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National Rural Utilities Cooperative Finance Corp /Dc/

NRUC NYSE Miscellaneous Business Credit Institution Financials FY2017–FY2026

Revenue Total sales reported in the income statement.
$414M
45.5% vs prior year
Operating margin Operating income as a share of revenue.
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Net income Profit after all expenses, interest and tax.
$262M
87.6%
Free cash flow Cash from operations minus capital spending.
$309M
52.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
—
P/E Last close divided by diluted earnings per share over the last four quarters.
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What National Rural Utilities Cooperative Finance Corp /Dc/ does

No business description yet.

Legal name
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/
Fiscal year ends
May 31, 2026
Latest annual report
10-K · Jul 31, 2026
Accession · CIK
0000070502-26-000511
0000070502

Revenue and margins

National Rural Utilities Cooperative Finance Corp /Dc/ had $414M of revenue in fiscal 2026, up 45.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $309M in fiscal 2026, 74.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

National Rural Utilities Cooperative Finance Corp /Dc/ returned — to shareholders in fiscal 2026. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably National Rural Utilities Cooperative Finance Corp /Dc/ can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $154M$199M$280M$135M$249M
Debt incl. finance leases $26.5B$28.5B$30.2B$32.3B$33.5B
Debt / equity 12.5x11.1x10.1x10.5x10.2x
Total assets $31.3B$34.0B$36.2B$38.3B$39.7B
Total liabilities $29.1B$31.4B$33.2B$35.2B$36.4B
Shareholders' equity $2.1B$2.6B$3.0B$3.1B$3.3B
Net debt (− = net cash) $26.4B$28.3B$30.0B$32.1B$33.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Net income is positive ✓ ✓ ✕ ✕ ✓ ✓ ✓ ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Return on assets rose — ✓ ✕ ✕ ✓ ✕ ✕ ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✕ ✓ ✓ ✕ ✕ ✕ ✕ ✓ ✓
Debt fell relative to assets — ✓ ✓ ✓ ✕ ✓ ✓ ✓ ✕ ✕
Current ratio rose — — — — — — — — — —
Share count didn't rise — — — — — — — — — —
Gross margin rose — — — — — — — — — —
Revenue rose relative to assets — ✓ ✕ ✕ ✓ ✕ ✕ ✓ ✕ ✓
F-score — / 3— / 6— / 6— / 6— / 6— / 6— / 6— / 6— / 6— / 6
Accruals ratio 0.5%1.2%−1.3%−2.9%2.0%1.8%0.5%0.7%−0.2%−0.1%
Altman Z'' ——————————

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $408M $534M −$50.3M −$428M $941M $879M $614M $680M $284M $414M
Net interest income $295M $285M $299M $330M $415M $436M $315M $254M $261M $302M
Noninterest income $113M $249M −$350M −$758M $527M $443M $299M $426M $23.4M $112M
Noninterest expense $88.0M $92.8M $102M $127M $97.8M $97.5M $111M $130M $152M $161M
Provision for credit losses $6.0M −$18.6M −$1.3M $35.6M $28.5M — — — — —
Interest expense $742M $793M $836M $821M $702M $706M $1.0B — — —
Pretax income $314M $460M −$151M −$591M $815M — — — — —
Income tax $1.7M $2.3M $0.2M −$1.2M $1.0M $1.1M $0.8M $1.5M $0.2M $0.3M
Net income $310M $455M −$149M −$585M $812M $796M $501M $553M $140M $262M
Cash flow
Cash from operations $180M $155M $197M $219M $240M $251M $338M $321M $208M $311M
Capital expenditure — $15.2M $14.7M $9.6M $9.9M $17.7M $7.7M $6.2M $4.7M $1.8M
Free cash flow — $140M $182M $210M $230M $233M $330M $314M $203M $309M
Depreciation and amortization $7.2M $7.9M $9.3M $9.2M $8.0M $7.6M $5.7M $10.5M $12.6M $14.0M
Balance sheet
Cash and short-term investments $167M $231M $178M $671M $295M $154M $199M $280M $135M $249M
Total debt $21.3B $22.5B $22.8B $23.7B $25.2B $26.5B $28.5B $30.2B $32.3B $33.5B
Finance lease liabilities — — — — — — $1.0M $3.0M $7.0M $7.0M
Loans, net $24.3B $25.1B $25.9B $26.6B $28.3B $30.0B $32.5B $34.5B $37.0B $38.4B
Property and equipment, net $122M $116M $121M $89.1M $91.9M $102M $86.0M $85.1M $81.7M $75.6M
Total assets $25.2B $26.7B $27.1B $28.2B $29.6B $31.3B $34.0B $36.2B $38.3B $39.7B
Total liabilities $24.1B $25.2B $25.8B $27.5B $28.2B $29.1B $31.4B $33.2B $35.2B $36.4B
Shareholders' equity $1.1B $1.5B $1.3B $626M $1.4B $2.1B $2.6B $3.0B $3.1B $3.3B
Margins
Net margin 76.0% 85.3% 296.5% 136.9% 86.2% 90.5% 81.6% 81.4% 49.1% 63.3%
FCF margin — 26.2% −362.3% −49.0% 24.4% 26.5% 53.7% 46.3% 71.3% 74.6%
Net interest share of revenue 72.3% 53.3% −595.1% −77.2% 44.0% 49.6% 51.3% 37.4% 91.8% 72.9%
Efficiency ratio 21.6% 17.4% −202.6% −29.8% 10.4% 11.1% 18.1% 19.1% 53.6% 38.9%
Returns
Return on equity 29.0% 35.8% −10.8% −61.5% 81.1% 45.6% 21.4% 19.9% 4.6% 8.2%
Return on assets 1.2% 1.8% −0.6% −2.1% 2.8% 2.6% 1.5% 1.6% 0.4% 0.7%
Return on tangible equity 29.0% 30.9% −11.7% −93.5% 59.0% 37.6% 19.6% 18.5% 4.5% 8.0%
Growth
Revenue growth — 30.9% −109.4% — — −6.6% −30.1% 10.7% −58.2% 45.5%
Net income growth — 46.9% −132.8% — — −1.9% −37.0% 10.3% −74.7% 87.6%
FCF growth — — 30.2% 15.0% 9.8% 1.3% 41.6% −4.7% −35.5% 52.2%
Financial health
Debt / equity 19.9x 15.3x 17.9x 37.8x 18.3x 12.5x 11.1x 10.1x 10.5x 10.2x
Provision / loans 0.0% −0.1% −0.0% 0.1% 0.1% — — — — —
Capital allocation
Capex / revenue — 2.8% −29.3% −2.2% 1.0% 2.0% 1.3% 0.9% 1.7% 0.4%
Quality scores
Accruals ratio 0.5% 1.2% −1.3% −2.9% 2.0% 1.8% 0.5% 0.7% −0.2% −0.1%

Source: SEC EDGAR XBRL filings (CIK 0000070502). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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