NLY financial statements

The full income statement, balance sheet, and cash-flow statement for Annaly Capital Management Inc. (NLY), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 501.0M2024-09 560.5M2024-12 578.4M2025-03 605.1M2025-06 642.1M2025-09 683.0M2025-12 718.4M2026-03 732.8M2026-06 753.7M+50.4% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Selling, general & administrative	200M YoY+16.5%	171M YoY+5.4%	163M YoY-0.1%	163M YoY-12.5%	186M YoY-16.3%
General & administrative	200M YoY+16.5%	171M YoY+5.4%	163M YoY-0.1%	163M YoY-12.5%	186M YoY-16.3%
Amortization of intangibles	2.69M YoY+0.0%	2.69M YoY-8.7%	2.95M YoY-13.5%	3.40M YoY-52.8%	7.21M YoY-31.2%
Provision for credit losses	—	—	—	—	-145M YoY-198.3%
Interest expense	4.82B YoY+5.0%	4.59B YoY+19.5%	3.84B YoY+193.4%	1.31B YoY+425.5%	249M YoY-72.3%
Interest & investment income	5.96B YoY+23.1%	4.84B YoY+29.7%	3.73B YoY+34.3%	2.78B YoY+40.1%	1.98B YoY-11.1%
Net interest income	1.14B YoY+358.2%	248M YoY+322.5%	-111M YoY-107.6%	1.47B YoY-15.3%	1.73B YoY+30.3%
Other non-operating income	51.1M YoY-46.2%	94.9M YoY+28.8%	73.7M YoY+1005.7%	6.67M YoY+472.3%	1.17M YoY+103.7%
Equity-method income	-13.0M YoY-323.7%	5.79M YoY+156.4%	-10.3M YoY-189.7%	11.5M YoY+194.0%	-12.2M YoY-72.2%
Pre-tax income	2.04B YoY+99.1%	1.03B YoY+164.2%	-1.60B YoY-190.2%	1.77B YoY-26.2%	2.40B YoY+361.5%
Income tax	-6.87M YoY-145.0%	15.3M YoY-61.3%	39.4M YoY-13.5%	45.6M YoY+874.8%	4.67M YoY+116.4%
	2.03B YoY+102.3%	1.00B YoY+161.0%	-1.64B YoY-195.2%	1.73B YoY-27.8%	2.39B YoY+368.2%
Net income to non-controlling interest	24.4M YoY+147.7%	9.86M YoY+109.2%	4.71M YoY+330.5%	1.09M YoY-82.8%	6.38M YoY+359.0%
Preferred dividends	158M YoY+2.2%	155M YoY+9.1%	142M YoY+28.1%	111M YoY+2.9%	108M YoY-24.3%
Net income to common	1.87B YoY+120.6%	847M YoY+147.5%	-1.78B YoY-210.5%	1.61B YoY-29.3%	2.28B YoY+320.9%
	$2.92 YoY+80.2%	$1.62 YoY+144.9%	-$3.61 YoY-192.1%	$3.92 YoY-38.7%	$6.39 YoY+318.8%
EPS (basic)	$2.92 YoY+80.2%	$1.62 YoY+144.9%	-$3.61 YoY-191.9%	$3.93 YoY-38.6%	$6.40 YoY+319.2%
	640M YoY+22.6%	522M YoY+5.5%	495M YoY+20.2%	411M YoY+15.3%	357M YoY+0.9%
	641M YoY+22.6%	523M YoY+5.7%	495M YoY+20.1%	412M YoY+15.3%	357M YoY+1.0%
Dividends per share	$0.70 YoY+7.7%	$0.65 YoY+0.0%	$0.65 YoY-26.1%	$0.88 YoY+0.0%	$0.88 YoY-75.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	2.04B YoY+36.9%	1.49B YoY+5.4%	1.41B YoY-10.4%	1.58B YoY+17.5%	1.34B YoY+7.9%
	136B YoY+31.0%	104B YoY+11.1%	93.2B YoY+13.9%	81.9B YoY+6.6%	76.8B YoY-13.2%
Operating lease right-of-use	26.5M YoY-5.0%	27.9M YoY+369.4%	5.95M YoY-33.0%	8.87M YoY-15.8%	10.5M YoY-19.9%
Goodwill	—	—	—	—	0.00 YoY-100.0%
Intangible assets	6.73M YoY-28.6%	9.42M YoY-22.2%	12.1M YoY-27.4%	16.7M YoY-31.2%	24.2M YoY-56.3%
	119B YoY+31.5%	90.9B YoY+11.0%	81.9B YoY+16.2%	70.5B YoY+10.9%	63.6B YoY-14.6%
