Revenue growth of 170.8% in 2026Q1 appears disconnected from operational reality, as the company simultaneously reported a negative $73.9 million FFO.
| 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 | 695.85M | 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 % | 103.73% | 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 | 0 | 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) | 695.85M | 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 % | 100% | 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 | -204.44M | -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 | 43.85M | 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 | 908.39M | 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 % | 130.54% | 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 | 8.1M | 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 % | 1.16% | 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 | 900.29M | 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 % | 129.38% | 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 | 241.78M | 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 % | 34.75% | 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 | 241.78M | 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 % | 34.75% | 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 % | 241.96% | 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) | 249.88M | 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 % | 35.91% | 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 % | -2188.62% | 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 | 1.25 | 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 % | 123.07% | 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) | 1.21 | 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 % | 112.63% | 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 | 200.08M | 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 |
Interest rate volatility exposure
According to quarterly financial disclosures, Dynex Capital reported a 170.8% revenue surge in 2026Q1, yet this top-line expansion appears disconnected from operational reality as FFO plummeted to negative $73.9 million, suggesting that reported revenue growth is likely driven by non-cash mark-to-market adjustments rather than sustainable interest income.
The extreme variance in revenue growth rates over the last ten quarters indicates a portfolio highly sensitive to derivative valuations rather than core mortgage interest accrual. Investors should interpret these revenue spikes with caution, as they do not correlate with consistent earnings generation or stable cash flow performance.
Based on reported figures, Dynex Capital's FFO per share has exhibited extreme volatility, swinging from a positive $1.18 in 2025Q4 to a negative $0.37 in 2026Q1, which raises significant questions regarding the long-term safety of dividend distributions and the reliability of core earnings metrics.
The frequent oscillation between positive and negative FFO suggests that the company's earnings are heavily reliant on volatile hedging outcomes rather than a predictable net interest spread. This inconsistency makes it difficult to ascertain a baseline level of profitability, potentially signaling that the current dividend yield may be under pressure.
As reported in financial statements, the consistent 100% NOI margin is an accounting artifact that fails to reflect the true cost of leverage, as interest expenses on repo agreements are excluded from this metric, thereby masking the actual economic profitability of the underlying mortgage-backed securities portfolio.
By presenting NOI as equivalent to revenue, the company obscures the impact of financing costs which are the primary driver of mREIT performance. Analysts should look past these headline margins to evaluate the net interest spread, which appears to be under significant pressure given the recent negative FFO results.
Data from the most recent quarter indicates a potential inflection point, as the company recorded a sharp 170.8% revenue increase alongside a severe FFO deficit of $73.9 million, suggesting that recent portfolio reallocations may have introduced heightened sensitivity to market volatility that the current hedging strategy cannot mitigate.
This divergence between revenue growth and FFO contraction warrants further investigation into whether the firm has shifted its risk profile toward more volatile assets. The sudden shift in earnings quality suggests that the previous period of relative stability may have been compromised by recent market dislocations.
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.