Short answer
FEDERAL AGRICULTURAL MORTGAGE CORP (AGM) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $1.6B (+0.5% year over year) and net income of $207M.
- Top risk flagged: Key-person risk: Chief Information Security Officer with 20+ years experience and CISM certification central to cybersecurity program management
FY2025 key financial metrics · XBRL
- Revenue
- $1.6B
- +0.5% YoY
- Net income
- $207M
- +0.1% YoY
- EPS (diluted)
- $16.62
- +1.1% YoY
- ROE
- 12.1%
- −1.8 pp YoY
- Operating cash flow
- $80M
- −86.9% YoY
Source: XBRL data from the FEDERAL AGRICULTURAL MORTGAGE CORP (AGM) FY2025 10-K on SEC EDGAR. USD.
FEDERAL AGRICULTURAL MORTGAGE CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Secondary market provider facilitating loan liquidity for rural America and agriculture through purchasing, guaranteeing, securitizing, and servicing eligible loans
- New emphasis on Broadband Infrastructure as a separately reported segment starting Q4 2024, alongside renamed Power & Utilities segment
- Strategic shift includes expanded focus on higher-yield, higher-credit-risk assets in Broadband Infrastructure and Renewable Energy within Infrastructure Finance
- Charter loan size cap for large Agricultural Finance mortgage loans was $17.4 million as of 12/31/2025
- Distinctive governance structure with 15-member board: presidential appointees, Class A & B voting stockholders, and freely transferable Class C non-voting stock
Management Discussion & Analysis
- Revenue: Net interest income $390.7M in 2025, up $36.9M from $353.9M in 2024; core earnings $182.9M up $11.3M YoY
- Profitability: Net effective spread 1.20% in 2025 vs 1.15% in 2024; net interest yield 1.19% vs 1.16% YoY
- Segments: Infrastructure Finance volume grew by $2.8B (best performing segment), substandard assets in Agricultural Finance rose to $494.2M from $398.3M (worst credit performance)
- Cash flow & capital allocation: Issued $100M Series H preferred stock; strong liquidity days avg. 301 vs 90 regulatory min; capital $0.7B above regulatory minimum; no specific buybacks/dividends mentioned
- Outlook/risks: Management highlights credit risk from Corporate AgFinance and Broadband Infrastructure loan deterioration; expects continued access to debt markets; focus on renewable energy tax credits reducing effective tax rate to 18.9% from 19.7%
Risk Factors
- Key-person risk: Chief Information Security Officer with 20+ years experience and CISM certification central to cybersecurity program management
- Governance risk: Cybersecurity subcommittee with three enterprise risk committee members meets monthly to oversee cyber risk and incident mitigation
- Operational risk: Annual board approval and quarterly risk committee review critical to maintaining cybersecurity controls and industry alignment
Generated from the filing text; verify against the original. How to read a 10-K
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