NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/

For the period ended Feb 28, 2026. Filed Apr 10, 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.

Feb 28, 2026 · Filed Apr 10, 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 February 28, 2026

¨	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	49
	Consolidated Statements of Operations (Unaudited)	50
	Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	51
	Consolidated Balance Sheets (Unaudited)	52
	Consolidated Statements of Changes in Equity (Unaudited)	53
	Consolidated Statements of Cash Flows (Unaudited)	54
	Notes to Consolidated Financial Statements (Unaudited)	56
	Note 1 — Summary of Significant Accounting Policies	56
	Note 2 — Interest Income and Interest Expense	59
	Note 3 — Investment Securities	59
	Note 4 — Loans	60
	Note 5 — Allowance for Credit Losses	71
	Note 6 — Short-Term Borrowings	73
	Note 7 — Long-Term Debt	75
	Note 8 — Subordinated Deferrable Debt	77
	Note 9 — Derivative Instruments and Hedging Activities	77
	Note 10 — Equity	81
	Note 11 — Guarantees	82
	Note 12 — Fair Value Measurement	84
	Note 13 — Variable Interest Entities	87
	Note 14 — Business Segments	88
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	20
	Enterprise Risk Management	25
	Credit Risk	26
	Liquidity Risk	32
	Market Risk	43
	Critical Accounting Estimates	45
	Recent Accounting Changes and Other Developments	45
	Non-GAAP Financial Measures and Reconciliations	46
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	95
Item 4.	Controls and Procedures	95
PART II—OTHER INFORMATION	95
Item 1.	Legal Proceedings	95
Item 1A.	Risk Factors	95
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	95
Item 3.	Defaults Upon Senior Securities	95
Item 4.	Mine Safety Disclosures	95
Item 5.	Other Information	96
Item 6.	Exhibits	96
SIGNATURES	97

CROSS REFERENCE INDEX OF MD&A TABLES

Table	Description	Page
1	Net Income and TIER	3
2	Reconciliation of Net Income—Quarter	4
3	Reconciliation of Net Income—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	19
12	Non-Interest Expense	19
13	Debt—Total Debt Outstanding	22
14	Debt—Member Investments	23
15	Equity	24
16	Loans—Loan Portfolio Security Profile	27
17	Loans—Loan Exposure to 20 Largest Borrowers	28
18	Allowance for Credit Losses by Borrower Member Class and Evaluation Methodology	30
19	Available Liquidity	33
20	Liquidity Coverage Ratios	34
21	Committed Bank Revolving Line of Credit Agreements	36
22	Short-Term Borrowings—Funding Sources	37
23	Long-Term and Subordinated Debt—Issuances and Repayments	38
24	Long-Term and Subordinated Debt—Scheduled Principal Maturities and Amortization	39
25	Collateral Pledged	40
26	Loans—Unencumbered Loans	40
27	Projected Long-Term Sources and Uses of Funds	41
28	Credit Ratings	42
29	Interest Rate Sensitivity Analysis	44
30	Adjusted Net Income	46
31	TIER and Adjusted TIER	46
32	Adjusted Total Debt Outstanding and Equity	47
33	Debt-to-Equity Ratio and Adjusted Debt-to-Equity Ratio	48
34	Members’ Equity	48

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