NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/

Listed Company

NRUCCIK 0000070502NYSENon-AcceleratedMiscellaneous Business Credit InstitutionDistrict of ColumbiaFY ends May 31

Period

FY 2025

Revenue

—

Net Income

$139.73M

Total Assets

$38.33B

Equity

$3.08B

Shares Out

Op. Cash Flow

$207.53M

Business

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ provides member-owned, cooperative financing and credit enhancement to rural electric cooperatives and affiliated entities, consolidated with National Cooperative Services Corporation (NCSC). It offers long-term and short-term loans, revolving lines of credit, syndicated financings, letters of credit, guarantees of debt obligations, equipment leases, project finance and institutional private placement services through its broker-dealer subsidiary. The company operates through two reportable segments—CFC and NCSC—with NCSC serving electric and telecommunications member classes. It distributes products nationwide to members and associates via direct lending, syndications, capital market issuances and government-guaranteed funding programs.

Summary from filing dated 2025-08-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Interest income	1,703	1,593	1,352	1,141	1,117
Interest expense	−1,442	−1,339	−1,037	−706	—
Net interest income	261	254	315	436	415
Benefit (provision) for credit losses	8	6	−603,000	18	−29
Net interest income after benefit (provision) for credit losses	269	260	315	454	386
Fee and other income	24	23	18	17	19
Derivative gains (losses)	−6	392	286	456	506
Investment securities gains (losses)	6	11	−5	−30	1
Total non-interest income	23	426	299	443	527
Salaries and employee benefits	−72	−67	−59	−52	−55
Other general and administrative expenses	−71	−59	−51	−43	−39
Other non-interest expense	−9	−3	−2	−2	−2
Total non-interest expense	−152	−130	−111	−97	−98
Income before income taxes	140	556	502	800	815
Income tax provision	−188,000	−2	−800,000	−1	−998,000
Net income	140	554	502	799	814
Less: Net income attributable to noncontrolling interests	−281,000	−967,000	−97,000	−3	−2
Net income attributable to CFC	140	553	501	796	812

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Cash and cash equivalents	135	280	199	154	295
Restricted cash	8	8	8	8	8
Total cash, cash equivalents and restricted cash	143	288	207	161	303
Debt securities trading, at fair value	114	281	475	566	576
Equity securities, at fair value	11	37	35	34	35
Total investment securities, at fair value	125	318	510	600	611
Loans to members	37,080	34,542	32,532	30,063	28,427
Less: Allowance for credit losses	−41	−49	−53	−68	−86
Loans to members, net	37,039	34,494	32,479	29,996	28,341
Accrued interest receivable	270	190	173	111	108
Other receivables	24	29	31	35	37
Fixed assets, net	82	85	86	102	92
Derivative assets	556	691	461	222	121
Other assets	86	82	65	24	24
Total assets	38,325	36,178	34,012	31,251	29,638
Accrued interest payable	295	263	212	132	124
Short-term borrowings	5,091	4,333	4,546	4,981	4,582
Long-term debt	27,164	25,901	23,947	21,545	20,603
Subordinated deferrable debt	1,329	1,287	1,283	987	986
Membership subordinated certificates	629	629	629	629	629
Loan and guarantee subordinated certificates	310	323	348	365	387
Member capital securities	246	246	246	240	239
Total members subordinated certificates	1,185	1,198	1,223	1,234	1,255
Total debt outstanding	34,769	32,718	30,999	28,747	27,426
Deferred income	32	33	—	—	—
Derivative liabilities	51	81	115	128	585
Other liabilities	74	70	57	58	52
Total liabilities	35,222	33,166	31,423	29,109	28,238
Retained equity	3,085	2,993	2,554	2,112	1,375
Accumulated other comprehensive loss	−2	−1	8	2	−25,000
Total CFC equity	3,082	2,991	2,562	2,115	1,375
Noncontrolling interests	21	21	27	27	25
Total equity	3,103	3,012	2,589	2,142	1,400
Total liabilities and equity	38,325	36,178	34,012	31,251	29,638

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Amortization of deferred loan fees	−3	−6	−8	−8	−9
Amortization of debt issuance costs and discount	34	30	29	27	27
Amortization of guarantee fee	20	21	19	19	19
Depreciation and amortization	13	10	6	8	8
Unrealized (gains) losses on equity and debt securities	−8	−16	1	29	−1
Derivative forward value (gains) losses	105	−265	−252	−558	−622
Advances on loans held for sale	−443	−327	−213	−214	−126
Proceeds from sales of loans held for sale	424	324	257	171	126
Accrued interest receivable	−80	−18	−61	−4	9
Accrued interest payable	32	51	80	8	−16
Deferred income	1	1	2	1	1
Other	−18	−34	−24	−9	−20
Net cash provided by operating activities	208	321	338	251	240
Advances on loans held for investment, net	−2,517	−2,005	−2,535	−1,592	—
Investments in fixed assets, net	−5	−6	−8	−18	−10
Purchases of trading securities	0	0	−117	−182	−398
Proceeds from sales and maturities of trading securities	174	203	202	163	128
Proceeds from redemption of equity securities	25	0	0	0	30
Cash impact of VIE deconsolidation	0	−10	0	0	—
Net cash used in investing activities	−2,322	−1,819	−2,458	−1,629	−1,974
Proceeds from (repayments of) short-term borrowings = 90 days, net	1,322	−537	−417	270	—
Proceeds from short-term borrowings with original maturity > 90 days	2,175	3,063	2,865	2,693	3,081
Repayments of short-term borrowings with original maturity > 90 days	−2,739	−2,740	−2,882	−2,565	−3,269
Payments for issuance costs for revolving bank lines of credit	−6	−3	−2	−4	0
Proceeds from issuance of long-term debt, net of discount and issuance costs	4,045	4,521	4,293	3,974	3,055
Payments for retirement of long-term debt	−2,811	−2,591	−1,917	−3,055	−2,186
Payments for issuance costs for subordinated deferrable debt	−1	−1	−3	0	0
Proceeds from issuance of subordinated deferrable debt	44	104	300	0	0
Payments for retirement of subordinated deferrable debt	0	−100	0	0	—
Proceeds from issuance of members subordinated certificates	12,000	103,000	6	1	14
Payments for retirement of members subordinated certificates	−13	−26	−17	−22	−85
Payments for retirement of patronage capital	−47	−110	−59	−58	−60
Repayments for membership fees, net	0	−436,000	0	2,000	−12,000
Net cash provided by financing activities	1,970	1,579	2,166	1,236	1,357
Net increase (decrease) in cash, cash equivalents and restricted cash	−145	81	46	−142	−377
Cash paid for interest	1,373	1,262	935	668	687
Cash paid for income taxes	680,000	578,000	335,000	3,000	219,000
Equity investment, at cost, obtained in exchange for loan held for investment	0	0	8	0	0

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