Here are the 10-Q quarterly reports from National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) (NRUC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NRUC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NRUC filings page.
National Rural Utilities Cooperative Finance Corporation (NRUC) reported net income of $135.426 million for Q1 FY2027, compared with $4.682 million in Q1 FY2026, and a times interest earned ratio (TIER) of 1.36 versus 1.01. The swing was associated with derivative gains of $96.616 million, versus losses of $32.204 million a year earlier; derivative forward value gains were $82.586 million in Q1 FY2027. Net interest income increased to $75.970 million from $70.977 million, while adjusted net income declined to $52.840 million from $57.153 million and adjusted TIER was 1.15 versus 1.16.
Loans to members totaled $38,337 million as of August 31, 2026, down $85 million from May 31; total debt was $35,688 million, down $256 million. CFC issued $800 million in dealer medium-term notes during Q1 FY2027: $500 million fixed at 5.00% for five years and $300 million floating-rate for 18 months. Available liquidity was $8,158 million against $9,876 million of scheduled debt obligations over the next 12 months. CFC stated that, excluding $3,094 million of member short-term investments from those obligations, available liquidity exceeded the remainder by $1,376 million, or 1.2 times.
National Rural Utilities Cooperative Finance Corporation reported Q3 FY2026 net income of $22.7 million, down from $86.1 million a year earlier, mainly because derivative results swung to a $32 million loss from a $40 million gain. The TIER ratio declined to 1.06 from 1.24.
On a non-GAAP basis, adjusted net income was $67.7 million versus $66.3 million in Q3 FY2025 and adjusted TIER held at 1.19, showing core lending performance remained stable despite accounting volatility from swaps. Loans to members rose 5% to $38.8 billion, while credit quality stayed strong with one $13 million nonperforming loan and an allowance of $36 million, or 0.09%.
Total debt increased 5% to $36.3 billion, lifting the debt‑to‑equity ratio to 11.74, while adjusted debt‑to‑equity was 7.76, above the cooperative’s 8.5‑to‑1 target buffer. Liquidity stood at $8.15 billion, exceeding the next‑12‑month scheduled debt maturities excluding member short‑term investments, and management projects modest loan growth, higher net interest income and a slightly lower adjusted TIER over the coming year.
National Rural Utilities Cooperative Finance Corporation reported sharply lower GAAP earnings for Q2 FY2026 as derivative marks swung negative, while core lending and credit quality remained solid. Net income for Q2 FY2026 was $19,558 thousand, down from $144,803 thousand in Q2 FY2025, with TIER falling to 1.05 from 1.41 as gains on interest rate swaps in the prior year turned into losses. Year-to-date FY2026 net income improved to $24,240 thousand from a loss of $19,523 thousand, helped by smaller derivative losses.
On a non-GAAP basis, which excludes unrealized derivative fair value changes and reclassifies certain capital components, adjusted net income declined to $55,784 thousand in Q2 FY2026 from $62,171 thousand a year earlier, and YTD adjusted net income fell to $112,937 thousand from $128,231 thousand. Adjusted TIER was 1.16 for both Q2 and YTD FY2026, slightly below the prior-year levels but above the cooperative’s stated minimum goal of 1.10.
Loans to members grew to $37,842 million as of November 30, 2025, up $762 million, with 78% in distribution borrowers and 16% in power supply. Credit metrics stayed strong: only one nonperforming loan, with balance reduced from $26 million to $24 million at quarter-end and further to $13 million after a subsequent $11 million payment. The allowance for credit losses increased modestly to $43 million, maintaining a 0.11% coverage ratio.
Total debt outstanding rose 2% to $35,596 million, pushing the GAAP debt-to-equity ratio to 11.58 from 11.20, while adjusted debt-to-equity increased to 7.59 from 7.39, still within the targeted range of approximately 8.5-to-1 or below. Liquidity remained substantial: available liquidity of $7,975 million compared with $10,490 million of scheduled debt over the next 12 months, including $3,358 million of member short-term investments, and exceeded by $843 million the $7,132 million of obligations excluding those member investments.
National Rural Utilities Cooperative Finance Corporation (NRUC) returned to profitability in Q1 FY2026, reporting net income of $4.7 million versus a $(164.3) million loss a year ago as derivative losses narrowed to $32.2 million from $198.3 million. Reported net interest income rose to $71.0 million with net interest yield at 0.75% (up 6 bps), supported by 6% growth in average interest‑earning assets.
On a non-GAAP basis, adjusted net income was $57.2 million (down from $66.1 million) and adjusted TIER was 1.16. Loans to members reached $37.57 billion, up $490 million, with credit quality steady: one nonperforming loan at $24 million and an allowance of $42 million (0.11%). Total debt rose 1% to $35.28 billion; NRUC issued $1.225 billion in unsecured medium‑term notes (including $700 million at 4.15% for three years). Available liquidity was $7.74 billion against next‑12‑month scheduled obligations of $8.77 billion, which include $3.14 billion of member short‑term investments; scheduled long‑term loan principal receipts are expected to add $1.76 billion. S&P withdrew its A‑2 commercial paper rating at NRUC’s request; long‑term ratings remain unchanged, and Fitch affirmed a stable outlook. NRUC notified investors it will redeem $50 million of subordinated deferrable debt on October 23, 2025.