NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/
For the period ended May 31, 2026. Filed Jul 31, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Jul 31, 2026
NRUC$19.67-1.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended May 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2026 | 2025 | 2024 |
| Cash flows from operating activities: | |||
| Net income | $262,736 | $140,014 | $554,316 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization of deferred loan fees | (2,629) | (2,978) | (6,463) |
| Amortization of debt issuance costs and discounts | 36,273 | 33,862 | 29,827 |
| Amortization of guarantee fees | 18,503 | 19,584 | 20,679 |
| Depreciation and amortization | 13,966 | 12,615 | 10,469 |
| Benefit for credit losses | (10,362) | (8,111) | (5,516) |
| Unrealized gains on equity and debt securities | (1,006) | (8,241) | (16,461) |
| Derivative forward value (gains) losses | (18,213) | 105,070 | (264,871) |
| Advances on loans held for sale | (653,032) | (442,700) | (326,500) |
| Proceeds from sales of loans held for sale | 670,732 | 424,000 | 324,000 |
| Changes in operating assets and liabilities: | |||
| Accrued interest receivable | 5,270 | (79,975) | (17,524) |
| Accrued interest payable | 13,589 | 31,545 | 51,032 |
| Deferred income | 981 | 1,218 | 1,218 |
| Other | (26,280) | (18,369) | (33,583) |
| Net cash provided by operating activities | 310,528 | 207,534 | 320,623 |
| Cash flows from investing activities: | |||
| Advances on loans held for investment, net | (1,357,873) | (2,516,664) | (2,005,187) |
| Investments in fixed assets, net | (1,763) | (4,697) | (6,154) |
| Proceeds from sales and maturities of trading securities | 83,878 | 173,997 | 202,903 |
| Proceeds from redemption of equity securities | — | 25,000 | — |
| Principal payments received under sales-type leases | 968 | 574 | 167 |
| Cash impact of VIE deconsolidation | — | — | (10,341) |
| Net cash used in investing activities | (1,274,790) | (2,321,790) | (1,818,612) |
| Cash flows from financing activities: | |||
| Proceeds from (repayments of) short-term borrowings ≤ 90 days, net | 210,451 | 1,322,246 | (536,592) |
| Proceeds from short-term borrowings with original maturity > 90 days | 2,066,051 | 2,174,997 | 3,062,591 |
| Repayments of short-term borrowings with original maturity > 90 days | (2,208,147) | (2,738,517) | (2,739,584) |
| Payments for issuance costs for revolving bank lines of credit | (5,910) | (5,737) | (2,612) |
| Proceeds from issuance of long-term debt, net of discount and issuance costs | 4,783,962 | 4,044,549 | 4,520,730 |
| Payments for retirement of long-term debt | (3,632,491) | (2,810,566) | (2,591,494) |
| Payments for issuance costs for subordinated deferrable debt | (4,083) | (1,387) | (1,165) |
| Proceeds from issuance of subordinated deferrable debt | 629,381 | 43,811 | 103,500 |
| Payments for retirement of subordinated deferrable debt | (650,236) | — | (100,000) |
| Proceeds from issuance of members’ subordinated certificates | 1,146 | 12 | 103 |
| Payments for retirement of members’ subordinated certificates | (57,620) | (12,949) | (25,579) |
| Payments for retirement of patronage capital | (52,978) | (46,846) | (110,202) |
| Additions (repayments) for membership fees, net | 4 | — | (436) |
| Repayment of finance leases | (972) | (576) | (167) |
| Net cash provided by financing activities | 1,078,558 | 1,969,037 | 1,579,093 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 114,296 | (145,219) | 81,104 |
| Beginning cash, cash equivalents and restricted cash | 143,122 | 288,341 | 207,237 |
| Ending cash, cash equivalents and restricted cash | $257,418 | $143,122 | $288,341 |
| 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) | 2026 | 2025 | 2024 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $1,438,720 | $1,373,281 | $1,261,683 |
| Cash paid for income taxes | 771 | 680 | 578 |
| Noncash investing and financing activities: | |||
| Finance lease ROU assets obtained in exchange for lease obligations | $1,107 | $4,870 | $2,575 |
| Recognition of net investment in lease through exchange of lease ROU assets | 1,107 | 4,870 | 2,575 |
| Derecognition of lease ROU assets | (1,107) | (4,870) | (2,575) |
| The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. | |||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.