MFA Financial (MFA) Financial Statements & Analysis

MFA Financial (MFA) Income Statement

MFA Financial reported revenue of $298.59M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 2.9% from $290.11M a year earlier. Net income was $176.78M, up 104.7% year over year, a net margin of 59.2%. Gross margin was 281.9% and operating margin 59.0%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $78.19M, up 7.5% from the same quarter a year earlier.

MFA Financial Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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MFA Financial, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	298.59	290.11	248.45	-67.62	373.33	-555.87	433.33	347.88	373.06
Cost of Revenue	33.45	35.31	34.14	42.89	44.07	0.00	0.00	113.25	94.17
Gross Profit	841.79	244.30	199.91	-110.52	418.19	-555.87	433.33	234.63	278.89
Operating Expenses
Research & Development	0.00	0.80	0.80	0.80	0.40	0.00	0.00	-	-
Selling, General & Administrative	119.41	44.25	43.87	35.99	82.72	56.71	52.65	46.08	49.63
Operating Expenses	151.76	132.71	130.75	113.52	17.84	-555.87	433.33	79.00	50.00
Operating Income	176.05	119.69	80.44	-232.43	426.42	0.00	0.00	533.99	74.16
Other Income/Expense
Interest Income	745.06	723.97	605.60	482.42	362.30	432.83	0.00	455.68	433.45
Interest Expense	513.98	521.23	429.12	258.84	120.39	268.76	0.00	232.19	197.14
Other Income/Expense	-513.98	8.10	11.00	-8.40	-97.55	-679.39	378.12	207.03	0.00
Income
Income Before Tax	176.05	119.69	80.44	-232.43	328.87	-679.39	378.12	301.80	322.39
Income Tax Expense	-0.74	0.44	0.28	-0.85	0.00	0.00	0.00	1.66	445.38
Net Income	176.78	86.38	47.29	-264.46	328.87	-679.39	378.12	301.80	322.39
Net Income - Continuous Operations	176.78	119.25	80.16	-231.58	328.87	-679.39	378.12	301.80	322.39
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	1.23	-5.49	-18.97	-27.31	455.86	0.00	3.32	94.78	74.16
EBIT	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	2.20	3.20	4.20	9.20	6.60	0.00	3.32	321.55	235.43
Earnings Per Share
Basic EPS	1.00	1.00	-	-3.00	3.00	-6.00	3.00	3.00	3.00
Diluted EPS	1.00	1.00	-	-3.00	3.00	-6.00	3.00	3.00	3.00
Basic Shares Outstanding	104.17	103.49	102.22	103.15	110.70	113.01	112.74	104.73	97.09
Diluted Shares Outstanding	104.97	105.10	103.58	103.15	118.47	113.01	116.94	105.44	97.28

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About MFA Financial Financial Statements

What was MFA Financial's revenue in fiscal 2025?

MFA Financial reported revenue of $298.59M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 2.9% from $290.11M a year earlier.

Is MFA Financial profitable?

Yes. MFA Financial earned net income of $176.78M in fiscal 2025, a net margin of 59.2%. In fiscal 2024 it earned $86.38M.

What is MFA Financial's operating margin?

MFA Financial's operating income was $176.05M on revenue of $298.59M in fiscal 2025, an operating margin of 59.0%, compared with 41.3% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition