DYNEX CAPITAL INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DYNEX CAPITAL INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating expenses					22.1	25.4	33.8	32.9	36.5	53
Interest expense	25.2	36.2	59.6	114	32.6	5.67	43.6	215
Other non-operating income	0.88	-0.2
Net income	43.1	33.9	7.02	-153	178	102	143	-6.13	114	319
EPS, basic	2.06	1.37	-0.25	-7.01	6.93	2.79	3.19	-0.25	1.50	2.49
EPS, diluted	2.06	1.37	-0.25	-7.01	6.93	2.78	3.17	-0.25	1.49	2.47
Shares, basic (weighted)	16.5	16.8	19.2	23.6	23.1	32.6	42.5	54.8	70.8	124
Shares, diluted (weighted)	16.5	16.8	19.2	23.6	23.1	32.8	42.7	54.8	71.3	125
Dividend per share					1.66	1.56	1.56		1.60	2.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	74.1	40.9	34.6	62.6	296	366	332	120	377	531
Total assets	3,398	3,306	3,886	5,371	3,095	3,640	3,605	6,370	8,185	17,342
Total liabilities	2,931	2,749	3,359	4,788	2,461	2,868	2,704	5,499	7,000	14,880
Total debt	6.44
Paid-in capital	727	776	819	858	869	1,108	1,358	1,404	1,742	2,922
Retained earnings	-338	-352	-399	-612	-491	-451	-383	-484	-494	-442
Other comprehensive income	-32.6	-8.7	-35.8	174	80.3	6.73	-181	-159	-172	-127
Total equity	467	557	527	583	633	771	901	871	1,185	2,462
Total liabilities and equity	3,398	3,306	3,886	5,371	3,095	3,640	3,605	6,370	8,185	17,342
Shares outstanding	16.5	55.8	20.9	22.9	23.7	36.7	53.6	57	84.5	175

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	43.1	33.9	7.02	-153	178	102	143	-6.13	114	319
Stock-based compensation	2.71	1.95	1.23	1.21	1.82	2.52	4.42	4.83	7.24	12.6
Cash from operations	211	204	181	175	174	147	126	62.2	14.4	121
Purchases of investments	-435	-1,318	-1,789	-2,991	-2,437	-1,542	0
Sales and maturities of investments	449	307	189	537	475	394	226	86.3	75	120
Cash from investing	68	87.4	-869	-1,605	2,353	-555	-65.4	-2,960	-1,026	-8,074
Debt issued	40,595	84,877	105,236	102,505	31,054	12,635	16,249	23,502	66,437
Debt repaid	-40,805	-85,210	-104,534	-101,021	-33,369	-12,222	-16,454	-20,766	-65,255
Stock issued	0.14	47.2	41.9	63.9	9.89	237	247	42.6	332	1,169
Share buybacks	-0.31	0	0	-25	-0.37	0	0
Dividends paid	-51.9	-47.5	-52.8	-68	-52.4	-58.9	-72.4	-93	-118	-247
Cash from financing	-265	-304	690	1,474	-2,353	520	-32.3	2,686	1,395	8,262
Net change in cash	40.2	-11.7	1.5	43.8	174	112	28.6	-212	384	309
Interest paid	24	35.9	53.2	109	46.1	5.71	28.5	179	322	369

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on assets (ROA)	1.7%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	180.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	30.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	65.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-18.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	739.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-7.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	25.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	111.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	68.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	41.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	75.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	43.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	40.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	88.0%	Total liabilities / total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.95	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$1.06	Cash from operations / diluted weighted shares.
Cash per share	$2.56	(Cash + short-term investments) / shares outstanding.
Payout ratio	83.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.81B	Share price x shares outstanding.
Enterprise value	$2.21B	Market cap + total debt - cash - short-term investments.
P/E	6.45x	Market cap / net income. Only when net income is positive.
P/OCF	11.9x	Market cap / cash from operations, when positive.
Earnings yield	15.5%	Net income / market cap (the inverse of P/E).
Dividend yield	12.9%	Dividends paid over the period / market cap.
Shareholder yield	12.9%	(Dividends paid + share buybacks) / market cap.

Was DYNEX CAPITAL INC profitable in fiscal 2025?

Yes. Net income was $319.1M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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