FEDERAL AGRICULTURAL MORTGAGE CORP AGM
Farmer Mac is a stockholder-owned, federally chartered corporation that combines private capital and public sponsorship to serve a public purpose. Congress has charged Farmer Mac, in our charter, with the mission of providing a secondary market for a variety of loans made to borrowers in rural America. A secondary market is an economic arrangement in which the owners of financial assets, such as the originators of loans, may sell all or part of those assets or pay a fee to offset some or all of the inherent risks of holding the assets. To fulfill our mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure, our secondary market activities include:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.61B | $1.60B | $1.39B | $716.8M | $426.0M | $508.8M | $645.1M | $544.3M | $400.5M | $311.9M |
| SG&A | $44.6M | $38.2M | $35.0M | $29.8M | $27.5M | $22.0M | $20.3M | $19.7M | $16.0M | $15.1M |
| Interest expense | $390.7M | $353.9M | $327.5M | $270.9M | $204.0M | $312.9M | $472.0M | $369.8M | $242.9M | $171.6M |
| Pre-tax income | $255.7M | $258.1M | $253.1M | $225.7M | $172.5M | $144.7M | $138.7M | $136.0M | $130.7M | $119.4M |
| Income tax | $48.3M | $50.9M | $53.1M | $47.5M | $36.4M | $30.3M | $29.1M | $27.9M | $46.4M | $42.1M |
| Net income | $207.4M | $207.2M | $200.0M | $178.1M | $136.1M | $114.4M | $109.5M | $108.1M | $84.5M | $77.3M |
| EPS, basic | 16.73 | 16.59 | 15.97 | 14.00 | 10.36 | 8.85 | 8.76 | 8.91 | 6.73 | 6.12 |
| EPS, diluted | 16.62 | 16.44 | 15.81 | 13.87 | 10.27 | 8.80 | 8.69 | 8.83 | 6.60 | 5.97 |
| Shares, diluted (wtd. avg.) | $11.0M | $11.0M | $10.9M | $10.9M | $10.8M | $10.8M | $10.8M | $10.7M | $10.8M | $10.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $931.1M | $1.02B | $888.7M | $861.0M | $908.8M | $1.03B | $604.4M | $425.3M | $302.0M | $265.2M |
| Total assets | $35.37B | $31.32B | $29.52B | $27.33B | $25.12B | $24.33B | $21.71B | $18.69B | $17.79B | — |
| Short-term debt | $11.27B | $10.44B | $8.09B | $8.03B | $6.99B | $10.75B | $10.02B | $7.76B | — | — |
| Long-term debt | $19.54B | $27.52B | $26.59B | $25.00B | $22.76B | $11.05B | $9.07B | $8.49B | — | — |
| Total liabilities | $33.65B | $29.84B | $28.11B | $26.06B | $23.91B | $23.36B | $20.91B | $17.94B | — | — |
| Retained earnings | $1.05B | $943.2M | $823.7M | $698.5M | $588.6M | $509.6M | $457.0M | $393.4M | — | — |
| Total equity | $1.72B | $1.49B | $1.41B | $1.27B | $1.21B | $997.9M | $799.0M | $752.6M | $708.6M | $643.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $80.1M | $612.6M | $375.8M | $809.3M | $436.4M | -$94.5M | -$19.7M | $200.0M | $175.0M | $212.7M |
| Stock-based compensation | $8.3M | $8.1M | $6.8M | $4.6M | $4.3M | $4.1M | $2.3M | $2.5M | $2.7M | $3.3M |
| Capital expenditure | $0 | $5.3M | $0 | $0 | — | — | — | — | — | — |
| Investing cash flow | -$3.81B | -$1.68B | -$1.96B | -$3.04B | -$1.10B | -$1.74B | -$2.38B | -$591.5M | -$1.84B | -$593.4M |
| Financing cash flow | $3.64B | $1.21B | $1.61B | $2.19B | $534.6M | $2.26B | $2.58B | $514.7M | $1.70B | -$564.1M |
| Buybacks | $12.9M | $0 | $0 | $0 | $0 | $235.0K | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000845877-26-000078.