NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ (NRUC) Form 10-Q — Oct 13, 2026
CFC reported Q1 FY2027 net income of $135.4 million, up from $4.7 million a year earlier, but the swing was almost entirely driven by $97 million in derivative mark-to-market gains as rates rose across the swap curve. On a non-GAAP adjusted basis, net income actually declined to $52.8 million from $57.2 million, and adjusted TIER slipped to 1.15 from 1.16, still above the cooperative's 1.10 minimum goal. Adjusted debt-to-equity improved to 7.42, within its ~8.5 target. Credit quality remains strong: no charge-offs, nonaccrual loans of just $5 million, and a $34 million allowance (0.09% coverage).
Key figures
- Eps
- 0
- Revenue
- 0
- Guidance
- Projects increases in adjusted net interest income and yield over next 12 months, but a decrease in adjusted net income, adjusted TIER, and an increase in adjusted debt-to-equity ratio; anticipates net loan growth of $1,863 million over next 12 months
- Net Income
- 135426000
- Total Debt
- 35688035000
- Total Assets
- 39568826000
- Cash Position
- 202542000
- Tier
- 1.36 (Q1 FY2027) vs 1.01 (Q1 FY2026)
- Adjusted tier
- 1.15 vs 1.16
- Debt to equity
- 10.54 vs 10.85
- Derivative gains
- $96.6 million (Q1 FY2027) vs losses of $32.2 million (Q1 FY2026)
- Loans to members
- $38,337 million
- Nonaccrual loans
- $5 million
- Net interest yield
- 0.78% vs 0.75%
- Adjusted net income
- $52.8 million (Q1 FY2027) vs $57.2 million (Q1 FY2026)
- Available liquidity
- $8,158 million
- Dealer mtn issuance
- $800 million ($500 million at 5.00% fixed 5-year; $300 million floating 18-month)
- Scheduled debt 12mo
- $9,876 million
- Adjusted debt to equity
- 7.42 vs 7.46
- Adjusted net interest yield
- 0.93% vs 0.96%
- Allowance for credit losses
- $34 million, coverage 0.09%
- Patronage capital retirement
- $62 million in July 2026
AI analysis
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