | 1.58x | 1.81x | 2.52x | 3.52x | 2.17x | 3.05x | 2.20x | 1.79x | 1.44x | 1.13x | 0.01x | -0.03x | -0.03x | -0.05x | -0.07x | -0.06x | -0.10x | -0.13x | -0.11x | -0.10x |
| Non-Operating Income | 139.14M | 0 | 0 | 0 | 0 | 0 | 0 | -114.11M | -59.57M | -36.06M | -25.99M | -19.9M | -11.96M | -30.89M | -49.88M | -2.4M | -16.42M | -14.82M | -20.83M | -20.98M | -38.15M | 0 | 0 | 3.07M | 118.82M | 183.87M | 183.93M | 28.13M | 43.9M | 26.4M | 333.2M |
| Pretax Income | 436.18M | 319.07M | 113.9M | -6.13M | 143.16M | 102.26M | 177.53M | -152.67M | 7.02M | 33.89M | 43.1M | 16.54M | 27.81M | 68.07M | 74.04M | 39.81M | 29.47M | 15.18M | 15.12M | 8.9M | 4.91M | 9.59M | -3.38M | 0 | -21.29M | -15.36M | 167.81M | 203.66M | 0 | 320.3M | 310.2M |
| Pretax Margin % | 49.18% | 59.8% | 35.81% | -4.62% | -6035.46% | 153.19% | 76.44% | -92.86% | 8.44% | 39.4% | 52.53% | 29.47% | 22.82% | 56.77% | 60.69% | 53.95% | 57.04% | 38.52% | 47.3% | 28.91% | 9.73% | 12.88% | -2.76% | 0% | -92.92% | -38.43% | 532.95% | 277.02% | 0% | 306.51% | 330.7% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.46M | 0 | 0 | 0 | 0 | 0 | 21.11M | -6.22M | -9.31M | 259.67M | 277.28M | -20.1M | 246.3M | 237.2M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -16.2% | 0% | 0% | 0% | 0% | 0% | - | 29.24% | 60.57% | 154.74% | 136.15% | - | 76.9% | 76.47% |
| Net Income | 436.18M | 319.07M | 113.9M | -6.13M | 143.16M | 102.26M | 177.53M | -152.67M | 7.02M | 33.89M | 43.1M | 16.54M | 27.81M | 68.07M | 74.04M | 39.81M | 29.47M | 17.58M | 15.12M | 8.9M | 4.91M | 9.59M | -3.38M | -21.11M | -14.84M | -3.08M | -91.86M | -75.14M | 19.5M | 74M | 73M |
| Net Margin % | 49.18% | 59.8% | 35.81% | -4.62% | -6035.46% | 153.19% | 76.44% | -92.86% | 8.44% | 39.4% | 52.53% | 29.47% | 22.82% | 56.77% | 60.69% | 53.95% | 57.04% | 44.61% | 47.3% | 28.91% | 9.73% | 12.88% | -2.76% | -51.53% | -64.79% | -7.72% | -291.75% | -102.2% | 24.87% | 70.81% | 77.83% |
| Net Income Growth % | 566.93% | 180.13% | 1958.04% | -104.28% | 40% | -42.4% | 216.29% | -2273.83% | -79.28% | -21.36% | 160.51% | -40.5% | -59.15% | -8.07% | 85.98% | 35.08% | 67.64% | 16.27% | 69.92% | 81.28% | -48.78% | 384% | 84.01% | -42.19% | -381.17% | 96.64% | -22.26% | -485.31% | -73.65% | 1.37% | 97.83% |
| Funds From Operations (FFO) | 444.36M | 321.16M | 115.77M | -3.81M | 145.51M | 104.57M | 179.52M | -150.98M | 8.26M | 35.18M | 44.6M | 21.88M | 36.71M | 75.81M | 0 | 72.32M | 35.65M | 20.05M | 13.54M | 8.32M | 4.37M | 12.19M | 351K | -18.04M | -8.4M | 9.19M | -75.75M | -47M | 63.4M | 100.4M | 96M |
