NYSE : NLY
Annaly Capital Management, Inc. — Financial statements
Real Estate · REIT - Mortgage · United States
Last price 18.23 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 14.36B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 7.20B | 5.96B | 4.84B | 3.73B | 2.78B | 1.98B |
| Total Interest Expense | 2.29B | 5.46B | 2.39B | 3.07B | -2.54B | -1.67B |
| Net Interest Income | 4.91B | 495.71M | 2.45B | 658.04M | 5.32B | 3.66B |
| Commissions and Fees | 663.42M | 579.59M | 485.41M | 364.16M | 246.93M | 69.02M |
| Gain (Loss) on Sale of Investments | -5.42B | 1.75B | -1.85B | -2.13B | -4.60B | 120.96M |
| Other Revenue | 1.24B | -439.27M | 219.83M | -220.86M | 1.02B | -1.11B |
| Revenue Before Loan Losses | 1.39B | 2.38B | 1.31B | -1.32B | 1.98B | 2.73B |
| Provision for Loan Losses | -219.00K | -20.66M | -145.07M | |||
| Revenue | 1.39B | 2.38B | 1.31B | -1.32B | 2.00B | 2.88B |
| Salaries & Employee Benefits | 166.49M | 151.55M | 130.40M | 119.59M | 112.70M | 118.45M |
| Cost of Services Provided | 116.67M | 108.35M | 90.42M | 80.61M | 75.17M | 74.19M |
| Total Operating Expenses | 283.15M | 259.90M | 220.82M | 200.21M | 187.87M | 192.64M |
| Operating Income | 1.11B | 2.12B | 1.09B | -1.52B | 1.81B | 2.69B |
| EBT Excluding Unusual Items | 1.15B | 2.04B | 1.03B | -1.60B | 1.81B | 2.69B |
| Other Unusual Items | -5.58M | |||||
| Pretax Income | 1.15B | 2.04B | 1.03B | -1.60B | 1.77B | 2.40B |
| Income Tax Expense | 13.96M | -6.87M | 15.26M | 39.43M | 45.57M | 4.67M |
| Earnings From Continuing Ops. | 1.14B | 2.05B | 1.01B | -1.64B | 1.73B | 2.40B |
| Minority Interest in Earnings | -18.48M | -24.43M | -9.86M | -4.71M | -1.09M | -6.38M |
| Net Income | 1.12B | 2.03B | 1.00B | -1.64B | 1.73B | 2.39B |
| Preferred Dividends & Other Adjustments | 165.38M | 157.93M | 154.55M | 141.68M | 110.62M | 107.53M |
| Net Income to Common | 951.68M | 1.87B | 847.36M | -1.78B | 1.61B | 2.28B |
| Shares Outstanding (Basic) | 729.98M | 639.51M | 521.74M | 494.54M | 411.35M | 356.86M |
| Shares Outstanding (Diluted) | 730.55M | 641.04M | 522.75M | 494.54M | 411.62M | 357.14M |
| EPS (Basic) | 1.30 | 2.92 | 1.62 | -3.61 | 3.93 | 6.40 |
| EPS (Diluted) | 1.30 | 2.92 | 1.62 | -3.61 | 3.92 | 6.39 |
| Free Cash Flow | 3.72B | 692.91M | 3.31B | 2.37B | 5.37B | 3.08B |
| Free Cash Flow Per Share | 5.09 | 1.08 | 6.33 | 4.79 | 13.05 | 8.62 |
| Dividend Per Share | 2.90 | 2.80 | 2.60 | 2.60 | 3.52 | 3.52 |
| Operating Margin | 79.65% | 89.09% | 83.12% | 90.61% | 93.31% | |
| Profit Margin | 68.39% | 78.49% | 64.77% | 80.73% | 79.31% | |
| Free Cash Flow Margin | 267.16% | 29.09% | 253.04% | 268.60% | 106.92% | |
| Effective Tax Rate | 1.21% | 1.49% | 2.57% | 0.19% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 410.55M | 354.78M | 285.15M | 275.85M | 152.55M | 119.58M |
| Long-Term Investments | 4.76B | 8.48B | 2.06B | 4.21B | 5.13B | 7.57B |
| Trading Asset Securities | 1.20B | 115.53M | 225.35M | 162.56M | 342.06M | 170.37M |
| Loans & Lease Receivables | 50.21B | 38.01B | 26.59B | 16.88B | 11.57B | 9.97B |
| Other Receivables | 705.16M | 1.03M | 2.20B | 2.71B | 575.09M | 2.66M |
| Property, Plant & Equipment | 27.51M | 26.51M | ||||
| Other Intangible Assets | 4.31B | 3.68B | 2.92B | 2.13B | 1.76B | 638.12M |
