NLY earnings analysis
What we found in NLY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Annaly reported Q2 EPS of $0.79, above both Q1 2026 EPS of $0.33 and Q2 2025 EPS of $0.03, while supplied revenue of $1.812 billion was $122.2 million above consensus. The provided filing excerpt does not include the income statement, segment tables, balance sheet, cash-flow statement, or detailed MD&A, so margin, segment, liquidity, working-capital, and free-cash-flow trends cannot be substantiated from the extracted text. Management did not provide numeric forward guidance in the 10-Q, and Item 1A reported no material risk-factor changes.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS improved sharply versus both comparisons
- Reported Q2 EPS was $0.79, up $0.46, or approximately 139%, from $0.33 in Q1 2026 and up $0.76 from $0.03 in Q2 2025. The supplied earnings result also exceeded the $0.74 consensus estimate by $0.05.
- Revenue exceeded consensus by $122.2 million
- Q2 revenue was $1,812,198,000, exceeding the supplied consensus estimate of $1,690,000,000 by $122,198,000, or 7.23%. A like-for-like prior-quarter and prior-year comparison for this revenue presentation is not available in the extracted filing text.
- Full $1.5 billion buyback capacity remains
- No common shares were repurchased during Q2, leaving the full $1.5 billion authorization available as of June 30, 2026. The authorization extends through December 31, 2029.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- No Q2 buyback activity despite $1.5B capacity
- The company repurchased no shares in Q2 despite having $1.5 billion available under its authorization at June 30, 2026. This preserves capital flexibility but leaves buyback support and capital-return timing uncertain.
- No material risk-factor updates disclosed
- Item 1A states there were no material changes to the risk factors in the latest Form 10-K. Accordingly, this filing identifies no newly added or materially revised risk factor for investors to quantify.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.79
What they said about what is next.
The 10-Q does not provide quantitative revenue or EPS guidance. Management retained authorization to repurchase up to $1.5 billion of common stock through December 31, 2029; $1.5 billion remained available at June 30, 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · April 29, 2026
- Annaly Capital Management reported strong Q1 2026 results with revenues reaching $1.724 billion, significantly surpassing estimates of $506.1 million. Diluted EPS was $0.76, beating the estimated $0.74, reflecting…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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