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$19.67-1.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended May 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net income | $140,014 | $554,316 | $501,587 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization of deferred loan fees | (2,978) | (6,463) | (7,500) |
| Amortization of debt issuance costs and discount | 33,862 | 29,827 | 28,744 |
| Amortization of guarantee fee | 19,584 | 20,679 | 19,300 |
| Depreciation and amortization | 12,615 | 10,469 | 5,717 |
| Provision (benefit) for credit losses | (8,111) | (5,516) | 603 |
| Unrealized (gains) losses on equity and debt securities | (8,241) | (16,461) | 1,090 |
| Derivative forward value (gains) losses | 105,070 | (264,871) | (252,267) |
| Advances on loans held for sale | (442,700) | (326,500) | (213,142) |
| Proceeds from sales of loans held for sale | 424,000 | 324,000 | 256,942 |
| Changes in operating assets and liabilities: | |||
| Accrued interest receivable | (79,975) | (17,524) | (61,305) |
| Accrued interest payable | 31,545 | 51,032 | 80,390 |
| Deferred income | 1,218 | 1,218 | 1,769 |
| Other | (18,371) | (33,583) | (24,155) |
| Net cash provided by operating activities | 207,532 | 320,623 | 337,773 |
| Cash flows from investing activities: | |||
| Advances on loans held for investment, net | (2,516,664) | (2,005,187) | (2,534,642) |
| Investments in fixed assets, net | (4,697) | (6,154) | (7,721) |
| Purchases of trading securities | — | — | (117,288) |
| Proceeds from sales and maturities of trading securities | 173,997 | 202,903 | 201,849 |
| Proceeds from redemption of equity securities | 25,000 | — | — |
| Cash impact of VIE deconsolidation | — | (10,341) | — |
| Net cash used in investing activities | (2,322,364) | (1,818,779) | (2,457,802) |
| Cash flows from financing activities: | |||
| Proceeds from (repayments of) short-term borrowings ≤ 90 days, net | 1,322,246 | (536,592) | (417,487) |
| Proceeds from short-term borrowings with original maturity > 90 days | 2,174,997 | 3,062,591 | 2,864,699 |
| Repayments of short-term borrowings with original maturity > 90 days | (2,738,517) | (2,739,584) | (2,882,104) |
| Payments for issuance costs for revolving bank lines of credit | (5,737) | (2,612) | (2,108) |
| Proceeds from issuance of long-term debt, net of discount and issuance costs | 4,044,549 | 4,520,730 | 4,293,185 |
| Payments for retirement of long-term debt | (2,810,566) | (2,591,494) | (1,916,514) |
| Payments for issuance costs for subordinated deferrable debt | (1,387) | (1,165) | (3,295) |
| Proceeds from issuance of subordinated deferrable debt | 43,811 | 103,500 | 300,000 |
| Payments for retirement of subordinated deferrable debt | — | (100,000) | — |
| Proceeds from issuance of members’ subordinated certificates | 12 | 103 | 6,133 |
| Payments for retirement of members’ subordinated certificates | (12,949) | (25,579) | (17,168) |
| Payments for retirement of patronage capital | (46,846) | (110,202) | (59,189) |
| Repayments for membership fees, net | — | (436) | — |
| Net cash provided by financing activities | 1,969,613 | 1,579,260 | 2,166,152 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (145,219) | 81,104 | 46,123 |
| Beginning cash, cash equivalents and restricted cash | 288,341 | 207,237 | 161,114 |
| Ending cash, cash equivalents and restricted cash | $143,122 | $288,341 | $207,237 |
| The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended May 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2025 | 2024 | 2023 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $1,373,281 | $1,261,683 | $934,602 |
| Cash paid for income taxes | 680 | 578 | 335 |
| Noncash financing and investing activities: | |||
| Equity investment, at cost, obtained in exchange for loan held for investment | $— | $— | $7,778 |
| The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. | |||
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