NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Selling, general and administrative	38.5	39.5	43.3	46.6	39.4	43.3	50.6	59	70.9	73.8
General and administrative	86.2	90.9	93.2	101	94.7	95.2	110	126
Interest expense	742	793	836	821	702	706	1,037
Interest income	11.3	11.8	24.6	21.4	15.1	16	21.6
Pre-tax income	314	460	-151	-591	815
Income tax	1.7	2.31	0.21	-1.16	1	1.15	0.8	1.5	0.19	0.33
Net income to minority interests	2.19	2.18	-1.98	-4.19	2.31	2.69	0.1	0.97	0.28	0.62
Net income	310	455	-149	-585	812	796	501	553	140	262

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	167	231	178	671	295	154	199	280	135	249
Property, plant and equipment	122	116	121	89.1	91.9	102	86	85.1	81.7	75.6
Total assets	25,206	26,690	27,124	28,158	29,638	31,251	34,012	36,178	38,325	39,704
Short-term debt	3,343	3,796	3,608	3,962	4,582	4,981	4,546	4,333	5,091	5,160
Total liabilities	24,107	25,184	25,820	27,509	28,238	29,109	31,423	33,166	35,222	36,392
Total debt	17,956	18,715	19,211	19,712	20,603	21,545	23,947	25,901	27,164	28,346
Retained earnings	1,057	1,466	1,277	628	1,375	2,112	2,554	2,993	3,085	3,293
Other comprehensive income	13.2	8.54	-0.15	-1.91	-0.03	2.26	8.34	-1.42	-2.24	-2.37
Shareholders' equity	1,070	1,474	1,277	626	1,375	2,115	2,562	2,991	3,082	3,291
Minority interests	28.9	31.5	27.1	22.7	24.9	27.4	27.2	20.7	21	21.6
Total equity	1,099	1,506	1,304	649	1,400	2,142	2,589	3,012	3,103	3,312
Total liabilities and equity	25,206	26,690	27,124	28,158	29,638	31,251	34,012	36,178	38,325	39,704

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	312	457	-151	-589	814	799	502	554	140	263
Depreciation and amortization	7.17	7.93	9.31	9.24	7.96	7.55	5.72	10.5	12.6	14
Cash from operations	180	155	197	219	240	251	338	321	208	311
Capital expenditures		-15.2	-14.7	-9.57	-9.86	-17.7	-7.72	-6.15	-4.7	-1.76
Sales and maturities of investments	0	0	0
Cash from investing	-998	-1,211	-698	-481	-1,974	-1,629	-2,458	-1,819	-2,322	-1,275
Debt issued	0	0	250	0	3,055	3,974	4,293	4,521	4,045	4,784
Debt repaid	-2,461	-1,611	-2,807	-1,675	-2,186	-3,055	-1,917	-2,591	-2,811	-3,632
Cash from financing	798	1,106	448	756	1,357	1,236	2,166	1,579	1,969	1,079
Net change in cash	-20.7	50.4	-52.6	494	-377	-142	46.1	81.1	-145	114
Free cash flow		140	182	210	230	233	330	314	203	309
Interest paid	713	766	802	805	687	668	935	1,262	1,373	1,439
Income taxes paid	0.41	0.32	0.11	0.02	0.22	0	0.34	0.58	0.68	0.77

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $20.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	8.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	87.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-19.4%	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	-20.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	49.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	52.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-2.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.7%	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	19.1%	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	3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.3%	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	6.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	8.61x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	71.4%	Total debt / total assets.
Liabilities / assets	91.7%	Total liabilities / total assets.
Net debt	$28.10B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$3.29B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	117.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.6%	Capital expenditures / cash from operations, when that is positive.

Was NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ profitable in fiscal 2026?

Yes. Net income was $262.1M, a net margin of -.

How much free cash flow did NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ generate in fiscal 2026?

Cash from operations of $310.5M minus capital expenditures of $1.8M left free cash flow of $308.8M.

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.

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