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Federal Agricultural Mortgage
Federal Agricultural Mortgage (AGM) investor relations material
Federal Agricultural Mortgage Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record core earnings of $182.9 million in 2025, or $16.66 per diluted share, up 7% year-over-year, marking the tenth consecutive year of record core earnings.
Outstanding business volume reached $33.4 billion as of December 31, 2025, reflecting an 8% 10-year CAGR and a $3.8 billion increase year-over-year.
Quarterly dividend increased by 7% to $1.60 per share, the fifteenth consecutive annual increase, with total common stock dividends per share at $6.00 for the year.
Provided $10.5 billion in liquidity and lending capacity to rural lenders, supporting agriculture and rural infrastructure.
Returned $78 million to shareholders via dividends and share repurchases, with $12.9 million in Q4 repurchases and $37.1 million remaining under authorization.
Financial highlights
Net effective spread reached a record $383 million for the year, up 13% from 2024; net interest income grew 10% to $390.7 million.
Core earnings per diluted share rose to $16.66 in 2025 from $15.64 in 2024.
Book value per share climbed to $112.77, and total assets increased to $35.4 billion from $31.3 billion year-over-year.
Operating expenses rose 14% year-over-year, driven by higher business volume, legal, technology, and hiring costs.
Allowance for losses increased to $39.7 million (17% of nonaccrual assets), up from $25.3 million (15%) the prior year.
Outlook and guidance
Expects continued strong growth in all segments, especially Infrastructure Finance and Farm and Ranch AgVantage, with robust pipelines into 2026.
Management remains committed to strong shareholder returns, consistent dividend increases, and maintaining capital above requirements.
Expense growth will continue in 2026 to support business expansion, but management remains committed to a 30% efficiency ratio target.
No systemic credit issues identified; credit provisions expected to remain stable barring unforeseen borrower-specific events.
Dividend increase supported by past and expected earnings growth and capital position.
Assess Q4 credit events' impact on future AgFinance risk
What drives strong growth in Infrastructure Finance?
Future capital allocation strategy given dividend trend?
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Next Federal Agricultural Mortgage earnings date
Investor Day 202618 Mar, 2026
Federal Agricultural Mortgage
Next Federal Agricultural Mortgage earnings date
Investor Day 202618 Mar, 2026
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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.
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