AGNC earnings analysis
What we found in AGNC'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
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS Exceeds Consensus
- AGNC's diluted EPS was $0.42, beating the consensus estimate of $0.37 by 13.5%.
- Revenue Misses Expectations
- Total revenue came in at $319 million, which was a 15.2% miss compared to the estimate of $375.99 million.
- Drop in Net Book Value
- Tangible net book value per share decreased from $8.88 to $8.38 over the quarter.
- Increased Average Assets
- Average total assets at fair value rose by 28% compared to Q1 2025, amounting to $118,469 million.
- 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.
- Operating Income Improvement
- Net interest income climbed to $319 million in Q1 2026, significantly up from $159 million in Q1 2025.
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.
- 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.
- Decrease in Equity
- Total stockholders’ equity decreased to $12,181 million from $12,393 million quarter-over-quarter.
- High Exposure to Interest Rate Risk
- Changes in interest rates pose a significant risk to AGNC, impacting asset yields and net income.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.42
What they said about what is next.
No specific forward guidance for revenue or EPS was provided.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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