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Federal Agricultural Mortgage cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$363M in Q3 2026 · $599M over twelve months

Operating cash flow$363M
Free cash flow+$363M
Cash / net income5.6×

Analysis

In Q3 2026, Federal Agricultural Mortgage generated $363M of operating cash flow. That is $289M more than in Q3 2025 ($74.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $599M; the largest uses were other investing ($6.9B), dividends ($97.9M), buybacks ($20.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($6.5B), shares issued ($97.0M); the cash balance rose by $90.4M.

Operating cash flow was $363M against net income of $64.2M — 5.6× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets −$143M, deferred revenue −$39.0M, accrued liabilities +$26.9M.

Free cash flow

Federal Agricultural Mortgage: free cash flow by quarterFederal Agricultural Mortgage: free cash flow by quarter$368MQ4 2024−$49.8MQ1 2025−$47.7MQ2 2025$74.2MQ3 2025$103MQ4 2025$92.1MQ1 2026$40.4MQ2 2026$363MQ3 2026
Operating cash flow less capital spending.
Federal Agricultural Mortgage: operating cash flow against capital spendingFederal Agricultural Mortgage: operating cash flow against capital spendingOperating cash flowCapital spending$368M$0Q4 2024−$49.8M$0Q1 2025−$47.7M$0Q2 2025$74.2M$0Q3 2025$103M$0Q4 2025$92.1M$0Q1 2026$40.4M$0Q2 2026$363M$0Q3 2026
Latest (Q3 2026): Operating cash flow $363M, Capital spending $0.

Capital allocation, year by year

Federal Agricultural Mortgage: where the cash came from (up) and went (down), by fiscal yearFederal Agricultural Mortgage: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $436MFY2021: Net borrowing −$10.2BFY2021: Shares issued $121MFY2021: Dividends −$61.3M$558MFY2021FY2022: Operating cash flow $809MFY2022: Net borrowing −$6.8BFY2022: Shares issued $192KFY2022: Dividends −$68.2M$809MFY2022FY2023: Operating cash flow $376MFY2023: Net borrowing $50.9BFY2023: Shares issued $233KFY2023: Dividends −$74.8M$51.2BFY2023FY2024: Operating cash flow $613MFY2024: Net borrowing $1.4BFY2024: Shares issued $287KFY2024: Capital spending −$5.3MFY2024: Dividends −$86.1M$2.0BFY2024FY2025: Operating cash flow $80.1MFY2025: Net borrowing $3.3BFY2025: Shares issued $97.1MFY2025: Buybacks −$12.9MFY2025: Dividends −$89.0M$3.5BFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were net borrowing ($17.0B) and dividends ($379M). Cash-flow statements as filed.

Where the cash came from and went

Federal Agricultural Mortgage: sources (+) and uses (−) of cash, Q3 2026Federal Agricultural Mortgage: sources (+) and uses (−) of cash, Q3 2026Other investing−$1.2BNet borrowing (+) / repaid (−)$887MOperating cash flow$363MOther financing−$106MCash drawn (+) / kept (−)$46.6MDividends−$25.8MTaxes on employees’ shares−$1.3MShares issued$64K
Federal Agricultural Mortgage: sources (+) and uses (−) of cash, TTM to Q3 2026Federal Agricultural Mortgage: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$6.9BNet borrowing (+) / repaid (−)$6.5BOperating cash flow$599MDividends−$97.9MShares issued$97.0MCash drawn (+) / kept (−)−$90.4MBuybacks−$20.0MOther financing−$15.2MTaxes on employees’ shares−$5.2M

From profit to cash

Federal Agricultural Mortgage: net income to operating cash flow, Q3 2026Federal Agricultural Mortgage: net income to operating cash flow, Q3 2026Net income$64.2MStock-based pay$1.9MOther non-cash$1.9MAccrued liabilities$26.9MDeferred revenue−$39.0MPrepaid and other assets−$143MOther liabilities−$2.2MOperating cash flow$363M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$363M—−$25.8M$887M$64K$46.6M$363M
Q2 2026$40.4M—−$24.7M$2.5B$61K−$264M$40.4M
Q1 2026$92.1M−$7.1M−$24.6M$1.5B$60K$157M$92.1M
Q4 2025$103M−$12.9M−$22.9M$1.6B$18K−$30.0M$103M
Q3 2025$74.2M—−$22.1M$20.2B$97.0M$129M$74.2M
Q2 2025−$47.7M—−$22.1M$20.6B$80K$17.8M−$47.7M
Q1 2025−$49.8M—−$22.0M$17.1B$79K−$24.1M−$49.8M
Q4 2024$368M—−$20.0M−$2.5B$78K−$182M$368M

Federal Agricultural Mortgage: income statement and cash flow

Federal Agricultural Mortgage, Q3 2026: revenue $125M (+20% year over year), operating margin 63.5%. The chart follows the revenue to costs, profit and cash.

Federal Agricultural Mortgage: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.