| FFO Margin % | 50.11% | 60.2% | 36.4% | -2.88% | -6134.7% | 156.64% | 77.29% | -91.83% | 9.92% | 40.9% | 54.36% | 38.98% | 30.12% | 63.22% | 0% | 98% | 69% | 50.88% | 42.34% | 27.02% | 8.66% | 16.39% | 0.29% | -44.03% | -36.65% | 22.99% | -240.56% | -63.93% | 80.87% | 96.08% | 102.35% |
| FFO Growth % | -636.75% | 177.43% | 3134.47% | -102.62% | 39.16% | -41.75% | 218.9% | -1929% | -76.53% | -21.12% | 103.83% | -40.39% | -51.58% | - | -100% | 102.84% | 77.81% | 48.13% | 62.77% | 90.25% | -64.15% | 3373.5% | 101.95% | -114.75% | -191.35% | 112.14% | -61.15% | -174.14% | -36.85% | 4.58% | 88.24% |
| FFO per Share | 1.99 | 2.57 | 1.62 | -0.07 | 3.40 | 3.19 | 7.77 | -6.39 | 0.43 | 2.09 | 2.72 | 1.24 | 2.01 | 4.16 | 0.00 | 5.62 | 5.11 | 3.47 | 3.34 | 2.06 | 1.08 | 3.01 | 0.09 | -4.98 | -1.79 | 2.41 | -19.84 | -12.28 | 16.53 | 27.88 | 54.15 |
| FFO Payout Ratio % | 81.99% | 76.78% | 101.8% | -2438.82% | 49.73% | 56.32% | 29.21% | -45.07% | 639.49% | 135.11% | 116.37% | 278.84% | 176.76% | 91.45% | - | 56.52% | 52.99% | 78.59% | 72.78% | 48.22% | 100.16% | 43.86% | 740.46% | -9.91% | -14.28% | 17.59% | 0% | -20.6% | 107.57% | 70.22% | 53.85% |
| EPS (Diluted) | 1.95 | 2.47 | 1.49 | -0.25 | 3.17 | 2.78 | 6.93 | -7.01 | -0.25 | 1.38 | 2.07 | 0.42 | 1.02 | 3.30 | 4.05 | 3.09 | 4.23 | 3.06 | 2.73 | 1.20 | 0.21 | 1.05 | -1.38 | -5.82 | -5.22 | -3.54 | -27.45 | -23.01 | 6.84 | 16.44 | 17.76 |
| EPS Growth % | 226.79% | 65.77% | 696% | -107.89% | 14.03% | -59.88% | 198.86% | -2704% | -118.12% | -33.33% | 392.86% | -58.82% | -69.09% | -18.52% | 31.07% | -26.95% | 38.24% | 12.09% | 127.5% | 471.43% | -80% | 176.09% | 76.29% | -11.49% | -47.46% | 87.1% | -19.3% | -436.4% | -58.39% | -7.43% | 74.12% |
| EPS (Basic) | - | 2.49 | 1.50 | -0.25 | 3.19 | 2.78 | 6.93 | -7.01 | -0.25 | 1.38 | 2.07 | 0.42 | 1.02 | 3.30 | 4.05 | 3.09 | 4.50 | 3.12 | 2.73 | 1.20 | 0.21 | 1.05 | -1.38 | -5.82 | -5.22 | -3.54 | -27.45 | -23.01 | 6.84 | 16.56 | 18.48 |
| Diluted Shares Outstanding | 223.6M | 125.07M | 71.26M | 54.81M | 42.74M | 32.76M | 23.11M | 23.62M | 19.23M | 16.81M | 16.37M | 17.62M | 18.23M | 18.22M | 17.72M | 12.86M | 6.97M | 5.77M | 4.06M | 4.05M | 4.05M | 4.05M | 3.76M | 3.63M | 4.68M | 3.81M | 3.82M | 3.83M | 3.84M | 3.6M | 1.77M |
Quick answers to the most common questions about buying DX stock.