| Restricted Cash | 1.77B | 1.68B | 1.20B | 1.14B | 1.42B | 1.22B |
| Other Current Assets | 194.14M | |||||
| Long-Term Deferred Tax Assets | 110.90M | 89.20M | ||||
| Other Long-Term Assets | 82.60B | 83.13B | 68.07B | 65.71B | 60.89B | 56.87B |
| Total Assets | 146.15B | 135.61B | 103.56B | 93.23B | 81.85B | 76.76B |
| Accounts Payable | 1.11B | 2.06B | 308.28M | 3.25B | 1.16B | 147.91M |
| Accrued Expenses | 319.59M | 380.69M | 268.32M | 287.94M | 325.28M | 91.18M |
| Short-Term Debt | 302.77M | 2.45B | 2.53B | 2.44B | 204.17M | 881.54M |
| Current Portion of Long-Term Debt | 85.81B | 81.59B | 65.69B | 62.20B | 59.51B | 48.43B |
| Current Portion of Leases | 112.00K | 261.00K | ||||
| Long-Term Debt | 41.42B | 32.20B | 21.45B | 13.20B | 8.80B | 13.45B |
| Long-Term Leases | 36.56M | 32.87M | ||||
| Other Current Liabilities | 588.50M | 494.88M | 375.93M | 325.05M | 412.11M | 476.10M |
| Long-Term Deferred Tax Liabilities | 189.60M | 151.30M | ||||
| Other Long-Term Liabilities | 476.84M | 87.94M | 242.27M | 179.00M | 74.27M | 94.42M |
| Total Liabilities | 130.25B | 119.45B | 90.86B | 81.88B | 70.48B | 63.57B |
| Common Stock | 7.85M | 7.07M | 5.78M | 5.00M | 4.68M | 3.65M |
| Additional Paid-In Capital | 29.65B | 27.93B | 25.26B | 23.67B | 22.98B | 20.32B |
| Retained Earnings | -14.85B | -13.16B | -13.17B | -12.62B | -9.54B | -9.65B |
| Comprehensive Income & Other | -795.81M | -488.57M | -1.02B | -1.34B | -3.71B | 958.41M |
| Total Common Equity | 14.02B | 14.29B | 11.07B | 9.72B | 9.73B | 11.63B |
| Minority Interest | 74.46M | 69.14M | 87.71M | 89.30M | 98.98M | 25.50M |
| Shareholders' Equity | 15.89B | 16.16B | 12.70B | 11.35B | 11.37B | 13.20B |
| Total Liabilities & Equity | 146.15B | 135.61B | 103.56B | 93.23B | 81.85B | 76.76B |
| Total Debt | 127.57B | 116.28B | 89.66B | 77.84B | 68.51B | 62.76B |
| Net Cash (Debt) | -125.92B | -115.77B | -89.15B | -77.40B | -68.02B | -62.47B |
| Net Cash Per Share | -172.37 | -180.60 | -170.55 | -156.51 | -165.24 | -174.91 |
| Filing Date Shares Outstanding | 787.86M | 718.39M | 578.36M | 500.08M | 493.62M | 365.09M |
| Total Common Shares Outstanding | 784.67M | 706.97M | 578.36M | 500.08M | 468.31M | 364.93M |
| Working Capital | -33.79B | -46.77B | -38.67B | -47.33B | -47.55B | -38.34B |
| Book Value Per Share | 17.86 | 20.21 | 19.15 | 19.44 | 20.79 | 31.88 |
| Tangible Book Value | 14.01B | 14.28B | 11.06B | 9.71B | 9.72B | 11.61B |
| Tangible Book Value Per Share | 17.86 | 20.20 | 19.13 | 19.41 | 20.75 | 31.81 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.12B | 2.03B | 1.00B | -1.64B | 1.73B | 2.39B |
| Depreciation & Amortization | 36.49M | 34.04M | 30.36M | 24.81M | 20.51M | 24.64M |
| Loss (Gain) From Sale of Investments | 1.87B | 424.62M | 896.23M | 3.50B | 196.60M | -420.72M |
| Provision for Credit Losses | -219.00K | -20.66M | -145.07M | |||
| Loss (Gain) on Equity Investments | 12.97M | 12.95M | -5.79M | 10.27M | -11.45M | 12.18M |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | -2.43M | -27.19M | -9.36M | 1.58M | 4.60M | 38.62M |
| Change in Accounts Payable | 34.51M | 112.37M | -19.62M | -37.34M | 233.75M | -99.59M |
