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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Federal Agricultural Mortgage
Federal Agricultural Mortgage (AGM) investor relations material
Federal Agricultural Mortgage Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Record outstanding business volume reached $38.5B at Sept. 30, up 24% YoY; Q3 core earnings were $52.6M, up 6% YoY.
9M revenue was $357.9M and core earnings were $163.1M, up 18.3% and 14.1% YoY; $2.7B in Q3 liquidity and lending capacity supported rural sectors.
Financial highlights
Q3 net income was $64.2M; common-stockholder income was $54.9M, or $5.03 diluted EPS. Core earnings were $52.6M, or $4.82 per diluted share.
Q3 net interest income was $115.9M, up 18% YoY; net effective spread was $113.9M, up 16% YoY, mainly from portfolio growth.
9M net income was $190.3M versus $159.5M; common-stockholder income was $165.6M versus $141.9M, and diluted EPS was $15.18 versus $12.93.
9M core earnings were $163.1M versus $143.0M; core diluted EPS was $14.96 versus $13.03.
Q3 core earnings declined $6.2M QoQ; spread was 116 bps, with the sequential decline primarily reflecting a nonrecurring Q2 interest collection.
Outlook and guidance
On track for $40B business volume in 2026, two years ahead of the Investor Day timeline; annual growth is expected to average 8%-11% through 2030, with 2027 near the upper end.
Farm & Ranch loan-purchase growth is expected to persist through 2026; Infrastructure Finance opportunities from data centers, broadband and power capacity are expected into 2027.
Renewable Energy demand is expected to exceed natural portfolio runoff; management expects a strong Q4.
Full-year compensation expense is expected at the low end of 20%-22% YoY growth; efficiency ratio guidance remains 27%-29%. Operating expenses are expected to rise over several years as investments continue.
Assuming continued debt-market access, liquidity and capital resources are expected to support operations for the next 12 months and the foreseeable future.
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Latest events from Federal Agricultural Mortgage
- Record Q2 2026 business volume, earnings, and capital growth driven by broad-based expansion.AGM
Q2 2026 - Record Q1 2026 with $34.8B business volume, $109.9M revenue, and strong capital position.AGMQ1 2026
- Proxy covers director elections, auditor ratification, pay-for-performance, and ESG priorities.AGMProxy filing
- Aims for $50–$55B in business volume by 2030 with diversified growth and rising dividends.AGMInvestor Day 2026
- Record core earnings, business volume, and a 7% dividend increase highlight strong results.AGMQ4 2025
- Record Q3 2025 core earnings and business volume, with strong capital and liquidity positions.AGMQ3 2025
- USDA cuts 2025 farm income forecast to $180.7B as costs rise and government payments fall.AGMInvestor Update
- Q2 2024 net income steady at $40.3M, business volume $28.8B, strong capital and liquidity.AGMQ2 2024
- Record earnings, 8% net interest income growth, and a 7% dividend hike on $29.5B volume.AGMQ4 2024
Next Federal Agricultural Mortgage earnings date
Q4 202618 Feb, 2027
Federal Agricultural Mortgage
Next Federal Agricultural Mortgage earnings date
Q4 202618 Feb, 2027
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Frequently asked questions
Federal Agricultural Mortgage Corporation, known as Farmer Mac, is a government-sponsored enterprise that provides financial solutions to support the U.S. agricultural and rural sectors. The company facilitates liquidity and lending by purchasing agricultural real estate and rural utility loans, as well as providing credit guarantees and securitization services. Farmer Mac works with lenders, including banks, credit unions, and farm credit institutions. The company is headquartered in Washington, D.C., and its shares are listed on the NYSE.