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NRUC on NYSE

National Rural Utilities Cooperative Finance Corporation

American nonprofit cooperative

The National Rural Utilities Cooperative Finance Corporation (CFC) is a member-owned nonprofit cooperative that provides financial products to America's rural electric cooperative network. CFC was established in 1969 to raise funds from the capital markets to supplement the loan programs for electric cooperatives offered by the U.S. Department of Agriculture’s (USDA) Rural Utilities Service (RUS), previously Rural Electrification Administration (REA).3 Its shares trade on NYSE under the symbol NRUC.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$262.1MNet income, fiscal 20265
1969Founded1

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  • TickerNRUC on NYSE1
  • Industryfinancial services1
  • HeadquartersDulles1
  • Websitewww.nrucfc.coop
  • Incorporated inDC6
  • Business address20701 Cooperative Way, Dulles, Va 20166-66916
  • Filer categoryNon-accelerated filer6
  • Legal formGeneral Cooperative Association4
  • Kind of organizationCooperative1
  • LEI4NYF266XZC35SCTGX0234
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O INCORPORATING SERVICES LTD., 20005 Washington, United States4
  • Registered withDepartment of Consumer and Regulatory Affairs, 1002314

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The National Rural Utilities Cooperative Finance Corporation (CFC) is a member-owned nonprofit cooperative that provides financial products to America's rural electric cooperative network. CFC was established in 1969 to raise funds from the capital markets to supplement the loan programs for electric cooperatives offered by the U.S. Department of Agriculture’s (USDA) Rural Utilities Service (RUS), previously Rural Electrification Administration (REA).3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

8.0%Return on equity5
8.61×Debt to equity5

Financial statements

Net income78910115$262.1M in 2026
-$1.0B-$500.0M0$500.0M$1.0B2019: -$149.2M-$149.2M20192020: -$585.2M-$585.2M2020+292%2021: $811.7M$811.7M20212022: $795.8M$795.8M2022−2%2023: $501.5M$501.5M2023−37%2024: $553.3M$553.3M2024+10%2025: $139.7M$139.7M2025−75%2026: $262.1M$262.1M2026+88%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2026-05-312025-05-312024-05-31
Interest income$1.8B$1.7B$1.6B
Interest expense-$1.5B-$1.4B-$1.3B
Net interest income$301.8M$261.0M$254.3M
Benefit for credit losses$10.4M$8.1M$5.5M
Net interest income after benefit for credit losses$312.1M$269.1M$259.8M
Fee and other income$28.7M$23.6M$22.8M
Derivative gains (losses)$82.2M-$5.9M$392.0M
Investment securities gains$1.1M$5.7M$10.8M
Total non-interest income$112.0M$23.4M$425.6M
Salaries and employee benefits-$80.1M-$72.2M-$67.4M
Other general and administrative expenses-$73.8M-$70.9M-$59.0M
Other non-interest expense-$7.2M-$9.2M-$3.2M
Total non-interest expense-$161.1M-$152.3M-$129.6M
Income before income taxes$263.1M$140.2M$555.8M
Income tax provision-$334.0K-$188.0K-$1.5M
Net income$262.7M$140.0M$554.3M
Less: Net income attributable to noncontrolling interests-$624.0K-$281.0K-$967.0K
Net income attributable to CFC$262.1M$139.7M$553.3M

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Corporate structure

National Rural Utilities Cooperative Finance Corporation sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • National Rural Utilities Cooperative Finance Corporation Dulles, Virginia, United States
    • NATIONAL COOPERATIVE SERVICES CORPORATION Subsidiary · Dulles, Virginia, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0). Each entity in the chart links to its source.

What it owns

What National Rural Utilities Cooperative Finance Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$98.6M5 May 31, 2026$91.2M5 May 31, 2025+8.2%
Property and equipment, net$75.6M5 May 31, 2026$81.7M5 May 31, 2025−7.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$248.8M5 May 31, 2026$134.7M5 May 31, 2025+84.7%
Equity securities at fair value$11.0M5 May 31, 2026$11.3M5 May 31, 2025−2.1%
Loans, net of allowance$38.4B5 May 31, 2026$37.0B5 May 31, 2025+3.7%

Properties, in its own words

CFC owns an office building, with approximately 141,000 gross square footage, in Loudoun County, Virginia, that serves as its headquarters.

