Income Statement

Revenue

+561%

+170%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	0	0	0	0	0	1	1	1	1	1	1	2	1	2	1	1	1	1	1	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	429	0	133	264	521	515	509	0
Revenue	56 N/A	75 +34%	97 +29%	117 +21%	129 +10%	133 +3%	133 +0%	123 -8%	123 +0%	129 +5%	137 +6%	153 +12%	178 +17%	197 +11%	219 +11%	234 +7%	222 -5%	232 +4%	217 -6%	207 -5%	198 -4%	251 +26%	295 +18%	344 +17%	365 +6%	429 +17%	458 +7%	502 +10%	505 +0%	532 +5%	552 +4%	535 -3%	530 -1%	537 +1%	485 -10%	458 -6%	427 -7%	394 -8%	437 +11%	474 +8%	508 +7%	527 +4%	521 -1%	520 0%	521 +0%	512 -2%	511 0%	503 -2%	505 +0%	506 +0%	513 +1%	517 +1%	518 +0%	529 +2%	533 +1%	540 +1%	543 +1%	545 +0%	552 +1%	562 +2%	567 +1%	572 +1%	577 +1%	565 -2%	591 +5%	598 +1%	593 -1%	625 +5%	615 -2%	656 +7%	715 +9%	754 +6%	808 +7%	390 -52%	357 -9%	295 -17%	178 -40%	519 +191%	450 -13%	466 +3%	448 -4%	308 -31%	236 -23%	121 -49%	171 +42%	399 +133%	479 +20%	535 +12%	662 +24%	621 -6%	927 +49%	1 050 +13%	806 -23%	1 013 +26%	803 -21%	798 -1%
Gross Profit
Cost of Revenue	(35)	(42)	(51)	(59)	(64)	(65)	(64)	(60)	(57)	(58)	(62)	(71)	(89)	(113)	(140)	(167)	(184)	(187)	(179)	(168)	(182)	(211)	(251)	(295)	(321)	(343)	(341)	(344)	(343)	(321)	(303)	(271)	(229)	(157)	(99)	(46)	(145)	(3)	(5)	(9)	(149)	(14)	(90)	(132)	(172)	(169)	(128)	(125)	(164)	(165)	(167)	(164)	(160)	(163)	(165)	(169)	(177)	(181)	(186)	(190)	(193)	(196)	(197)	(199)	(197)	(197)	(200)	(210)	(232)	(261)	(294)	(321)	(332)	(337)	(340)	(310)	(269)	(215)	(153)	(126)	(120)	(134)	(165)	(207)	(259)	(308)	(351)	(393)	(429)	(465)	(498)	(517)	(521)	(515)	(509)	(507)
Gross Profit	21 N/A	33 +56%	45 +38%	58 +28%	65 +13%	68 +4%	69 +1%	63 -9%	66 +6%	71 +7%	75 +5%	82 +10%	89 +8%	84 -5%	79 -6%	67 -15%	38 -43%	45 +17%	38 -16%	39 +3%	16 -58%	39 +139%	44 +13%	50 +12%	44 -12%	86 +95%	117 +36%	158 +35%	162 +2%	211 +30%	249 +18%	265 +6%	300 +13%	379 +26%	386 +2%	412 +7%	281 -32%	391 +39%	432 +10%	465 +8%	358 -23%	513 +43%	425 -17%	384 -9%	349 -9%	351 +1%	380 +8%	375 -1%	341 -9%	342 +0%	346 +1%	353 +2%	358 +2%	367 +2%	367 +0%	371 +1%	366 -1%	364 -1%	367 +1%	373 +2%	373 +0%	376 +1%	380 +1%	366 -4%	394 +8%	400 +2%	393 -2%	415 +6%	383 -8%	395 +3%	421 +7%	433 +3%	475 +10%	53 -89%	17 -68%	(15) N/A	(90) -495%	304 N/A	297 -2%	340 +14%	328 -4%	175 -47%	71 -59%	(87) N/A	(88) -2%	91 N/A	127 +41%	142 +11%	233 +64%	156 -33%	300 +92%	404 +35%	285 -29%	369 +29%	294 -20%	291 -1%
