| NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ (NRUC) |
| Q1-CY2026 | Q4-CY2025 | Q3-CY2025 | Q2-CY2025 | Q1-CY2025 | Q4-CY2024 | Q3-CY2024 | Q2-CY2024 | Q1-CY2024 | Q4-CY2023 | Q3-CY2023 | Q2-CY2023 | Q1-CY2023 | Q4-CY2022 | Q3-CY2022 | Q2-CY2022 | Q1-CY2022 | Q4-CY2021 | Q3-CY2021 | Q2-CY2021 | Q1-CY2021 | Q4-CY2020 | Q3-CY2020 | Q2-CY2020 | Q1-CY2020 | Q4-CY2019 | Q3-CY2019 | Q2-CY2019 | Q1-CY2019 | Q4-CY2018 | Q3-CY2018 | Q2-CY2018 | Q1-CY2018 | Q4-CY2017 | Q3-CY2017 | Q2-CY2017 | Q1-CY2017 | Q4-CY2016 | Q3-CY2016 | Q2-CY2016 | Q1-CY2016 | Q4-CY2015 | Q3-CY2015 | Q2-CY2015 | Q1-CY2015 | Q4-CY2014 | Q3-CY2014 | Q2-CY2014 | Q1-CY2014 |
| Balance Sheet Date | | 2025-Nov-30 | 2025-Aug-31 | 2025-May-31 | 2025-Feb-28 | 2024-Nov-30 | 2024-Aug-31 | 2024-May-31 | 2024-Feb-29 | 2023-Nov-30 | 2023-Aug-31 | 2023-May-31 | 2023-Feb-28 | 2022-Nov-30 | 2022-Aug-31 | 2022-May-31 | 2022-Feb-28 | 2021-Nov-30 | 2021-Aug-31 | 2021-May-31 | 2021-Feb-28 | 2020-Nov-30 | 2020-Aug-31 | 2020-May-31 | 2020-Feb-29 | 2019-Nov-30 | 2019-Aug-31 | 2019-May-31 | 2019-Feb-28 | 2018-Nov-30 | 2018-Aug-31 | 2018-May-31 | 2018-Feb-28 | 2017-Nov-30 | 2017-Aug-31 | 2017-May-31 | 2017-Feb-28 | 2016-Nov-30 | 2016-Aug-31 | 2016-May-31 | 2016-Feb-29 | 2015-Nov-30 | 2015-Aug-31 | 2015-May-31 | 2015-Feb-28 | 2014-Nov-30 | 2014-Aug-31 | 2014-May-31 | 2014-Feb-28 |
| Fiscal Period | | Q2-FY2026 | Q1-FY2026 | Q4-FY2025 | Q3-FY2025 | Q2-FY2025 | Q1-FY2025 | Q4-FY2024 | Q3-FY2024 | Q2-FY2024 | Q1-FY2024 | Q4-FY2023 | Q3-FY2023 | Q2-FY2023 | Q1-FY2023 | Q4-FY2022 | Q3-FY2022 | Q2-FY2022 | Q1-FY2022 | Q4-FY2021 | Q3-FY2021 | Q2-FY2021 | Q1-FY2021 | Q4-FY2020 | Q3-FY2020 | Q2-FY2020 | Q1-FY2020 | Q4-FY2019 | Q3-FY2019 | Q2-FY2019 | Q1-FY2019 | Q4-FY2018 | Q3-FY2018 | Q2-FY2018 | Q1-FY2018 | Q4-FY2017 | Q3-FY2017 | Q2-FY2017 | Q1-FY2017 | Q4-FY2016 | Q3-FY2016 | Q2-FY2016 | Q1-FY2016 | Q4-FY2015 | Q3-FY2015 | Q2-FY2015 | Q1-FY2015 | Q4-FY2014 | Q3-FY2014 |
| Total Revenue | | 59,027,000$ | 47,293,000$ | 115,519,000$ | 113,729,000$ | 181,993,000$ | (126,867,000$) | 181,792,000$ | 55,506,000$ | 180,534,000$ | 262,032,000$ | 15,723,000$ | 177,815,000$ | 229,213,000$ | 191,474,000$ | 511,551,000$ | 273,481,000$ | 156,129,000$ | (61,956,000$) | 148,529,000$ | 436,340,000$ | 188,335,000$ | 168,059,000$ | (138,101,000$) | (249,385,000$) | 266,344,000$ | (306,420,000$) | (223,273,000$) | (48,085,000$) | 142,406,000$ | 78,628,000$ | 55,856,000$ | 245,380,000$ | 201,778,000$ | 30,907,000$ | (23,243,000$) | 121,416,000$ | 418,710,000$ | (109,120,000$) | 121,066,000$ | (153,516,000$) | (2,898,000$) | 71,179,000$ | 34,358,000$ | (13,229,000$) | (16,720,000$) | 32,519,000$ | (343,000$) | 48,113,000$ |
| QoQ% | | 24.81% | (59.06%) | 1.57% | (37.51%) | 243.45% | (169.79%) | 227.52% | (69.26%) | (31.10%) | 1,566.55% | (91.16%) | (22.42%) | 19.71% | (62.57%) | 87.05% | 75.16% | 352.00% | (141.71%) | (65.96%) | 131.68% | 12.07% | 221.69% | 44.62% | (193.63%) | 186.92% | (37.24%) | (364.33%) | (133.77%) | 81.11% | 40.77% | (77.24%) | 21.61% | 552.86% | 232.97% | (119.14%) | (71.00%) | 483.72% | (190.13%) | 178.86% | (5,197.31%) | (104.07%) | 107.17% | 359.72% | 20.88% | (151.42%) | 9,580.76% | (100.71%) | 6.95% |
