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Dynex Capital (DX)
NYSE:DX
Earnings Data
Report Date
Apr 27, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.32Last Year’s EPS
0.21Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized very strong financial and operating performance—double-digit quarterly and annual returns, meaningful book value and dividend gains, significant accretive capital raising, scale expansion, and improved expense efficiency. Management also highlighted structural tailwinds from a reactivated GSE presence and continued demand for income, positioning Dynex to deploy capital opportunistically. Offsetting items include spread tightening that reduces near-term upside versus the exceptional prior environment, persistent policy uncertainty affecting prepayment/convexity dynamics, and a short-term increase in compensation-driven expenses. On balance, the positive operational and financial developments, robust liquidity, and disciplined capital deployment materially outweigh the manageable risks discussed on the call.Company Guidance
Exceptional Total Economic Returns
Fourth-quarter total economic return (TER) of 10.2% and full-year 2025 TER of 21.7% (the highest TER this decade), reflecting strong portfolio performance and driving shareholder value.
Strong Book Value and Dividend Performance
Q4 book value per share rose $0.78 and common dividend in the quarter was $0.51; for the year book value increased $0.75 and the company declared $2.00 of common dividends (monthly), with current book value range reported at $13.85–$14.05 per share, up ~3%–4% from year-end.
Substantial Shareholder Returns and Market Capitalization Growth
Dynex shareholders earned a 29.4% total shareholder return in 2025; over the decade through 12/31/2025 shareholders experienced a 67% total return (~9% annualized with dividends reinvested). Total equity market capitalization (including preferred) reached ~$3.0 billion as of late January.
Aggressive, Accretive Capital Raising and Deployment
Raised and invested over $1.0 billion during 2025 and $1.5 billion over the past 13 months at accretive levels; nearly $350 million raised in the first days of January 2026; share count reported at ~199.6 million.
Portfolio Growth and Liquidity
TBA and mortgage-backed securities portfolio grew from $9.8 billion at the start of the year to $19.4 billion at year-end and is currently ~$22.0 billion after post-year-end additions. Liquidity remained strong with ~$1.4 billion of cash and unencumbered securities, representing over 55% of total equity.
High Comprehensive Income and Manageable Leverage
Comprehensive income was $190 million in Q4 and $354 million for 2025. Reported leverage was 7.3x total equity at quarter-end, with targeted operating leverage in the low–mid single-digit range (7–8x) supporting mid-teens hedged ROEs.
Improved Expense Efficiency
General & administrative expenses as a percentage of capital improved materially, down from 2.9% to 2.1% year over year, reflecting operating efficiency despite investments in people and technology.
Organizational and Capability Enhancements
Added senior hires (new Chief Operating Officer, Chief Legal Officer, senior investment professionals), opened two new offices (Richmond and NYC), separated CFO and COO roles, and built corporate development capabilities to support scalable growth and strategic optionality.
Positive Policy & Market Tailwinds
Announcement of a $200 billion increase in GSE retained portfolios is expected to be a technical tailwind for mortgage spreads (reducing downside tail risk), combined with strong expected bank demand and structural passive flows that should support valuations and liquidity.
DX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 26, 2026 | $14.62 | $14.60 | -0.14% |
Oct 20, 2025 | $12.73 | $12.78 | +0.38% |
Jul 21, 2025 | $11.44 | $11.45 | +0.08% |
Apr 21, 2025 | $10.21 | $10.03 | -1.80% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Dynex Capital (DX) report earnings?
Dynex Capital (DX) is schdueled to report earning on Apr 27, 2026, Before Open (Confirmed).
What is Dynex Capital (DX) earnings time?
Dynex Capital (DX) earnings time is at Apr 27, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DX EPS forecast?
DX EPS forecast for the fiscal quarter 2026 (Q1) is 0.32.