FEDERAL AGRICULTURAL MORTGAGE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FEDERAL AGRICULTURAL MORTGAGE CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
General and administrative	15.1	16	19.7	20.3	22	27.5	29.8	35	38.2	44.6
Interest expense	172	243	370	472	313	204	446	1,065
Interest income		204	291	334	233	165	284	590	629
Pre-tax income	119	131	136	139	145	172	226	253	258	256
Income tax	42.1	46.4	27.9	29.1	30.3	36.4	47.5	53.1	50.9	48.3
Net income to minority interests	-0.03	-0.17	0	0
Net income	77.3	84.5	108	110	114	136	178	200	207	207
EPS, basic	6.51	7.16	9.48	9.32	8.85	10.36	14.00	15.97	16.59	16.73
EPS, diluted	6.35	7.02	9.40	9.25	8.80	10.27	13.87	15.81	16.44	16.62
Shares, basic (weighted)	9.85	9.96	10	10.1	10.7	10.8	10.8	10.8	10.9	10.9
Shares, diluted (weighted)	10.1	10.2	10.1	10.1	10.8	10.8	10.9	10.9	11	11
Dividend per share	0.28	0.38	0.62	0.74	0.80	0.88	0.95	1.10	1.40	1.50

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	265	302	425	604	1,034	909	861	889	1,024	931
Total assets	15,606	17,792	18,694	21,709	24,330	25,121	27,333	29,524	31,325	35,370
Short-term debt	2,156	3,805	4,344	10,019	10,746	6,987	8,034	8,087	10,438	11,272
Long-term debt	5,223	7,433	8,487	9,072	11,049	15,772	16,966	18,500	17,083	19,544
Total liabilities	14,962	17,084	17,942	20,910	23,363	23,907	26,061	28,113	29,836	33,651
Total debt	5,223	7,433	16,244	19,091	21,796	22,759	25,000	26,587	27,520	30,816
Paid-in capital	119	119	119	119	123	126	129	133	136	139
Retained earnings	276	323	393	457	510	589	699	824	943	1,047
Other comprehensive income	33.8	51.1	25	-16.2	-13.9	3.85	-50.8	-40.1	-12.1	13.4
Shareholders' equity	643	708			998	1,214	1,272	1,412	1,489	1,719
Minority interests	0.22	0
Total equity	644	709	753	799	998	1,214	1,272	1,412	1,489	1,719
Total liabilities and equity	15,606	17,792	18,694	21,709	24,356	25,121	27,333	29,524	31,325	35,370

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	77.3	84.3	108	110	114	136	178	200	207	207
Stock-based compensation	3.34	2.7	2.52	2.26	4.13	4.31	4.62	6.8	8.09	8.34
Deferred income tax	4.1	3.22	2.63	0.79	-2.83	-1.63	12.4	6.69	-0.52
Cash from operations	213	175	200	-19.7	-94.5	436	809	376	613	80.1
Capital expenditures							0	0	-5.27	0
Sales and maturities of investments				12.4	0	258	0	0	115	19.5
Cash from investing	-593	-1,843	-591	-2,385	-1,736	-1,096	-3,043	-1,955	-1,682	-3,813
Debt repaid				-7,970	-10,415	-10,586	-5,192	-7,862	-8,053
Stock issued	0.55	0.24	0.01	0.04	0.06	0.12	0.19	0.23	0.29	0.29
Share buybacks			0	0	-0.24	0	0	0	0	-12.9
Dividends paid	-24.1	-28.4	-37.9	-43.9	-50.6	-61.3	-68.2	-74.8	-86.1	-89
Cash from financing	-564	1,704	515	2,583	2,260	535	2,186	1,607	1,205	3,640
Net change in cash	-945	36.8	123	179	430	-125	-47.8	27.7	135	-92.9
Free cash flow							809	376	607	80.1
Interest paid	111	161	269	366	283	199	269	583	820	911
Income taxes paid	29.5	39.5	30.9	23.1	30	36.3	33.8	48	39.2	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $214.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	18.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	0.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-86.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-53.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-86.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-53.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	16.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	18.8x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	88.5%	Total debt / total assets.
Liabilities / assets	95.3%	Total liabilities / total assets.
Net debt	$33.74B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$1.85B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$21.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$28.49	Cash from operations / diluted weighted shares.
Book value per share	$170.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$170.41	Tangible book value / shares outstanding.
Cash per share	$95.40	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.32B	Share price x shares outstanding.
Enterprise value	$36.06B	Market cap + total debt - cash - short-term investments.
P/E	10.1x	Market cap / net income. Only when net income is positive.
P/B	1.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.25x	Market cap / tangible book value, when positive.
P/OCF	7.49x	Market cap / cash from operations, when positive.
Earnings yield	9.9%	Net income / market cap (the inverse of P/E).
Dividend yield	4.1%	Dividends paid over the period / market cap.
Shareholder yield	4.1%	(Dividends paid + share buybacks) / market cap.
PEG	1.63x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was FEDERAL AGRICULTURAL MORTGAGE CORP profitable in fiscal 2025?

Yes. Net income was $207.4M, a net margin of -.

How much free cash flow did FEDERAL AGRICULTURAL MORTGAGE CORP generate in fiscal 2025?

Cash from operations of $80.1M minus capital expenditures of $0.0 left free cash flow of $80.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to FEDERAL AGRICULTURAL MORTGAGE CORP