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Federal Agricultural Mortgage (AGM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Federal Agricultural Mortgage (AGM) Q3 2026 earnings results →
Q3 2026 Revenue up 20% year over year to $125M · 51¢ of every $1 of revenue kept as net profit · operating margin 63.5%
Federal Agricultural Mortgage made $125M in Q3 2026 (+20% Y/Y): Net interest income $116M, Noninterest income $9.3M. Operating margin 63.5%, net earnings $64.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $125.3M in Q3 2026, up 21% year over year and roughly flat from the previous quarter. Net interest income was the largest line at 93% of revenue. Net interest income added $17.4M year over year (up 18%), 82% of the total change.
Operating profit was $79.6M, a 63.5% margin (down 0.7 points year over year). Of the extra revenue versus a year earlier, 60% reached operating profit, below the 64% margin then. Total costs grew 23% against revenue growth of 21%. The fastest-growing cost line was Credit loss provision (+49%). Net earnings were $64.2M, up 17% year over year. The effective tax rate was 19.3%.
Operating cash flow was $362.7M (up 389% year over year), 565% of net earnings. Non-cash charges added back $1.9M of share-based compensation. Working capital and other items added $296.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $125M | +20% | 63.5% | $64.2M | $363M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Federal Agricultural Mortgage
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:
In its own words, from its 10-K, filed Feb 19, 2026.
Federal Agricultural Mortgage against its Federal & Federally-Sponsored Credit Agencies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +20% against the peers' median +19%. Operating margin: 63.5% against the peers' median 66.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AGM Federal Agricultural Mortgage | Q3 2026 | $125M | +20% | 63.5% |
| FNMA Federal National Mortgage Association Fannie Mae | Q3 2026 | $7.7B | +5% | 66.8% |
| FMCC Federal Home Loan Mortgage | Q3 2026 | $6.8B | +19% | 59.0% |
| Federal Home Loan Bank of New York | Q3 2026 | $242M | -0.8% | 72.4% |
| Federal Home Loan Bank of Pittsburgh | Q3 2026 | $188M | +26% | 79.7% |
Source: Federal Agricultural Mortgage 10-Q on SEC EDGAR · CIK 845877 · Federal & Federally-Sponsored Credit Agencies
Guidance and outlook
13F: who owns AGM and who is buying
More on AGM
- How Federal Agricultural Mortgage makes money: revenue by segment
- Federal Agricultural Mortgage next earnings date and what analysts expect
- Federal Agricultural Mortgage stock forecast, price target and fair value
- Who owns Federal Agricultural Mortgage stock: holders, funds and Congress trades
- Federal Agricultural Mortgage guidance and outlook
History
Every quarter: Q3 2026 results