| YoY% | | (67.57%) | 137.28% | (36.46%) | 104.90% | .81% | (148.42%) | 1,056.22% | (68.78%) | (21.24%) | 36.85% | (96.93%) | (34.98%) | 46.81% | 409.05% | 244.41% | (37.32%) | (17.10%) | (136.87%) | 207.55% | 274.97% | (29.29%) | 154.85% | 38.15% | (418.63%) | 87.03% | (489.71%) | (499.73%) | (119.60%) | (29.42%) | 154.40% | 340.31% | 102.10% | (51.81%) | 128.32% | (119.20%) | 179.09% | 14,548.24% | (253.30%) | 252.37% | (1,060.45%) | 82.67% | 118.88% | 10,116.91% | (127.50%) | (137.17%) | (81.93%) | (100.24%) | (60.42%) |
| Cost Of Revenue | | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | (12,749,000$) | (3,400,000$) | 4,003,000$ | (6,480,000$) | 33,023,000$ | (1,638,000$) | 326,000$ | 34,223,000$ | 352,000$ | 1,045,000$ | (30,000$) | 449,000$ | 182,000$ | (1,788,000$) | (109,000$) | (19,078,000$) | 1,105,000$ | (304,000$) | (298,000$) | 1,247,000$ | 2,065,000$ | 738,000$ | 1,928,000$ | (4,713,000$) | (1,735,000$) | 1,240,000$ | 4,562,000$ | (18,479,000$) | 2,304,000$ | 992,000$ | (6,771,000$) | 6,659,000$ | (787,000$) |
| Gross Profit | | 59,027,000$ | 47,293,000$ | 115,519,000$ | 113,729,000$ | 181,993,000$ | (126,867,000$) | 181,792,000$ | 55,506,000$ | 180,534,000$ | 262,032,000$ | 15,723,000$ | 177,815,000$ | 229,213,000$ | 191,474,000$ | 511,551,000$ | 286,230,000$ | 159,529,000$ | (65,959,000$) | 155,009,000$ | 403,317,000$ | 189,973,000$ | 167,733,000$ | (172,324,000$) | (249,737,000$) | 265,299,000$ | (306,390,000$) | (223,722,000$) | (48,267,000$) | 144,194,000$ | 78,737,000$ | 74,934,000$ | 244,275,000$ | 202,082,000$ | 31,205,000$ | (24,490,000$) | 119,351,000$ | 417,972,000$ | (111,048,000$) | 125,779,000$ | (151,781,000$) | (4,138,000$) | 66,617,000$ | 52,837,000$ | (15,533,000$) | (17,712,000$) | 39,290,000$ | (7,002,000$) | 48,900,000$ |
| Gross Margin | | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 104.66% | 102.18% | 106.46% | 104.36% | 92.43% | 100.87% | 99.81% | 124.78% | 100.14% | 99.61% | 99.99% | 100.20% | 100.38% | 101.26% | 100.14% | 134.16% | 99.55% | 100.15% | 100.96% | 105.37% | 98.30% | 99.82% | 101.77% | 103.89% | 98.87% | 142.79% | 93.59% | 153.78% | 117.42% | 105.93% | 120.82% | 2,041.40% | 101.64% |
| Operating Expenses | | 38,242,000$ | 41,044,000$ | 45,879,000$ | 33,620,000$ | 36,174,000$ | 36,610,000$ | 34,843,000$ | 30,309,000$ | 31,788,000$ | 32,620,000$ | 32,179,000$ | 25,613,000$ | 27,602,000$ | 25,841,000$ | 25,578,000$ | 23,922,000$ | 23,526,000$ | 24,466,000$ | 25,008,000$ | 23,863,000$ | 25,914,000$ | 22,995,000$ | 57,962,000$ | 25,628,000$ | 25,698,000$ | 18,150,000$ | 23,664,000$ | 23,353,000$ | 24,225,000$ | 30,699,000$ | 25,523,000$ | 22,614,000$ | 22,532,000$ | 22,158,000$ | 24,527,000$ | 21,004,000$ | 21,149,000$ | 21,302,000$ | 21,310,000$ | 23,194,000$ | 20,240,000$ | 23,192,000$ | 21,959,000$ | 18,718,000$ | 18,241,000$ | 18,482,000$ | 18,234,000$ | 18,542,000$ |
