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Dec 31, 2025
Farmer Mac Q4 2025 Earnings Report
Farmer Mac reported strong Q4 2025 results with record net effective spread and outstanding business volumes, alongside a 7% dividend increase.
Key Takeaways
Farmer Mac delivered a strong year in 2025, marked by record net effective spread and outstanding business volumes, and achieved its tenth consecutive year of record annual core earnings results. Despite some borrower-specific credit events in Q4, the company's resilient business model and disciplined management position it well for future value delivery.
Record outstanding business volume growth of $3.8 billion, reflecting a 13% year-over-year increase.
Net interest income grew 10% year-over-year to $390.7 million.
Net effective spread increased 13% from the prior-year period to a record $383.0 million.
The Board of Directors raised the quarterly common stock dividend by 7% to $1.60 per share, marking the fifteenth consecutive annual increase.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Farmer Mac's management is confident in its ability to continue delivering meaningful value to rural America and its shareholders, supported by a resilient business model, disciplined balance-sheet and risk management, and a highly talented and capable management team.
Positive Outlook
- Continued strong demand for Farmer Mac's products and secondary market services.
- Favorable legislative and regulatory environment supporting agricultural and infrastructure industries.
- Effective management of interest rate risk and borrowing costs.
- Ability to secure debt and equity financing at reasonable rates and terms.
- Positive impact of monetary policy normalization on employment levels and inflation.
Challenges Ahead
- Potential fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries.
- Economic conditions stemming from disruptive global events, including inflation and interest rate fluctuations.
- Changes in U.S. trade policies, tariffs, and export demand for agricultural products.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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