AGM FEDERAL AGRICULTURAL MORTGAGE CORP

Overview and Growth

FEDERAL AGRICULTURAL MORTGAGE CORP recorded fiscal 2025 net income of $207.41M. On a per-share basis, diluted EPS was $16.62, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $16.44 in fiscal 2024, the current result was 1.1% higher. The diluted weighted-average share count was 10.98M, linking total earnings with the per-share result received by shareholders. The diluted share count was 0.1% higher than fiscal 2024, when diluted shares averaged 10.97M, adding context to the EPS comparison. The company employed $35.37B of total assets, the balance-sheet base supporting its current operating and cash-flow results.

Profitability

Net income came to $207.41M, completing the progression from revenue through gross and operating profitability to the final reported result. Before income taxes, the company reported $255.71M of earnings, providing a bridge between the operating result and final net income. The reported income-tax provision was $48.30M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 18.9%, without assuming a statutory-rate comparison. Net income equaled 12.1% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 0.6% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from fiscal 2024 net income of $207.19M to $207.41M, with the current outcome ending above that comparison.

Liquidity and Capital Structure

At period end, the $35.37B asset base was financed through $33.65B of liabilities and $1.72B of equity. Reported cash and equivalents were $931.07M, separating immediately recognizable cash resources from the rest of the current-asset base. Total debt was $30.82B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 17.93x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 87.1%, showing how much of the asset base was matched by borrowing. The equity-to-assets relationship was 4.9%, placing book capital against the total resource base. Liabilities represented 95.1% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 2.6% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 12.9% from $31.32B in fiscal 2024, leaving current total assets higher year over year. Against $1.49B of equity in fiscal 2024, the current book-equity balance moved 15.4% and ended higher. The reported cash balance changed 9.1% from $1.02B in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $80.06M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 0.39x, comparing cash generated by operations with the bottom-line earnings result. Free cash flow came to $80.06M, leaving a positive amount after capital expenditures. Measured against total assets, free cash flow represented 0.2%, showing the cash productivity of the company’s assets. Compared with $612.65M in fiscal 2024, current operating cash flow of $80.06M was below the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.