National Rural Utilities Cooperative Finance Corp Financials

NRUC

FY2026 annual

Revenue Not reported for FY2026

Net Income $262.1M +87.6% YoY

EPS (Diluted) Not reported for FY2026

Free Cash Flow $308.8M +52.2% YoY

Source SEC Filings (10-K/10-Q) Data as of May 31, 2026 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 15 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).

Rhea AI NRUC FY2025 2026-07-31

NRUC’s results are driven by a large leveraged balance sheet, with cash generation lagging the debt-funded asset build.

Recent years show long-term debt rising into $27.2B while operating cash flow slid to $208M, so asset growth increasingly depended on financing rather than cash generated by the assets themselves. That same squeeze appears in the income line: interest costs kept climbing even as profit thinned, leaving a much smaller earnings cushion on a larger asset base.

Free cash flow of $203M still exceeded net income of $140M, so the weaker bottom line was not just an accounting result; cash conversion remained fairly intact. In a heavily financed structure, that distinction matters because obligations are serviced with cash, not reported earnings.

Cash on hand was only $135M against long-term debt of $27.2B, which means operating flexibility comes less from liquidity reserves and more from continued access to financing. The balance sheet has become somewhat less stretched than in earlier years, but it is still built to magnify small changes in asset-level profitability at the equity line.

Financial Health Signals

Financial health score pending refresh

We are recalculating National Rural Utilities Cooperative Finance Corp's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

4/5

National Rural Utilities Cooperative Finance Corp passes 4 of 5 computable financial strength tests (4 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed

1.18x

For every $1 of reported earnings, National Rural Utilities Cooperative Finance Corp generates $1.18 in operating cash flow ($310.5M OCF vs $262.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Net Income

$262.1M

YoY+87.6%

5Y CAGR-20.2%

National Rural Utilities Cooperative Finance Corp reported $262.1M in net income in fiscal year 2026. This represents an increase of 87.6% from the prior year.

Revenue

Not reported for fiscal year 2026.

EBITDA

Not reported for fiscal year 2026.

EPS (Diluted)

Not reported for fiscal year 2026.

Cash & Balance Sheet

Free Cash Flow

$308.8M

YoY+52.2%

5Y CAGR+6.1%

National Rural Utilities Cooperative Finance Corp generated $308.8M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 52.2% from the prior year.

Cash & Debt

$248.8M

YoY+84.7%

5Y CAGR-3.4%

10Y CAGR+2.0%

National Rural Utilities Cooperative Finance Corp held $248.8M in cash against $28.3B in long-term debt as of fiscal year 2026.

Shares Outstanding

National Rural Utilities Cooperative Finance Corp had 0 shares outstanding in fiscal year 2026.

Dividends Per Share

Not reported for fiscal year 2026.

Margins & Returns

Return on Equity

8.0%

YoY+3.4pp

5Y CAGR-51.1pp

10Y CAGR+14.2pp

National Rural Utilities Cooperative Finance Corp's ROE was 8.0% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 3.4 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2026.

Operating Margin

Not reported for fiscal year 2026.

Net Margin

Not reported for fiscal year 2026.

Capital Allocation

Capital Expenditures

$1.8M

YoY-62.5%

5Y CAGR-29.1%

National Rural Utilities Cooperative Finance Corp invested $1.8M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 62.5% from the prior year.

R&D Spending

Not reported for fiscal year 2026.

Share Buybacks

Not reported for fiscal year 2026.

NRUC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NRUC annual income statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
SG&A Expenses	$73.8M+4.0%	$70.9M+20.3%	$59.0M+16.5%	$50.6M+16.8%	$43.3M+9.8%	$39.4M-15.4%	$46.6M+7.6%	$43.3M+9.8%	$39.5M+2.6%	$38.5M-7.9%	$41.8M+27.7%	$32.7M+4.1%	$31.4M+9.6%	$28.6M+10.3%	$26.0M
Interest Expense	$1.5B+3.6%	$1.4B+7.7%	$1.3B+29.2%	$1.0B+46.9%	$705.5M+0.5%	$702.1M-14.5%	$821.1M-1.8%	$836.2M+5.5%	$792.7M+6.9%	$741.7M+8.8%	$681.9M+7.3%	$635.7M-2.9%	$654.7M-5.4%	$692.0M-9.2%	$761.8M
Income Tax	$334K+77.7%	$188K-87.5%	$1.5M+88.0%	$800K-30.3%	$1.1M+15.0%	$998K+186.0%	-$1.2M-649.8%	$211K-90.8%	$2.3M+35.3%	$1.7M+2889.5%	$57K-86.1%	$409K-79.6%	$2.0M-27.1%	$2.7M+205.4%	-$2.6M
Net Income	$262.1M+87.6%	$139.7M-74.7%	$553.3M+10.3%	$501.5M-37.0%	$795.8M-1.9%	$811.7M+238.7%	-$585.2M-292.2%	-$149.2M-132.8%	$455.2M+46.9%	$309.9M+724.1%	-$49.7M-160.9%	-$19.0M-110.0%	$190.1M-46.3%	$353.8M+344.4%	-$144.7M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
SG&A Expenses	N/A	$15.9M-12.5%	$18.2M-12.4%	$20.8M	N/A	$15.2M-18.0%	$18.5M-3.2%	$19.1M
Interest Expense	N/A	$370.0M-1.0%	$373.7M-0.7%	$376.5M	N/A	$361.9M+2.1%	$354.4M-0.6%	$356.5M
Income Tax	N/A	$162K+2600.0%	$6K+130.0%	-$20K	N/A	$66K-54.8%	$146K+240.4%	-$104K
Net Income	N/A	$22.4M+14.2%	$19.6M+311.2%	$4.8M	N/A	$86.0M-40.5%	$144.4M+188.2%	-$163.8M

