ANNALY CAPITAL MANAGEMENT INC NLY

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

"Annaly," "we," "us," or "our" refers to Annaly Capital Management, Inc. and our wholly-owned subsidiaries, except where it is made clear that the term means only the parent company.

Refer to the section titled "Glossary of Terms" located at the end of Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations." for definitions of certain of the commonly used terms in this annual report on Form 10-K.

We are a leading diversified capital manager with investment strategies across residential mortgage finance. Our principal business objective is to generate net income for distribution to our stockholders and optimize our returns through prudent management of our diversified investment strategies. We are an internally-managed Maryland corporation founded in 1997 that has elected to be taxed as a real estate investment trust ("REIT"). Our common stock is listed on the New York Stock Exchange under the symbol "NLY."

Last close 18.35 2026-10-23
Market cap $13.83B 2026-06-30 share count
52-week range 17.70 - 24.52

Valuation FY2025 figures against the last close

P/S—
P/E6.3x
P/FCF20.0x
EV/EBITDA—
Dividend yield3.6%
Diluted EPS2.92

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
SG&A $199.6M$171.4M$162.6M$162.7M$186.0M$222.2M$271.8M$329.9M$224.1M$250.4M
Interest expense $4.82B$4.59B$3.84B$1.31B$249.2M$899.1M$2.78B$1.90B$1.01B$657.8M
Pre-tax income $2.04B$1.03B-$1.60B$1.77B$2.40B-$918.2M-$2.17B$51.8M$1.58B$1.43B
Income tax $6.9M$15.3M$39.4M$45.6M$4.7M$28.4M$10.8M$2.4M$7.0M$1.6M
Net income $2.05B$1.01B-$1.64B$1.73B$2.40B-$891.2M-$2.16B$54.4M$1.57B$1.43B
EPS, basic 2.921.62-3.613.936.40-2.92-1.60-0.061.371.39
EPS, diluted 2.921.62-3.613.926.39-2.92-1.60-0.061.371.39
Shares, diluted (wtd. avg.) 641.0M522.7M494.5M411.6M357.1M353.7M1.43B1.21B1.07B970.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.04B$1.49B$1.41B$1.58B$1.34B$1.24B$1.85B$1.74B$706.6M$1.54B
Goodwill ————$0$71.8M$71.8M$71.8M$71.8M$71.8M
Other intangibles $6.7M$9.4M$12.1M$16.7M$24.2M$55.5M$21.0M$29.0M$23.2M$34.2M
Total assets $135.61B$103.56B$93.23B$81.85B$76.76B$88.46B$130.30B$105.79B$101.76B$87.91B
Long-term debt —————$429.6M$490.6M—$516.8M$314.9M
Total liabilities $119.45B$90.86B$81.88B$70.48B$63.57B$74.43B$114.50B$91.67B$86.89B$75.33B
Retained earnings -$13.16B-$13.17B-$12.62B-$9.54B-$9.65B-$10.67B-$8.31B-$4.49B-$2.96B-$3.14B
Total equity $16.09B$12.61B$11.35B$11.37B$13.20B$14.02B$15.80B$14.12B$14.87B$12.58B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $692.9M$3.31B$2.37B$5.37B$3.08B$528.0M-$1.20B$2.62B$1.63B$1.58B
Depreciation and amortisation ————————$17.3M$21.9M
Investing cash flow -$27.36B-$14.98B-$8.42B-$14.53B$4.90B$40.35B-$20.64B-$908.4M-$14.67B-$2.06B
Financing cash flow $27.22B$11.75B$5.88B$9.39B-$7.88B-$41.49B$21.96B-$684.4M$12.20B$251.8M
Dividends paid $494.9M$375.9M$1.52B$1.52B$1.36B$1.48B$1.69B$1.54B$1.35B$1.22B
Buybacks ———$0$0$209.4M$223.6M$0$0$102.7M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052954.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -4B -2B 0 2B 4B Net income, FY2016: 1.4B Net income, FY2017: 1.6B Net income, FY2018: 54.4M Net income, FY2019: -2.2B Net income, FY2020: -891.2M Net income, FY2021: 2.4B Net income, FY2022: 1.7B Net income, FY2023: -1.6B Net income, FY2024: 1B Net income, FY2025: 2.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — — — — —
Gross profit — — — — — — — — — —
Net income $1.43B $1.57B $54.4M -$2.16B -$891.2M $2.40B $1.73B -$1.64B $1.01B $2.05B

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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