10-K · February 23, 2026
AGNC's 2025 Form 10-K reiterates a concentrated, actively managed Agency RMBS strategy funded chiefly with repo financing and supported by its captive broker-dealer, Bethesda Securities (BES). Management targets…
Earnings analysis · 10-Q
AGNC earnings analysis
Filed May 4, 2026 · Our reading of the company's report
The latest report
AGNC reported Q1 2026 results, with diluted EPS of $0.42 exceeding estimates of $0.37. However, total revenue of $319 million fell short of expectations of $375.99 million. The company also faced a comprehensive loss of…
Read full summary
AGNC reported Q1 2026 results, with diluted EPS of $0.42 exceeding estimates of $0.37. However, total revenue of $319 million fell short of expectations of $375.99 million. The company also faced a comprehensive loss of $(156) million and a decrease in tangible net book value per share from $8.88 to $8.38 compared to the previous quarter.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.42
What stood out
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EPS Exceeds Consensus
AGNC's diluted EPS was $0.42, beating the consensus estimate of $0.37 by 13.5%.
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Revenue Misses Expectations
Total revenue came in at $319 million, which was a 15.2% miss compared to the estimate of $375.99 million.
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Drop in Net Book Value
Tangible net book value per share decreased from $8.88 to $8.38 over the quarter.
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Increased Average Assets
Average total assets at fair value rose by 28% compared to Q1 2025, amounting to $118,469 million.
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Increase in Unencumbered Assets
As of March 31, 2026, AGNC had $7.1 billion in unencumbered assets, down from $7.7 billion in the prior quarter.
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Operating Income Improvement
Net interest income climbed to $319 million in Q1 2026, significantly up from $159 million in Q1 2025.
What to watch
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Net Comprehensive Loss
The company reported a net income (loss) of $(148) million, a sharp decline from a profit of $50 million in the same quarter last year.
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Decrease in Equity
Total stockholders’ equity decreased to $12,181 million from $12,393 million quarter-over-quarter.
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High Exposure to Interest Rate Risk
Changes in interest rates pose a significant risk to AGNC, impacting asset yields and net income.
Management's outlook
No specific forward guidance for revenue or EPS was provided.
Earlier filings 4
10-Q · October 31, 2025
AGNC reported a materially stronger quarter: net income of $806 million (Q3 2025) vs $346 million (Q3 2024) and diluted net income per common share of $0.72 vs $0.39 a year ago. Net interest income swung positive to…
10-Q · November 1, 2024
AGNC reported a strong quarter vs. the year-ago period, swinging to net income of $346 million in Q3 2024 from a net loss of $(392) million in Q3 2023 and diluted EPS of $0.39 (Q3 2023: $(0.68)). The result was driven…
10-K · February 22, 2024
AGNC reiterates a leverage-driven Agency RMBS strategy focused on generating yield via low-cost repo funding and active hedging while operating to maintain REIT and Investment Company Act exemptions. The filing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.