Operating lease liability (total)	33.1M YoY+15.7%	28.6M YoY+281.3%	7.51M YoY-33.3%	11.3M YoY-17.9%	13.7M YoY-20.2%
	16.1B YoY+27.6%	12.6B YoY+12.0%	11.3B YoY-0.1%	11.3B YoY-14.4%	13.2B YoY-6.0%
Preferred stock	1.80B YoY+17.3%	1.54B YoY+0.0%	1.54B YoY+0.0%	1.54B YoY+0.0%	1.54B YoY+0.0%
Common stock	7.07M YoY+22.2%	5.78M YoY+15.7%	5.00M YoY+6.8%	4.68M YoY+28.3%	3.65M YoY-73.9%
Additional paid-in capital	27.9B YoY+10.6%	25.3B YoY+6.7%	23.7B YoY+3.0%	23.0B YoY+13.1%	20.3B YoY+2.9%
Retained earnings	-13.2B YoY+0.1%	-13.2B YoY-4.4%	-12.6B YoY-32.3%	-9.54B YoY+1.1%	-9.65B YoY+9.5%
Accumulated other comprehensive income	-489M YoY+52.0%	-1.02B YoY+23.8%	-1.34B YoY+64.0%	-3.71B YoY-487.0%	958M YoY-71.6%
Non-controlling interest	69.1M YoY-21.2%	87.7M YoY-1.8%	89.3M YoY-9.8%	99.0M YoY+288.2%	25.5M YoY+89.2%
Total equity incl. non-controlling	16.2B YoY+27.3%	12.7B YoY+11.9%	11.3B YoY-0.2%	11.4B YoY-13.8%	13.2B YoY-5.9%
Total liabilities & equity	136B YoY+31.0%	104B YoY+11.1%	93.2B YoY+13.9%	81.9B YoY+6.6%	76.8B YoY-13.2%
	707M YoY+22.2%	578M YoY+15.7%	500M YoY+6.8%	468M YoY+28.3%	365M YoY+4.4%
	707M YoY+22.2%	578M YoY+15.7%	500M YoY+6.8%	468M YoY+28.3%	365M YoY+4.4%
	718M YoY+24.2%	578M YoY+15.7%	500M YoY+1.3%	494M YoY+35.2%	365M YoY+4.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	693M YoY-79.1%	3.31B YoY+39.9%	2.37B YoY-55.9%	5.37B YoY+74.6%	3.08B YoY+482.8%
Intangible amortization	2.69M YoY+0.0%	2.69M YoY-8.7%	2.95M YoY-13.5%	3.40M YoY-52.8%	7.21M YoY-31.2%
Deferred income taxes	-6.91M YoY-148.5%	14.2M YoY-63.8%	39.4M YoY-13.1%	45.3M	—
	-27.4B YoY-82.6%	-15.0B YoY-78.1%	-8.42B YoY+42.1%	-14.5B YoY-396.5%	4.90B YoY-87.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Sales/maturities of investments	8.34B YoY+22.1%	6.83B YoY+11.1%	6.15B YoY-35.5%	9.54B YoY-49.1%	18.7B YoY-4.2%
	27.2B YoY+131.7%	11.8B YoY+99.7%	5.88B YoY-37.3%	9.39B YoY+219.2%	-7.88B YoY+81.0%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	2.91B YoY+86.8%	1.56B YoY+131.3%	674M YoY-74.4%	2.64B YoY+377.4%	552M YoY+46897.0%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Dividends paid	495M YoY+31.6%	376M YoY+15.7%	325M YoY-21.1%	412M YoY+28.3%	321M YoY+4.4%
Net change in cash	550M YoY+624.6%	75.9M YoY+146.1%	-165M YoY-170.1%	235M YoY+138.5%	98.4M YoY+116.2%
Income taxes paid	675K YoY+140.0%	-1.69M YoY-252.9%	1.10M YoY+324.4%	-492K YoY+87.0%	-3.80M YoY-350.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	16.1B YoY+51.8%	10.6B YoY+9.3%	9.69B YoY-1.8%	9.86B YoY-13.6%	11.4B YoY-3.4%
P/E	7.9× YoY-25.0%	10.6×	—	3.3× YoY-31.9%	4.8×
P/B	1.0× YoY+18.9%	0.8× YoY-8.5%	0.9× YoY+1.0%	0.9× YoY+4.7%	0.9× YoY+2.8%
	12.6% YoY+33.3%	9.5%	—	30.7% YoY+46.8%	20.9%
	3.1% YoY-11.9%	3.6% YoY+5.8%	3.4% YoY-19.6%	4.2% YoY+48.4%	2.8% YoY-73.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: NLY's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NLY filings on SEC EDGAR → Not investment advice.