| Operating Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,164,000$) |
| Operating Margin | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2.42%) |
| Interest Income | | | | | | | | | | | 5,388,000$ | 5,750,000$ | 6,180,000$ | 5,357,000$ | 4,298,000$ | 3,873,000$ | 3,845,000$ | 3,784,000$ | 4,449,000$ | 3,446,000$ | 3,907,000$ | 3,857,000$ | 3,886,000$ | 4,550,000$ | 5,438,000$ | 5,589,000$ | 5,826,000$ | 6,081,000$ | 6,610,000$ | 6,135,000$ | 5,783,000$ | 3,558,000$ | 3,973,000$ | 2,296,000$ | 1,987,000$ | 3,361,000$ | 2,857,000$ | 2,849,000$ | 2,280,000$ | 2,742,000$ | 1,323,000$ | 1,957,000$ | 2,625,000$ | 1,417,000$ | 2,395,000$ | 1,549,000$ | 2,572,000$ | 1,395,000$ | 1,932,000$ |
| Interest Expenses | | 373,666,000$ | 376,469,000$ | 369,458,000$ | 361,918,000$ | 354,443,000$ | 356,460,000$ | 351,943,000$ | 347,019,000$ | 323,845,000$ | 316,281,000$ | 299,887,000$ | 281,709,000$ | 245,444,000$ | 209,468,000$ | 183,507,000$ | 173,654,000$ | 173,596,000$ | 174,777,000$ | 174,625,000$ | 173,040,000$ | 174,422,000$ | 179,976,000$ | 196,907,000$ | 203,040,000$ | 207,871,000$ | 213,271,000$ | 214,477,000$ | 207,335,000$ | 204,166,000$ | 210,231,000$ | 206,763,000$ | 198,071,000$ | 195,170,000$ | 192,731,000$ | 190,264,000$ | 186,740,000$ | 183,654,000$ | 181,080,000$ | 177,837,000$ | 171,189,000$ | 167,124,000$ | 165,700,000$ | 164,007,000$ | 156,850,000$ | 158,275,000$ | 156,552,000$ | 158,191,000$ | 163,534,000$ |
| Income Before Tax | | 19,564,000$ | 4,662,000$ | 73,481,000$ | 86,202,000$ | 144,949,000$ | (164,430,000$) | 147,334,000$ | 31,756,000$ | 148,118,000$ | 228,612,000$ | (13,253,000$) | 163,520,000$ | 189,983,000$ | 162,137,000$ | 491,799,000$ | 262,308,000$ | 136,003,000$ | (90,425,000$) | 130,001,000$ | 379,454,000$ | 160,783,000$ | 144,738,000$ | (230,286,000$) | (277,395,000$) | 241,691,000$ | (324,600,000$) | (247,386,000$) | (71,620,000$) | 119,969,000$ | 48,038,000$ | 49,411,000$ | 221,661,000$ | 179,550,000$ | 9,047,000$ | (49,017,000$) | 98,347,000$ | 396,823,000$ | (132,350,000$) | 104,469,000$ | (174,975,000$) | (24,378,000$) | 43,425,000$ | 30,878,000$ | (34,251,000$) | (35,953,000$) | 20,808,000$ | (18,914,000$) | 28,784,000$ |
| Tax Expenses | | 6,000$ | (20,000$) | 80,000$ | 66,000$ | 146,000$ | (104,000$) | 526,000$ | 567,000$ | 83,000$ | 328,000$ | 15,000$ | 303,000$ | 219,000$ | 263,000$ | 624,000$ | 343,000$ | 274,000$ | (93,000$) | 78,000$ | 507,000$ | 262,000$ | 151,000$ | (304,000$) | (426,000$) | 91,000$ | (521,000$) | 57,000$ | (149,000$) | 243,000$ | 60,000$ | 814,000$ | 632,000$ | 827,000$ | 32,000$ | (111,000$) | 385,000$ | 1,519,000$ | (89,000$) | 210,000$ | (593,000$) | 110,000$ | 330,000$ | 309,000$ | (55,000$) | (41,000$) | 196,000$ | (41,000$) | 243,000$ |
