FEDERAL AGRICULTURAL MORTGAGE CORP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), FEDERAL AGRICULTURAL MORTGAGE CORP reported net income of $207.4M (+0.1% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Investment securities and cash equivalents | $846.4M | $345.5M | $287.1M | $82.7M |
| Loans | $765.8M | $629.2M | $514.9M | $350.4M |
| Total interest income | $1.6B | $1.6B | $1.4B | $716.8M |
| Total interest expense | $1.2B | $1.2B | $1.1B | $445.9M |
| Net interest income | $390.7M | $353.9M | $327.5M | $270.9M |
| Provision for losses | ($32.9M) | ($11.6M) | ($858.0K) | ($1.3M) |
| Net interest income after provision for losses | $357.9M | $342.3M | $326.7M | $269.6M |
| Guarantee and commitment fees | $19.6M | $15.7M | $16.7M | $13.0M |
| (Losses)/gains on financial derivatives | ($5.1M) | $2.6M | $2.9M | $22.6M |
| Other income | $3.2M | $3.0M | $4.2M | $2.6M |
| Non-interest income | $17.6M | $21.4M | $23.5M | $38.7M |
| Compensation and employee benefits | $71.3M | $64.0M | $58.9M | $48.8M |
| General and administrative | $44.6M | $38.2M | $35.0M | $29.8M |
| Regulatory fees | $3.9M | $3.2M | $3.2M | $3.3M |
| Operating expenses | $119.8M | $105.6M | $97.1M | $82.6M |
| Income before income taxes | $255.7M | $258.1M | $253.1M | $225.7M |
| Income tax expense | $48.3M | $50.9M | $53.1M | $47.5M |
| Net income | $207.4M | $207.2M | $200.0M | $178.1M |
| Preferred stock dividends | ($24.9M) | ($25.1M) | ($27.2M) | ($27.2M) |
| Loss on retirement of preferred stock | $0 | ($1.6M) | — | $0 |
| Net income attributable to common stockholders | $182.5M | $180.4M | $172.8M | $151.0M |
| Basic earnings per common share (in dollars per share) | $16.73 | $16.59 | $15.97 | $14.00 |
| Diluted earnings per common share (in dollars per share) | $16.62 | $16.44 | $15.81 | $13.87 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Investment securities and cash equivalents | $215.2M | $203.4M | $93.4M | $89.0M |
| Loans | $235.0M | $212.6M | $198.5M | $185.0M |
| Total interest income | $450.3M | $416.0M | $415.3M | $399.0M |
| Total interest expense | $332.2M | $314.6M | $316.9M | $302.2M |
| Net interest income | $118.1M | $101.4M | $98.5M | $96.8M |
| Provision for losses | ($7.0M) | ($4.3M) | ($7.5M) | ($7.7M) |
| Net interest income after provision for losses | $111.1M | $97.1M | $91.0M | $89.1M |
| Guarantee and commitment fees | $6.1M | $5.8M | $5.0M | $4.8M |
| Gains/(losses) on financial derivatives | $224.0K | $1.1M | ($1.1M) | $80.0K |
| Other income | $634.0K | $752.0K | $1.5M | $1.0M |
| Non-interest income | $6.9M | $7.7M | $5.5M | $5.8M |
| Compensation and employee benefits | $23.7M | $21.3M | $17.7M | $17.6M |
| General and administrative | $11.6M | $11.3M | $11.1M | $10.9M |
| Regulatory fees | $862.0K | $863.0K | $1.0M | $1.0M |
| Operating expenses | $36.2M | $33.4M | $29.8M | $29.5M |
| Income before income taxes | $81.8M | $71.4M | $66.7M | $65.4M |
| Income tax expense | $14.9M | $12.3M | $11.7M | $10.6M |
| Net income | $67.0M | $59.1M | $55.0M | $54.8M |
| Preferred stock dividends | ($8.1M) | ($7.3M) | ($6.3M) | ($5.7M) |
| Net income attributable to common stockholders | $58.9M | $51.8M | $48.7M | $49.2M |
| Basic earnings per common share (in dollars per share) | $5.43 | $4.78 | $4.45 | $4.50 |
| Diluted earnings per common share (in dollars per share) | $5.41 | $4.75 | $4.44 | $4.48 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents (includes restricted cash of $24,475 and $16,190, respectively) | $931.1M | $1.0B | — | — |
| Available-for-sale, at fair value (amortized cost of $13,813,551 and $11,940,774, respectively) | $13.6B | $11.5B | $10.5B | $12.2B |
| Held-to-maturity, at amortized cost | $4.0B | $5.1B | $6.6B | $3.5B |
| Other investments | $15.9M | $11.0M | $6.8M | $3.7M |
| Total Investment Securities | $17.6B | — | — | — |
| Loans held for sale, at lower of cost or fair value | $0 | $6.2M | — | — |