Item 2 of the 10-K filed Jul 31, 2026.17

Timeline

  1. Sep 9, 20268-K Other events18
  2. Jun 17, 20268-K Executive or director change19
  3. Mar 20, 20268-K Other events20
  4. Feb 10, 20268-K Other events21
  5. Jan 30, 20268-K Entered a material agreement; Other events22
  6. Nov 12, 20258-K Entered a material agreement23
  7. Nov 10, 20258-K Other events24
  8. Oct 15, 20258-K Other events25
  9. Jul 2, 20258-K Executive or director change26
  10. Mar 6, 20258-K Executive or director change27
  11. Jan 15, 20258-K Entered a material agreement28
  12. Dec 19, 20248-K Entered a material agreement29
  13. 1969Founded Founded1

Filings

2,463 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 39 major events, 2,403 other. The latest 20:

  1. Oct 14, 2026S-3ASR EDGAR
  2. Oct 14, 2026424B3 PS10725 EDGAR
  3. Oct 14, 2026424B3 PS10724 EDGAR
  4. Oct 14, 2026424B3 PS10723 EDGAR
  5. Oct 14, 2026424B3 PS710722 EDGAR
  6. Oct 14, 2026424B3 PS10721 EDGAR
  7. Oct 14, 2026424B3 PS10720 EDGAR
  8. Oct 14, 2026424B3 EDGAR
  9. Oct 14, 2026424B3 PS10718 EDGAR
  10. Oct 14, 2026424B3 PS10717 EDGAR
  11. Oct 14, 2026424B3 PS10716 EDGAR
  12. Oct 14, 2026424B3 PS10715 EDGAR
  13. Oct 14, 2026424B3 PS10714 EDGAR
  14. Oct 14, 2026424B3 PS10713 EDGAR
  15. Oct 14, 2026424B3 PS10712 EDGAR
  16. Oct 14, 2026424B3 PS10711 EDGAR
  17. Oct 14, 2026424B3 PS10710 EDGAR
  18. Oct 14, 2026424B3 PS10709 EDGAR
  19. Oct 14, 2026424B3 PS10708 EDGAR
  20. Oct 14, 2026424B3 PS10707 EDGAR

The 2,463 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How National Rural Utilities Cooperative Finance Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/2
  • CIK0000070502
  • Employer ID (EIN)52-089166917
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inDistrict of Columbia17
  • Fiscal year endsMay 312
  • Industry code (SIC)6159 Miscellaneous Business Credit Institution2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address20701 Cooperative Way, Dulles, VA 20166-66912
  • Phone70346718002
  • Shares outstanding0 as of Aug 31, 202612
  • Public float$0 as of May 31, 20265
  • AuditorKPMG LLP, Baltimore, Maryland PCAOB ID 185; no auditor attestation of internal control over financial reporting17
  • On EDGAR sinceJan 14, 19942
  • Filings13,178 in all: 424B3 (12,292), 8-K (298), 424B5 (174), FWP (128), 10-Q (100), 10-K (33), S-3 (29), S-3ASR (20)2
    All 37 form types

    25 (11), UPLOAD (11), 25-NSE (9), 8-A12B (9), CORRESP (9), 10-Q/A (8), 10-K/A (6), S-3/A (5), 424B4 (3), 8-A12B/A (3), 8-K/A (3), CERTNYS (3), S-1/A (3), 424B2 (2), EFFECT (2), POS AM (2), S-3MEF (2), S-4 (2), 1 (1), 10-K405 (1), 15-15D (1), 8A12BEF (1), CERT (1), NT 10-Q (1), RW (1), S-1 (1), S-4/A (1), SC 13D (1), SC 13D/A (1)

  • Latest filingsAnnual report (10-K) Jul 31, 2026
    Quarterly report (10-Q) Oct 13, 2026
    Latest 8-K (8-K) Sep 9, 2026

