NRUC · CIK 0000070502
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.
Miscellaneous Business Credit Institution
Company profile
Net income
$139.7M
▼ −74.7% vs FY2024
Free cash flow
$202.8M
▼ −35.5% vs FY2024
Total assets
$38.3B
▲ +5.9% vs FY2024
Net income
Losses shown in terracotta
Recent quarters
momentum · last 12 quartersNet income — Feb ’26 quarter
$22.4M
▼ −74.0% vs Feb ’25
Quarterly net income
Losses shown in terracotta
| Quarter | Revenue | Rev. YoY | Gross margin | Net income | Net margin | Diluted EPS |
|---|---|---|---|---|---|---|
| Feb ’26 | — | — | — | $22.4M | — | — |
| Nov ’25 | — | — | — | $19.6M | — | — |
| Aug ’25 | — | — | — | $4.8M | — | — |
| May ’25 | — | — | — | $73.1M | — | — |
| Feb ’25 | — | — | — | $86.0M | — | — |
| Nov ’24 | — | — | — | $144.4M | — | — |
| Aug ’24 | — | — | — | −$163.8M | — | — |
| May ’24 | — | — | — | $145.6M | — | — |
Profitability & returns
quality of earningsReturns on capital
Net income vs year-end equity and assets
Return on equityReturn on assets
Cash flow
cash generationFree cash flow
Operating cash flow less capital expenditure
Operating cash flow
Net cash from operations
Balance sheet
financial positionStockholders’ equity
At fiscal year end
Net debt
Long-term debt less cash — negative means net cash
Growth rates
compounding, annualizedNet income CAGR
−44.0%
3y
Free cash flow CAGR
−4.5%
3y
−0.7%
5y
Key ratios
derived per fiscal year| Fiscal year | ROE | ROA | Debt / equity |
|---|---|---|---|
| FY2025 | 4.5% | 0.4% | 8.81× |
| FY2024 | 18.5% | 1.5% | 8.66× |
| FY2023 | 19.6% | 1.5% | 9.35× |
| FY2022 | 37.6% | 2.5% | 10.19× |
| FY2021 | 59.0% | 2.7% | 14.98× |
| FY2020 | −93.5% | −2.1% | 31.48× |
| FY2019 | −11.7% | −0.6% | 15.05× |
| FY2018 | 30.9% | 1.7% | 12.69× |
| FY2017 | 29.0% | 1.2% | 16.78× |
| FY2016 | −6.3% | −0.2% | 22.08× |
| FY2015 | −2.2% | −0.1% | 18.37× |
| FY2014 | 20.1% | 0.9% | 15.38× |
Annual figures
as reported| Fiscal year | Revenue | Gross profit | Op. income | Net income | Diluted EPS | Op. cash flow | Capex | Total assets | Liabilities | Equity | Cash | LT debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2025 | — | — | — | $139.7M | — | $207.5M | $4.7M | $38.3B | $35.2B | $3.1B | $134.7M | $27.2B |
| FY2024 | — | — | — | $553.3M | — | $320.6M | $6.2M | $36.2B | $33.2B | $3.0B | $280.1M | $25.9B |
| FY2023 | — | — | — | $501.5M | — | $337.8M | $7.7M | $34.0B | $31.4B | $2.6B | $198.9M | $23.9B |
| FY2022 | — | — | — | $795.8M | — | $250.8M | $17.7M | $31.3B | $29.1B | $2.1B | $153.6M | $21.5B |
| FY2021 | — | — | — | $811.7M | — | $240.0M | $9.9M | $29.6B | $28.2B | $1.4B | $295.1M | $20.6B |
| FY2020 | — | — | — | −$585.2M | — | $219.2M | $9.6M | $28.2B | $27.5B | $626.1M | $671.4M | $19.7B |
| FY2019 | — | — | — | −$149.2M | — | $197.0M | $14.7M | $27.1B | $25.8B | $1.3B | $177.9M | $19.2B |
| FY2018 | — | — | — | $455.2M | — | $155.2M | $15.2M | $26.7B | $25.2B | $1.5B | $231.0M | $18.7B |
| FY2017 | — | — | — | $309.9M | — | $179.6M | — | $25.2B | $24.1B | $1.1B | $166.6M | $18.0B |
| FY2016 | — | — | — | −$49.7M | — | $227.6M | — | $24.3B | $23.5B | $791.3M | $204.5M | $17.5B |
| FY2015 | — | — | — | −$19.0M | — | $219.0M | — | $22.8B | $21.9B | $884.3M | $248.8M | $16.2B |
| FY2014 | — | — | — | $190.1M | — | $190.0M | — | $22.2B | $21.3B | $943.5M | $338.7M | $14.5B |
Latest filings
the most recent regulatory filings424B3PS106122026-07-02 ↗424B3PS106112026-07-01 ↗424B3PS106102026-07-01 ↗424B3PS106092026-06-29 ↗424B3PS106082026-06-25 ↗424B3PS106072026-06-25 ↗424B3PS106062026-06-25 ↗8-K8-K ELECTION OF PRESIDENT2026-06-17 ↗424B3PS106052026-06-15 ↗424B3PS106042026-06-12 ↗
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