Revenue: As of FY2026 Q1, the actual value is USD 109.13 M.

EPS: As of FY2026 Q1, the actual value is USD 4.75.

EBIT: As of FY2026 Q1, the actual value is USD -29.96 M.

Operational Metrics

• Outstanding Business Volume: Federal Agricultural Mortgage Corporation reported a record outstanding business volume of $34.8 billion as of March 31, 2026, representing a 17% year-over-year (YoY) growth. The net change in business volume for the quarter ended March 31, 2026, was $1,494.5 million, reflecting a broad-based, net portfolio growth of $1.5 billion across all segments.
• Liquidity Provided: The company provided $3.4 billion in liquidity and lending capacity to lenders serving rural America.
• Net Interest Income (GAAP): Net interest income grew 11% year-over-year to $101.4 million for the quarter ended March 31, 2026, compared to $90.9 million for the same period in 2025. Quarter-over-quarter, it decreased by 3% from $104.5 million in Q4 2025.
• Net Effective Spread (Non-GAAP): Net effective spread increased 13% year-over-year to $102.0 million for the quarter ended March 31, 2026, compared to $90.0 million in Q1 2025. This also represents a 1% quarter-over-quarter increase from $101.4 million in Q4 2025. The net effective spread increased by $12.0 million year-over-year and $0.6 million quarter-over-quarter.
• Net Income Attributable to Common Stockholders (GAAP): Net income attributable to common stockholders was $51.8 million for Q1 2026, up from $43.985 million in Q1 2025.
• Core Earnings (Non-GAAP): Core earnings increased 13% year-over-year, reaching $51.7 million for Q1 2026, up from $45.966 million in Q1 2025. This also represents an increase of $5.8 million year-over-year and $11.7 million quarter-over-quarter.
• Total Core Capital and Tier 1 Capital Ratio: Total core capital was $1.7 billion, and the Tier 1 Capital Ratio stood at 13.0% as of March 31, 2026.
• Operating Expenses: Total operating expenses for Q1 2026 were $33,382 thousand, up from $29,510 thousand in Q1 2025. Compensation and employee benefits increased to $21,257 thousand from $17,752 thousand, while general and administrative expenses rose to $11,262 thousand from $10,758 thousand. Regulatory fees decreased to $863 thousand from $1,000 thousand.
• Provision for Losses: The provision for losses was -$4,308 thousand for Q1 2026, compared to -$1,684 thousand for Q1 2025.
• Core Return on Equity: The core return on equity was 17% in the first quarter of 2026.
• Tax Credits: The company purchased $45.0 million of tax credits, resulting in a benefit of $4.2 million.
• Allowance for Losses: The allowance for losses was -$39,920 thousand as of March 31, 2026, compared to -$37,785 thousand as of December 31, 2025.

Segment Performance (Q1 2026 Business Volume and Net Effective Spread)

• Agricultural Finance: Total outstanding business volume was $22,292,507 thousand.
  • Farm & Ranch: Business volume reached $20.2 billion with a net effective spread of 1.03%, showing 12% YoY volume growth. The portfolio grew by $675.3 million, driven by $383.9 million in net loan purchase volume and $325.0 million in AgVantage securities growth.
  • Corporate AgFinance: Business volume was $2.1 billion with a net effective spread of 2.05%, reflecting 9% YoY volume growth. The portfolio grew by $101.8 million.
• Infrastructure Finance: Total outstanding business volume was $12,553,547 thousand.
  • Power & Utilities: Business volume was $8.0 billion with a net effective spread of 0.35%, indicating 11% YoY volume growth. Net growth for the portfolio was $115.0 million.
  • Renewable Energy: Business volume was $2.9 billion with a net effective spread of 1.59%, demonstrating significant 80% YoY volume growth. Business volume increased by $444.5 million.
  • Broadband Infrastructure: Business volume was $1.7 billion with a net effective spread of 2.27%, showing 73% YoY volume growth. Business volume grew by $158 million.
• Treasury (Funding & Investments): Net effective spread for Funding was $32,647 thousand (0.37% yield) and for Investments was $1,342 thousand (0.07% yield) for Q1 2026.

Outlook / Guidance

Federal Agricultural Mortgage Corporation delivered record results in Q1 2026, showcasing double-digit year-over-year growth in business volume, revenue, and core earnings. The CEO expressed optimism for the future, citing the company’s diversified business model, strong capital, disciplined risk management, and robust executive team and business momentum. The company plans to continue executing its mission and supporting rural America.