Q1 25 EPS
$0.72
BEAT +3.21%
Est. $0.70
Q1 25 Revenue
$1.32B
BEAT +214.71%
Est. $418.5M
vs S&P Since Q1 25
+3.9%
BEATING MARKET
NLY +33.0% vs S&P +29.0%
Market Reaction
Did NLY Beat Earnings? Q1 2025 Results
Annaly Capital Management posted a stronger-than-expected first quarter, with earnings available for distribution of $0.72 per share beating the $0.70 consensus estimate by 3.21%, as the mortgage REIT's core operating economics held firm despite turb… Read more Annaly Capital Management posted a stronger-than-expected first quarter, with earnings available for distribution of $0.72 per share beating the $0.70 consensus estimate by 3.21%, as the mortgage REIT's core operating economics held firm despite turbulence in derivatives markets. Revenue came in at $1.32 billion, clearing estimates by a wide margin, though that figure reflected a 12.8% decline year over year. The standout driver was Annaly's expanding Agency portfolio, which grew 6% to $75.00 billion as the company leaned into intermediate coupon TBA securities and higher coupon specified pools, helping lift net interest income to $219.97 million from $187.29 million in the prior quarter. The company also raised its common dividend to $0.70 per share, signaling confidence in its earnings durability, while GAAP leverage fell to its lowest level in a decade at 6.8x. CEO David Finkelstein acknowledged post-quarter volatility from tariff-driven MBS spread widening but pointed to the company's lean balance sheet and ample liquidity as key advantages heading into a potentially choppy rate environment.
Key Takeaways
- • Agency portfolio grew 6% with additions focused on intermediate coupon TBA securities and higher coupon specified pools
- • Net interest margin expanded to 0.87% from 0.75% in Q4 2024
- • Average GAAP cost of interest bearing liabilities declined 19 basis points to 4.77%
- • EAD of $0.72 per share, up from $0.64 year-over-year
- • Net servicing income increased to $126.3 million from $115.6 million in Q4 2024
- • Correspondent channel lock volume of $5.3 billion with $3.8 billion funded
NLY YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
NLY Revenue by Segment
With YoY comparisons, source: SEC Filings
“We were pleased to deliver a 3% economic return in the first quarter, as well as an increase to our common stock dividend, with each of our three investment strategies contributing positively to our return.”
— David Finkelstein, Q1 2025 Earnings Press Release
NLY Earnings Trends
NLY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NLY EPS Trend
Earnings per share: estimate vs actual
NLY Revenue Trend
Quarterly revenue: estimate vs actual
NLY Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 | — | $0.76 | — | — | — |
| Q4 25 FY | — | $1.40 | — | — | — |
| FY Full Year | — | $2.92 | — | — | — |
| Q3 25 BEAT | $0.72 | $0.73 | +1.28% | $1.53B | +205.47% |
| Q2 25 BEAT | $0.71 | $0.73 | +2.50% | $1.42B | +498.69% |
| Q1 25 BEAT | $0.70 | $0.72 | +3.21% | $1.32B | +214.71% |