| Loans held for investment, at amortized cost | $13.9B | $11.2B | $9.6B | $9.0B |
| Loans held for investment in consolidated trusts, at amortized cost | $2.5B | $2.0B | $1.4B | $1.2B |
| Allowance for losses | ($37.8M) | ($23.2M) | ($16.0M) | ($15.1M) |
| Total loans, net of allowance | $16.3B | $13.2B | $11.0B | $10.2B |
| Financial derivatives, at fair value | $44.9M | $27.8M | $37.5M | $37.4M |
| Accrued interest receivable (includes $40,945 and $28,563, respectively, related to consolidated trusts) | $357.2M | $310.6M | $287.1M | $229.1M |
| Guarantee and commitment fees receivable | $57.2M | $50.5M | $49.8M | $47.2M |
| Deferred tax asset, net | $173.0K | $1.5M | $8.5M | $18.0M |
| Prepaid expenses and other assets | $108.0M | $128.8M | $133.0M | $263.9M |
| Total Assets | $35.4B | $31.3B | $29.5B | $27.3B |
| Notes payable | $30.8B | $27.4B | $26.3B | $24.5B |
| Debt securities of consolidated trusts held by third parties | $2.4B | $1.9B | $1.4B | $1.2B |
| Financial derivatives, at fair value | $21.6M | $77.3M | $117.1M | $175.3M |
| Accrued interest payable (includes $15,795 and $12,387, respectively, related to consolidated trusts) | $233.7M | $195.1M | $181.8M | $117.9M |
| Guarantee and commitment obligation | $54.8M | $48.3M | $47.6M | $46.6M |
| Other liabilities | $153.1M | $212.5M | $76.7M | $68.9M |
| Total Liabilities | $33.7B | $29.8B | $28.1B | $26.1B |
| Preferred stock | $508.0M | $411.1M | $484.5M | $484.5M |
| Common stock | $10.9M | $10.9M | $10.8M | $10.8M |
| Additional paid-in capital | $139.4M | $135.9M | $132.9M | $128.9M |
| Accumulated other comprehensive income/(loss), net of tax | $13.4M | ($12.1M) | ($40.1M) | ($50.8M) |
| Retained earnings | $1.0B | $943.2M | $823.7M | $698.5M |
| Total Equity | $1.7B | $1.5B | $1.4B | $1.3B |
| Total Liabilities and Equity | $35.4B | $31.3B | $29.5B | $27.3B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents (includes restricted cash of $26,984 and $24,475, respectively) | $1.0B | $773.9M | $901.0M | $1.0B |
| Available-for-sale, at fair value (amortized cost of $15,249,174 and $13,813,551, respectively) | $14.9B | $14.0B | $12.5B | $12.4B |
| Held-to-maturity, at amortized cost | $4.5B | $4.2B | $4.1B | $4.5B |
| Other investments | $18.8M | $17.3M | $14.3M | $14.3M |
| Total Investment Securities | $19.4B | $18.2B | — | — |
| Loans held for investment, at amortized cost | $15.9B | $14.9B | $13.2B | $12.2B |
| Loans held for investment in consolidated trusts, at amortized cost | $2.3B | $2.4B | $2.2B | $2.3B |
| Allowance for losses | ($47.2M) | ($39.9M) | ($35.3M) | ($30.0M) |
| Total loans, net of allowance | $18.2B | $17.2B | $15.4B | $14.5B |
| Financial derivatives, at fair value | $42.4M | $15.5M | $32.7M | $30.6M |
| Accrued interest receivable (includes $37,189 and $40,945, respectively, related to consolidated trusts) | $374.1M | $303.7M | $284.8M | $313.4M |
| Guarantee and commitment fees receivable | $58.5M | $56.9M | $50.8M | $49.7M |
| Deferred tax asset, net | $10.6M | $5.1M | $3.2M | $3.7M |
| Prepaid expenses and other assets | $160.5M | $143.4M | $129.7M | $121.2M |
| Total Assets | $39.3B | $36.7B | $33.4B | $33.0B |
| Notes payable | $34.7B | $32.2B | $29.2B | $28.8B |
| Debt securities of consolidated trusts held by third parties | $2.2B | $2.3B | $2.1B | $2.2B |
| Financial derivatives, at fair value | $69.3M | $46.5M | $29.2M | $53.7M |
| Accrued interest payable (includes $14,696 and $15,795, respectively, related to consolidated trusts) | $268.4M | $254.8M | $238.6M | $210.6M |
| Guarantee and commitment obligation | $55.6M | $54.2M | $48.4M | $47.5M |
| Other liabilities | $131.0M | $145.4M | $88.9M | $136.9M |
| Total Liabilities | $37.4B | $35.0B | $31.7B | $31.5B |
| Preferred stock | $604.8M | $508.0M | $508.0M | $411.1M |
| Common stock | $10.8M | $10.8M | $10.9M | $10.9M |
