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Earnings analysis · 10-Q

AGM earnings analysis

Filed May 5, 2026 · Our reading of the company's report

The latest report

Farmer Mac's Q1 2026 results reveal strong performance despite mixed revenue streams. Revenue reached $109.9 million, slightly under estimates, while EPS beat expectations at $4.75, reflecting strong net interest income…

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Farmer Mac's Q1 2026 results reveal strong performance despite mixed revenue streams. Revenue reached $109.9 million, slightly under estimates, while EPS beat expectations at $4.75, reflecting strong net interest income and growth in the business volume.

Read the original on SEC.gov

Reported figures

Earnings per share
$4.75
Segment
Agricultural Finance
Segment
Infrastructure Finance

What stood out

  • EPS Exceeds Estimates

    Reported EPS of $4.75 surpassed the estimated EPS of $4.46.

  • Strong Revenue Performance

    Revenue reached $109.9 million, a year-over-year increase of 13.5%.

  • Increased Business Volume

    Outstanding business volume rose to $34.8 billion, an increase of $1.5 billion from Q4 2025.

  • Decrease in Credit Loss Provision

    Provision for credit losses decreased by $11.7 million quarter-over-quarter.

  • Year-over-Year Net Income Growth

    Net income attributable to common stockholders grew by $7.8 million compared to Q1 2025.

  • Liquidity Well Above Minimum

    Maintained 301 days of liquidity, well above the regulatory minimum of 90 days.

What to watch

  • Increase in Substandard Assets in Agriculture

    Substandard assets increased to $592.4 million or 4.1% of the agricultural finance portfolio.

  • Rising 90-Day Delinquencies

    90-day delinquencies in Agricultural Finance rose to $179.8 million, 1.25% of the portfolio.

  • Operating Expenses Increased

    Operating expenses rose by 13% year-over-year, reaching $33.4 million.

Management's outlook

Outlook remains optimistic for continued business volume growth driven by strong demand in agricultural and infrastructure lending.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.