Q1 26 EPS
$0.76
Q1 26 Revenue
N/A
Did NLY Beat Earnings? Q1 2026 Results
Annaly Capital Management posted a solid first quarter, with earnings available for distribution of $0.76 per share rising from $0.74 in Q4 2025 and $0.72 a year ago, comfortably covering the $0.70 quarterly common dividend and reflecting steady mome… Read more Annaly Capital Management posted a solid first quarter, with earnings available for distribution of $0.76 per share rising from $0.74 in Q4 2025 and $0.72 a year ago, comfortably covering the $0.70 quarterly common dividend and reflecting steady momentum in the company's core income-generating operations. The primary engine behind the improvement was a surge in net interest income to $452.69 million from $366.58 million sequentially, supported by a 20-basis-point decline in the average cost of interest-bearing liabilities to 4.29%. GAAP net income of $0.33 per share fell well short of the prior quarter's elevated $1.40, though that comparison was distorted by outsized investment gains in Q4 2025; on a year-over-year basis, results improved meaningfully from $0.15. Total assets grew to $138.54 billion, while the Residential Credit portfolio expanded 30% to $10.30 billion on record whole loan production. Looking ahead, CEO David Finkelstein highlighted Agency MBS technicals as among the most supportive in years and signaled continued capital rotation toward non-Agency businesses where relative value remains compelling.
Key Takeaways
- • Net interest income expanded to $452.7 million from $366.6 million in Q4 2025, driven by higher interest income and lower interest expense
- • Average GAAP cost of interest-bearing liabilities declined 20 basis points quarter-over-quarter to 4.29%
- • EAD of $0.76 per share exceeded the $0.70 common dividend
- • Tenth consecutive quarter of positive economic returns
- • Net interest margin (excluding PAA) improved to 1.71% from 1.69%
- • Net interest spread (excluding PAA) narrowed to 1.42% from 1.49%
NLY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
NLY Revenue by Segment
With YoY comparisons, source: SEC Filings
“The first quarter of 2026 marked Annaly's tenth consecutive quarter of positive economic returns as our diversified housing finance platform further demonstrated its ability to deliver superior risk-adjusted returns across a range of market environments. Earnings again exceeded our dividend, and we grew the portfolio through accretive capital raising and disciplined portfolio management.”
— David Finkelstein, Q1 2026 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% |