Federal Agricultural(DE:A35)
€156.000.00 (0.00%)
DE:A35
Federal Agricultural earnings date
€156.00
At close:0.00 (0.00%)
Federal Agricultural (A35) Q3 2026 Earnings Report
2 Followers
DE:A35 Q3 2026 EPS Results
- Actual EPS
- EUR 4.32
- Consensus EPS
- EUR 4.66
- Beat/Miss
- Missed by -EUR 0.34
- One Year Ago EPS
- EUR 4.05
DE:A35 Q3 2026 Revenue Results
- Actual Revenue
- EUR 406.80M
- Expected Revenue
- EUR 108.60M
- Beat/Miss
- Beat by +EUR 298.21M
- YoY Revenue Growth
- +58.67%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
DE:A35 Upcoming Earnings
Federal Agricultural's next earnings date is estimated for February 19, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:A35 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Record business volume, double-digit revenue and core earnings growth, broad-based expansion across agriculture and infrastructure finance, strong operating efficiency, and capital levels above statutory requirements significantly outweighed the stated challenges. The primary negative factors were credit migration and provisions, a telecommunications-sector charge-off and bankruptcy, seasonal Farm and Ranch pressure, modest spread compression, and ongoing macroeconomic uncertainty.
Company Guidance
Farmer Mac is on track to achieve $40 billion in business volume this year and continues to expect business volume growth to average approximately 8% to 11% annually through 2030; management said it expects the upper end of the range laid out in the 2030 targets into the year of 2027, maintains a focus on double digit revenue growth, targets around that 15 to 120% for net effective spread, expects full year compensation expense to be at the low end of the previously guided range of 20% to 22% year over year increase from 2025, and anticipates full year operating efficiency ratio in the 27% to 29% range. Future tax-credit purchases are expected to be selective, and Farmer Mac believes it may have the opportunity to execute the first in the next generation of its risk transfer solutions as early as this quarter.
- Record Business Volume and Year-to-Date EarningsOutstanding business volume reached a record $38.5 billion at the end of the third quarter of 2026. For the first nine months of 2026, revenue was $358 million and core earnings were $163 million, increases of 18.3% and 14.1%, respectively, from the same period of 2025.
- Ahead of Business Volume TargetsFarmer Mac is on track to achieve $40 billion in business volume in 2026, reaching that milestone two years ahead of the timeline outlined during the 2020 Investor Day. Management continues to expect business volume growth to average approximately 8% to 11% annually through 2030 and said the company is tracking ahead of the pace required to achieve its 2030 guidance.
- Broad-Based Portfolio Growth and Liquidity SupportOutstanding business volume increased $1.3 billion during the third quarter after accounting for new business volume, maturities, sales, and paydowns. Farmer Mac provided $2.7 billion of liquidity to critical sectors of the American economy while maintaining a ratio below its 30% target.
- Infrastructure Finance ExpansionInfrastructure finance net outstanding business volume increased $920 million sequentially to more than $14 billion, with all three segments contributing to growth. Management cited demand from data center construction, cloud storage, enterprise digitization, onshore manufacturing, energy generation, broadband expansion, and grid modernization.
- Record Renewable Energy GrowthRenewable energy loan purchases and unfunded commitments grew 19.5% and contributed more than 45% of the increase in total net outstanding business volume during the quarter. Farmer Mac provided more than $1 billion of renewable energy loan purchases and unfunded commitments, with net business volume growth of $586 million after scheduled maturities and repayments, the largest quarterly growth in the segment's history. The pipeline was approaching $1 billion.
- Power and Utilities MomentumPower and Utilities net business volume growth was $165 million, driven by $208 million of net loan purchases, an increase of 5.2% from the prior quarter. Excluding the $197 million pool purchase in the second quarter, net growth in loan purchases accelerated to more than 70% compared with the prior quarter.
- Strong Farm and Ranch Loan ActivityFarmer Mac approved almost $700 million of Farm and Ranch loans in the third quarter, a record for any third quarter in the company's history. Net loan purchases grew $228 million despite the seasonally large number of repayments associated with the July 1 payment date. Management attributed improved origination access in part to the first full quarter of Farmer Mac Loan Exchange, or FLEX.
