Federal Agricultural Mortgage (AGM) financial statements
Federal Agricultural Mortgage reported revenue of $408M in fiscal 2025, up 10.9% a year over 9 years.
Net income was $207M.
Free cash flow was $80M, and the company returned $13M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Federal Agricultural Mortgage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $161M | $175M | $186M | $194M | $214M | $245M | $310M | $351M | $375M | $408M |
| Selling, general and admin | $15M | $16M | $20M | $20M | $22M | $28M | $30M | $35M | $38M | $45M |
| Interest expense | $172M | $243M | $370M | $472M | $313M | $204M | $446M | $1.1B | — | — |
| Pre-tax income | $119M | $131M | $136M | $139M | $145M | $172M | $226M | $253M | $258M | $256M |
| Income tax | $42M | $46M | $28M | $29M | $30M | $36M | $48M | $53M | $51M | $48M |
| Net income | $77M | $84M | $108M | $110M | $114M | $136M | $178M | $200M | $207M | $207M |
| EPS (diluted) | $5.97 | $6.60 | $8.83 | $8.69 | $8.80 | $10.27 | $13.87 | $15.81 | $16.44 | $16.62 |
| Diluted shares | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 11M |
| Net margin | 48.1% | 48.2% | 58.1% | 56.4% | 53.5% | 55.5% | 57.5% | 57.0% | 55.2% | 50.8% |
Balance sheet
Fiscal years, from Federal Agricultural Mortgage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $265M | $302M | $425M | $604M | $1.0B | $909M | $861M | $889M | $1.0B | $931M |
| Total assets | $15.6B | $17.8B | $18.7B | $21.7B | $24.3B | $25.1B | $27.3B | $29.5B | $31.3B | $35.4B |
| Long-term debt | $5.2B | $7.4B | $8.5B | $9.1B | $11.0B | $15.8B | $17.0B | $18.5B | $17.1B | $19.5B |
| Total liabilities | $15.0B | $17.1B | $17.9B | $20.9B | $23.4B | $23.9B | $26.1B | $28.1B | $29.8B | $33.7B |
| Shareholders' equity | $643M | $708M | $753M | $799M | $998M | $1.2B | $1.3B | $1.4B | $1.5B | $1.7B |
| Net debt | $7.1B | $10.9B | $12.4B | $18.5B | $20.8B | $21.8B | $24.1B | $25.7B | $26.5B | $29.9B |
Cash flow
Fiscal years, from Federal Agricultural Mortgage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $213M | $175M | $200M | -$20M | -$95M | $436M | $809M | $376M | $613M | $80M |
| Capital spending | — | — | — | — | — | — | $0 | $0 | $5M | $0 |
| Free cash flow | — | — | — | — | — | — | $809M | $376M | $607M | $80M |
| Stock-based compensation | $3M | $3M | $3M | $2M | $4M | $4M | $5M | $7M | $8M | $8M |
| Share buybacks (net) | — | — | $0 | $0 | -$235,000 | $0 | $0 | $0 | $0 | -$13M |
| Net borrowing | — | — | — | -$8.0B | -$10.4B | -$10.6B | -$5.2B | -$7.9B | -$8.1B | — |
| Free cash flow margin | — | — | — | — | — | — | 261.4% | 107.0% | 161.9% | 19.6% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for AGM.
Open AGM in InvestinglyQuestions
What was Federal Agricultural Mortgage's revenue in 2025?
$408M in fiscal 2025, from its 10-K filing.
How much free cash flow does Federal Agricultural Mortgage generate?
$80M in fiscal 2025 (operating cash flow minus capital spending).
From Federal Agricultural Mortgage's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.