Annaly Capital Management, Inc. (NLY) Earnings
Annaly Capital Management, Inc. is expected to report next earnings on July 22, 2026 (in NaN days), with a consensus EPS estimate of $0.75. NLY has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +2.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.74 | $0.76 | +2.7% | $342M | -48.7% |
| Jan 28, 2026 | $0.72 | $0.74 | +2.8% | $1.8B | +243.4% |
| Oct 22, 2025 | $0.72 | $0.73 | +1.4% | $2.2B | +288.8% |
| Jul 23, 2025 | $0.72 | $0.73 | +1.4% | $1.8B | +262.5% |
| Apr 30, 2025 | $0.71 | $0.72 | +1.4% | $245M | -41.6% |
| Jan 29, 2025 | $0.67 | $0.72 | +7.5% | $539M | +27.6% |
| Oct 23, 2024 | $0.67 | $0.66 | -1.5% | $133M | -89.2% |
| Jul 24, 2024 | $0.66 | $0.68 | +3.0% | $42M | -96.1% |
| Feb 7, 2024 | $0.64 | $0.68 | +6.3% | $-351M | — |
| Oct 25, 2023 | $0.65 | $0.66 | +1.5% | $-517M | -153.6% |
| Jul 26, 2023 | $0.69 | $0.72 | +4.3% | $218M | -76.3% |
| Feb 8, 2023 | $0.86 | $0.89 | +3.5% | $-825M | -327.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Macro backdrop: January and February saw resilient economy and labor market stabilization, then Middle East war caused energy price shock and bond market reaction. - Portfolio performance: Delivered 1.5% economic return, 76 cents of earnings available for distribution per share. - Agency strategy: Allocated capital dynamically, ended quarter at $92 billion in market value, repositioned portfolio during rate sell-off. - Residential credit: Portfolio value increased, acquired whole loans, securitization market healthy. - MSR strategy: Committed to purchase MSR, supply levels ample, underlying fundamentals strong. - Financials: Book value per share decreased by 1.9%, earnings available for distribution per share increased to 76 cents, net interest margin improved, residential credit securitization business had record quarter.
Guidance
- Believes each investment strategy well-positioned to deliver attractive risk-adjusted returns. - Agency spreads at reasonable level, technicals favorable. - Residential credit business sees strong growth. - MSR portfolio expected to add more MSR with flow acquisition channels. - Entering second quarter with more balanced opportunity set.
Segment performance
Agency: Ended the quarter at $92 billion in market value, marginal decrease from year-end, representing 56% of the firm's capital. Residential Credit: Portfolio ended at $10.3 billion in market value, increasing to 23% of the firm's capital, with $6.7 billion in whole loans acquired, lock volume at $7.4 billion. MSR: Portfolio ended at $4.2 billion in market value, capital allocation increased to 21% of the firm's capital, committed to purchase $24 billion in principal balance of MSR.
Risks & headwinds
- Middle East war introduced energy price shock challenging U.S. economy. - Bond market reacted sharply to Middle East conflict and higher commodity prices. - Expectations for monetary policy shifted with limited rate cuts expected. - Re-proposed bank capital requirements have certain impacts but uncertainties remain. - Geopolitical developments caused rate macro volatility requiring hedge adjustments.
Analyst Q&A
Q: Do bank capital rules drive significant changes in bank balance sheets?
A: Estimated $600 billion balance sheet capacity, reduce agency issuances, banks not likely to return to origination. -
Q: Update on book value quarter to date?
A: Up 4% in economic return terms inclusive of dividend accrual. -
Q: Expand on non-agency subsectors returns?
A: Broken down into third-party securities, OBX, whole loans with different return ranges. -
Q: Impact of non-QM delinquencies on investor appetite?
A: 2024 and 2025 vintages show lower delinquencies, serious delinquencies in portfolio consistent. -
Q: Aggressiveness in raising capital and deployment?
A: Capital raised for resi credit and MSR, agency looks investable but will be thoughtful in allocation. -
Q: Dynamic of originators selling loans in non-agency vs agency channel?
A: LLPAs cause originators to prefer non-agency channel, some originators using PLS market for owner-occupied collateral. -
Q: Hedging portfolio changes and outlook?
A: More comfortable with swaps due to Fed and bank capital rule changes, still maintain treasuries for shock hedging. -
Q: Disaggregate book value decline and Onslow Bay business outlook?
A: Agency lagged, Resi and MSR performed better, Onslow Bay business seen as resilient with market growth.