| Change in Other Net Operating Assets | 262.36M | -25.93M | 13.40M | -71.32M | -53.21M | 32.77M |
| Other Operating Activities | 310.14M | -2.00B | 1.25B | 1.17B | 3.64B | 932.63M |
| Operating Cash Flow | 3.72B | 692.91M | 3.31B | 2.37B | 5.37B | 3.08B |
| Divestitures | 1.12B | |||||
| Sale (Purchase) of Intangibles | -874.10M | -913.20M | -796.85M | -396.81M | -1.01B | -455.97M |
| Investment in Securities | -9.39B | -15.26B | -4.25B | -3.62B | -10.88B | 8.08B |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -17.14B | -11.19B | -9.94B | -4.40B | -2.64B | -3.89B |
| Investing Cash Flow | -27.41B | -27.36B | -14.98B | -8.42B | -14.53B | 4.90B |
| Long-Term Debt Issued | 7.26T | 6.02T | 5.36T | 3.58T | 2.29T | |
| Long-Term Debt Repaid | -7.23T | -6.01T | -5.35T | -3.57T | -2.30T | |
| Net Debt Issued (Repaid) | 23.76B | 26.26B | 11.71B | 6.75B | 8.20B | -7.06B |
| Issuance of Common Stock | 2.28B | 2.91B | 1.56B | 673.69M | 2.64B | 552.22M |
| Repurchase of Common Stock | -19.41M | -14.18M | -6.16M | -6.66M | -4.11M | -2.83M |
| Total Dividends Paid | -2.22B | -1.88B | -1.49B | -1.52B | -1.52B | -1.36B |
| Other Financing Activities | -34.21M | -56.89M | -15.71M | -18.41M | 72.39M | -3.64M |
| Financing Cash Flow | 23.77B | 27.22B | 11.75B | 5.88B | 9.39B | -7.88B |
| Net Cash Flow | 84.20M | 549.81M | 75.88M | -164.57M | 234.62M | 98.39M |
| Free Cash Flow | 3.72B | 692.91M | 3.31B | 2.37B | 5.37B | 3.08B |
| Free Cash Flow Margin | 267.16% | 29.09% | 253.04% | 268.60% | 106.92% | |
| Free Cash Flow Per Share | 5.09 | 1.08 | 6.33 | 4.79 | 13.05 | 8.62 |
| Cash Interest Paid | 3.62B | 3.45B | 3.83B | 3.55B | 866.83M | 269.24M |
| Cash Income Tax Paid | 742.00K | -1.20M | 1.69M | -1.10M | 492.00K | 3.80M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 14.36B | 15.27B | 10.26B | 9.69B | 9.86B | 11.34B |
| PE Ratio | 13.98 | 8.17 | 12.11 | 6.11 | 4.97 | |
| PS Ratio | 10.32 | 6.41 | 7.84 | -7.32 | 4.93 | 3.94 |
| PB Ratio | 1.02 | 0.94 | 0.81 | 0.85 | 0.87 | 0.86 |
| P/FCF Ratio | 3.86 | 22.04 | 3.10 | 4.09 | 1.84 | 3.69 |
| P/OCF Ratio | 3.86 | 22.04 | 3.10 | 4.09 | 1.84 | 3.69 |
| Debt / Equity Ratio | 8.03 | 7.20 | 7.06 | 6.86 | 6.03 | 4.76 |
| Debt / FCF Ratio | 34.31 | 167.81 | 27.08 | 32.88 | 12.75 | 20.40 |
| Net Debt / Equity Ratio | 7.92 | 7.16 | 7.02 | 6.82 | 5.98 | 4.73 |
| Net Debt / FCF Ratio | 33.87 | 167.08 | 26.93 | 32.70 | 12.66 | 20.30 |
| Quick Ratio | 0.60 | 0.44 | 0.42 | 0.29 | 0.20 | 0.20 |
| Current Ratio | 0.62 | 0.46 | 0.44 | 0.31 | 0.23 | 0.23 |
| Asset Turnover | 0.01 | 0.02 | 0.01 | 0.03 | 0.04 | |
| Return on Equity (ROE) | 7.35% | 14.22% | 8.42% | -14.43% | 14.06% | 17.61% |
| Return on Assets (ROA) | 0.83% | 1.72% | 1.03% | -1.87% | 2.18% | 2.90% |
| Return on Invested Capital (ROIC) | 0.77% | 1.81% | 1.12% | -1.80% | 2.27% | 3.29% |
| Earnings Yield | 7.15% | 13.27% | 9.77% | -16.96% | 17.49% | 21.07% |
| FCF Yield | 25.89% | 4.54% | 32.27% | 24.44% | 54.47% | 27.13% |
| Dividend Yield | 16.46% | 12.96% | 14.66% | 13.42% | 16.71% | 11.33% |
| Payout Ratio | 230.11% | 92.85% | 149.08% | 88.06% | 56.89% | |
| Buyback Yield / Dilution | -19.79% | -22.63% | -5.70% | -20.14% | -15.25% | -0.98% |
| Total Shareholder Return | -3.33% | -9.67% | 8.96% | -6.72% | 1.46% | 10.35% |