Ellington Financial (EFC) financial statements
Ellington Financial reported revenue of $336M in fiscal 2025, up 23.8% a year over 6 years.
Net income was $119M.
Free cash flow was -$925M, and the company returned $184M in dividends.
The diluted share count rose 206% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ellington Financial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $93M | $47M | $151M | $60M | $277M | $306M | $336M |
| Cost of revenue | $1M | — | — | — | — | — | — | — | — | — |
| Operating income | $36M | $35M | $43M | — | — | — | — | — | — | — |
| Interest expense | $16M | $31M | $57M | $78M | $62M | $44M | $142M | $262M | $280M | $305M |
| Pre-tax income | — | — | — | $63M | $2M | $86M | -$25M | $89M | $116M | $98M |
| Income tax | — | — | — | $2M | $11M | $3M | -$18M | $457,000 | $612,000 | $4M |
| Net income | -$16M | $34M | $47M | $56M | $17M | $125M | -$85M | $61M | $118M | $119M |
| EPS (diluted) | -$0.48 | $1.04 | $1.52 | $1.76 | $0.39 | $2.58 | -$1.43 | $0.89 | $1.36 | $1.19 |
| Diluted shares | — | — | — | 33M | 44M | 49M | 61M | 69M | 88M | 101M |
| Net margin | — | — | — | 60.5% | 37.0% | 83.0% | -142.2% | 22.0% | 38.6% | 35.3% |
Balance sheet
Fiscal years, from Ellington Financial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $123M | $47M | $45M | $72M | $112M | $93M | $217M | $229M | $192M | $202M |
| Property, plant and equipment | — | — | — | — | — | $0 | $1M | $1M | $1M | $868,000 |
| Total assets | $2.4B | $3.0B | $4.0B | $4.3B | $3.4B | $5.2B | $14.1B | $15.3B | $16.3B | $19.4B |
| Total liabilities | $1.8B | $2.4B | $3.4B | $3.5B | $2.5B | $3.9B | $12.9B | $13.8B | $14.7B | $17.5B |
| Shareholders' equity | $638M | $600M | $564M | $829M | $885M | $1.3B | $1.2B | $1.5B | $1.6B | $1.8B |
| Net debt | -$123M | -$47M | -$45M | -$72M | -$112M | -$93M | -$217M | -$229M | -$192M | -$202M |
Cash flow
Fiscal years, from Ellington Financial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $70M | -$463M | -$494M | $79M | $120M | $51M | $43M | -$242M | -$431M | -$925M |
| Capital spending | — | — | — | $240,000 | $153,000 | $2M | $222,000 | -$37,000 | $0 | $0 |
| Free cash flow | — | — | — | $79M | $119M | $49M | $42M | -$242M | -$431M | -$925M |
| Stock-based compensation | $400,000 | $385,000 | $415,000 | $475,000 | $722,000 | $971,000 | $1M | $1M | $1M | $4M |
| Dividends paid | $65M | $58M | $51M | $54M | $65M | $86M | $123M | $149M | $164M | $184M |
| Share buybacks (net) | -$14M | -$15M | -$23M | -$782,000 | -$3M | $0 | -$2M | -$12M | -$685,000 | $0 |
| Free cash flow margin | — | — | — | 84.7% | 255.8% | 32.5% | 70.8% | -87.3% | -140.9% | -275.1% |
| Dividends per share | — | — | — | $1.66 | $1.47 | $1.74 | $2.03 | $2.16 | $1.86 | $1.83 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for EFC.
Open EFC in InvestinglyQuestions
What was Ellington Financial's revenue in 2025?
$336M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ellington Financial generate?
-$925M in fiscal 2025 (operating cash flow minus capital spending).
From Ellington Financial's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.