Revenue performance remains highly inconsistent, highlighted by a sharp 68.9% year-over-year decline in 2026Q1 revenue to $24.7M, reflecting extreme sensitivity to interest rate spreads.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Revenue | 280.73M | 339.7M | 329.27M | 189.8M | -437.55M | 50.33M | -1.65B | 408.05M | 424.49M | 405.94M | 332.96M | 440.64M | -164.67M | 212.97M | 382.47M | 469.62M | 137.7M | 20.9M |
| Revenue Growth % | -25.79% | 3.17% | 73.48% | 143.38% | -969.33% | 103.05% | -503.93% | -3.87% | 4.57% | 21.92% | -24.44% | 367.58% | -177.32% | -44.32% | -18.56% | 241.05% | 558.72% | - |
| Property Operating Expenses | 113.98M | 219.87M | 250.18M | 12.29M | 16.91M | 21.08M | 0 | 0 | 40.72M | 0 | 34.54M | 46.85M | 0 | 42.64M | 35.66M | 10.96M | 0 | 0 |
| Net Operating Income (NOI) | 166.75M | 119.83M | 79.09M | 177.51M | -377.6M | 29.25M | -1.65B | 408.05M | 383.77M | 405.94M | 298.42M | 393.79M | -164.67M | 170.33M | 346.81M | 458.66M | 137.7M | 20.9M |
| NOI Margin % | 59.4% | 35.28% | 24.02% | 93.52% | 86.3% | 58.12% | 100% | 100% | 90.41% | 100% | 89.63% | 89.37% | 100% | 79.98% | 90.68% | 97.67% | 100% | 100% |
| Operating Expenses | -4.22M | 18.56M | 19.21M | 19.73M | -123.02M | 109.41M | -1.65B | 408.05M | -26.12M | 405.94M | 7.26M | 7.77M | 15.27M | 10.51M | 4.03M | 3.86M | 2.85M | 1.23M |
| G&A Expenses | 7.52M | 7.27M | 7.15M | 19.73M | 8.42M | 29.23M | 10.86M | 46.17M | 47.79M | 44.75M | 41.81M | 46.4M | 52.87M | 53.14M | 39.68M | 30.12M | 12.09M | 3.46M |
| EBITDA | 171.64M | 101.97M | 310.38M | 213.01M | -350.53M | -101.54M | 0 | 0 | -95.69M | 335.98M | 263.16M | 114.06M | -217.54M | 159.82M | 336.84M | 283.5M | 95.96M | 17.44M |
| EBITDA Margin % | 61.14% | 30.02% | 94.26% | 112.23% | 80.11% | -201.75% | 0% | 0% | -22.54% | 82.77% | 79.04% | 25.88% | 132.1% | 75.05% | 88.07% | 60.37% | 69.69% | 83.43% |
| Depreciation & Amortization | 669K | 688K | 587K | -9.84M | -19.09M | -21.38M | -23.28M | -23.21M | -25.18M | -23.89M | 7.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 0.24% | 0.2% | 0.18% | -5.18% | 4.36% | -42.48% | 1.41% | -5.69% | -5.93% | -5.88% | 2.33% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Operating Income | 170.97M | 101.28M | 309.79M | 222.84M | -331.44M | -80.16M | 0 | 0 | -70.51M | 359.87M | 255.4M | 114.06M | -217.54M | 159.82M | 342.78M | 437.16M | 189.03M | 17.44M |
| Operating Margin % | 60.9% | 29.81% | 94.08% | 117.41% | 75.75% | -159.26% | 0% | 0% | -16.61% | 88.65% | 76.71% | 25.88% | 132.1% | 75.05% | 89.62% | 93.09% | 137.28% | 83.43% |
| Interest Expense | 4M | 219.87M | 249.72M | 228.23M | 51.56M | 0 | 82.26M | 472.32M | 338.87M | 196.59M | 157.35M | 277.97M | 281.89M | 332.25M | 237.41M | 155.24M | 29.56M | 4.63M |
| Interest Coverage | - | 1.46x | 1.24x | 0.98x | -6.43x | - | 0.28x | 0.05x | 0.07x | 1.86x | -0.05x | 0.43x | 0.18x | 0.41x | 1.42x | 1.83x | 3.25x | 3.77x |
| Non-Operating Income | 0 | 0 | 191K | 67K | 0 | 0 | -23.28M | -23.21M | -95.69M | -5.91M | 263.16M | -6.05M | -268.7M | 22.06M | 5.94M | 153.66M | 93.07M | 0 |
| Pretax Income | 61.73M | 101.28M | 59.88M | -15.86M | -402.92M | -90M | -1.67B | 364.1M | -70.54M | 353.06M | 257.7M | 114.06M | -217.54M | 159.82M | 342.78M | 286.8M | 103.72M | 2.42M |
| Pretax Margin % | 21.99% | 29.81% | 18.19% | -8.36% | 92.09% | -178.81% | 101.58% | 89.23% | -16.62% | 86.97% | 77.4% | 25.88% | 132.1% | 75.05% | 89.62% | 61.07% | 75.33% | 11.56% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.23M | 0 | 0 | -15.09M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.36% | 0% | 0% | -624.49% |
| Net Income | 61.76M | 101.29M | 59.88M | -15.86M | -402.92M | -90M | -1.67B | 364.1M | -70.79M | 348.61M | 254.41M | 112.71M | -215.06M | 158.16M | 333.28M | 281.92M | 98.4M | 15.09M |
| Net Margin % | 22% | 29.82% | 18.19% | -8.36% | 92.09% | -178.81% | 101.58% | 89.23% | -16.68% | 85.88% | 76.41% | 25.58% | 130.6% | 74.26% | 87.14% | 60.03% | 71.46% | 72.21% |
| Net Income Growth % | 22.53% | 69.15% | 477.59% | 96.06% | -347.69% | 94.62% | -559.86% | 614.34% | -120.31% | 37.03% | 125.72% | 152.41% | -235.98% | -52.55% | 18.22% | 186.5% | 551.91% | - |
| Funds From Operations (FFO) | 62.43M | 101.98M | 60.47M | -25.7M | -422.02M | -111.38M | -1.7B | 340.89M | -95.97M | 324.72M | 262.17M | 112.71M | -215.06M | 158.16M | 333.28M | 281.92M | 98.4M | 15.09M |
| FFO Margin % | 22.24% | 30.02% | 18.36% | -13.54% | 96.45% | -221.3% | 103% | 83.54% | -22.61% | 79.99% | 78.74% | 25.58% | 130.6% | 74.26% | 87.14% | 60.03% | 71.46% | 72.21% |
