Revenue growth remains highly inconsistent, characterized by a 34.5% surge in 2024Q4 followed by a 27.7% contraction in 2024Q3, while 99% NOI margins obscure the underlying cost of leverage.
| 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 |
|---|
| Revenue | 6.84B | 6.7B | 6.36B | 5.61B | 4.15B | 751.4M | 1.48B | 1.81B | 2.08B | 2.35B | 1.99B | 1.39B | 943.75M | 2.38B | 2.93B | 3.04B | 2.22B | 2.34B | 3.17B | 2.42B | 1.26B | 740.67M | 550.05M | 196.34M | 233.47M | 99.59M | 18.87M | 20.42M | 17.5M | 5.7M |
| Revenue Growth % | 7.97% | 5.35% | 13.33% | 35.13% | 452.3% | -49.38% | -18.19% | -12.75% | -11.55% | 17.99% | 43.7% | 46.93% | -60.27% | -18.91% | -3.71% | 37.1% | -5.34% | -25.98% | 30.96% | 92.65% | 69.45% | 34.65% | 180.16% | -15.91% | 134.43% | 427.65% | -7.57% | 16.69% | 207.02% | - |
| Property Operating Expenses | 53.02M | 5.38M | 60.71M | 49.61M | 41.01M | 49.27M | 45.4M | 47.4M | 36.2M | 53.1M | 69.52M | 39.94M | 9.19M | 5.23M | 8.16M | 2.3M | 3.2M | 4.63M | 4.13M | 1.38M | 1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 6.78B | 6.69B | 6.29B | 5.56B | 4.11B | 702.13M | 1.44B | 1.77B | 2.04B | 2.3B | 1.92B | 1.35B | 934.56M | 2.37B | 2.92B | 3.04B | 2.22B | 2.34B | 3.16B | 2.42B | 1.25B | 740.67M | 550.05M | 196.34M | 233.47M | 99.59M | 18.87M | 20.42M | 17.5M | 5.7M |
| NOI Margin % | 99.22% | 99.92% | 99.04% | 99.12% | 99.01% | 93.44% | 96.94% | 97.39% | 98.26% | 97.74% | 96.51% | 97.12% | 99.03% | 99.78% | 99.72% | 99.92% | 99.86% | 99.8% | 99.87% | 99.94% | 99.87% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -409.16M | -178.38M | 675.3M | 3.31B | 986.97M | -2.23B | 1.46B | 1.16B | 1.89B | 721.94M | 442.97M | 388.34M | 1.24B | -2.03B | 319.56M | 715.37M | 487.48M | -235.86M | 837.51M | 63.75M | 1.1B | 0 | 0 | 16.23M | 13.96M | 7.31M | 2.29M | 2.28M | 2.1M | 900K |
| G&A Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.23M | 13.96M | 7.31M | 2.29M | 2.28M | 2.1M | 900K |
| EBITDA | 7.21B | 6.87B | 5.65B | 2.27B | 3.14B | 2.95B | 3.62M | 634.65M | 172.67M | 1.6B | 1.51B | 978.33M | -295.92M | 4.4B | 2.61B | 2.33B | 1.73B | 2.58B | 2.33B | 2.35B | 158.11M | 138.4M | 523.3M | 578.68M | 517.46M | 297.2M | 112.14M | 94.11M | 99.5M | 27.2M |
| EBITDA Margin % | 105.47% | 102.62% | 88.9% | 40.46% | 75.72% | 393.05% | 0.24% | 34.98% | 8.3% | 68.16% | 76.02% | 70.55% | -31.36% | 185.25% | 88.95% | 76.48% | 77.96% | 109.96% | 73.55% | 97.36% | 12.6% | 18.69% | 95.14% | 294.74% | 221.64% | 298.42% | 594.13% | 460.87% | 568.57% | 477.19% |
| Depreciation & Amortization | 18.22M | 2.69M | 30.36M | 24.81M | 20.51M | 24.64M | 22.7M | 23.7M | 18.1M | 26.55M | 34.76M | 19.97M | 4.59M | 2.61M | 4.08M | 2.3M | 1.6M | 2.32M | 4.13M | 1.38M | 1.59M | 571K | 130K | 216.57M | 106.2M | 36.87M | 2.65M | 6.13M | 8.2M | 2.6M |
| D&A / Revenue % | 0.27% | 0.04% | 0.48% | 0.44% | 0.49% | 3.28% | 1.53% | 1.31% | 0.87% | 1.13% | 1.74% | 1.44% | 0.49% | 0.11% | 0.14% | 0.08% | 0.07% | 0.1% | 0.13% | 0.06% | 0.13% | 0.08% | 0.02% | 110.31% | 45.49% | 37.02% | 14.02% | 30% | 46.86% | 45.61% |