Operating Income
Operating Expenses	(5)	(6)	(6)	(6)	(6)	(7)	(7)	(8)	(9)	(10)	(10)	(11)	(10)	(12)	(12)	(11)	(10)	(10)	(10)	(10)	(11)	(11)	(12)	(12)	(13)	(15)	(17)	(18)	(19)	(21)	(21)	(22)	(23)	(62)	(99)	(135)	(26)	(166)	(166)	(168)	(31)	(173)	(102)	(67)	(41)	(44)	(83)	(83)	(36)	(38)	(39)	(41)	(45)	(47)	(48)	(51)	(53)	(55)	(57)	(59)	(60)	(62)	(65)	(71)	(72)	(73)	(75)	(74)	(80)	(87)	(90)	(94)	(97)	(248)	(164)	(140)	(119)	56	(19)	(42)	(78)	(117)	(179)	(199)	(191)	(194)	(160)	(160)	(159)	(164)	(163)	(161)	(168)	(165)	(163)	(162)
Selling, General & Administrative	(5)	(5)	(6)	(6)	(6)	(6)	(7)	(8)	(9)	(9)	(10)	(11)	(10)	(12)	(12)	(11)	(10)	(10)	(10)	(10)	(11)	(11)	(11)	(12)	(13)	(14)	(16)	(18)	(19)	(19)	(21)	(22)	(23)	(24)	(25)	(25)	(26)	(27)	(29)	(31)	(31)	(32)	(32)	(32)	(41)	(41)	(44)	(44)	(36)	(38)	(38)	(39)	(42)	(42)	(42)	(42)	(42)	(43)	(44)	(45)	(46)	(46)	(48)	(52)	(50)	(48)	(48)	(44)	(46)	(49)	(50)	(52)	(53)	(53)	(55)	(61)	(57)	(58)	(59)	(66)	(86)	(99)	(112)	(117)	(113)	(115)	(119)	(123)	(130)	(136)	(137)	(136)	(132)	(128)	(125)	(120)
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(3)	(7)	(10)	(13)	(11)	(9)	(7)	(5)	(5)	(4)	(4)	(3)	(3)	(3)	(3)	(3)	(3)
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	(1)	0	0	0	0	0	(39)	(74)	(110)	0	(139)	(138)	(137)	0	(141)	(70)	(35)	0	(3)	(39)	(39)	0	(0)	(1)	(2)	(3)	(5)	(6)	(9)	(10)	(12)	(13)	(14)	(14)	(16)	(17)	(19)	(22)	(25)	(29)	(31)	(34)	(38)	(40)	(42)	(45)	(195)	(109)	(79)	(63)	115	41	27	14	(8)	(55)	(71)	(69)	(71)	(36)	(32)	(25)	(23)	(23)	(22)	(33)	(33)	(35)	(39)
Operating Income	16 N/A	28 +76%	39 +43%	52 +33%	60 +15%	62 +3%	61 0%	55 -11%	58 +5%	61 +6%	65 +5%	71 +10%	79 +11%	72 -8%	68 -7%	56 -17%	28 -50%	35 +25%	28 -21%	29 +3%	6 -79%	28 +373%	33 +18%	38 +15%	31 -19%	72 +134%	101 +40%	140 +39%	143 +3%	191 +33%	228 +20%	243 +7%	277 +14%	317 +14%	287 -9%	277 -4%	255 -8%	225 -12%	266 +18%	297 +12%	327 +10%	340 +4%	328 -4%	320 -3%	308 -4%	300 -3%	300 +0%	295 -2%	305 +3%	304 0%	307 +1%	312 +2%	313 +0%	320 +2%	319 0%	320 +0%	314 -2%	310 -1%	310 +0%	314 +1%	313 0%	314 +0%	315 +0%	295 -6%	322 +9%	328 +2%	318 -3%	342 +7%	303 -11%	309 +2%	331 +7%	340 +3%	378 +11%	(196) N/A	(147) +25%	(155) -6%	(210) -35%	361 N/A	279 -23%	297 +7%	250 -16%	58 -77%	(108) N/A	(285) -164%	(279) +2%	(103) +63%	(32) +69%	(18) +45%	73 N/A	(8) N/A	68 N/A	174 +157%	117 -33%	135 +16%	131 -3%	129 -1%
