Q4 25 EPS
$1.40
Q4 25 Revenue
N/A
vs S&P Since Q4 25
-7.1%
TRAILING MARKET
NLY -3.3% vs S&P +3.8%
Full Year 2025 Results
FY 25 EPS
$2.92
Market Reaction
Did NLY Beat Earnings? Q4 2025 Results
Annaly Capital Management delivered a standout fourth quarter, posting GAAP earnings of $1.40 per share and beating analyst expectations of $0.72 per share by a wide margin, while revenue of $921.80 million exceeded Wall Street estimates by 26.3%. Th… Read more Annaly Capital Management delivered a standout fourth quarter, posting GAAP earnings of $1.40 per share and beating analyst expectations of $0.72 per share by a wide margin, while revenue of $921.80 million exceeded Wall Street estimates by 26.3%. The result capped a transformative 2025 for the mortgage REIT, which generated a 40% total shareholder return and a 20.2% full-year economic return as the company's diversified housing finance model fired on all cylinders. The single most material driver was the near 30% growth in Annaly's portfolio, fueled by $2.90 billion in capital raised throughout the year and deployed across Agency, Residential Credit, and MSR strategies; the Residential Credit portfolio alone surged 16% in Q4 to $8.00 billion on record correspondent channel activity. Book value per common share climbed to $20.21 from $19.15 a year ago, and net interest spread expanded to 0.93% from just 0.40%. Management declared a $0.70 per share quarterly dividend and signaled confidence entering 2026, citing a constructive environment for its diversified platform to sustain enhanced risk-adjusted returns.
Key Takeaways
- • Agency MBS spread tightening supported by strong fund flows and improved fundamentals
- • Record correspondent channel activity driving Residential Credit growth with $23.1 billion in lock volume and $16.5 billion in loan fundings for full year
- • Record securitization activity: 29 securitizations totaling $15.2 billion for full year 2025
- • Declining cost of interest-bearing liabilities: average GAAP cost fell 24 basis points QoQ to 4.49%
- • Net interest spread expansion to 0.93% from 0.40% year-over-year
- • Accretive capital deployment — portfolio grew nearly 30% during 2025
- • Second largest purchaser of conventional MSR in 2025
NLY YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
NLY Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was a solid year for Annaly as we delivered a 20% economic return and 40% total shareholder return underscoring the resilience and strength of our diversified housing finance model. Our portfolio grew by nearly 30% as we successfully deployed accretive capital raised across our three investment strategies, primarily into Agency MBS.”
— David Finkelstein, Q4 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% |