AGM earnings analysis
What we found in AGM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $4.75
- Segment
- Agricultural Finance
- Segment
- Infrastructure Finance
What they said about what is next.
Outlook remains optimistic for continued business volume growth driven by strong demand in agricultural and infrastructure lending.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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