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MFA Financial Inc (MFA) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · REIT - MORTGAGE · DATA UPDATED 2026-09-18

MFA Financial Inc (MFA) operates in the REIT - MORTGAGE industry and is headquartered in New York, United States with about 307 employees. Its market capitalization is roughly $845 million. In the fiscal year ended 2025-12-31, MFA reported $875M in revenue and $177M in net income.

MFA Financial, Inc., together with its subsidiaries, operates as a real estate investment trust in the United States. It operates through two segments: Mortgage-Related Assets and Lima One.

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MFA Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$752M	$875M	$280M	$234M	($68M)	$488M	($556M)	$433M	$348M	$373M	$359M	$356M	$359M	$341M	$349M	$358M	$296M	$278M	$65M	$43M	$16M
Gross Profit	$618M	$842M	$244M	$200M	($111M)	$418M	($1.1B)	$433M	$235M	$279M	$284M	$293M	$310M	$341M	$349M	$358M	$296M	$278M	$65M	$43M	$16M
Gross Margin %	82.2%	96.2%	87.4%	85.4%	163.4%	85.6%	200.0%	100.0%	67.5%	74.8%	79.3%	82.3%	86.4%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating Income (EBIT)	$690M	$690M	$638M	$69M	($224M)	$426M	($679M)	$378M	$534M	$74M	$93M	$88M	$28M	$467M	$479M	$466M	$415M	$498M	$46M	$30M	$5M
Operating Margin %	91.7%	78.8%	228.1%	29.5%	331.3%	87.3%	122.2%	87.3%	153.5%	19.9%	25.9%	24.7%	7.9%	137.0%	137.1%	130.1%	140.1%	179.2%	70.8%	69.0%	31.9%
Net Income	$148M	$177M	$119M	$80M	($232M)	$329M	($679M)	$378M	$302M	$322M	$313M	$313M	$314M	$303M	$307M	$316M	$270M	$268M	$46M	$30M	$9M
Net Margin %	19.7%	20.2%	42.6%	34.2%	342.5%	67.3%	122.2%	87.3%	86.8%	86.4%	87.2%	88.0%	87.4%	88.8%	87.9%	88.3%	91.1%	96.6%	70.8%	69.6%	53.3%
EBITDA	$555M	$690M	$644M	$504M	$36M	$456M	($633M)	$3M	$95M	$74M	$532M	$315M	$475M	$307M	$306M	$329M	$310M	$287M	$487M	$379M	$222M
Earnings Per Share (EPS)	$1.41	$1.68	$1.13	$0.77	$-2.25	$2.78	$-6.01	$3.23	$2.86	$3.31	$3.36	$3.37	$3.40	$3.34	$3.44	$3.70	$3.84	$4.37	$1.02	$1.32	$0.59
Shares Outstanding (M)	105M	105M	105M	104M	103M	118M	113M	117M	105M	97M	93M	93M	92M	91M	89M	85M	70M	61M	45M	23M	15M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MFA Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$252M	$229M	$88M	$182M	$192M	$75M	$42M	$82M
Gross Profit	$241M	$219M	$81M	$77M	$64M	$75M	$31M	$82M
Gross Margin %	95.8%	95.4%	91.6%	42.3%	33.4%	100.0%	73.5%	100.0%
Operating Income (EBIT)	$186M	$135M	$192M	$177M	$163M	$40M	$2M	$181M
Operating Margin %	74.0%	58.7%	217.9%	96.8%	85.1%	53.9%	4.4%	219.7%
Net Income	$47M	($1M)	$54M	$48M	$33M	$41M	$6M	$48M
Net Margin %	18.6%	-0.4%	61.7%	26.4%	17.3%	55.0%	14.2%	58.5%
EBITDA	$185M	$132M	$190M	$48M	$34M	—	$132M	$181M
Earnings Per Share (EPS)	$0.44	$-0.01	$0.52	$0.46	$0.32	$0.39	$0.06	$0.45
Shares Outstanding (M)	105M	105M	105M	105M	105M	105M	104M	106M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MFA Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$252M	$76M	$200M	$109M	$366M	$120M	$38M	$216M	$148M	$176M	$86M	$282M	$256M	$298M	$310M	$334M	$246M	$270M	$186M	$69M	$16M
Capital Expenditures (CapEx)	$0M	$0M	$0M	$0M	$0M	$12M	$5M	$2M	$1M	$1M	$1M	$2M	$1M	$0M	$0M	$2M	$0M	$0M	$0M	$0M	$0M
Free Cash Flow (FCF)	$252M	$76M	$200M	$109M	$366M	$108M	$34M	$214M	$147M	$175M	$85M	$281M	$255M	$298M	$310M	$332M	$246M	$270M	$186M	$68M	$16M
FCF Margin %	33.5%	8.7%	71.6%	46.5%	-540.9%	22.2%	-6.0%	49.4%	42.2%	47.0%	23.6%	78.8%	71.1%	87.4%	88.8%	92.7%	82.9%	97.2%	288.2%	157.7%	96.7%
Dividends Paid	$194M	$40M	$177M	$176M	$217M	$189M	$143M	$377M	$345M	$324M	$313M	$312M	$310M	$609M	$349M	$337M	$268M	$230M	$139M	$38M	$24M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MFA Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$129M	$71M	$38M	$15M	$38M	($15M)	$111M	($11M)
Free Cash Flow (FCF)	$129M	$71M	$38M	$15M	$38M	($15M)	$111M	($11M)
FCF Margin %	51.1%	31.0%	42.7%	8.1%	20.0%	-19.5%	267.3%	-13.7%
Dividends Paid	$48M	$49M	$48M	$48M	$48M	$44M	$44M	$44M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MFA Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$13.7B	$13.0B	$11.4B	$10.8B	$9.1B	$9.1B	$6.9B	$13.6B	$12.4B	$11.0B	$12.5B	$13.2B	$12.4B	$12.5B	$13.5B	$11.8B	$8.7B	$9.6B	$10.6B	$8.6B	$6.4B
Cash & Cash Equivalents	$141M	$213M	$339M	$318M	$334M	$305M	$814M	$71M	$52M	$450M	$260M	$165M	$182M	$565M	$401M	$394M	$345M	$653M	$361M	$234M	$47M
Total Liabilities	$11.9B	$11.2B	$9.6B	$8.9B	$7.1B	$6.6B	$4.4B	$10.2B	$9.0B	$7.7B	$9.4B	$10.2B	$9.2B	$9.3B	$10.2B	$9.3B	$6.4B	$7.5B	$9.4B	$7.7B	$5.8B
Total Debt (Short + Long-Term)	$6.4B	$6.6B	$6.0B	$5.0B	$13.6B	$6.6B	$4.6B	$1.1B	$9.0B	$7.1B	$8.8B	$9.6B	$8.4B	$501M	$843M	$907M	$360M	$415M	$732M	$1.4B	$1.8B
Total Shareholders' Equity	$1.8B	$1.8B	$1.8B	$1.9B	$2.0B	$2.5B	$2.5B	$3.4B	$3.4B	$3.3B	$3.0B	$3.0B	$3.2B	$3.1B	$3.3B	$2.5B	$2.2B	$2.2B	$1.3B	$927M	$679M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MFA viewer.

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CIM · Chimera Investment Corporation — $909 million
ABR · Arbor Realty Trust — $868 million
NLY · Annaly Capital Management, Inc. — $16 billion
AGNC · AGNC Investment Corp. — $12 billion
STWD · Starwood Property Trust Inc — $6 billion
RITM · Rithm Capital Corp. — $5 billion

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