NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/

For the period ended May 31, 2026. Filed Jul 31, 2026.

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FY2026 · Filed Jul 31, 2026

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

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Contents

Consolidated Statements of Operations

	Year Ended May 31,
(Dollars in thousands)	2026	2025	2024
Interest income	$1,796,660	$1,703,233	$1,593,351
Interest expense	(1,494,894)	(1,442,279)	(1,339,088)
Net interest income	301,766	260,954	254,263
Benefit for credit losses	10,362	8,111	5,516
Net interest income after benefit for credit losses	312,128	269,065	259,779
Non-interest income:
Fee and other income	28,719	23,597	22,792
Derivative gains (losses)	82,166	(5,851)	392,037
Investment securities gains	1,128	5,674	10,772
Total non-interest income	112,013	23,420	425,601
Non-interest expense:
Salaries and employee benefits	(80,083)	(72,171)	(67,401)
Other general and administrative expenses	(73,812)	(70,944)	(58,970)
Other non-interest expense	(7,176)	(9,168)	(3,189)
Total non-interest expense	(161,071)	(152,283)	(129,560)
Income before income taxes	263,070	140,202	555,820
Income tax provision	(334)	(188)	(1,504)
Net income	262,736	140,014	554,316
Less: Net income attributable to noncontrolling interests	(624)	(281)	(967)
Net income attributable to CFC	$262,112	$139,733	$553,349
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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