Revenue: As of FY2025, the actual value is USD 408.37 M.

EPS: As of FY2025, the actual value is USD 16.62.

EBIT: As of FY2025, the actual value is USD -135.02 M.

Full Year 2025 Highlights

• Net Income Attributable to Common Stockholders: Federal Agricultural Mortgage Corporation reported $182.5 million for the full year 2025, a 1% increase from $180.4 million in 2024. Diluted earnings per share (EPS) were $16.62 in 2025, up from $16.44 in 2024 .
• Core Earnings: Core earnings reached a record $182.9 million in 2025, reflecting a 7% growth year-over-year from $171.6 million in 2024. Diluted Core EPS was $16.66 in 2025, up from $15.64 in 2024 .
• Outstanding Business Volume: The company’s outstanding business volume grew by $3.8 billion, a 13% increase year-over-year, reaching $33.4 billion .
• Liquidity and Lending Capacity: Federal Agricultural Mortgage Corporation provided $10.5 billion in liquidity and lending capacity to lenders serving rural America .
• Total Core Capital: Total core capital stood at $1.7 billion, with a Tier 1 Capital Ratio of 13.3% as of December 31, 2025 .

Quarterly Financial Performance (Q4 2025 vs Q4 2024)

• Net Income Attributable to Common Stockholders: For Q4 2025, net income was $40.6 million, a decrease from $50.8 million in Q4 2024 .
• Core Earnings: Core earnings for Q4 2025 were $40.0 million, compared to $43.6 million in Q4 2024 .
• Diluted EPS (GAAP): Diluted EPS was $3.71 in Q4 2025, down from $4.63 in Q4 2024 .
• Diluted Core EPS (Non-GAAP): Diluted Core EPS was $3.66 in Q4 2025, down from $3.97 in Q4 2024 .

Revenue Categories

Full Year 2025 vs 2024

• Net Interest Income (GAAP): Increased by 10% year-over-year to $390.7 million in 2025, up from $353.9 million in 2024 .

• Net Effective Spread (Non-GAAP): Increased by 13% from the prior-year period to a record $383.0 million in 2025, up from $339.6 million in 2024 .

• Total Interest Income: Was $1,612.2 million in 2025, slightly up from $1,603.5 million in 2024 .

• Total Non-Interest Income: Was $17.6 million in 2025, down from $21.2 million in 2024 .

  • Guarantee and Commitment Fees: Increased to $19.6 million in 2025 from $15.7 million in 2024 .

  • Losses on Financial Derivatives: Were - $5.1 million in 2025, compared to gains of $2.6 million in 2024 .

  • Other Income: Was $3.2 million in 2025, up from $2.8 million in 2024 .

    Quarterly Revenue (Q4 2025 vs Q4 2024)

• Net Interest Income (GAAP): For Q4 2025 was $104.5 million, an increase of 12% from $93.4 million in Q4 2024 .

• Net Effective Spread (Non-GAAP): For Q4 2025 was $101.4 million, an increase of 16% from $87.5 million in Q4 2024 .

Operating Costs

Full Year 2025 vs 2024

• Total Operating Expenses: Increased to $119.8 million in 2025 from $105.4 million in 2024 .

  • Compensation and Employee Benefits: Increased to $71.3 million in 2025 from $64.0 million in 2024 .
  • General and Administrative Expenses: Increased to $44.6 million in 2025 from $38.2 million in 2024 .
  • Regulatory Fees: Increased to $3.9 million in 2025 from $3.2 million in 2024 .

• Provision for Losses: Was - $32.9 million in 2025, significantly higher than - $11.6 million in 2024 .

  Quarterly Operating Costs (Q4 2025 vs Q4 2024)

• Total Operating Expenses: For Q4 2025 were $31.0 million, up from $29.1 million in Q4 2024 .

• Provision for Losses: Was - $16.0 million in Q4 2025, compared to - $3.8 million in Q4 2024 .

Dividends

• Common Stock Dividends: A quarterly dividend of $1.60 per share was declared for Federal Agricultural Mortgage Corporation’s Class A Voting Common Stock, Class B Voting Common Stock, and Class C Non-Voting Common Stock, payable on March 31, 2026, to holders of record as of March 16, 2026 . On February 18, 2026, the Board of Directors raised the quarterly common stock dividend by 7% to $1.60 per share, marking the fifteenth consecutive annual increase .
• Preferred Stock Dividends: Federal Agricultural Mortgage Corporation’s Board of Directors declared dividends on five classes of preferred stock, payable on April 17, 2026, to holders of record as of April 1, 2026, for the period from January 17, 2026, to April 17, 2026 . The per share dividends are: 5.700% Non-Cumulative Preferred Stock, Series D: $0.3562500; 5.750% Non-Cumulative Preferred Stock, Series E: $0.3593750; 5.250% Non-Cumulative Preferred Stock, Series F: $0.3281250; 4.875% Non-Cumulative Preferred Stock, Series G: $0.3046875; and 6.500% Non-Cumulative Preferred Stock, Series H: $0.4062500 . Each share of Preferred Stock has a par value and liquidation preference of $25.00 per share .

Segment-Specific Metrics (Q4 2025)

• Agricultural Finance:
  • Farm & Ranch: Core earnings were $25.6 million. Total on- and off-balance sheet segment assets were $19,564.9 million .
  • Corporate AgFinance: Core earnings were - $3.9 million. Total on- and off-balance sheet segment assets were $1,950.5 million .
• Infrastructure Finance:
  • Power & Utilities: Core earnings were $3.9 million. Total on- and off-balance sheet segment assets were $7,860.6 million .
  • Broadband Infrastructure: Core earnings were $0.3 million. Total on- and off-balance sheet segment assets were $1,532.2 million .
  • Renewable Energy: Core earnings were $6.2 million. Total on- and off-balance sheet segment assets were $2,443.3 million .
• Treasury:
  • Funding: Core earnings were $24.1 million .
  • Investments: Core earnings were $0.9 million .

Outlook / Guidance

While a few borrower-specific credit events impacted Core Earnings in the fourth quarter, these were isolated and do not alter the positive trajectory of underlying performance . Federal Agricultural Mortgage Corporation believes it is well-positioned for the future, confident in its ability to continue delivering meaningful value to rural America and its shareholders due to its resilient business model, disciplined balance-sheet and risk management, and a highly talented management team .