Securities registered for trading

ClassSymbolExchange
7.35% Collateral Trust Bonds, due 2026NRUC 26New York Stock Exchange
5.50% Subordinated Notes, due 2064NRUCNew York Stock Exchange

From the cover page of the 10-K filed Jul 31, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks National Rural Utilities Cooperative Finance Corporation names in Item 1A of its 10-K filed Jul 31, 2026: 20 risks under these headings, as written.17

  • Credit Risks
  • We are subject to credit risk given that borrowers may not be able to meet their contractual obligations in accordance with agreed-upon terms, which could have a material adverse effect on our financial condition, results of operations and liquidity. Because we lend primarily to U.S. rural electric utility systems, we also are inherently subject to single-industry and single-obligor concentration risks.
  • Adverse changes, developments or uncertainties in the rural electric utility industry could adversely impact the operations or financial performance of our member electric cooperatives, which, in turn, could have an adverse impact on our financial results.
  • Technological advancements may change the way electricity is generated and transmitted or the way broadband is deployed, which could adversely affect the business operations of our members and negatively impact the credit quality of our loan portfolio and financial results.
  • We may obtain entities or other assets through foreclosure, which would subject us to the same performance and financial risks as any other owner or operator of similar businesses or assets.
  • The nonperformance of our derivative counterparties could impair our financial results.
  • A decline in our credit rating could trigger payments under our derivative agreements, which could impair our financial results.
  • Liquidity Risks
  • If we are unable to access the capital markets or other external sources for funding, our liquidity position may be negatively affected and we may not have sufficient funds to meet all of our financial obligations as they become due.
  • A reduction in the credit ratings for our debt could adversely affect our liquidity and/or cost of debt.
  • Our ability to maintain compliance with the covenants related to our revolving credit agreements, collateral trust bond and medium-term note indentures and debt agreements could affect our ability to retire patronage capital, result in the acceleration of the repayment of certain debt obligations, adversely impact our credit ratings and hinder our ability to obtain financing.
  • Market Risks
The other 11 risks
  • Changes in the level and direction of interest rates or our ability to successfully manage interest rate risk could adversely affect our financial results and condition.
  • Operations and Business Risks
  • Damage to our reputation could harm our business, including our ability to attract highly skilled employees and our competitive position.
  • Cybersecurity incidents affecting our information technology systems, or those managed by third parties, may damage relationships with our members or subject us to reputational, financial, legal or operational consequences.
  • The development and use of AI, including by third parties, presents risks and challenges that may adversely impact our business.
  • Our elected directors also serve as officers or directors of certain of our individual member cooperatives, which may result in a potential conflict of interest with respect to loans, guarantees and extensions of credit that we may make to or on behalf of such member cooperatives.
  • Natural or man-made disasters, including widespread health emergencies, or other external events beyond our control such as acts of terrorism or war, could disrupt our business and adversely affect our results of operations and financial condition.
  • Competition from other lenders could adversely impact our financial results.
  • The failure to attract, retain or motivate highly skilled and qualified employees could impair our ability to successfully execute our strategic plan and otherwise adversely affect our business.
  • Regulatory and Compliance Risks
  • Loss of our tax-exempt status could adversely affect our earnings.
  • As a tax-exempt cooperative and nonbank financial institution, our lending activities are not subject to the regulations and oversight of U.S. financial regulators such as the Federal Reserve, the Federal Deposit Insurance Corporation or the Office of Comptroller of Currency. Because we are not under the purview of such regulation, we could engage in activities that could expose us to greater credit, market and liquidity risk, reduce our safety and soundness and adversely affect our financial results.
  • Changes in accounting standards or assumptions in applying accounting policies could materially impact our financial statements.

Legal proceedings

From time to time, CFC is subject to certain legal proceedings and claims in the ordinary course of business, including litigation with borrowers related to enforcement or collection actions. Management presently believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, liquidity or results of operations. CFC establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Accordingly, no reserve has been recorded with respect to any legal proceedings at this time.

The opening of Item 3, Legal Proceedings.17

Sources

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    SEC EDGAROther events
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