Pre-Tax Income
Interest Income Expense	1	0	1	0	(0)	(1)	(0)	(1)	(2)	(2)	(3)	(2)	(1)	(1)	(1)	(1)	(21)	(38)	(63)	(63)	(1)	(25)	(0)	(22)	0	(46)	(46)	(24)	0	0	0	1	9	22	29	49	54	56	43	23	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	0	0	0	0	0	0	0
Non-Reccuring Items	(15)	(19)	(19)	(19)	(4)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	(93)	(97)	(98)	(98)	(7)	(10)	(9)	(18)	(43)	(41)	(41)	(39)	(12)	(9)	(13)	(11)	(12)	(9)	(5)	(1)	0	0	(2)	(2)	(2)	(2)	0	0	(0)	(1)	(1)	(1)	(0)	0	(1)	(1)	(1)	(2)	(1)	0	0	0	0	(1)	(1)	(1)	(1)	(0)	(424)	(469)	(470)	(470)	(45)	7	33	79	103	102	91	47	28	31	15	7	39	32	32	3	1	(4)	(4)
Gain/Loss on Disposition of Assets	3	0	0	0	0	0	0	1	2	0	0	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Other Income	0	0	0	0	0	1	2	3	0	3	3	4	0	4	3	2	0	1	2	2	0	2	2	2	0	2	2	2	0	2	2	2	0	2	2	2	0	2	2	2	0	(11)	(5)	(7)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Pre-Tax Income	4 N/A	9 +145%	21 +129%	34 +57%	56 +67%	62 +10%	63 +2%	58 -9%	58 +1%	64 +11%	67 +4%	74 +10%	78 +7%	75 -4%	69 -7%	57 -18%	7 -88%	(2) N/A	(34) -1 772%	(33) +2%	5 N/A	5 -8%	35 +623%	17 -51%	30 +79%	(66) N/A	(41) +38%	20 N/A	46 +131%	185 +305%	220 +18%	236 +8%	268 +14%	297 +11%	276 -7%	287 +4%	270 -6%	270 +0%	301 +11%	308 +2%	316 +3%	318 +1%	314 -1%	308 -2%	307 0%	300 -2%	300 +0%	293 -2%	303 +3%	302 0%	305 +1%	312 +2%	314 +0%	320 +2%	319 0%	320 +0%	313 -2%	309 -1%	310 +0%	314 +1%	313 0%	313 N/A	314 +0%	294 -6%	322 +10%	328 +2%	318 -3%	342 +7%	302 -12%	307 +2%	330 +7%	338 +3%	378 +12%	(620) N/A	(616) +1%	(625) -1%	(679) -9%	315 N/A	285 -9%	331 +16%	329 0%	160 -51%	(7) N/A	(194) -2 799%	(232) -19%	(76) +67%	(1) +98%	(3) -100%	80 N/A	32 -61%	100 +214%	206 +107%	120 -42%	135 +13%	127 -6%	125 -1%
Net Income
Tax Provision	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(1)	(1)	(3)	(0)	1	2	3
Income from Continuing Operations	4	9	21	34	56	62	63	58	58	64	67	74	78	75	69	57	7	(2)	(34)	(33)	5	5	35	17	30	(66)	(41)	20	46	185	220	236	268	297	276	287	270	270	301	308	316	318	314	308	307	300	300	293	303	302	305	312	314	320	319	320	313	309	310	314	313	313	314	294	322	328	318	342	302	307	330	338	378	(620)	(616)	(625)	(679)	315	285	331	329	160	(7)	(194)	(232)	(76)	(1)	(3)	80	31	99	203	119	137	128	128
