EarningsQ2 2026 Earnings Report
MX:AGNC Q2 2026 EPS Results
Actual EPS$7.26
Consensus EPS$6.92
Beat/MissBeat by +$0.35
One Year Ago EPS$6.90
MX:AGNC Q2 2026 Revenue Results
Actual Revenue$26.88B
Expected Revenue$19.17B
Beat/MissBeat by +$7.71B
YoY Revenue Growth+412.11%
Earnings Announcement Details
QuarterQ2 2026
Date07/20/2026
TimeAfter Close
Conference CallMonday, July 20, 2026
MX:AGNC Upcoming Earnings
AGNC Investment's next earnings date is estimated for October 26, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AGNC Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated strong company-level performance and portfolio execution—notably a 6.7% economic return, continued Agency MBS outperformance, strong quarter and one-year total stock returns, disciplined capital actions and attractive marginal ROEs—supported by favorable supply/demand technicals (lower net new MBS supply, >$400B bond fund inflows). These positives are tempered by meaningful macro and geopolitical headwinds (US–Iran tensions, higher energy-driven inflation risk), increased market and policy uncertainty, modest compression in net spread income (down $0.02 QoQ; -6 bps net interest spread) and a ~1% decline in tangible book value in the very near term. On balance, the highlights outweigh the lowlights, with management emphasizing disciplined positioning to capture attractive Agency MBS opportunities as volatility and uncertainties abate.Company Guidance
Strong Economic and Shareholder Returns
Economic return on tangible common equity of 6.7% for Q2 2026; comprehensive income of $0.52 per common share; $0.36 of dividends declared per common share and a $0.20 increase in tangible net book value per share noted. Total stock return for the quarter was 12.3% (with dividends reinvested) and 1-year total stock return was 36.1%. Paid the 75th consecutive monthly dividend of $0.12 per share.
Consistent Agency MBS Outperformance
Agency MBS generated positive excess return versus U.S. Treasuries for the fifth consecutive quarter, driving improvement in tangible book value and contributing to the quarter's 6.7% economic return.
Portfolio Scale and Quality
Market value of asset portfolio totaled $97 billion at quarter end. Purchased $2.2 billion of primarily intermediate-coupon specified pools during the quarter. Weighted average coupon increased to 5.04% and the percentage of assets with favorable prepayment characteristics rose to 79%. Held $7.5 billion of unencumbered cash and Agency MBS, representing 62% of tangible equity.
Disciplined Capital Management and Attractive Marginal Returns
Maintained ending and average leverage at 7.4x tangible equity. Issued $167 million of common equity via ATM at a significant premium to tangible book value while taking a 'lighter touch' on ATM activity when stock trading was heavy. Management estimated marginal ROEs of roughly 15%–17% on incremental investments at current spread levels (130–150 bps) when leveraged at ~7–7.5x.
Favorable Technicals and Strong Demand Backdrop
Expect net new supply of Agency MBS this year to fall to about $150 billion (materially lower than earlier estimates). Bond fund inflows exceeded $400 billion through the first six months of the year (roughly double the prior year pace). Management highlighted continued demand from banks, foreign investors and REITs and noted Agency MBS value versus corporate bonds given tight corporate spreads.
Active Hedge and Duration Positioning
Notional hedge portfolio totaled $66 billion; allocation to swap-based hedges declined to 66% following $3 billion of swap maturities and added treasury-based hedges. Duration gap remained a modestly positive 0.7 years, reflecting intentional positioning given current rates and convexity characteristics.
MX:AGNC Earnings History
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