- Farm and Ranch Servicing Rights AcquisitionThe Farm and Ranch business benefited from the acquisition of field servicing rights associated with $1.4 billion of loans completed in July, including $280 million of new loans serviced for others.
- Corporate AgFinance Pipeline ImprovementCorporate AgFinance outstanding business volume grew modestly to $2.14 billion. Although deal flow was relatively muted during the first nine months of 2026, management reported a sizable pickup in transactions heading into the fourth quarter, driven by larger transaction sizes and financial institutions evaluating concentration levels and returns on capital.
- Broadband Infrastructure Growth and DiversificationBroadband infrastructure posted $169 million of net growth, ending the period at just over $2 billion in business volume. Farmer Mac continued to provide liquidity for fiber, broadband, and tower projects supporting rural digital infrastructure while diversifying the portfolio by geography, subsegment, sponsor, tenant, and financing structure.
- Record Gross Business Volume for the First Nine MonthsFarmer Mac generated $10.5 billion in gross business volume during the first nine months of 2026, exceeding the gross business volume generated in any full annual period in the company's history.
- Revenue and Net Effective Spread GrowthThird-quarter revenue was $123 million and core earnings were $52.6 million, or $4.82 per diluted share. Net effective spread was $114 million, up 16% from the prior-year period and up 3.5% sequentially after adjusting the second quarter for a one-time $7.4 million collection of interest.
- Operating Efficiency and Expense ManagementOperating expenses declined $1.5 million, or 4.2%, sequentially, primarily because of lower incentive compensation expenses. The third-quarter efficiency ratio was 27.5%, below the long-term 30% target, and management expects the full-year operating efficiency ratio to be in the 27% to 29% range. Full-year compensation expense is expected to be at the low end of the previously guided 20% to 22% year-over-year increase from 2025.
- Strong Capital PositionCore capital increased $38 million during the third quarter to more than $1.9 billion after $17 million of dividends to common shareholders. Core capital exceeded the statutory minimum requirement by $735 million, or 62%, at quarter end.
- Risk Transfer Program DevelopmentFarmer Mac is advancing multiple risk transfer initiatives, including a Credit-Linked Note transaction, to support credit risk management, capital capacity, and liquidity creation. Management said it may have the opportunity to execute the first next-generation risk transfer solution as early as the current quarter and is discussing potential regulatory capital relief with the regulator.
- Disciplined Data Center UnderwritingManagement said data center transactions are underwritten only when power is in place, permitting is completed, appropriate developers and sponsors are involved, and investment-grade hyperscaler tenants are present. Approximately three-quarters of the data center portfolio was on track or near completion, and management said it had not observed significant delays or a lack of completion.
- Continued Investment in People and TechnologyManagement said it remains focused on innovation and investing in people and technology to deliver the capital and services customers need to strengthen rural America.
DE:A35 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 19, 2027 | 2026 (Q4) | 4.70- | 3.28 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 4.664.32 | 4.05 | 6.64% (+0.27) | |
| Jul 30, 2026 | 2026 (Q2) | 4.364.83 | 3.87 | 25.00% (+0.97) | |
| May 05, 2026 | 2026 (Q1) | 3.984.24 | 3.75 | 13.13% (+0.49) | |
| Feb 19, 2026 | 2025 (Q4) | 4.053.28 | 3.55 | -7.81% (-0.28) | |
| Nov 03, 2025 | 2025 (Q3) | 4.004.05 | 3.67 | 10.24% (+0.38) | |
| Aug 07, 2025 | 2025 (Q2) | 3.843.87 | 3.25 | 19.01% (+0.62) | |
| May 09, 2025 | 2025 (Q1) | 3.643.75 | 3.55 | 5.81% (+0.21) | |
| Feb 21, 2025 | 2024 (Q4) | 3.743.55 | 3.67 | -3.17% (-0.12) | |
| Nov 04, 2024 | 2024 (Q3) | 3.683.67 | 3.7 | -0.73% (-0.03) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
