NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/

For the period ended Nov 30, 2025. Filed Jan 13, 2026.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Nov 30, 2025 · Filed Jan 13, 2026

NRUC$19.91+0.6%Stored close · as of Nov 6, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2025

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number:1-7102

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORPORATION

(Exact name of registrant as specified in its charter)

District of Columbia	52-0891669
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

(Address of principal executive offices) (Zip Code)
20701 Cooperative Way,	Dulles,	Virginia,	20166

Registrant’s telephone number, including area code: (703) 467-1800

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
7.35% Collateral Trust Bonds, due 2026	NRUC 26	New York Stock Exchange
5.50% Subordinated Notes, due 2064	NRUC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer¨ Accelerated filer¨ Non-accelerated filer x Smaller reporting company¨ Emerging growth company¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ Nox

The Registrant is a tax-exempt cooperative and therefore doesnot issue capital stock.

TABLE OF CONTENTS

Page
PART I—FINANCIAL INFORMATION	1
Item 1.	Financial Statements	48
	Consolidated Statements of Operations (Unaudited)	49
	Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	50
	Consolidated Balance Sheets (Unaudited)	51
	Consolidated Statements of Changes in Equity (Unaudited)	52
	Consolidated Statements of Cash Flows (Unaudited)	53
	Notes to Consolidated Financial Statements (Unaudited)	55
	Note 1 — Summary of Significant Accounting Policies	55
	Note 2 — Interest Income and Interest Expense	57
	Note 3 — Investment Securities	58
	Note 4 — Loans	59
	Note 5 — Allowance for Credit Losses	70
	Note 6 — Short-Term Borrowings	72
	Note 7 — Long-Term Debt	74
	Note 8 — Subordinated Deferrable Debt	76
	Note 9 — Derivative Instruments and Hedging Activities	76
	Note 10 — Equity	80
	Note 11 — Guarantees	81
	Note 12 — Fair Value Measurement	83
	Note 13 — Variable Interest Entities	86
	Note 14 — Business Segments	87
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)	1
	Forward-Looking Statements	1
	Introduction	1
	Non-GAAP Financial Measures	2
	Executive Summary	3
	Consolidated Results of Operations	10
	Consolidated Balance Sheet Analysis	19
	Enterprise Risk Management	24
	Credit Risk	25
	Liquidity Risk	31
	Market Risk	42
	Critical Accounting Estimates	44
	Recent Accounting Changes and Other Developments	44
	Non-GAAP Financial Measures and Reconciliations	44
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	94
Item 4.	Controls and Procedures	94
PART II—OTHER INFORMATION	94
Item 1.	Legal Proceedings	94
Item 1A.	Risk Factors	94
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	94
Item 3.	Defaults Upon Senior Securities	94
Item 4.	Mine Safety Disclosures	94
Item 5.	Other Information	95
Item 6.	Exhibits	95
SIGNATURES	96

CROSS REFERENCE INDEX OF MD&A TABLES

Table	Description	Page
1	Net Income (Loss) and TIER	3
2	Reconciliation of Net Income—Quarter	4
3	Reconciliation of Net Income (Loss)—YTD	5
4	Adjusted Net Income and Adjusted TIER	6
5	Reconciliation of Adjusted Net Income—Quarter	6
6	Reconciliation of Adjusted Net Income—YTD	7
7	Average Balances, Interest Income/Interest Expense and Average Yield/Cost	11
8	Rate/Volume Analysis of Changes in Interest Income/Interest Expense	14
9	Non-Interest Income (Loss)	17
10	Derivative Gains (Losses)	18
11	Comparative Swap Curves	18
12	Non-Interest Expense	19
13	Debt—Total Debt Outstanding	21
14	Debt—Member Investments	22
15	Equity	23
16	Loans—Loan Portfolio Security Profile	26
17	Loans—Loan Exposure to 20 Largest Borrowers	27
18	Allowance for Credit Losses by Borrower Member Class and Evaluation Methodology	29
19	Available Liquidity	32
20	Liquidity Coverage Ratios	33
21	Committed Bank Revolving Line of Credit Agreements	35
22	Short-Term Borrowings—Funding Sources	36
23	Long-Term and Subordinated Debt—Issuances and Repayments	37
24	Long-Term and Subordinated Debt—Scheduled Principal Maturities and Amortization	38
25	Collateral Pledged	39
26	Loans—Unencumbered Loans	39
27	Projected Long-Term Sources and Uses of Funds	40
28	Credit Ratings	41
29	Interest Rate Sensitivity Analysis	43
30	Adjusted Net Income	45
31	TIER and Adjusted TIER	45
32	Adjusted Total Debt Outstanding and Equity	46
33	Debt-to-Equity Ratio and Adjusted Debt-to-Equity Ratio	47
34	Members’ Equity	47

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