Revenue and net income are highly volatile, with 2026Q2 revenue of $137.5M and net income of $182.8M, but NOI margin of 97.0% is distorted by fair value gains, masking underlying earnings quality.
Orchid Island Capital, Inc. (ORC) annual income statement — 16-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 |
|---|
| Revenue | 531.77M | 179.51M | 54.41M | -20.7M | -241M | -49.89M | 12.67M | 34.65M | 124.29M | 138.17M | 90.21M | 67.4M | 34.59M | 8M | 2.35M | 2.04M | 69.34K |
| Revenue Growth % | 2092.24% | 229.95% | 362.89% | 91.41% | -383.03% | -493.73% | -63.43% | -72.12% | -10.05% | 53.17% | 33.85% | 94.83% | 332.4% | 240.4% | 15.09% | 2845.28% | - |
| Property Operating Expenses | 202.38M | 3.99M | 0 | 0 | 2.87M | 0 | 2.57M | 2.38M | 7.83M | 6.98M | 4.84M | 4.22M | 2.19M | 832.09K | 448.88K | 344.7K | 5.5K |
| Net Operating Income (NOI) | 329.39M | 175.52M | 54.41M | -20.7M | -243.88M | -49.89M | 10.1M | 32.27M | 116.46M | 131.19M | 85.37M | 63.18M | 32.4M | 7.17M | 1.9M | 1.7M | 63.84K |
| NOI Margin % | 61.94% | 97.78% | 100% | 100% | 101.19% | 100% | 79.71% | 93.14% | 93.7% | 94.95% | 94.63% | 93.74% | 93.66% | 89.6% | 80.9% | 83.12% | 92.07% |
| Operating Expenses | 157.08M | 16.49M | 54.41M | -20.7M | 14.58M | -49.89M | 7.97M | 8.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| G&A Expenses | 7.61M | 16.49M | 2.62M | 3.44M | 14.58M | 2.88M | 7.97M | 8.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 624.93M | 464.76M | 273.94M | 162.69M | -258.45M | -57.67M | 2.13M | 24.27M | 25.97M | 2.01M | 1.98M | 1.07M | 24.52M | -698.01K | 534.34K | -90.21K | 25.15K |
| EBITDA Margin % | 117.52% | 258.91% | 503.52% | -786.14% | 107.24% | 115.59% | 16.79% | 70.03% | 20.9% | 1.45% | 2.19% | 1.59% | 70.87% | -8.72% | 22.73% | -4.42% | 36.27% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Operating Income | 172.31M | 159.03M | 0 | 0 | -258.45M | 0 | 2.13M | 24.27M | 25.97M | 2.01M | 1.98M | 1.07M | 24.52M | -698.01K | 534.34K | -90.21K | 25.15K |
| Operating Margin % | 32.4% | 88.59% | 0% | 0% | 107.24% | 0% | 16.79% | 70.03% | 20.9% | 1.45% | 2.19% | 1.59% | 70.87% | -8.72% | 22.73% | -4.42% | 36.27% |
| Interest Expense | 4M | 305.73M | 236.28M | 201.92M | 61.71M | 7.09M | 25.06M | 83.67M | 70.36M | 41.67M | 15.6M | 7.27M | 3.03M | 1.13M | 277K | 96.22K | 5.19K |
| Interest Coverage | - | 1.52x | 1.16x | 0.81x | -4.19x | -8.13x | 0.08x | 0.29x | 0.37x | 0.05x | 0.13x | 0.15x | 8.09x | -0.62x | 1.93x | -0.94x | 4.85x |
| Non-Operating Income | -452.62M | -305.73M | -273.94M | -162.69M | -258.45M | 57.67M | 2.13M | 24.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 244.72M | 159.03M | 37.66M | -39.23M | -258.45M | -64.76M | 2.13M | 24.27M | -44.39M | 2.01M | 1.98M | 1.07M | 24.52M | -698K | 534.34K | -1.19M | 0 |
| Pretax Margin % | 46.02% | 88.59% | 69.22% | 189.54% | 107.24% | 129.8% | 16.79% | 70.03% | -35.71% | 1.45% | 2.19% | 1.59% | 70.87% | -8.72% | 22.73% | -58.28% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.15K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - |
| Net Income | 244.72M | 159.03M | 37.66M | -39.23M | -258.45M | -64.76M | 2.13M | 24.27M | -44.39M | 2.01M | 1.98M | 1.07M | 24.52M | -698K | 534K | -1.19M | -30.15K |
| Net Margin % | 46.02% | 88.59% | 69.22% | 189.54% | 107.24% | 129.8% | 16.79% | 70.03% | -35.71% | 1.45% | 2.19% | 1.59% | 70.87% | -8.72% | 22.72% | -58.28% | -43.49% |
| Net Income Growth % | 3718.43% | 322.26% | 196.01% | 84.82% | -299.09% | -3143.23% | -91.23% | 154.67% | -2311.61% | 1.41% | 84.78% | -95.63% | 3612.75% | -230.71% | 144.87% | -3847.12% | - |
| Funds From Operations (FFO) | 0 | 159.03M | 37.66M | -39.23M | -258.45M | -64.76M | 2.13M | 24.27M | -44.39M | 2.01M | 1.98M | 1.07M | 24.52M | -698K | 534K | -1.19M | -30.15K |
| FFO Margin % | 0% | 88.59% | 69.22% | 189.54% | 107.24% | 129.8% | 16.79% | 70.03% | -35.71% | 1.45% | 2.19% | 1.59% | 70.87% | -8.72% | 22.72% | -58.28% | -43.49% |
| FFO Growth % | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FFO per Share | 0.00 | 1.24 | 0.58 | -0.88 | -6.90 | -2.67 | 0.16 | 2.15 | -4.25 | 0.24 | 0.41 | 0.26 | 12.40 | -1.15 | 0.80 | -1.78 | -0.05 |
| FFO Payout Ratio % | - | 112.47% | 245.61% | -205.87% | -36.17% | -140.49% | 2520.91% | 219.69% | -133.62% | 3383.36% | 1858.11% | 3617.93% | 92.35% | -667.91% | 0% | 0% | 0% |
| EPS (Diluted) | 1.22 | 1.24 | 0.58 | -0.88 | -6.90 | -2.67 | 0.16 | 2.15 | -4.25 | 0.25 | 0.40 | 0.25 | 12.40 | -1.15 | 0.80 | -1.78 | -0.05 |
| EPS Growth % | 641.11% | 113.79% | 165.91% | 87.25% | -158.43% | -1768.75% | -92.56% | 150.57% | -1800.72% | -37.5% | 60% | -97.98% | 1178.26% | -243.84% | 144.9% | -3848.56% | - |