| Net Income | | 19,558,000$ | 4,682,000$ | 73,401,000$ | 86,136,000$ | 144,803,000$ | (164,326,000$) | 146,808,000$ | 31,189,000$ | 148,035,000$ | 228,284,000$ | (13,268,000$) | 163,217,000$ | 189,764,000$ | 161,874,000$ | 491,175,000$ | 261,965,000$ | 135,729,000$ | (90,332,000$) | 129,923,000$ | 378,947,000$ | 160,521,000$ | 144,587,000$ | (229,982,000$) | (276,969,000$) | 241,600,000$ | (324,079,000$) | (247,443,000$) | (71,471,000$) | 119,726,000$ | 47,978,000$ | 48,597,000$ | 221,029,000$ | 178,723,000$ | 9,015,000$ | (48,906,000$) | 97,962,000$ | 395,304,000$ | (132,261,000$) | 104,259,000$ | (174,382,000$) | (24,488,000$) | 43,095,000$ | 30,569,000$ | (34,196,000$) | (35,912,000$) | 20,612,000$ | (18,873,000$) | 28,541,000$ |
| Profit Margin | | 33.13% | 9.90% | 63.54% | 75.74% | 79.57% | 129.53% | 80.76% | 56.19% | 82.00% | 87.12% | (84.39%) | 91.79% | 82.79% | 84.54% | 96.02% | 95.79% | 86.93% | 145.80% | 87.47% | 86.85% | 85.23% | 86.03% | 166.53% | 111.06% | 90.71% | 105.76% | 110.83% | 148.64% | 84.07% | 61.02% | 87.00% | 90.08% | 88.57% | 29.17% | 210.41% | 80.68% | 94.41% | 121.21% | 86.12% | 113.59% | 845.00% | 60.55% | 88.97% | 258.49% | 214.79% | 63.38% | 5,502.33% | 59.32% |
| TTM | | 54.77% | 67.39% | 49.24% | 60.87% | 54.19% | 55.58% | 81.53% | 76.73% | 82.73% | 82.95% | 81.66% | 90.63% | 91.63% | 92.77% | 90.83% | 84.72% | 81.63% | 81.41% | 86.48% | 69.36% | 649.18% | (257.40%) | 137.86% | 118.36% | 128.89% | 120.19% | 300.47% | 63.30% | 83.74% | 85.33% | 85.66% | 79.12% | 71.57% | 82.76% | 76.54% | 84.28% | 69.61% | 157.04% | (143.78%) | 246.10% | 16.75% | 4.70% | (51.25%) | (3,070.00%) | (8.86%) | 44.12% | 70.74% | 97.43% |
| Earnings to Minority | | (39,000$) | (84,000$) | 253,000$ | 150,000$ | 360,000$ | (482,000$) | 1,229,000$ | (281,000$) | (408,000$) | 427,000$ | (444,000$) | 321,000$ | 27,000$ | 193,000$ | 1,611,000$ | 888,000$ | 631,000$ | (438,000$) | 422,000$ | 1,213,000$ | 505,000$ | 171,000$ | (1,136,000$) | (1,405,000$) | 8,000$ | (1,657,000$) | (1,919,000$) | (539,000$) | 466,000$ | 13,000$ | (468,000$) | 1,614,000$ | 1,150,000$ | (118,000$) | (96,000$) | 404,000$ | 2,575,000$ | (690,000$) | 119,000$ | (1,401,000$) | (351,000$) | (230,000$) | 318,000$ | (217,000$) | (207,000$) | 211,000$ | (165,000$) | 239,000$ |
| Earnings to Common Shareholders | | 19,597,000$ | 4,766,000$ | 73,148,000$ | 85,986,000$ | 144,443,000$ | (163,844,000$) | 145,579,000$ | 31,470,000$ | 148,443,000$ | 227,857,000$ | (12,824,000$) | 162,896,000$ | 189,737,000$ | 161,681,000$ | 489,564,000$ | 261,077,000$ | 135,098,000$ | (89,894,000$) | 129,501,000$ | 377,734,000$ | 160,016,000$ | 144,416,000$ | (228,846,000$) | (275,564,000$) | 241,592,000$ | (322,422,000$) | (245,524,000$) | (70,932,000$) | 119,260,000$ | 47,965,000$ | 49,065,000$ | 219,415,000$ | 177,573,000$ | 9,133,000$ | (48,810,000$) | 97,558,000$ | 392,729,000$ | (131,571,000$) | 104,140,000$ | (172,981,000$) | (24,137,000$) | 43,325,000$ | 30,251,000$ | (33,979,000$) | (35,705,000$) | 20,401,000$ | (18,708,000$) | 28,302,000$ |