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income (Common)	4 N/A	9 +145%	21 +129%	34 +57%	56 +67%	62 +10%	63 +2%	58 -9%	58 +1%	64 +11%	66 +2%	72 +9%	75 +4%	69 -7%	63 -10%	49 -21%	(2) N/A	(5) -260%	(37) -591%	(37) +2%	1 N/A	(5) N/A	25 N/A	8 -69%	22 +183%	(74) N/A	(49) +34%	12 N/A	37 +219%	177 +379%	211 +19%	228 +8%	259 +14%	288 +11%	267 -7%	278 +4%	261 -6%	261 N/A	291 +12%	298 +2%	307 +3%	308 +1%	305 -1%	300 -2%	297 -1%	291 -2%	285 -2%	276 -3%	284 +3%	281 -1%	289 +3%	296 +3%	297 +0%	303 +2%	303 0%	303 +0%	297 -2%	293 -1%	294 +1%	298 +1%	296 -1%	296 +0%	296 +0%	277 -7%	307 +11%	311 +2%	302 -3%	325 +8%	286 -12%	291 +2%	314 +8%	322 +3%	362 +12%	(637) N/A	(637) 0%	(650) -2%	(709) -9%	282 N/A	252 -11%	297 +18%	295 -1%	127 -57%	(40) N/A	(228) -464%	(265) -16%	(109) +59%	(35) +68%	(36) -4%	47 N/A	(2) N/A	66 N/A	171 +159%	86 -50%	104 +21%	93 -11%	90 -3%
EPS (Diluted)	0.99 N/A	1.08 +9%	2.21 +105%	2.88 +30%	5.4 +88%	5.32 -1%	4.92 -8%	4.02 -18%	4.28 +6%	3.72 -13%	3.45 -7%	3.63 +5%	3.92 +8%	3.36 -14%	3 -11%	2.38 -21%	-0.07 N/A	-0.27 -286%	-1.88 -596%	-1.84 +2%	0.03 N/A	-0.22 N/A	1.23 N/A	0.36 -71%	0.97 +169%	-2.03 N/A	-1.17 +42%	0.23 N/A	0.82 +257%	3.18 +288%	3.79 +19%	3.5 -8%	4.21 +20%	4.1 -3%	3.79 -8%	3.96 +4%	3.71 -6%	3.49 -6%	3.27 -6%	3.34 +2%	3.59 +7%	3.45 -4%	3.37 -2%	3.35 -1%	3.33 -1%	3.22 -3%	3.17 -2%	3.03 -4%	3.13 +3%	3.05 -3%	3.15 +3%	3.22 +2%	3.22 N/A	3.28 +2%	3.27 0%	3.27 N/A	3.19 -2%	3.16 -1%	3.1 -2%	3.21 +4%	3.19 -1%	3.19 N/A	3.06 -4%	2.78 -9%	3.16 +14%	3.12 -1%	2.72 -13%	3.03 +11%	2.73 -10%	2.54 -7%	2.55 +0%	2.68 +5%	3.09 +15%	-5.61 N/A	-5.56 +1%	-5.26 +5%	-6.28 -19%	2.34 N/A	2.12 -9%	2.5 +18%	2.48 -1%	1.18 -52%	-0.39 N/A	-2.23 -472%	-2.57 -15%	-1.07 +58%	-0.34 +68%	-0.36 -6%	0.46 N/A	-0.02 N/A	0.62 N/A	1.59 +156%	0.82 -48%	0.98 +20%	0.88 -10%	0.85 -3%

Income Statement Balance Sheet Cash Flow Statement

MFA Financial Inc
NYSE:MFA

Income Statement

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MFA Financial Inc

Income Statement
MFA Financial Inc

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MFA Financial Inc NYSE:MFA

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Income Statement MFA Financial Inc

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MFA Financial Inc
NYSE:MFA

Earnings Waterfall
MFA Financial Inc

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MFA Financial Inc