| Additional paid-in capital | $140.8M | $138.5M | $137.6M | $136.2M |
| Accumulated other comprehensive (loss)/income, net of tax | ($18.2M) | ($15.1M) | ($5.4M) | ($17.7M) |
| Retained earnings | $1.1B | $1.1B | $1.0B | $1.0B |
| Total Equity | $1.9B | $1.7B | $1.7B | $1.5B |
| Total Liabilities and Equity | $39.3B | $36.7B | $33.4B | $33.0B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net Income | $207.4M | $207.2M | $200.0M | $178.1M |
| Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities | ($21.5M) | ($23.9M) | ($17.0M) | $720.0K |
| Net amortization of debt premiums, discounts, and issuance costs | $23.3M | $21.2M | $31.4M | $19.7M |
| Net change in fair value of hedged items, financial derivatives, loans held sale, and trading securities | ($165.7M) | $214.3M | $78.2M | — |
| Total provision for allowance for losses | $32.9M | $11.5M | $1.1M | $806.0K |
| Stock-based compensation expense | $8.3M | $8.1M | $6.8M | $4.6M |
| Proceeds from repayment of loans purchased as held for sale | $40.3M | $29.2M | $24.4M | $33.3M |
| Purchases of tax credits | ($61.5M) | — | — | — |
| Other | ($5.8M) | — | — | — |
| Interest receivable | ($59.1M) | ($31.9M) | ($63.9M) | ($63.8M) |
| Guarantee and commitment fees receivable | ($271.0K) | $96.0K | ($1.7M) | $1.0M |
| Other assets | $105.7M | $18.6M | $54.4M | ($126.1M) |
| Accrued interest payable | $38.6M | $13.3M | $64.0M | $58.9M |
| Custodial deposit liability | ($97.2M) | $130.6M | ($10.8M) | ($7.7M) |
| Other liabilities | $34.7M | $13.9M | $1.7M | $7.1M |
| Net cash provided by operating activities | $80.1M | $612.6M | $375.8M | $809.3M |
| Purchases of equipment and leasehold improvements | $0 | ($5.3M) | — | — |
| Purchases of available-for-sale investment securities | ($3.7B) | ($1.6B) | ($4.5B) | ($7.7B) |
| Purchases of held-to-maturity investment securities | ($354.4M) | — | — | ($2.4M) |
| Purchases of other investment securities | ($4.4M) | ($3.3M) | ($3.1M) | — |
| Purchases of loans held for investment | ($5.3B) | ($3.9B) | ($2.2B) | ($2.6B) |
| Purchases of defaulted loans | ($2.5M) | ($4.4M) | $0 | $0 |
| Proceeds from repayment of available-for-sale investment securities | $1.9B | — | — | — |
| Proceeds from repayment of held-to-maturity investment securities | $1.5B | — | — | — |
| Proceeds from repayment of loans purchased as held for investment | $2.2B | $1.7B | $1.4B | $1.3B |
| Proceeds from sale of real estate owned | $1.0M | — | — | $0 |
| Proceeds from sale of available-for-sale investment securities | $19.5M | $115.2M | $0 | $0 |
| Proceeds from sale of loans previously classified as held for investment | $6.0M | $5.8M | $0 | $9.0M |
| Proceeds from sale of Farmer Mac Guaranteed Securities | $0 | $60.2M | $0 | $99.6M |
| Net cash used in investing activities | ($3.8B) | ($1.7B) | ($2.0B) | ($3.0B) |
| Proceeds from issuance of notes payable | $90.1B | — | — | — |
| Proceeds from issuance of debt securities of consolidated trusts | $592.8M | $588.3M | $222.2M | $258.2M |
| Payments to redeem notes payable | ($86.8B) | — | — | — |
| Payments to third parties on debt securities of consolidated trusts | ($226.8M) | ($138.8M) | ($102.0M) | ($226.3M) |
| Purchases of common stock | ($12.9M) | — | — | $0 |
| Proceeds from common stock issuance | $288.0K | $287.0K | $233.0K | $192.0K |
| Proceeds from preferred stock issuance, net of stock issuance costs | $96.8M | — | $0 | $0 |
| Tax payments related to share-based awards | ($5.1M) | ($5.4M) | ($3.0M) | ($1.8M) |
| Retirement of preferred stock | $0 | ($75.0M) | — | $0 |
| Dividends paid on common and preferred stock | ($89.0M) | ($86.1M) | ($74.8M) | ($68.2M) |
| Net cash provided by financing activities | $3.6B | $1.2B | $1.6B | $2.2B |
| Net change in cash and cash equivalents | ($92.9M) | $135.3M | $27.7M | ($47.8M) |
| Cash, cash equivalents, and restricted cash at beginning of period | $1.0B | $888.7M | $861.0M | $908.8M |
