National Rural Utilities Cooperative Finance Q3 Net Income Drops 74% to $22.4M

National Rural Utilities Cooperative Finance Corporation, a lender to rural electric cooperatives, reported net income of $22.4 million for the three months ending February 28, 2026, a 74% decline from $86.0 million in the year-ago quarter. For the nine months ending February 28, 2026, net income totaled $46.8 million compared to $66.6 million in the prior-year period. Read more earnings reports.

The cooperative's total assets grew to $39.89 billion as of February 28, 2026, up from $38.33 billion at the end of fiscal year 2025 on May 31, 2025. Year-over-year, total assets increased 5.7% from $37.75 billion as of February 28, 2025.

Long-term debt outstanding stood at $28.91 billion as of February 28, 2026, up from $27.16 billion at the end of May 2025. The debt portfolio included $16.17 billion in medium-term notes, $3.93 billion in select notes, and $12.74 billion in collateral trust bonds.

Cash and cash equivalents totaled $240.7 million at quarter-end, up from $134.7 million nine months earlier. Combined cash and restricted cash stood at $249.2 million compared to $143.1 million at the start of the fiscal year.

Operating expenses increased during the nine-month period. Labor and related expenses rose to $59.3 million from $52.8 million in the prior-year period, while selling, general and administrative expenses climbed to $55.0 million from $52.8 million.

Cash generated from operations totaled $226.8 million for the nine months ending February 28, 2026, down from $250.8 million in the same period last year. Cash used in investing activities was $1.61 billion, while financing activities provided $1.49 billion in cash.

Total stockholders' equity stood at $3.08 billion as of February 28, 2026, down slightly from $3.08 billion at the end of May 2025. Retained earnings were $3.08 billion compared to $3.08 billion nine months earlier.

Financial Summary