ANNALY CAPITAL MANAGEMENT INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ANNALY CAPITAL MANAGEMENT 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
General and administrative	250	224	330	272	222	186	163	163	171	200
Interest expense	658	1,008	1,898	2,785	899	249	1,310	3,843	4,592	4,824
Other non-operating income			110	107	-2,094	796	244	-1,652	515	590
Pre-tax income	1,431	1,576	51.8	-2,174	-918	2,401	1,772	-1,599	1,027	2,045
Income tax	-1.6	6.98	-2.38	-10.8	-28.4	4.68	45.6	39.4	15.3	-6.87
Net income to minority interests	-0.97	-0.59	-0.26	-0.23	1.39	6.38	1.1	4.71	9.86	24.4
Net income	1,434	1,570	54.4	-2,163	-891	2,390	1,725	-1,643	1,002	2,027
EPS, basic	5.56	5.48	-0.24	-6.40	-2.92	6.40	3.93	-3.61	1.62	2.92
EPS, diluted	5.56	5.48	-0.24	-6.40	-2.92	6.39	3.92	-3.61	1.62	2.92
Shares, basic (weighted)	242	266	302	359	354	357	411	495	522	640
Shares, diluted (weighted)	243	267	302	359	354	357	412	495	523	641
Dividend per share	4.80	4.80	4.80	4.20	0.91	3.52	3.52	2.60	2.60	2.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,540	707	1,736	1,851	1,244	1,342	1,577	1,412	1,488	2,038
Lease right-of-use assets				15.8	13.2	10.5	8.87	5.95	27.9	26.5
Goodwill	71.8	71.8	71.8	71.8	71.8	0
Intangible assets	34.2	23.2	29	21	55.5	24.2	16.7	12.1	9.42	6.73
Total assets	87,905	101,760	105,788	130,295	88,455	76,764	81,851	93,227	103,556	135,610
Total liabilities	75,329	86,888	91,670	114,499	74,433	63,569	70,481	81,882	90,859	119,450
Total debt	315	313		491	430
Paid-in capital	15,579	17,221	18,794	19,967	19,751	20,325	22,981	23,672	25,258	27,927
Retained earnings	-3,136	-2,962	-4,494	-8,309	-10,667	-9,654	-9,543	-12,623	-13,173	-13,157
Other comprehensive income	-1,086	-1,126	-1,980	2,138	3,374	958	-3,709	-1,335	-1,018	-489
Shareholders' equity	12,568	14,865	14,112	15,792	14,008	13,170	11,270	11,256	12,609	16,091
Minority interests	7.79	6.1	5.69	4.33	13.5	25.5	99	89.3	87.7	69.1
Total equity	12,576	14,872	14,118	15,796	14,022	13,195	11,369	11,345	12,697	16,160
Total liabilities and equity	87,905	101,760	105,788	130,295	88,455	76,764	81,851	93,227	103,556	135,610
Shares outstanding	255	290	328	358	1,398	365	468	500	578	707

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,433	1,569	54.1	-2,163	-890	2,396	1,726	-1,638	1,012	2,052
Depreciation and amortization	21.9	17.3
Deferred income tax							45.3	39.4	14.2	-6.91
Change in payables	43	48.6	-185	31.8	-31.9	1.73	-41.8	65.5	75.3	5.71
Cash from operations	1,581	1,632	2,622	-1,200	528	3,077	5,372	2,367	3,311	693
Acquisitions	41.7	0	-258	0
Purchases of investments			-44,795	-63,466	-32,677	-22,345	-45,474	-41,036	-32,214	-40,747
Sales and maturities of investments	12,470	12,016	11,488	17,200	19,571	18,743	9,541	6,153	6,834	8,342
Cash from investing	-2,062	-14,666	-908	-20,642	40,352	4,899	-14,527	-8,416	-14,985	-27,363
Debt issued	0	0
Stock issued	2.36	2,347	1,532	1,829	1.18	552	2,636	674	1,558	2,911
Share buybacks	-103	0	0	-224	-209	0	0
Dividends paid	-306	-348	-394	-358	-308	-321	-412	-325	-376	-495
Cash from financing	252	12,201	-684	21,956	-41,487	-7,878	9,389	5,884	11,750	27,220
Net change in cash	-230	-833	1,029	115	-607	98.4	235	-165	75.9	550
Income taxes paid	0.93	-1.5	-0.3	2.28	1.52	-3.8	-0.49	1.1	-1.69	0.68

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 $20.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	-0.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	102.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	80.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-9.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-79.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-49.5%	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	5.6%	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	7.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-7.3%	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	25.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	27.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	31.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.3%	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	8.9%	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	22.6%	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	15.9%	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	12.6%	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	88.2%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$16.92B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.99	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	$1.20	Cash from operations / diluted weighted shares.
Book value per share	$22.55	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$22.54	Tangible book value / shares outstanding.
Cash per share	$3.88	(Cash + short-term investments) / shares outstanding.
Payout ratio	53.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$15.53B	Share price x shares outstanding.
Enterprise value	$12.62B	Market cap + total debt - cash - short-term investments.
P/E	5.26x	Market cap / net income. Only when net income is positive.
P/B	0.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.92x	Market cap / tangible book value, when positive.
P/OCF	17.5x	Market cap / cash from operations, when positive.
Earnings yield	19.0%	Net income / market cap (the inverse of P/E).
Dividend yield	10.1%	Dividends paid over the period / market cap.
Shareholder yield	10.1%	(Dividends paid + share buybacks) / market cap.

Was ANNALY CAPITAL MANAGEMENT INC profitable in fiscal 2025?

Yes. Net income was $2.03B, 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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