| Operating Income | 7.19B | 6.87B | 5.62B | 2.24B | 3.12B | 2.93B | -19.08M | 610.95M | 154.57M | 1.58B | 1.48B | 958.36M | -300.51M | 4.4B | 2.6B | 2.32B | 1.73B | 2.58B | 2.32B | 2.35B | 156.52M | 137.83M | 523.17M | 362.11M | 411.26M | 260.33M | 109.49M | 87.99M | 91.3M | 24.6M |
| Operating Margin % | 105.21% | 102.58% | 88.42% | 40.01% | 75.23% | 389.77% | -1.29% | 33.67% | 7.43% | 67.03% | 74.28% | 69.11% | -31.84% | 185.14% | 88.81% | 76.41% | 77.88% | 109.87% | 73.42% | 97.31% | 12.47% | 18.61% | 95.11% | 184.43% | 176.15% | 261.41% | 580.11% | 430.87% | 521.71% | 431.58% |
| Interest Expense | 4M | 4.82B | 4.59B | 3.84B | 1.31B | 249.24M | 899.11M | 2.78B | 1.9B | 1.01B | 657.75M | 471.6M | 512.66M | 624.71M | 667.17M | 480.33M | 1.19B | 1.3B | 1.89B | 1.93B | 1.06B | 568.56M | 270.12M | 182M | 191.76M | 168.06M | 92.9M | 69.85M | 75.8M | 19.7M |
| Interest Coverage | - | 1.42x | 1.22x | 0.58x | 2.35x | 10.63x | -0.02x | 0.22x | 1.03x | 2.56x | 3.18x | 1.98x | -0.63x | 6.98x | 3.66x | 2.84x | 2.42x | 2.97x | 2.20x | 2.22x | 1.10x | 0.24x | 1.94x | -1.19x | -0.55x | -0.22x | -0.03x | -0.09x | -0.11x | -0.13x |
| Non-Operating Income | 0 | 0 | 0 | 0 | 40.26M | 278.56M | 0 | 0 | -1.8B | -1.01B | -608.85M | 22.97M | 23.78M | 34.7M | 162.34M | 959.97M | -1.17B | -1.27B | -1.83B | -1.92B | -1B | 0 | 0 | 216.57M | 106.2M | 36.87M | 2.65M | 6.13M | 8.2M | 2.6M |
| Pretax Income | 2.2B | 2.04B | 1.03B | -1.6B | 1.77B | 2.4B | -918.2M | -2.17B | 51.77M | 1.58B | 1.43B | 463.79M | -836.95M | 3.74B | 1.77B | 402.37M | 1.3B | 2B | 372.16M | 423.25M | 101.35M | 1.5M | 253.05M | 180.1M | 219.51M | 92.28M | 16.59M | 18.14M | 15.5M | 4.9M |
| Pretax Margin % | 32.1% | 30.54% | 16.16% | -28.51% | 42.7% | 319.53% | -61.85% | -119.81% | 2.49% | 67.03% | 71.83% | 33.45% | -88.68% | 157.37% | 60.49% | 13.23% | 58.58% | 85.16% | 11.75% | 17.51% | 8.08% | 0.2% | 46% | 91.73% | 94.02% | 92.66% | 87.88% | 88.83% | 88.57% | 85.96% |
| Income Tax | -16.66M | -6.87M | 15.26M | 39.43M | 45.57M | 4.67M | -28.42M | -10.84M | -2.38M | 6.98M | -1.59M | -1.95M | 5.33M | 8.21M | 35.91M | 59.05M | 35.43M | 34.38M | 25.98M | 8.87M | 7.54M | 10.74M | 4.46M | -180.1M | -219.51M | -92.28M | -16.59M | -18.14M | -15.5M | -4.9M |
| Effective Tax Rate % | -0.76% | -0.34% | 1.49% | -2.47% | 2.57% | 0.19% | 3.1% | 0.5% | -4.59% | 0.44% | -0.11% | -0.42% | -0.64% | 0.22% | 2.03% | 14.68% | 2.73% | 1.72% | 6.98% | 2.1% | 7.44% | 717.7% | 1.76% | -100% | -100% | -100% | -100% | -100% | -100% | -100% |
| Net Income | 2.19B | 2.03B | 1B | -1.64B | 1.73B | 2.39B | -891.16M | -2.16B | 54.41M | 1.57B | 1.43B | 466.56M | -842.08M | 3.73B | 1.74B | 344.46M | 1.27B | 1.96B | 346.18M | 414.38M | 93.82M | -9.25M | 248.59M | 180.1M | 219.51M | 92.28M | 16.59M | 18.14M | 15.5M | 4.9M |
| Net Margin % | 31.96% | 30.28% | 15.76% | -29.3% | 41.57% | 318.06% | -60.03% | -119.2% | 2.62% | 66.76% | 71.95% | 33.65% | -89.23% | 157.03% | 59.27% | 11.32% | 57.12% | 83.68% | 10.93% | 17.14% | 7.48% | -1.25% | 45.19% | 91.73% | 94.02% | 92.66% | 87.88% | 88.83% | 88.57% | 85.96% |
