Q2 26 EPS
$N/A
Q2 26 Revenue
N/A
Did NLY Beat Earnings? Q2 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 Forward Guidance & Outlook
CEO David Finkelstein sees attractive investment opportunities across all three strategies — Agency MBS, Residential Credit, and MSR — and believes Annaly is well-positioned to deliver sustainable value for shareholders. The company noted that Agency MBS technical factors are among the most supportive seen in years. Annaly continues to increase capital allocation to non-Agency businesses given compelling relative value, with continued momentum expected in its whole loan correspondent channel and securitization platform.
NLY YoY Financials
Q2 2026 vs Q2 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, Q2 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% |