Annaly Capital Management, Inc.
NYSE: NLY · REAL ESTATE · REIT - MORTGAGE
Updated 2026-06-05
Annaly Capital Management, Inc. (NLY) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $221.63M | $525.38M | $1.11B | $10.82B | $10.86B | $2.42B | $7.64B | $-12.89B | $6.13B | $-3.17B | $6.86B | $6.93B | $2.62B | $-1.20B | $527.97M | $3.08B | $5.37B | $2.37B | $3.31B | $692.91M |
| Capital expenditures | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.56M | $67.47B | $20.19M | $164.72M | $274.86M | $174.17M | $11.49M | $381000.00 | $24.95M | $32.68B | $538.14M | $1.01B | $396.81M | $863.12M | $915.07M |
| Depreciation | $65.21M | $66.55M | $4.13M | $2.32M | $1.60M | $2.30M | $4.08M | $2.61M | $4.59M | $19.97M | $34.76M | $26.55M | $72.36M | $31.56M | $41.36M | $24.64M | $20.51M | $24.81M | $30.36M | $280.68M |
| Stock-based comp | — | — | — | $4.51M | $4.76M | $5.27M | $5.58M | $2.55M | $1.07M | $1.16M | $7.05M | $1.41M | — | — | — | — | $19.40M | $17.30M | — | — |
| Free cash flow | $221.63M | $525.38M | $1.11B | $10.82B | $10.86B | $2.42B | $-59.83B | $-12.91B | $5.96B | $-3.44B | $6.68B | $6.92B | $2.62B | $-1.22B | $-32.15B | $2.54B | $4.36B | $1.97B | $2.45B | $-222.16M |
| Investing cash flow | $-15.04B | $-21.46B | $-2.27B | $-7.34B | $-13.85B | $-25.12B | $-18.69B | $37.55B | $-7.80B | $11.67B | $-2.06B | $-14.67B | $-908.42M | $-20.64B | $40.35B | $4.90B | $-14.53B | $-8.42B | $-14.98B | $-27.36B |
| Financing cash flow | $14.90B | $20.95B | $1.97B | $-2.88B | $1.76B | $23.41B | $10.68B | $-24.72B | $2.86B | $-8.47B | $-5.02B | $12.20B | $-684.44M | $21.96B | $-41.49B | $-7.88B | $9.39B | $5.88B | $11.75B | $27.22B |
| Dividends paid | $95.53M | $263.67M | $975.07M | $1.27B | $1.60B | $2.04B | $2.15B | $1.64B | $1.21B | $1.21B | $1.22B | $1.35B | $1.54B | $1.69B | $1.48B | $1.36B | $1.52B | $1.52B | $1.49B | $1.88B |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | $-1.22B | — | $-378.41M | — | $1.19B | $28.01M | $-229.51M | $-833.16M | $1.03B | $114.98M | $-607.03M | $98.39M | $234.62M | — | — | — |
Frequently asked questions
What is Annaly Capital Management, Inc.'s revenue?
Annaly Capital Management, Inc.'s trailing twelve-month revenue is $2.50B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NLY?
In its most recent fiscal year, NLY ran a gross margin of 99.92%, an operating margin of 102.58%, and a net margin of 30.28%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NLY generate?
NLY produced $-222.16M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NLY's balance sheet healthy?
NLY holds $2.04B in cash and equivalents against $31.93B in long-term debt, on $16.09B of shareholder equity. That debt is best read against the cash flow the business throws off each year.