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EPS (Diluted).

NRUC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NRUC annual balance sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Total Assets	$39.7B+3.6%	$38.3B+5.9%	$36.2B+6.4%	$34.0B+8.8%	$31.3B+5.4%	$29.6B+5.3%	$28.2B+3.8%	$27.1B+1.6%	$26.7B+5.9%	$25.2B+3.9%	$24.3B+6.2%	$22.8B+2.8%	$22.2B+0.7%	$22.1B+10.6%	$20.0B
Cash & Equivalents	$248.8M+84.7%	$134.7M-51.9%	$280.1M+40.8%	$198.9M+29.6%	$153.6M-48.0%	$295.1M-56.1%	$671.4M+277.3%	$177.9M-23.0%	$231.0M+38.6%	$166.6M-18.5%	$204.5M-17.8%	$248.8M-26.5%	$338.7M+91.3%	$177.1M-7.4%	$191.2M
Total Liabilities	$36.4B+3.3%	$35.2B+6.2%	$33.2B+5.5%	$31.4B+7.9%	$29.1B+3.1%	$28.2B+2.7%	$27.5B+6.5%	$25.8B+2.5%	$25.2B+4.5%	$24.1B+2.8%	$23.5B+6.9%	$21.9B+3.2%	$21.3B0.0%	$21.3B+9.2%	$19.5B
Long-Term Debt	$28.3B+4.4%	$27.2B+4.9%	$25.9B+8.2%	$23.9B+11.1%	$21.5B+4.6%	$20.6B+4.5%	$19.7B+2.6%	$19.2B+2.6%	$18.7B+4.2%	$18.0B+2.8%	$17.5B+7.6%	$16.2B+11.9%	$14.5B+35.7%	$10.7B-12.0%	$12.2B
Total Equity	$3.3B+6.7%	$3.1B+3.0%	$3.0B+16.8%	$2.6B+21.2%	$2.1B+53.8%	$1.4B+119.6%	$626.1M-51.0%	$1.3B-13.4%	$1.5B+37.8%	$1.1B+35.2%	$791.3M-10.5%	$884.3M-6.3%	$943.5M+18.0%	$799.5M+65.5%	$483.2M
Retained Earnings	$3.3B+6.7%	$3.1B+3.1%	$3.0B+17.2%	$2.6B+20.9%	$2.1B+53.6%	$1.4B+118.9%	$628.0M-50.8%	$1.3B-12.9%	$1.5B+38.7%	$1.1B+33.7%	$790.2M-10.2%	$880.2M-6.3%	$939.9M+18.8%	$791.1M+66.9%	$474.0M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$39.7B-0.5%	$39.9B+2.0%	$39.1B+0.7%	$38.8B+1.4%	$38.3B+1.4%	$37.8B+1.8%	$37.1B+1.7%	$36.5B
Cash & Equivalents	$248.8M+3.4%	$240.7M-20.9%	$304.5M+18.4%	$257.1M+90.9%	$134.7M-45.1%	$245.4M-29.3%	$347.1M+31.2%	$264.7M
Total Liabilities	$36.4B-1.1%	$36.8B+2.1%	$36.0B+0.7%	$35.8B+1.6%	$35.2B+1.4%	$34.7B+1.7%	$34.2B+1.4%	$33.7B
Long-Term Debt	$28.3B-1.9%	$28.9B+5.7%	$27.3B-2.1%	$27.9B+2.8%	$27.2B-1.4%	$27.5B+3.1%	$26.7B+1.7%	$26.3B
Total Equity	$3.3B+7.0%	$3.1B+0.7%	$3.1B+0.6%	$3.0B-1.6%	$3.1B+2.4%	$3.0B+2.9%	$2.9B+5.2%	$2.8B
Retained Earnings	$3.3B+7.0%	$3.1B+0.7%	$3.1B+0.6%	$3.0B-1.6%	$3.1B+2.4%	$3.0B+2.9%	$2.9B+5.2%	$2.8B

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.

