NRUC NYSE Miscellaneous Business Credit Institution Financials FY2017βFY2026
National Rural Utilities Cooperative Finance Corp /Dc/ had $414M of revenue in fiscal 2026, up 45.5% on the year before. Over five years, revenue changed β15.2% a year on average.
Last close Β· Oct 23, 2026
$20.00
0.1%Hi! I read National Rural Utilities Cooperative Finance Corp /Dc/βs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
+45.5%
Yes. Sales grew 45.5% last year.
Does it make a profit?
63.3%
Yes. It keeps 63.3% of every sale as profit.
Does profit turn into cash?
74.6%
Yes. 74.6% of sales ends up as free cash.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· National Rural Utilities Cooperative Finance Corp /Dc/ had $414M of revenue in fiscal 2026, up 45.5% on the year before. Over five years, revenue changed β15.2% a year on average.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· National Rural Utilities Cooperative Finance Corp /Dc/ made $262M of net profit in fiscal 2026.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $309M in fiscal 2026, 74.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· National Rural Utilities Cooperative Finance Corp /Dc/ owes $33.3B more than it holds in cash.
Cash, debt and the ratios that show how comfortably National Rural Utilities Cooperative Finance Corp /Dc/ can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| 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 | 12.5x | 11.1x | 10.1x | 10.5x | 10.2x |
| 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 (β = net cash) | $26.4B | $28.3B | $30.0B | $32.1B | $33.3B |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | 0.5% | 1.2% | β1.3% | β2.9% | 2.0% | 1.8% | 0.5% | 0.7% | β0.2% | β0.1% |
| Altman Z'' | β | β | β | β | β | β | β | β | β | β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $408M | $534M | β$50.3M | β$428M | $941M | $879M | $614M | $680M | $284M | $414M |
| Net interest income | $295M | $285M | $299M | $330M | $415M | $436M | $315M | $254M | $261M | $302M |
| Noninterest income | $113M | $249M | β$350M | β$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 | β$18.6M | β$1.3M | $35.6M | $28.5M | β | β | β | β | β |
| Interest expense | $742M | $793M | $836M | $821M | $702M | $706M | $1.0B | β | β | β |
| Pretax income | $314M | $460M | β$151M | β$591M | $815M | β | β | β | β | β |
| Income tax | $1.7M | $2.3M | $0.2M | β$1.2M | $1.0M | $1.1M | $0.8M | $1.5M | $0.2M | $0.3M |
| Net income | $310M | $455M | β$149M | β$585M | $812M | $796M | $501M | $553M | $140M | $262M |
| Cash flow | ||||||||||
| Cash from operations | $180M | $155M | $197M | $219M | $240M | $251M | $338M | $321M | $208M | $311M |
| Capital expenditure | β | $15.2M | $14.7M | $9.6M | $9.9M | $17.7M | $7.7M | $6.2M | $4.7M | $1.8M |
| Free cash flow | β | $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 | β | β | β | β | β | β | $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 | β | 26.2% | β362.3% | β49.0% | 24.4% | 26.5% | 53.7% | 46.3% | 71.3% | 74.6% |
| Net interest share of revenue | 72.3% | 53.3% | β595.1% | β77.2% | 44.0% | 49.6% | 51.3% | 37.4% | 91.8% | 72.9% |
| Efficiency ratio | 21.6% | 17.4% | β202.6% | β29.8% | 10.4% | 11.1% | 18.1% | 19.1% | 53.6% | 38.9% |
| Returns | ||||||||||
| Return on equity | 29.0% | 35.8% | β10.8% | β61.5% | 81.1% | 45.6% | 21.4% | 19.9% | 4.6% | 8.2% |
| Return on assets | 1.2% | 1.8% | β0.6% | β2.1% | 2.8% | 2.6% | 1.5% | 1.6% | 0.4% | 0.7% |
| Return on tangible equity | 29.0% | 30.9% | β11.7% | β93.5% | 59.0% | 37.6% | 19.6% | 18.5% | 4.5% | 8.0% |
| Growth | ||||||||||
| Revenue growth | β | 30.9% | β109.4% | β | β | β6.6% | β30.1% | 10.7% | β58.2% | 45.5% |
| Net income growth | β | 46.9% | β132.8% | β | β | β1.9% | β37.0% | 10.3% | β74.7% | 87.6% |
| FCF growth | β | β | 30.2% | 15.0% | 9.8% | 1.3% | 41.6% | β4.7% | β35.5% | 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% | β0.1% | β0.0% | 0.1% | 0.1% | β | β | β | β | β |
| Capital allocation | ||||||||||
| Capex / revenue | β | 2.8% | β29.3% | β2.2% | 1.0% | 2.0% | 1.3% | 0.9% | 1.7% | 0.4% |
| Quality scores | ||||||||||
| Accruals ratio | 0.5% | 1.2% | β1.3% | β2.9% | 2.0% | 1.8% | 0.5% | 0.7% | β0.2% | β0.1% |
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 β not investment advice. Check the original filings before relying on any figure.
