National Rural Utilities Cooperative Finance Corp Financials

NRUC

Source SEC Filings (10-K/10-Q) Updated Nov 30, 2025 Currency USD FYE May

This page shows National Rural Utilities Cooperative Finance Corp (NRUC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

4/9

National Rural Utilities Cooperative Finance Corp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

1.49x

For every $1 of reported earnings, National Rural Utilities Cooperative Finance Corp generates $1.49 in operating cash flow ($207.5M OCF vs $139.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

N/A

EBITDA

N/A

Free Cash Flow

$202.8M

YoY-35.5%

5Y CAGR-0.7%

National Rural Utilities Cooperative Finance Corp generated $202.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 35.5% from the prior year.

Net Income

$139.7M

YoY-74.7%

National Rural Utilities Cooperative Finance Corp reported $139.7M in net income in fiscal year 2025. This represents a decrease of 74.7% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$134.7M

YoY-51.9%

5Y CAGR-27.5%

10Y CAGR-6.0%

National Rural Utilities Cooperative Finance Corp held $134.7M in cash against $27.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

National Rural Utilities Cooperative Finance Corp had 0 shares outstanding in fiscal year 2025.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

4.5%

YoY-14.0pp

5Y CAGR+98.0pp

10Y CAGR+6.7pp

National Rural Utilities Cooperative Finance Corp's ROE was 4.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 14.0 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$4.7M

YoY-23.7%

5Y CAGR-13.3%

National Rural Utilities Cooperative Finance Corp invested $4.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 23.7% from the prior year.

NRUC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$70.9M+20.3%	$59.0M+16.5%	$50.6M+16.8%	$43.3M+9.8%	$39.4M-15.4%	$46.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.4B+7.7%	$1.3B+29.2%	$1.0B+46.9%	$705.5M+0.5%	$702.1M-14.5%	$821.1M
Income Tax	$188K-87.5%	$1.5M+88.0%	$800K-30.3%	$1.1M+15.0%	$998K+186.0%	-$1.2M
Net Income	$139.7M-74.7%	$553.3M+10.3%	$501.5M-37.0%	$795.8M-1.9%	$811.7M+238.7%	-$585.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$18.2M-12.4%	$20.8M	N/A	$15.2M-18.0%	$18.5M-3.2%	$19.1M	N/A	$13.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$373.7M-0.7%	$376.5M	N/A	$361.9M+2.1%	$354.4M-0.6%	$356.5M	N/A	$347.0M
Income Tax	$6K+130.0%	-$20K	N/A	$66K-54.8%	$146K+240.4%	-$104K	N/A	$567K
Net Income	$19.6M+311.2%	$4.8M	N/A	$86.0M-40.5%	$144.4M+188.2%	-$163.8M	N/A	$31.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NRUC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$38.3B+5.9%	$36.2B+6.4%	$34.0B+8.8%	$31.3B+5.4%	$29.6B+5.3%	$28.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$134.7M-51.9%	$280.1M+40.8%	$198.9M+29.6%	$153.6M-48.0%	$295.1M-56.1%	$671.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$35.2B+6.2%	$33.2B+5.5%	$31.4B+7.9%	$29.1B+3.1%	$28.2B+2.7%	$27.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$27.2B+4.9%	$25.9B+8.2%	$23.9B+11.1%	$21.5B+4.6%	$20.6B+4.5%	$19.7B
Total Equity	$3.1B+3.0%	$3.0B+16.8%	$2.6B+21.2%	$2.1B+53.8%	$1.4B+119.6%	$626.1M
Retained Earnings	$3.1B+3.1%	$3.0B+17.2%	$2.6B+20.9%	$2.1B+53.6%	$1.4B+118.9%	$628.0M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$39.1B+0.7%	$38.8B+1.4%	$38.3B+1.4%	$37.8B+1.8%	$37.1B+1.7%	$36.5B+0.9%	$36.2B+0.8%	$35.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$304.5M+18.4%	$257.1M+90.9%	$134.7M-45.1%	$245.4M-29.3%	$347.1M+31.2%	$264.7M-5.5%	$280.1M+93.4%	$144.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$36.0B+0.7%	$35.8B+1.6%	$35.2B+1.4%	$34.7B+1.7%	$34.2B+1.4%	$33.7B+1.6%	$33.2B+0.4%	$33.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$27.3B-2.1%	$27.9B+2.8%	$27.2B-1.4%	$27.5B+3.1%	$26.7B+1.7%	$26.3B+1.4%	$25.9B+1.8%	$25.5B
Total Equity	$3.1B+0.6%	$3.0B-1.6%	$3.1B+2.4%	$3.0B+2.9%	$2.9B+5.2%	$2.8B-7.0%	$3.0B+5.0%	$2.8B
Retained Earnings	$3.1B+0.6%	$3.0B-1.6%	$3.1B+2.4%	$3.0B+2.9%	$2.9B+5.2%	$2.8B-7.1%	$3.0B+5.1%	$2.8B