| FFO Growth % | 1062.81% | 68.65% | 335.33% | 93.91% | -278.89% | 93.44% | -597.99% | 455.19% | -129.56% | 23.86% | - | - | - | - | - | - | - | - |
| FFO per Share | 0.71 | 1.54 | 1.13 | -0.58 | -12.35 | -4.05 | -97.72 | 25.76 | -8.58 | 26.39 | 20.13 | 9.18 | -17.27 | 11.79 | 28.48 | 32.11 | 35.82 | 29.04 |
| FFO Payout Ratio % | 204.17% | 104.82% | 174.42% | -397.71% | -33.24% | -119.47% | -8.1% | 79.57% | -244.21% | 65.5% | 78% | 212.37% | -123% | 210.41% | 91.95% | 94.88% | 74.14% | 41.67% |
| EPS (Diluted) | 0.71 | 1.32 | 0.65 | -0.85 | -12.21 | -4.80 | -98.93 | 24.16 | -10.30 | 27.50 | 19.80 | 7.40 | -17.60 | 9.90 | 28.90 | 32.70 | 37.80 | 33.70 |
| EPS Growth % | 104.76% | 103.08% | 176.47% | 93.04% | -154.38% | 95.15% | -509.48% | 334.56% | -137.45% | 38.89% | 167.57% | 142.05% | -277.78% | -65.74% | -11.62% | -13.49% | 12.17% | - |
| EPS (Basic) | - | 1.32 | 0.65 | -0.85 | -12.21 | -4.80 | -98.93 | 24.16 | -10.30 | 28.70 | 20.70 | 7.40 | -16.20 | 9.90 | 28.90 | 32.70 | 37.80 | 33.70 |
| Diluted Shares Outstanding | 87.49M | 66.31M | 53.48M | 44.07M | 34.16M | 27.51M | 17.37M | 13.23M | 11.19M | 12.3M | 13.03M | 12.28M | 12.45M | 13.42M | 11.7M | 8.78M | 2.75M | 519.8K |
High Leverage Interest Sensitivity
According to the provided quarterly data, IVR's revenue trajectory remains highly inconsistent, evidenced by a sharp 68.9% year-over-year decline in 2026Q1 revenue to $24.7M, following a period of extreme fluctuations that suggest the company's core earnings power is heavily dependent on volatile market-driven interest rate spreads.
The dramatic swings in revenue and NOI suggest that the company's reliance on leveraged mortgage-backed securities creates a fragile income profile. Investors should monitor whether the recent contraction in NOI reflects a strategic pivot or an inability to maintain profitable spreads in the current interest rate environment.
As reported in financial statements, IVR's FFO per share has exhibited significant instability, swinging from a positive $0.78 in 2025Q4 to a negative $0.23 in 2026Q1, which highlights the inherent difficulty in maintaining consistent cash flow distributions given the company's high-leverage operating model.
The negative FFO reported in recent periods suggests that the company's dividend yield may not be supported by recurring operational earnings. This volatility warrants further investigation into whether the current dividend payout ratio is sustainable without further eroding the company's book value.
Based on IVR's reported figures, NOI margins have fluctuated wildly, ranging from a high of 100% in 2024Q3 to a negative 53.6% in 2025Q2, indicating that the company's property-level profitability is extremely sensitive to the cost of financing and the fair value of its underlying mortgage assets.
The extreme variance in NOI margins appears to be a direct consequence of the company's reliance on short-term repurchase agreements to fund long-term assets. This suggests that any tightening in funding markets or adverse movements in the yield curve may lead to immediate and severe margin compression.
Data from the last ten quarters indicates that IVR's reliance on a 7.05% debt-to-equity ratio creates significant earnings quality concerns, as evidenced by the frequent divergence between GAAP net income and the company's ability to generate positive FFO during periods of market stress.
The recurring negative EPS and FFO figures in multiple quarters suggest that the company's earnings are highly susceptible to non-cash fair value adjustments. Investors should be cautious, as the reliance on high leverage to amplify returns may lead to permanent capital impairment if market volatility persists.
Quick answers to the most common questions about buying IVR stock.
For fiscal year 2025, Invesco Mortgage Capital Inc. (IVR) reported total revenue of $339.7M. This represents a 1525.0% increase compared to $20.9M in 2009.
Invesco Mortgage Capital Inc. (IVR) is profitable, generating $101.3M in net income for the fiscal year ending 2025 with a net profit margin of 29.8%.
Invesco Mortgage Capital Inc. (IVR) reported an operating income of $101.3M, resulting in an operating profit margin of 29.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Invesco Mortgage Capital Inc. (IVR) generated $119.8M in gross profit for the year, representing a gross profit margin of 35.3%. This demonstrates the company's core pricing power and production efficiency.