Annaly Capital Financials

NLY

Source SEC Filings (10-K/10-Q) Updated Feb 12, 2026 Currency USD FYE February

Financial Health Signals

Piotroski F-Score Weak

3/9

Annaly Capital passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.34x

For every $1 of reported earnings, Annaly Capital generates $0.34 in operating cash flow ($693K OCF vs $2.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Annaly Capital (NLY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$2.0M

YoY-99.8%

10Y CAGR-42.0%

Annaly Capital reported $2.0M in net income in fiscal year 2025. This represents a decrease of 99.8% from the prior year.

EPS (Diluted)

$2.92

YoY+80.2%

10Y CAGR+21.4%

Annaly Capital earned $2.92 per diluted share (EPS) in fiscal year 2025. This represents an increase of 80.2% from the prior year.

Cash & Debt

YoY-100.0%

5Y CAGR-98.0%

10Y CAGR-86.3%

Annaly Capital held $4 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.80

YoY+7.7%

5Y CAGR+25.2%

10Y CAGR+8.8%

Annaly Capital paid $2.80 per share in dividends in fiscal year 2025. This represents an increase of 7.7% from the prior year.

Shares Outstanding

718M

YoY+24.2%

5Y CAGR-12.5%

10Y CAGR-2.6%

Annaly Capital had 718M shares outstanding in fiscal year 2025. This represents an increase of 24.2% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

12.6%

YoY+4.7pp

10Y CAGR+8.7pp

Annaly Capital's ROE was 12.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.7 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NLY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$200K-99.9%	$171.4M+5.4%	$162.6M-0.1%	$162.7M-12.5%	$186.0M-16.3%	$222.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$4.8M-99.9%	$4.6B+19.5%	$3.8B+193.4%	$1.3B+425.5%	$249.2M-72.3%	$899.1M
Income Tax	$7K-100.0%	$15.3M-61.3%	$39.4M-13.5%	$45.6M+874.8%	$4.7M+116.4%	-$28.4M
Net Income	$2.0M-99.8%	$1.0B+161.0%	-$1.6B-195.2%	$1.7B-27.8%	$2.4B+368.2%	-$891.2M
EPS (Diluted)	$2.92+80.2%	$1.62+144.9%	$-3.61-192.1%	$3.92-38.7%	$6.39+318.8%	$-2.92

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$50.3M+0.6%	$50.0M+4.1%	$48.1M	N/A	$43.9M-2.2%	$44.9M+16.4%	$38.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$1.3B+9.7%	$1.1B+4.4%	$1.1B	N/A	$1.2B+8.2%	$1.1B+2.1%	$1.1B
Income Tax	N/A	-$7.8M-1878.0%	$440K-94.7%	$8.3M	N/A	-$6.1M-151.4%	$11.9M+1365.2%	-$943K
Net Income	N/A	$832.4M+1357.9%	$57.1M-54.0%	$124.2M	N/A	$66.4M+800.7%	-$9.5M-102.0%	$462.9M
EPS (Diluted)	N/A	$1.20+3900.0%	$0.03-80.0%	$0.15	N/A	$0.05+155.6%	$-0.09-110.6%	$0.85

NLY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$135.6M-99.9%	$103.6B+11.1%	$93.2B+13.9%	$81.9B+6.6%	$76.8B-13.2%	$88.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$4-100.0%	$1.5B+5.4%	$1.4B-10.4%	$1.6B+17.5%	$1.3B+7.9%	$1.2B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	$0-100.0%	$71.8M
Total Liabilities	$119.4M-99.9%	$90.9B+11.0%	$81.9B+16.2%	$70.5B+10.9%	$63.6B-14.6%	$74.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$429.6M
Total Equity	$16.1M-99.9%	$12.6B+12.0%	$11.3B-0.1%	$11.3B-14.4%	$13.2B-6.0%	$14.0B
Retained Earnings	$13.2M+100.1%	-$13.2B-4.4%	-$12.6B-32.3%	-$9.5B+1.1%	-$9.7B+9.5%	-$10.7B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$135.6B+7.7%	$125.9B+12.2%	$112.1B+6.7%	$105.1B+1.5%	$103.6B+2.0%	$101.5B+8.4%	$93.7B+2.4%	$91.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.0B-2.8%	$2.1B+1.8%	$2.1B+12.3%	$1.8B+23.2%	$1.5B-4.6%	$1.6B-1.7%	$1.6B-4.7%	$1.7B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$119.4B+7.7%	$110.9B+12.4%	$98.7B+7.2%	$92.0B+1.3%	$90.9B+2.1%	$89.0B+8.0%	$82.4B+3.0%	$80.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$16.1B+7.9%	$14.9B+11.4%	$13.4B+3.0%	$13.0B+3.1%	$12.6B+1.3%	$12.4B+11.3%	$11.2B-2.0%	$11.4B
Retained Earnings	-$13.2B+3.4%	-$13.6B+2.3%	-$13.9B-3.2%	-$13.5B-2.6%	-$13.2B+0.5%	-$13.2B-2.6%	-$12.9B-3.0%	-$12.5B