| Net Income Growth % | 229.55% | 102.34% | 160.97% | -195.24% | -27.81% | 368.18% | 58.8% | -4075.27% | -96.53% | 9.47% | 207.31% | 155.41% | -122.58% | 114.86% | 403.95% | -72.82% | -35.39% | 466.6% | -16.46% | 341.7% | 1114.56% | -103.72% | 38.03% | -17.95% | 137.88% | 456.33% | -8.56% | 17.03% | 216.33% | - |
| Funds From Operations (FFO) | 2.2B | 2.03B | 1.03B | -1.62B | 1.75B | 2.41B | -868.46M | -2.14B | 72.51M | 1.6B | 1.47B | 486.53M | -837.49M | 3.73B | 1.74B | 346.76M | 1.27B | 1.96B | 350.31M | 415.76M | 95.41M | -8.68M | 248.72M | 396.67M | 325.7M | 129.14M | 19.23M | 24.27M | 23.7M | 7.5M |
| FFO Margin % | 32.23% | 30.32% | 16.24% | -28.86% | 42.07% | 321.34% | -58.5% | -117.89% | 3.49% | 67.89% | 73.7% | 35.09% | -88.74% | 157.14% | 59.4% | 11.4% | 57.19% | 83.78% | 11.06% | 17.2% | 7.6% | -1.17% | 45.22% | 202.04% | 139.51% | 129.68% | 101.91% | 118.83% | 135.43% | 131.58% |
| FFO Growth % | 29768.31% | 96.65% | 163.78% | -192.7% | -27.69% | 378.02% | 59.4% | -3050.25% | -95.46% | 8.69% | 201.84% | 158.09% | -122.44% | 114.5% | 401.78% | -72.67% | -35.39% | 460.58% | -15.74% | 335.79% | 1199.64% | -103.49% | -37.3% | 21.79% | 152.21% | 571.44% | -20.74% | 2.38% | 216% | - |
| FFO per Share | 3.04 | 3.17 | 1.97 | -3.27 | 4.24 | 6.76 | -2.46 | -5.96 | 0.24 | 5.99 | 6.06 | 2.05 | -3.54 | 15.00 | 6.92 | 1.59 | 8.12 | 14.20 | 2.76 | 5.43 | 2.27 | -0.28 | 8.40 | 17.06 | 15.83 | 12.34 | 5.35 | 7.21 | 7.28 | 2.36 |
| FFO Payout Ratio % | 90.96% | 92.72% | 144.7% | -93.78% | 87.02% | 56.31% | -169.92% | -78.96% | 2125.13% | 84.78% | 83.14% | 248.55% | -144.36% | 43.96% | 123.56% | 588.73% | 126.04% | 64.64% | 278.34% | 63.42% | 100.14% | -2189.93% | 92.53% | 48.3% | 62.02% | 43.44% | 90.76% | 70.4% | 60.76% | 25.33% |
| EPS (Diluted) | 3.02 | 2.92 | 1.62 | -3.61 | 3.92 | 6.39 | -2.92 | -6.41 | -0.25 | 5.48 | 5.56 | 1.68 | -3.84 | 14.96 | 6.84 | 1.48 | 8.16 | 14.08 | 2.56 | 5.24 | 1.76 | -0.76 | 8.12 | 7.76 | 10.68 | 8.84 | 4.60 | 5.40 | 4.76 | 3.12 |
| EPS Growth % | 234.72% | 80.25% | 144.88% | -192.09% | -38.65% | 318.84% | 54.45% | -2487.81% | -104.52% | -1.44% | 230.95% | 143.75% | -125.67% | 118.71% | 362.16% | -81.86% | -42.05% | 450% | -51.14% | 197.73% | 331.58% | -109.36% | 4.64% | -27.34% | 20.81% | 92.17% | -14.81% | 13.45% | 52.56% | - |
| EPS (Basic) | - | 2.92 | 1.62 | -3.61 | 3.93 | 6.40 | -2.92 | -6.41 | -0.25 | 5.48 | 5.56 | 1.68 | -3.84 | 15.44 | 6.96 | 1.48 | 8.48 | 14.20 | 2.56 | 5.28 | 1.76 | -0.76 | 8.16 | 7.80 | 10.72 | 8.92 | 4.72 | 5.64 | 4.88 | 3.32 |
| Diluted Shares Outstanding | 724.36M | 641.04M | 522.75M | 494.54M | 411.62M | 357.14M | 353.66M | 358.73M | 302.4M | 266.59M | 242.53M | 236.82M | 236.88M | 248.89M | 251.44M | 218.63M | 156.33M | 138.28M | 126.76M | 76.57M | 41.94M | 30.62M | 29.61M | 23.26M | 20.57M | 10.46M | 3.59M | 3.36M | 3.26M | 3.18M |
Mortgage basis spread volatility
As reported in financial statements, Annaly’s FFO per share has exhibited extreme quarterly variance, swinging from a high of $1.46 in 2025Q4 to a low of -$0.81 in 2023Q4, highlighting the inherent instability of earnings derived from mark-to-market interest rate hedges and complex mortgage-backed security valuations.
