Earnings Releases·Nov 5, 2026, 4:09 PM ET

Farmer Mac — Third Quarter 2026 Earnings Summary

Record outstanding business volume of $38.5 billion (+24% YoY) drove net interest income up 18% YoY to $115.9 million, while net income attributable to common stockholders reached $54.9 million ($5.03 per diluted share).
Core earnings grew 7% YoY to $4.82 per diluted share, supported by a 16% increase in net effective spread YoY to $113.9 million, though both net income and core earnings declined quarter-over-quarter due to a prior nonrecurring benefit.
Infrastructure Finance segments led growth with Renewable Energy (+57% YoY) and Broadband Infrastructure (+56% YoY) volumes, while Agricultural Finance volume rose 22% YoY, bolstered by the acquisition of $280 million in servicing rights.
Balance sheet strength remains robust with total assets at $40.0 billion, Tier 1 Capital Ratio at 12.9%, and cash equivalents increasing to $991.4 million; management expressed confidence in the business model's durability despite market uncertainty.