NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Income Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $413.8M | $284.4M | $679.9M | $614.2M | $879.2M | $941.3M | $-427.6M | $-50.3M |
| Cost of Revenue | — | — | — | — | — | — | — | — |
| Gross Profit | — | — | — | — | — | — | — | — |
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $73.8M | $70.9M | $59.0M | $50.6M | $43.3M | $39.4M | $46.6M | $43.3M |
| Operating Income | — | — | — | — | — | $1.52B | $230.5M | $685.2M |
| Operating Margin | — | — | — | — | — | 161.2% | -53.9% | -1,361.6% |
| Interest Expense | — | — | — | $1.04B | $705.5M | $702.1M | $821.1M | $836.2M |
| Pretax Income | — | — | — | — | — | $815.0M | $-590.6M | $-151.0M |
| Income Tax Expense | $334.0K | $188.0K | $1.5M | $800.0K | $1.1M | $998.0K | $-1.2M | $211.0K |
| Net Income | $262.1M | $139.7M | $553.3M | $501.5M | $795.8M | $811.7M | $-585.2M | $-149.2M |
| Net Margin | 63.3% | 49.1% | 81.4% | 81.6% | 90.5% | 86.2% | 136.9% | 296.5% |
| EPS (Basic) | — | — | — | — | — | — | — | — |
| EPS (Diluted) | — | — | — | — | — | — | — | — |
| Shares Outstanding (Basic) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Shares Outstanding (Diluted) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Per Share | — | — | — | — | — | — | — | — |