NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/

For the period ended May 31, 2025. Filed Aug 5, 2025.

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FY2025 · Filed Aug 5, 2025

NRUC$20.04+0.7%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Operations

	Year Ended May 31,
(Dollars in thousands)	2025	2024	2023
Interest income	$1,703,233	$1,593,351	$1,351,729
Interest expense	(1,442,279)	(1,339,088)	(1,036,508)
Net interest income	260,954	254,263	315,221
Benefit (provision) for credit losses	8,111	5,516	(603)
Net interest income after benefit (provision) for credit losses	269,065	259,779	314,618
Non-interest income:
Fee and other income	23,597	22,792	18,134
Derivative gains (losses)	(5,851)	392,037	285,844
Investment securities gains (losses)	5,674	10,772	(4,974)
Total non-interest income	23,420	425,601	299,004
Non-interest expense:
Salaries and employee benefits	(72,171)	(67,401)	(59,011)
Other general and administrative expenses	(70,944)	(58,970)	(50,620)
Other non-interest expense	(9,168)	(3,189)	(1,604)
Total non-interest expense	(152,283)	(129,560)	(111,235)
Income before income taxes	140,202	555,820	502,387
Income tax provision	(188)	(1,504)	(800)
Net income	140,014	554,316	501,587
Less: Net income attributable to noncontrolling interests	(281)	(967)	(97)
Net income attributable to CFC	$139,733	$553,349	$501,490
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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