Annaly Capital Management, Inc. · NLY · FY2025 Q1 · Calendar Q2 2025

Annaly maintains strategy while navigating rate and regulatory risk

The supplied analysis supports a cautiously constructive view of Annaly's operating trajectory: management cited resilience, liquidity and multiple capital-deployment avenues, while the evidence remains balanced by book-value, market-volatility and regulatory risks.

Reported After market closeNYSEReal Estate $13.83B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $0.70
EPS surprise — Reported versus consensus
Reported revenue — Consensus $420.7M
Revenue surprise — Reported versus consensus

Market reaction

event-close to next-session close
Stock move -0.9% Event window
SPY move +0.7% Same window
Abnormal move -1.6% Stock minus SPY
Volume 0.9× Versus trailing sessions
Subsequent drift -2.4% Up to 20 sessions
NLYSPY benchmark

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Transcript intelligence

What changed

The quarter's analysis highlights a maintained outlook, an increased dividend, a larger agency allocation and continued resilience in residential credit and MSR. Management also identified potential opportunities linked to GSE privatization while emphasizing macro and regulatory uncertainty.

Guidance delta

Management guidance sentiment was maintained, with plans to keep the dividend at its stated level and continue investing across agency MBS, residential credit and securitizations.

Key takeaways

  • Management described a solid quarter and highlighted resilience across agency MBS, residential credit and MSR.
  • Capital allocation remained focused on agency MBS, the OBX platform, HELOC and non-QM securitizations.
  • Liquidity and diversified funding support the growth plan, but rate, spread and policy volatility remain central risks.

Management priorities

  • Maintain the dividend policy described on the call.
  • Continue allocating capital to agency MBS and expand the OBX loan-to-securitization platform.
  • Pursue additional HELOC and non-QM securitizations.
  • Monitor potential GSE privatization and related opportunities.

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Earnings History

Estimate Beat Miss Match
NLY REVENUE earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $1B Q4 '23 actual $-351M, miss Q1 '24 estimate $1B Q1 '24 actual $2B, beat Q2 '24 estimate $1B Q2 '24 actual $2B, beat Q3 '24 estimate $1B Q3 '24 actual $-2B, miss Q2 '25 estimate $494M Q2 '25 actual $2B, beat Q3 '25 estimate $555M Q3 '25 actual $2B, beat Q4 '25 estimate $697M Q4 '25 actual $1B, beat Q1 '26 estimate $595M Q1 '26 actual $342M, miss Q2 '26 estimate $640M Q2 '26 actual $893M, beat Q3 '26 estimate $637M Q3 '26 actual $-931M, miss Q4 '26 estimate $719M Q1 '27 estimate $728M Q2 '27 estimate $724M Q3 '27 estimate $732M
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Analyst Consensus ?

ConsensusBuy28 ratings
Bullish1657.1%
Neutral1035.7%
Bearish27.2%

Analyst 52W Price Targets

$18.35Previous close
$21Low
$23.93Average
$34High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Overweight OverweightMaintainOct 22, 2026
RBC Capital Outperform OutperformMaintainOct 22, 2026
JP Morgan Overweight OverweightMaintainOct 22, 2026
Barclays Equal Weight Equal WeightMaintainOct 22, 2026
Jones Trading Buy BuyMaintainOct 21, 2026
Show 23 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $18.35. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
RBC CapitalAnalyst unavailable$21$18.48 +14.4%Oct 22, 2026
Wells FargoAnalyst unavailable$22$18.01 +19.9%Oct 22, 2026
BarclaysAnalyst unavailable$21$18.01 +14.4%Oct 22, 2026
BTIGAnalyst unavailable$21$18.42 +14.4%Oct 6, 2026
BTIGAnalyst unavailable$24$22.59 +30.8%Jun 17, 2026
See 19 more

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Company context

Snapshot as of publication

Annaly Capital Management, Inc. (NLY) operates as a multifaceted financial firm, specializing in managing capital across various sectors. Its core business encompasses mortgage-related investments and lending to middle-market corporations. NLY strategically deploys capital across a diverse range of assets, including government-sponsored (Agency) and privately-issued (non-Agency) mortgage-backed securities, residential and commercial mortgage loans, mortgage servicing rights, credit risk transfer instruments, corporate debt, and other commercial real estate investments. Operating as a Real Estate Investment Trust (REIT), Annaly benefits from a particular tax structure. This designation exempts it from federal corporate income tax, provided it distributes the majority of its taxable earnings to its investors. Established in 1996, the firm's corporate headquarters are located in New York City.

Historical context

All NLY earnings

Real Estate peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
RITM-PD Rithm Capital Corp. FY2026 Q3 · Calendar Q4 2026 +10.2% — Rithm highlights servicing, inflows and technology-led efficiency
CBRE CBRE Group, Inc. FY2026 Q3 · Calendar Q4 2026 +4.6% -2.5% CBRE: Infrastructure Growth Offsets Capital-Markets Headwinds

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-04-16T00:02:45.914612+00:00
  3. Polygon adjusted daily market bars · 2026-10-26T10:50:46.031071+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T10:50:46.028094+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.