Annaly Capital Management. Inc. (NLY) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NLY SEC filings page.
This page shows Annaly Capital Management. Inc. (NLY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
FY2025 shows a highly levered balance sheet whose expansion was financed externally, while reported profit converted into far less operating cash.
Cash conversion shifted sharply: operating cash flow fell from$3.31B in FY2024 to$693M in FY2025 even as net income increased. Operating cash flow represented34.2% of net income in FY2025 versus330.4% in FY2024, so the latest earnings recovery was accompanied by much less cash generation.
The financing structure is visible in the cash flows: a
Earnings recovered from a net loss of
Financial Health Signals
Annaly Capital Management. Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Annaly Capital Management. Inc. passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Annaly Capital Management. Inc. generates $0.34 in operating cash flow ($692.9M OCF vs $2.0B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Annaly Capital Management. Inc. reported $822.7M in net income in Q2 2026. This represents an increase of 1340.8% from the same quarter a year earlier. Against the prior quarter it is up 191.1%.
Annaly Capital Management. Inc. earned $1.06 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 221.2%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Annaly Capital Management. Inc. held $2.9B in cash as of Q2 2026; no long-term debt figure is on record for that period.
Annaly Capital Management. Inc. paid $0.75 per share in dividends in Q2 2026. Against the prior quarter it is up 7.1%.
Not reported for Q2 2026.
Margins & Returns
Annaly Capital Management. Inc.'s quarterly ROE was 4.9% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 4.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.1 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
NLY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| SG&A Expenses | $58.2M+16.3% | $52.6M+9.4% | N/A | $50.3M+14.6% | $50.0M+11.4% | $48.1M+24.6% | N/A | $43.9M+10.1% |
| Interest Expense | $1.3B+15.6% | $1.3B+16.0% | N/A | $1.3B+3.4% | $1.1B+2.0% | $1.1B-0.3% | N/A | $1.2B+16.2% |
| Income Tax | $6.9M+1468.0% | -$1.5M-118.4% | N/A | -$7.8Mn/m | $440K-96.3% | $8.3Mn/m | N/A | -$6.1M-149.5% |
| Net Income | $822.7M+1340.8% | $282.7M+127.5% | N/A | $832.4M+1152.8% | $57.1Mn/m | $124.2M-73.2% | N/A | $66.4Mn/m |
| EPS (Basic) | $1.06 | $0.33+120.0% | $1.47+79.3% | $1.21 | $0.03 | $0.15 | $0.82n/m | $0.05 |
| EPS (Diluted) | $1.06 | $0.33+120.0% | $1.48+80.5% | $1.20 | $0.03 | $0.15 | $0.82n/m | $0.05 |
| Diluted Shares (Avg) | 740M | 724M+23.1% | N/A | 658M | 621M | 588M | N/A | 517M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
NLY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $143.7B+28.2% | $138.5B+31.8% | $135.6B+31.0% | $125.9B+24.0% | $112.1B+19.7% | $105.1B+14.9% | $103.6B+11.1% | $101.5B+13.2% |
| Cash & Equivalents | $2.9B+41.4% | $1.9B+4.3% | $2.0B+36.9% | $2.1B+34.4% | $2.1B+29.7% | $1.8B+10.1% | $1.5B+5.4% | $1.6B+25.7% |
| Total Liabilities | $126.8B+28.5% | $122.2B+32.8% | $119.4B+31.5% | $110.9B+24.6% | $98.7B+19.7% | $92.0B+15.1% | $90.9B+11.0% | $89.0B+12.7% |
| Total Equity | $16.9B+26.5% | $16.3B+25.2% | $16.1B+27.6% | $14.9B+19.8% | $13.4B+19.7% | $13.0B+13.9% | $12.6B+12.0% | $12.4B+17.8% |
| Retained Earnings | -$13.2Bn/m | -$13.4Bn/m | -$13.2Bn/m | -$13.6Bn/m | -$13.9Bn/m | -$13.5Bn/m | -$13.2Bn/m | -$13.2Bn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
NLY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.6B+796.0% | -$1.4Bn/m | $644.3M-77.1% | $24.1Mn/m | $180.7M-62.1% | -$156.3M-109.2% | $2.8B+642.0% | -$1.7B-189.4% |
| Investing Cash Flow | -$6.2Bn/m | -$4.4B-364.3% | -$9.9Bn/m | -$11.8Bn/m | -$7.3Bn/m | $1.7Bn/m | -$6.3B-619.4% | -$4.4Bn/m |
| Financing Cash Flow | $5.6B-23.9% | $5.7Bn/m | $9.2B+172.7% | $11.8B+94.8% | $7.4B+105.3% | -$1.2Bn/m | $3.4Bn/m | $6.1B+73.3% |
| Dividends Paid | $562.9M+25.2% | $535.7M+29.6% | $523.0M+30.2% | $476.7M+31.4% | $449.5M+38.0% | $413.2M+14.1% | $401.6M+11.9% | $362.7M+12.8% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.
