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Ellington Financial (EFC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Ellington Financial (EFC) Q3 2026 earnings results →
Q3 2026 Revenue up 42% year over year to $118M · 34¢ of every $1 of revenue kept as net profit · operating margin 40.7%
Ellington Financial made $118M in Q3 2026 (+42% Y/Y): Net interest income $69.0M, Noninterest income $48.8M. Operating margin 40.7%, net earnings $40.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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What changed this quarter
Revenue was $117.7M in Q3 2026, up 42% year over year and down 4% from the previous quarter. Net interest income was the largest line at 59% of revenue. Net interest income added $19.2M year over year (up 39%), 55% of the total change.
Operating profit was $47.9M, a 40.7% margin (down 6.2 points year over year). Of the extra revenue versus a year earlier, 26% reached operating profit, below the 47% margin then. Total costs grew 59% against revenue growth of 42%. Net earnings were $40.4M, up 37% year over year. The effective tax rate was 4.1%.
Operating cash flow was $16.7M, 36% of net income including minority interests. Non-cash charges added back $114K of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items used $30.9M. Capital expenditures of $848K left free cash flow of $15.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $118M | +42% | 40.7% | $40.4M | $16.7M |
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🔄Rotation against the market and its industry (RRG)interactive
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About Ellington Financial
Except where the context suggests otherwise, references in this Annual Report on Form 10-K to "EFC," "we," "us," and "our" refer to Ellington Financial Inc. and its consolidated subsidiaries, including Ellington Financial Operating Partnership LLC, our operating partnership subsidiary, which we refer to as our "Operating Partnership." References in this Annual Report on Form 10-K to (1) "common shares" refer to shares of our common stock, $0.001 par value per share and (2) "common stockholders" refer to holders of shares of our common stock. We conduct all of our operations and business activities through our Operating Partnership. Our "Manager" refers to Ellington Financial Management LLC, our external manager, "Ellington" refers to Ellington Management Group, L.L.C.
In its own words, from its 10-K, filed Mar 2, 2026.
Ellington Financial against its Real Estate peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +42% against the peers' median +8%. Operating margin: 40.7% against the peers' median 40.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| EFC Ellington Financial | Q3 2026 | $118M | +42% | 40.7% |
| CBRE CBRE Group | Q3 2026 | $11.5B | +13% | 4.9% |
| CWK Cushman & Wakefield | Q3 2026 | $2.8B | +8% | 4.6% |
| Prologis, L.P. | Q3 2026 | $2.4B | +8% | 43.8% |
| Digital Realty Trust, L.P. | Q3 2026 | $1.9B | +21% | 15.9% |
| FOR Forestar Group | Q4 FY26 | $581M | -13% | 13.5% |
| Regency Centers LP | Q3 2026 | $419M | +8% | 72.3% |
| Tiaa Real Estate Account | Q3 2026 | $303M | -0.8% | 298.8% |
| MRP Millrose Properties | Q3 2026 | $211M | +18% | 85.5% |
Source: Ellington Financial 10-Q on SEC EDGAR · CIK 1411342 · Real Estate
Guidance and outlook
13F: who owns EFC and who is buying
More on EFC
History
Every quarter: Q3 2026 results