NRUC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NRUC annual cash flow statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Operating Cash Flow	$310.5M+49.6%	$207.5M-35.3%	$320.6M-5.1%	$337.8M+34.7%	$250.8M+4.5%	$240.0M+9.5%	$219.2M+11.3%	$197.0M+26.9%	$155.2M-13.6%	$179.6M-21.1%	$227.6M+3.9%	$219.0M+15.3%	$190.0M+16.2%	$163.5M+37.3%	$119.1M
Capital Expenditures	$1.8M-62.5%	$4.7M-23.7%	$6.2M-20.3%	$7.7M-56.4%	$17.7M+79.8%	$9.9M+3.1%	$9.6M-35.0%	$14.7M-3.1%	$15.2M	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$308.8M+52.2%	$202.8M-35.5%	$314.5M-4.7%	$330.1M+41.6%	$233.1M+1.3%	$230.1M+9.8%	$209.7M+15.0%	$182.3M+30.2%	$140.0M	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.3B+45.1%	-$2.3B-27.7%	-$1.8B+26.0%	-$2.5B-50.9%	-$1.6B+17.5%	-$2.0B-310.1%	-$481.3M+31.0%	-$697.7M+42.4%	-$1.2B	N/A	N/A	N/A	N/A	N/A	$406.3M
Financing Cash Flow	$1.1B-45.2%	$2.0B+24.7%	$1.6B-27.1%	$2.2B+75.3%	$1.2B-8.9%	$1.4B+79.5%	$755.9M+68.7%	$448.0M-59.5%	$1.1B	N/A	N/A	N/A	N/A	N/A	-$627.8M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$83.7M-20.7%	$105.6M+171.2%	$38.9M-52.7%	$82.3M+290.3%	-$43.3M-128.8%	$150.3M+135.4%	$63.8M+73.9%	$36.7M
Capital Expenditures	$325K-33.0%	$485K-23.4%	$633K+97.8%	$320K-69.3%	$1.0M-18.1%	$1.3M+15.0%	$1.1M-12.6%	$1.3M
Free Cash Flow	$83.4M-20.7%	$105.1M+174.5%	$38.3M-53.3%	$82.0M+285.1%	-$44.3M-129.7%	$149.0M+137.5%	$62.7M+77.0%	$35.4M
Investing Cash Flow	$339.9M+137.4%	-$909.7M-277.1%	-$241.3M+48.0%	-$463.8M+15.5%	-$548.9M+33.4%	-$824.5M-80.9%	-$455.7M+7.5%	-$492.7M
Financing Cash Flow	-$415.5M-156.1%	$740.4M+196.6%	$249.7M-50.5%	$503.9M+4.7%	$481.5M-15.9%	$572.6M+20.7%	$474.4M+7.7%	$440.5M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

NRUC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

NRUC annual financial ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Return on Equity	8.0%+3.4pp	4.5%-14.0pp	18.5%-1.1pp	19.6%-18.1pp	37.6%-21.4pp	59.0%+152.5pp	-93.5%-81.8pp	-11.7%-42.6pp	30.9%+1.9pp	29.0%+35.2pp	-6.3%-4.1pp	-2.1%-22.3pp	20.1%-24.1pp	44.3%+74.2pp	-29.9%
Return on Assets	0.7%+0.3pp	0.4%-1.2pp	1.5%+0.1pp	1.5%-1.1pp	2.5%-0.2pp	2.7%+4.8pp	-2.1%-1.5pp	-0.5%-2.3pp	1.7%+0.5pp	1.2%+1.4pp	-0.2%-0.1pp	-0.1%-0.9pp	0.9%-0.8pp	1.6%+2.3pp	-0.7%
Debt-to-Equity	8.61-0.2x	8.81+0.2x	8.66-0.7x	9.35-0.8x	10.19-4.8x	14.98-16.5x	31.48+16.4x	15.05+2.4x	12.69-4.1x	16.78-5.3x	22.08+3.7x	18.37+3.0x	15.38+2.0x	13.38-11.8x	25.15

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Return on Equity	N/A	0.7%+0.1pp	0.6%+0.5pp	0.2%	N/A	2.9%-2.1pp	4.9%+10.8pp	-5.9%
Return on Assets	N/A	0.1%0.0pp	0.1%0.0pp	0.0%	N/A	0.2%-0.2pp	0.4%+0.8pp	-0.4%
Debt-to-Equity	8.61-0.8x	9.40+0.4x	8.95-0.3x	9.21+0.4x	8.81-0.3x	9.150.0x	9.14-0.3x	9.44

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.

Where National Rural Utilities Cooperative Finance Corp Ranks

Frequently Asked Questions

Is National Rural Utilities Cooperative Finance Corp profitable?

Yes, National Rural Utilities Cooperative Finance Corp (NRUC) reported a net income of $262.1M in fiscal year 2026.

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

As of fiscal year 2026, National Rural Utilities Cooperative Finance Corp (NRUC) had $248.8M in cash and equivalents against $28.3B 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 8.0% for fiscal year 2026, 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 $308.8M in free cash flow during fiscal year 2026. This represents a 52.2% 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 $310.5M in operating cash flow during fiscal year 2026, 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 $39.7B in total assets as of fiscal year 2026, 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 $1.8M in capital expenditures during fiscal year 2026, 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 2026.

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 8.61 as of fiscal year 2026, 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 0.7% for fiscal year 2026, 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 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.18x, 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.