Annaly Capital Management, Inc. (NLY) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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NLY Revenue Growth
Revenue Breakdown (FY 2021)
NLY's revenue distribution by segment and geography for fiscal year 2021
By Product/Segment
NLY Revenue Analysis (2014–2025)
As of May 6, 2026, Annaly Capital Management, Inc. (NLY) generated trailing twelve-month (TTM) revenue of $6.70 billion, reflecting moderate decline in growth of -8.4% year-over-year. The most recent quarter (Q4 2025) recorded $1.79 billion in revenue, up 9.7% sequentially.
Looking at the longer-term picture, NLY's 5-year compound annual growth rate (CAGR) stands at +35.2%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $6.70 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows NLY's business is primarily driven by Bank Servicing (88%), and Interests In Mortgage Servicing Rights (12%). With over half of revenue concentrated in Bank Servicing, the company maintains significant focus in this area while developing other growth vectors.
When compared to Real Estate sector peers including AGNC (+729.5% YoY), TWO (-0.2% YoY), and MFA (+25.6% YoY), NLY has underperformed the peer group in terms of revenue growth. Compare NLY vs AGNC →
NLY Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NLYCurrent | $6.7B | -8.4% | +35.2% | 102.6% | |
 AGNC | $4.9B | +729.5% | +35.1% | 79.6% | |
 TWO | $606M | -0.2% | - | 68.7% | |
 MFA | $875M | +25.6% | - | 78.8% | |
 RITM | $5.7B | +14.1% | +31.3% | 44.6% | |
 IVR | $340M | +0.7% | - | 94.5% |
NLY Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $6.70B | +5.4% | $6.69B | 99.9% | $6.87B | 102.6% |
| 2024 | $6.36B | +13.3% | $6.29B | 99.0% | $5.62B | 88.4% |
| 2023 | $5.61B | +35.1% | $5.56B | 99.1% | $2.24B | 40.0% |
| 2022 | $4.15B | +452.3% | $4.11B | 99.0% | $3.12B | 75.2% |
| 2021 | $751.4M | -49.4% | $702.1M | 93.4% | $2.93B | 389.8% |
| 2020 | $1.48B | -18.2% | $1.44B | 96.9% | $-19,083,000 | -1.3% |
| 2019 | $1.81B | -12.7% | $1.77B | 97.4% | $610.9M | 33.7% |
| 2018 | $2.08B | -11.5% | $2.04B | 98.3% | $154.6M | 7.4% |
| 2017 | $2.35B | +18.0% | $2.30B | 97.7% | $1.58B | 67.0% |
| 2016 | $1.99B | +43.7% | $1.92B | 96.5% | $1.48B | 74.3% |
Full NLY Stock Analysis
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Start ComparisonNLY — Frequently Asked Questions
Quick answers to the most common questions about buying NLY stock.
Is NLY's revenue growth accelerating or slowing?
NLY revenue declined -8.4% year-over-year, contrasting with the 5-year CAGR of +35.2%. TTM revenue fell to $6.7B. This reverses the prior growth trend.
What is NLY's long-term revenue growth rate?
Annaly Capital Management, Inc.'s 5-year revenue CAGR of +35.2% reflects the variable expansion pattern. Current YoY growth of -8.4% is below this long-term average.
How is NLY's revenue distributed by segment?
NLY reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.