NLY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 4.9%+4.4pp | 1.7%+0.8pp | N/A | 5.6%+5.1pp | 0.4%+0.5pp | 1.0%-3.1pp | N/A | 0.5%+5.8pp |
| Return on Assets | 0.6%+0.5pp | 0.2%+0.1pp | N/A | 0.7%+0.6pp | 0.1%+0.1pp | 0.1%-0.4pp | N/A | 0.1%+0.7pp |
| Liabilities-to-Equity | 7.49+0.1x | 7.51+0.4x | 7.42+0.2x | 7.44+0.3x | 7.370.0x | 7.08+0.1x | 7.21-0.1x | 7.15-0.3x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Debt-to-Equity, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Annaly Capital Management. Inc. NLY | FY2025 | N/A | $2.0B | N/A | $13.8B | — |
| AGNC Investment Corp. AGNC | FY2025 | N/A | $1.7B | N/A | $10.5B | — |
| STARWOOD PROPERTY TRUST, INC. STWD | FY2025 | $1.8B | $411.5M | 22.3% | $4.7B | 39/100 |
| Rithm Capital Corp. RITM | FY2025 | $4.6B | $697.1M | 15.2% | $5.2B | 47/100 |
| AGNC Investment Corp. AGNCN | FY2025 | N/A | $1.7B | N/A | N/A | — |
| Blackstone Mortgage Trust, Inc. (NEW) BXMT | FY2025 | $920.3M | $109.6M | 11.9% | $1.8B | 24/100 |
Where Annaly Capital Management. Inc. Ranks
Frequently Asked Questions
Is Annaly Capital Management. Inc. profitable?
Yes, Annaly Capital Management. Inc. (NLY) reported a net income of $2.0B in fiscal year 2025.
Does Annaly Capital Management. Inc. pay dividends?
Yes, Annaly Capital Management. Inc. (NLY) paid $2.80 per share in dividends during fiscal year 2025.
What is Annaly Capital Management. Inc.'s return on equity (ROE)?
Annaly Capital Management. Inc. (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 Management. Inc.'s operating cash flow?
Annaly Capital Management. Inc. (NLY) generated $692.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Annaly Capital Management. Inc.'s total assets?
Annaly Capital Management. Inc. (NLY) had $135.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Annaly Capital Management. Inc.'s liabilities-to-equity ratio?
Annaly Capital Management. Inc. (NLY) had a liabilities-to-equity ratio of 7.42 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Annaly Capital Management. Inc.'s return on assets (ROA)?
Annaly Capital Management. Inc. (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 Management. Inc.'s P/E ratio?
Annaly Capital Management. Inc. (NLY) trades at 6.8x earnings, its market capitalization divided by $2.0B net income, FY2025. The market capitalization is $13.8B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Annaly Capital Management. Inc.'s price-to-sales ratio?
Annaly Capital Management. Inc. (NLY) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $13.8B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Annaly Capital Management. Inc.'s Piotroski F-Score?
Annaly Capital Management. Inc. (NLY) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Annaly Capital Management. Inc.'s earnings high quality?
Annaly Capital Management. Inc. (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.