| QoQ% | | 311.18% | (93.48%) | (14.93%) | (40.47%) | 188.16% | (212.55%) | 362.60% | (78.80%) | (34.85%) | 1,876.80% | (107.87%) | (14.15%) | 17.35% | (66.97%) | 87.52% | 93.25% | 250.29% | (169.42%) | (65.72%) | 136.06% | 10.80% | 163.11% | 16.95% | (214.06%) | 174.93% | (31.32%) | (246.14%) | (159.48%) | 148.64% | (2.24%) | (77.64%) | 23.56% | 1,844.30% | 118.71% | (150.03%) | (75.16%) | 398.49% | (226.34%) | 160.20% | (616.66%) | (155.71%) | 43.22% | 189.03% | 4.83% | (275.02%) | 209.05% | (166.10%) | 13.55% |
| YoY% | | (86.43%) | 102.91% | (49.75%) | 173.23% | (2.70%) | (171.91%) | 1,235.21% | (80.68%) | (21.76%) | 40.93% | (102.62%) | (37.61%) | 40.44% | 279.86% | 278.04% | (30.88%) | (15.57%) | (162.25%) | 156.59% | 237.08% | (33.77%) | 144.79% | 6.79% | (288.49%) | 102.58% | (772.20%) | (600.41%) | (132.33%) | (32.84%) | 425.18% | 200.52% | 124.91% | (54.79%) | 106.94% | (146.87%) | 156.40% | 1,727.08% | (403.68%) | 244.25% | (409.08%) | 32.40% | 112.37% | 261.70% | (220.06%) | (243.25%) | (86.88%) | (109.68%) | (67.99%) |
| Earnings Per Share, Basic | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings Per Share, Diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unlevered FCF Per Share, Basic | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unlevered FCF Per Share, Diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Shares, Basic | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Shares, Diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| EBIT | | 393,230,000$ | 381,131,000$ | 442,939,000$ | 448,120,000$ | 499,392,000$ | 192,030,000$ | 499,277,000$ | 378,775,000$ | 471,963,000$ | 544,893,000$ | 286,634,000$ | 445,229,000$ | 435,427,000$ | 371,605,000$ | 675,306,000$ | 435,962,000$ | 309,599,000$ | 84,352,000$ | 304,626,000$ | 552,494,000$ | 335,205,000$ | 324,714,000$ | (33,379,000$) | (74,355,000$) | 449,562,000$ | (111,329,000$) | (32,909,000$) | 135,715,000$ | 324,135,000$ | 258,269,000$ | 256,174,000$ | 419,732,000$ | 374,720,000$ | 201,778,000$ | 141,247,000$ | 285,087,000$ | 580,477,000$ | 48,730,000$ | 282,306,000$ | (3,786,000$) | 142,746,000$ | 209,125,000$ | 194,885,000$ | 122,599,000$ | 122,322,000$ | 177,360,000$ | 139,277,000$ | 192,318,000$ |
| EBITDA | | 396,572,000$ | 384,525,000$ | 442,939,000$ | 448,120,000$ | 502,559,000$ | 195,023,000$ | 499,277,000$ | 378,775,000$ | 471,963,000$ | 544,893,000$ | 286,634,000$ | 445,229,000$ | 435,427,000$ | 371,605,000$ | 675,306,000$ | 435,962,000$ | 309,599,000$ | 84,352,000$ | 304,626,000$ | 552,494,000$ | 335,205,000$ | 324,714,000$ | (33,379,000$) | (74,355,000$) | 449,562,000$ | (111,329,000$) | (32,909,000$) | 135,715,000$ | 324,135,000$ | 258,269,000$ | 256,174,000$ | 419,732,000$ | 374,720,000$ | 201,778,000$ | 141,247,000$ | 285,087,000$ | 580,477,000$ | 48,730,000$ | 282,306,000$ | (3,786,000$) | 142,746,000$ | 209,125,000$ | 194,885,000$ | 122,599,000$ | 122,322,000$ | 177,360,000$ | 139,277,000$ | 192,318,000$ |