| Cash, cash equivalents, and restricted cash at end of period | $931.1M | $1.0B | — | — |
| Interest | $910.6M | $820.0M | $583.0M | $269.3M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net Income | $126.1M | $59.1M | $159.5M | $104.5M |
| Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities | ($10.5M) | ($5.1M) | ($16.6M) | ($11.2M) |
| Net amortization of debt premiums, discounts, and issuance costs | ($2.6M) | $4.5M | $7.8M | $4.4M |
| Net change in fair value of hedged items, financial derivatives, loans held for sale, and trading securities | $62.5M | $38.3M | ($193.0M) | ($152.3M) |
| Total provision for allowance for losses | $12.2M | $4.8M | — | — |
| Stock-based compensation expense | $5.3M | $3.0M | $6.6M | $5.3M |
| Purchases of loans held for sale | $0 | — | ($7.8M) | ($7.8M) |
| Proceeds from repayment of loans purchased as held for sale | $8.2M | $7.8M | $39.0M | $22.6M |
| Purchases of tax credits | ($60.1M) | ($40.7M) | — | — |
| Other | ($3.3M) | $1.3M | — | — |
| Interest receivable | ($20.5M) | $50.9M | $16.3M | ($9.7M) |
| Guarantee and commitment fees receivable | ($476.0K) | ($296.0K) | ($176.0K) | ($57.0K) |
| Other assets | $18.8M | $5.3M | $25.2M | $24.9M |
| Accrued interest payable | $34.7M | $21.1M | $43.5M | $15.5M |
| Custodial deposit liability | ($12.8M) | ($25.4M) | ($138.9M) | ($107.4M) |
| Other liabilities | ($24.8M) | ($32.6M) | $14.6M | $5.6M |
| Net cash provided by operating activities | $132.5M | $92.1M | ($23.3M) | ($97.5M) |
| Purchases of available-for-sale investment securities | ($2.4B) | ($904.2M) | ($1.0B) | ($613.7M) |
| Purchases of held-to-maturity investment securities | ($1.2B) | ($661.8M) | — | — |
| Purchases of other investment securities | ($3.1M) | ($678.0K) | ($3.3M) | ($3.2M) |
| Purchases of loans held for investment | ($3.3B) | ($1.6B) | ($3.8B) | ($2.2B) |
| Purchases of defaulted loans | ($5.2M) | $0 | ($2.5M) | ($2.5M) |
| Proceeds from repayment of available-for-sale investment securities | $980.9M | $450.3M | — | — |
| Proceeds from repayment of held-to-maturity investment securities | $611.8M | $385.0M | — | — |
| Proceeds from repayment of loans purchased as held for investment | $1.4B | $712.0M | $1.6B | $1.0B |
| Proceeds from sale of real estate owned | $1.9M | $0 | $725.0K | $725.0K |
| Proceeds from sale of loans previously classified as held for investment | $0 | — | $6.0M | $6.0M |
| Net cash used in investing activities | ($3.9B) | ($1.6B) | ($1.9B) | ($1.4B) |
| Proceeds from issuance of notes payable | $49.9B | $24.1B | — | — |
| Proceeds from issuance of debt securities of consolidated trusts | $0 | — | $286.5M | $286.5M |
| Payments to redeem notes payable | ($45.9B) | ($22.6B) | — | — |
| Payments to third parties on debt securities of consolidated trusts | ($174.4M) | ($104.1M) | ($186.3M) | ($109.4M) |
| Purchases of common stock | ($7.1M) | ($7.1M) | — | — |
| Proceeds from common stock issuance | $121.0K | $60.0K | $225.0K | $159.0K |
| Proceeds from preferred stock issuance, net of stock issuance costs | $96.8M | — | $96.9M | — |
| Tax payments related to share-based awards | ($3.9M) | ($3.9M) | ($5.1M) | ($5.0M) |
| Dividends paid on common and preferred stock | ($49.3M) | ($24.6M) | ($66.2M) | ($44.1M) |
| Net cash provided by financing activities | $3.8B | $1.3B | $1.8B | $1.5B |
| Net change in cash and cash equivalents | $107.0M | ($157.1M) | ($123.0M) | $6.3M |
| Cash, cash equivalents, and restricted cash at beginning of period | $931.1M | $931.1M | $1.0B | $1.0B |
| Cash, cash equivalents, and restricted cash at end of period | $1.0B | $773.9M | $901.0M | $1.0B |
| Loans acquired through non-cash transactions | $29.0M | $56.9M | — | — |
| Loans held for investment transferred to consolidated trusts | $0 | — | $299.3M | $299.3M |
FEDERAL AGRICULTURAL MORTGAGE CORP score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.