Annaly Capital Management
NLY · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Net income was $2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Net interest incomeBanks | $1.7B | $1.5B | −$111M | $248M | $1.1B |
| Interest expense | $249M | $1.3B | $3.8B | $4.6B | $4.8B |
| Pre-tax income | $2.4B | $1.8B | −$1.6B | $1B | $2B |
| Income tax | $5M | $46M | $39M | $15M | −$7M |
| Net income | $2.4B | $1.7B | −$1.6B | $1B | $2B |
| Diluted EPS | 6.39 | 3.92 | −3.61 | 1.62 | 2.92 |
| Diluted shares | 357M | 412M | 495M | 523M | 641M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $1.6B | $1.4B | $1.5B | $2B |
| Goodwill | $0 | – | – | – | – |
| Total assets | $76.8B | $81.9B | $93.2B | $104B | $136B |
| Total liabilities | $63.6B | $70.5B | $81.9B | $90.9B | $119B |
| Shareholders' equity | $13.2B | $11.3B | $11.3B | $12.6B | $16.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.1B | $5.4B | $2.4B | $3.3B | $693M |
| Share buybacks | $0 | $0 | – | – | – |
| Dividends paid | $321M | $412M | $325M | $376M | $495M |
| Dividend per share | 3.52 | 3.52 | 2.60 | 2.60 | 2.80 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| EPS growth (YoY) | – | −38.7% | −192.1% | – | 80.2% |
| Return on equityBlank when equity is negative | 18.1% | 15.3% | −14.6% | 7.9% | 12.6% |
| Cash conversion (CFO ÷ net income) | 1.29x | 3.11x | −1.44x | 3.30x | 0.34x |
Recent filings
More in Real Estate Investment Trusts
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.