For fiscal year 2025, Dynex Capital, Inc. (DX) reported total revenue of $533.5M. This represents a 468.8% increase compared to $93.8M in 1996.
Dynex Capital, Inc. (DX) is profitable, generating $319.1M in net income for the fiscal year ending 2025 with a net profit margin of 59.8%.
Dynex Capital, Inc. (DX) reported an operating income of $738.2M, resulting in an operating profit margin of 138.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Dynex Capital, Inc. (DX) generated $533.5M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Interest rate volatility exposure
Metrics are mathematically derived from official filings.
Revenue Surge Driven by Portfolio Expansion
Revenue jumped 170.9% year-over-year to $302.8M in 2026Q2, according to Dynex's latest quarterly report, reflecting aggressive portfolio growth and higher interest income.
The 170.9% revenue growth in 2026Q2 versus the prior year quarter is substantial, but it follows a period of negative FFO in 2025Q1 and Q2, suggesting the expansion may be recent and possibly debt-funded. Sequential revenue growth from 2026Q1's $257.4M to $302.8M indicates continued momentum, yet the volatility in FFO across quarters implies that revenue growth does not translate consistently into earnings. Investors should monitor whether this expansion is sustainable or driven by temporary market conditions.
FFO Volatility Masks Underlying Earnings Power
FFO swung from -$73.9M in 2026Q1 to $181.4M in 2026Q2, as reported in financial statements, highlighting extreme quarter-to-quarter instability in core earnings.
The dramatic FFO recovery in 2026Q2, with FFO per share of $0.81, contrasts sharply with the -$0.37 loss in the prior quarter, indicating that the company's earnings are highly sensitive to interest rate movements and hedging outcomes. This volatility raises questions about the quality of FFO, as it may be driven by mark-to-market gains rather than stable net interest income. Dividend coverage appears adequate in strong quarters, but the negative FFO periods suggest that the dividend may be at risk during adverse rate environments.
Organic Growth Hard to Isolate in Mortgage REIT
Same-store metrics are not applicable for Dynex, as reported figures show NOI equals revenue at 100% margins, reflecting its mortgage REIT structure rather than property operations.
Unlike equity REITs, Dynex's income statement does not break out property-level NOI, as its revenue is derived from interest on mortgage-backed securities rather than rental income. The 100% NOI margin across all quarters is a data artifact of this business model, not an indication of operational efficiency. Analysts should focus on net interest spread and prepayment speeds instead of traditional same-store metrics, which are irrelevant for a mortgage REIT.
2026Q2 Marks a Turning Point After Losses
After two consecutive quarters of negative FFO in early 2025, Dynex reported $181.4M FFO in 2026Q2, a 14.9% sequential increase, signaling a potential earnings inflection.
The transition from -$73.9M FFO in 2026Q1 to $181.4M in 2026Q2 is a significant inflection, likely driven by favorable interest rate movements and gains on securities. However, this pattern mirrors the 2025Q2 to Q3 recovery, suggesting that Dynex's earnings are cyclical and heavily dependent on market conditions. The sustainability of this recovery is uncertain, as the company's history shows sharp reversals, and investors should not extrapolate this quarter's performance into a trend.
Earnings Quality Questioned by Mark-to-Market Swings
The extreme FFO volatility, with losses in 2025Q1 and Q2 but gains in other quarters, suggests earnings may be driven by unrealized gains rather than core interest income.
Dynex's FFO swings from -$106.4% growth in 2025Q1 to +198.7% in 2024Q1 indicate that reported earnings are heavily influenced by fair value adjustments on its mortgage portfolio, which can reverse quickly. This raises concerns about the quality of FFO, as it may not reflect sustainable cash-generating ability. The company's dividend yield of 3.9% appears modest, but if FFO is not recurring, the dividend could be at risk during periods of rate hikes or spread widening. Investors should scrutinize the composition of FFO to distinguish between realized income and paper gains.