| EPS (Basic) | - | 1.24 | 0.58 | -0.88 | -6.90 | -2.67 | 0.16 | 2.15 | -4.25 | 0.25 | 0.40 | 0.25 | 12.40 | -1.15 | 0.80 | -1.78 | -0.05 |
| Diluted Shares Outstanding | 200.93M | 128.3M | 65.45M | 44.65M | 37.46M | 24.23M | 13.44M | 11.27M | 10.44M | 8.21M | 4.82M | 4.05M | 1.98M | 606.96K | 668.33K | 668.33K | 668.33K |
Quick answers to the most common questions about buying ORC stock.
For fiscal year 2025, Orchid Island Capital, Inc. (ORC) reported total revenue of $179.5M. This represents a 258783.8% increase compared to $0.1M in 2010.
Orchid Island Capital, Inc. (ORC) is profitable, generating $159.0M in net income for the fiscal year ending 2025 with a net profit margin of 88.6%.
Orchid Island Capital, Inc. (ORC) reported an operating income of $159.0M, resulting in an operating profit margin of 88.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Orchid Island Capital, Inc. (ORC) generated $175.5M in gross profit for the year, representing a gross profit margin of 97.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Prepayment and spread risk
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Trends
ORC's revenue swung from -$28.6M in 2025Q2 to $137.5M in 2026Q2, reflecting mark-to-market swings. According to the income statement data, revenue growth turned positive at 5.8% in 2026Q2, suggesting a rebound from prior losses.
The trajectory is highly erratic, with revenue alternating between negative and positive quarters, driven by fair value adjustments on RMBS and derivatives. The 229.95% YoY growth in 2026Q2 is misleading as it compares to a depressed base. Investors should focus on core earnings, which strip out unrealized gains/losses, to assess sustainable growth.
NOI Margin Distorted by Fair Value
NOI margin ranged from 29.1% to 100% across quarters, with 2026Q2 at 97.0%. As reported in the financial statements, these margins are not comparable to traditional REITs due to unrealized gains/losses inflating revenue.
The NOI margin is an accounting artifact; in quarters with negative revenue, NOI is not reported, and in others, it equals revenue, implying minimal operating expenses. The true profitability metric is net interest margin, which is not disclosed. The 2025Q4 margin of 29.1% suggests a quarter with significant realized losses or write-downs, warranting further investigation.
FFO Data Unavailable, Dividend Sustainability Questioned
FFO and AFFO are not reported in the provided data, leaving a gap in assessing earnings quality. Based on the income statement, net income swung from -$33.6M to $182.8M, indicating high volatility in distributable earnings.
The absence of FFO data is unusual for a REIT and limits analysis. The dividend yield of 4.6% appears sustainable given the 2026Q2 net income of $182.8M, but prior quarters showed losses. Investors should monitor whether dividends are covered by core earnings, not just fair value gains.
Depreciation Not a Factor, but Economic Depreciation Exists
As a mortgage REIT, ORC does not report depreciation on real estate, but the data shows no depreciation line. However, the economic depreciation of RMBS is captured through fair value adjustments, which caused net income to swing by over $200M in 2026Q2.
The lack of depreciation is typical for mREITs, but the fair value adjustments serve as a proxy for economic depreciation. The 2026Q2 net income of $182.8M likely includes unrealized gains, which may reverse. Investors should focus on the portfolio's book value changes over time.
Same-Store Metrics Not Applicable
Same-store NOI is not a relevant metric for ORC, as its revenue is derived from securities, not physical properties. The data shows no same-store figures, and the portfolio composition changes frequently.
For a mortgage REIT, organic performance is measured by net interest spread and prepayment speeds, not same-store NOI. The absence of this metric is expected, but investors should track the yield on assets versus cost of funds to gauge organic profitability.
Earnings Quality at Risk from Fair Value Accounting
The 2026Q2 EPS of $0.44 beat consensus, but this may be driven by unrealized gains. According to the income statement, net income of $182.8M contrasts with a loss of $20.0M in the prior quarter, highlighting earnings volatility.
The reliance on fair value accounting means reported earnings are not indicative of cash flows. The company's heavy use of IO strips could lead to significant prepayment risk, which may not be fully hedged. Investors should demand disclosure of core earnings and hedging effectiveness to assess true profitability.