NRUC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$207.5M-35.3%	$320.6M-5.1%	$337.8M+34.7%	$250.8M+4.5%	$240.0M+9.5%	$219.2M
Capital Expenditures	$4.7M-23.7%	$6.2M-20.3%	$7.7M-56.4%	$17.7M+79.8%	$9.9M+3.1%	$9.6M
Free Cash Flow	$202.8M-35.5%	$314.5M-4.7%	$330.1M+41.6%	$233.1M+1.3%	$230.1M+9.8%	$209.7M
Investing Cash Flow	-$2.3B-27.7%	-$1.8B+26.0%	-$2.5B-50.9%	-$1.6B+17.5%	-$2.0B-310.1%	-$481.3M
Financing Cash Flow	$2.0B+24.7%	$1.6B-27.1%	$2.2B+75.3%	$1.2B-8.9%	$1.4B+79.5%	$755.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$38.9M-52.7%	$82.3M+290.3%	-$43.3M-128.8%	$150.3M+135.4%	$63.8M+73.9%	$36.7M-31.3%	$53.4M-55.8%	$120.9M
Capital Expenditures	$633K+97.8%	$320K-69.3%	$1.0M-18.1%	$1.3M+15.0%	$1.1M-12.6%	$1.3M-35.1%	$2.0M+29.0%	$1.5M
Free Cash Flow	$38.3M-53.3%	$82.0M+285.1%	-$44.3M-129.7%	$149.0M+137.5%	$62.7M+77.0%	$35.4M-31.2%	$51.5M-56.9%	$119.4M
Investing Cash Flow	-$241.3M+48.0%	-$463.8M+15.6%	-$549.5M+33.4%	-$824.5M-80.9%	-$455.7M+7.5%	-$492.7M-456.6%	-$88.5M+78.2%	-$406.0M
Financing Cash Flow	$249.7M-50.5%	$503.9M+4.5%	$482.1M-15.8%	$572.6M+20.7%	$474.4M+7.7%	$440.5M+158.6%	$170.4M-42.9%	$298.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NRUC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	4.5%-14.0pp	18.5%-1.1pp	19.6%-18.1pp	37.6%-21.4pp	59.0%+152.5pp	-93.5%
Return on Assets	0.4%-1.2pp	1.5%+0.1pp	1.5%-1.1pp	2.5%-0.2pp	2.7%+4.8pp	-2.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	8.81+0.2	8.66-0.7	9.35-0.8	10.19-4.8	14.98-16.5	31.48
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	0.6%+0.5pp	0.2%	N/A	2.9%-2.1pp	4.9%+10.8pp	-5.9%	N/A	1.1%
Return on Assets	0.1%+0.0pp	0.0%	N/A	0.2%-0.2pp	0.4%+0.8pp	-0.4%	N/A	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	8.95-0.3	9.21+0.4	8.81-0.3	9.15+0.0	9.14-0.3	9.44+0.8	8.66-0.3	8.94
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is National Rural Utilities Cooperative Finance Corp profitable?

Yes, National Rural Utilities Cooperative Finance Corp (NRUC) reported a net income of $139.7M in fiscal year 2025.

How much debt does National Rural Utilities Cooperative Finance Corp have?

As of fiscal year 2025, National Rural Utilities Cooperative Finance Corp (NRUC) had $134.7M in cash and equivalents against $27.2B in long-term debt.

What is National Rural Utilities Cooperative Finance Corp's return on equity (ROE)?

National Rural Utilities Cooperative Finance Corp (NRUC) has a return on equity of 4.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is National Rural Utilities Cooperative Finance Corp's free cash flow?

National Rural Utilities Cooperative Finance Corp (NRUC) generated $202.8M in free cash flow during fiscal year 2025. This represents a -35.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is National Rural Utilities Cooperative Finance Corp's operating cash flow?

National Rural Utilities Cooperative Finance Corp (NRUC) generated $207.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are National Rural Utilities Cooperative Finance Corp's total assets?

National Rural Utilities Cooperative Finance Corp (NRUC) had $38.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are National Rural Utilities Cooperative Finance Corp's capital expenditures?

National Rural Utilities Cooperative Finance Corp (NRUC) invested $4.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does National Rural Utilities Cooperative Finance Corp have outstanding?

National Rural Utilities Cooperative Finance Corp (NRUC) had 0 shares outstanding as of fiscal year 2025.

What is National Rural Utilities Cooperative Finance Corp's debt-to-equity ratio?

National Rural Utilities Cooperative Finance Corp (NRUC) had a debt-to-equity ratio of 8.81 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is National Rural Utilities Cooperative Finance Corp's return on assets (ROA)?

National Rural Utilities Cooperative Finance Corp (NRUC) had a return on assets of 0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is National Rural Utilities Cooperative Finance Corp's Piotroski F-Score?

National Rural Utilities Cooperative Finance Corp (NRUC) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are National Rural Utilities Cooperative Finance Corp's earnings high quality?

National Rural Utilities Cooperative Finance Corp (NRUC) has an earnings quality ratio of 1.49x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.