NLY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$693K-100.0%	$3.3B+39.9%	$2.4B-55.9%	$5.4B+74.6%	$3.1B+482.8%	$528.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$27.4M+100.2%	-$15.0B-78.1%	-$8.4B+42.1%	-$14.5B-396.5%	$4.9B-87.9%	$40.4B
Financing Cash Flow	$27.2M-99.8%	$11.8B+99.7%	$5.9B-37.3%	$9.4B+219.2%	-$7.9B+81.0%	-$41.5B
Dividends Paid	$1.9M-99.9%	$1.5B-1.6%	$1.5B-0.1%	$1.5B+11.7%	$1.4B-7.9%	$1.5B
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$209.4M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$644.3M+2574.3%	$24.1M-86.7%	$180.7M+215.7%	-$156.3M-105.6%	$2.8B+267.9%	-$1.7B-450.6%	$477.1M-71.9%	$1.7B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$9.9B+16.3%	-$11.8B-61.6%	-$7.3B-539.7%	$1.7B+126.6%	-$6.3B-41.1%	-$4.4B-7.0%	-$4.1B-2385.8%	-$166.5M
Financing Cash Flow	$9.2B-22.3%	$11.8B+60.8%	$7.4B+733.6%	-$1.2B-134.5%	$3.4B-44.5%	$6.1B+69.5%	$3.6B+380.4%	-$1.3B
Dividends Paid	$523.0M+9.7%	$476.7M+6.1%	$449.5M+8.8%	$413.2M+2.9%	$401.6M+10.7%	$362.7M+11.4%	$325.7M-10.1%	$362.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NLY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	12.6%+4.7pp	8.0%	N/A	15.3%-2.8pp	18.1%	N/A
Return on Assets	1.5%+0.5pp	1.0%+2.7pp	-1.8%-3.9pp	2.1%-1.0pp	3.1%+4.1pp	-1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.42+0.2	7.21-0.1	7.27+1.0	6.25+1.4	4.83+4.8	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	5.6%+5.2pp	0.4%-0.5pp	1.0%	N/A	0.5%	N/A	4.1%
Return on Assets	N/A	0.7%+0.6pp	0.1%-0.1pp	0.1%	N/A	0.1%+0.1pp	-0.0%-0.5pp	0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.42-0.0	7.44+0.1	7.37+0.3	7.08-0.1	7.21+0.1	7.15-0.2	7.37+0.4	7.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Annaly Capital profitable?

Yes, Annaly Capital (NLY) reported a net income of $2.0M in fiscal year 2025.

What is Annaly Capital's earnings per share (EPS)?

Annaly Capital (NLY) reported diluted earnings per share of $2.92 for fiscal year 2025. This represents a 80.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Does Annaly Capital pay dividends?

Yes, Annaly Capital (NLY) paid $2.80 per share in dividends during fiscal year 2025.

What is Annaly Capital's return on equity (ROE)?

Annaly Capital (NLY) has a return on equity of 12.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Annaly Capital's operating cash flow?

Annaly Capital (NLY) generated $693K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Annaly Capital's total assets?

Annaly Capital (NLY) had $135.6M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Annaly Capital have outstanding?

Annaly Capital (NLY) had 718M shares outstanding as of fiscal year 2025.

What is Annaly Capital's debt-to-equity ratio?

Annaly Capital (NLY) had a debt-to-equity ratio of 7.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Annaly Capital's return on assets (ROA)?

Annaly Capital (NLY) had a return on assets of 1.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Annaly Capital's Piotroski F-Score?

Annaly Capital (NLY) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Annaly Capital's earnings high quality?

Annaly Capital (NLY) has an earnings quality ratio of 0.34x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.