The dramatic fluctuations in FFO suggest that investors should exercise caution when using these figures as a proxy for sustainable dividend-paying capacity. The disconnect between GAAP net income and FFO appears to be driven by the accounting treatment of interest rate swaps, which may not reflect the underlying cash-flow-generating potential of the core mortgage portfolio.
Based on the company's reported figures, AFFO has frequently dipped into negative territory, including a -$217.5M result in 2026Q1, which suggests that recurring maintenance and capital adjustments are significantly eroding the cash available for distribution to shareholders relative to the headline FFO metrics.
The recurring negative AFFO warrants further investigation into the company's capital allocation strategy, as it implies that the dividend may be supported by non-recurring gains or capital recycling rather than pure operational cash flow. This trend may indicate that the current payout ratio is structurally aggressive given the volatility of the mortgage basis.
According to recent SEC filings, Annaly’s revenue growth has been highly inconsistent, ranging from a 34.5% increase in 2024Q4 to a 27.7% contraction in 2024Q3, reflecting the company's sensitivity to rapid shifts in the interest rate environment and the resulting impact on mortgage prepayment speeds.
The lack of a clear, linear growth trajectory suggests that the firm's revenue is primarily a function of macro-driven yield spreads rather than organic portfolio expansion. Investors should monitor whether the firm can maintain its net interest margin as the yield curve evolves, as current revenue levels appear highly susceptible to external monetary policy shifts.
Financial data indicates that NOI margins have remained consistently near 99%, a figure that reflects the unique accounting structure of mortgage REITs where interest income is treated as revenue and interest expense is excluded from the property-level margin calculation, effectively masking the true cost of leverage.
While these margins appear robust, they provide little insight into the efficiency of the firm's hedging operations or the cost of financing the portfolio. The reliance on repo-market funding means that the true profitability of the firm is better assessed through net interest spread analysis rather than these inflated margin percentages.
Quick answers to the most common questions about buying NLY stock.
For fiscal year 2025, Annaly Capital Management, Inc. (NLY) reported total revenue of $6.70B. This represents a 117365.3% increase compared to $5.7M in 1997.
Annaly Capital Management, Inc. (NLY) is profitable, generating $2.03B in net income for the fiscal year ending 2025 with a net profit margin of 30.3%.
Annaly Capital Management, Inc. (NLY) reported an operating income of $6.87B, resulting in an operating profit margin of 102.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Annaly Capital Management, Inc. (NLY) generated $6.69B in gross profit for the year, representing a gross profit margin of 99.9%. This demonstrates the company's core pricing power and production efficiency.