Reported earnings remain unreliable proxies for operational performance, as evidenced by net income swings ranging from a $163.8M loss in 2025Q1 to a $227.9M profit in 2024Q1.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 |
|---|
| Sales/Revenue | 466.01M | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 466.01M | 292.49M | 425.6M | 333.36M | 452.9M | 433.47M | 330.2M | 299.46M | 284.62M | 403.53M | 43.38M | 179.03M | 302.88M | 456.84M | 199.18M |
| Gross Margin % | 100% | 100% | 62.1% | 54.33% | 50.48% | 47.49% | -71.29% | -610.42% | 51.52% | 100% | 100% | 100% | 107.13% | 100% | 100% |
| Gross Profit Growth % | - | -31.28% | 27.67% | -26.4% | 4.48% | 31.28% | 10.26% | 5.21% | -29.47% | 830.32% | -75.77% | -40.89% | -33.7% | 129.36% | - |
| Operating Expenses | 147.59M | 143.12M | 126.37M | 109.63M | 95.19M | 94.7M | 101.17M | 93.17M | 90.88M | 86.23M | 86.34M | 76.53M | 87.8M | 96.01M | -25.97M |
| OpEx % of Revenue | - | 48.93% | 18.44% | 17.87% | 10.61% | 10.38% | -21.84% | -189.91% | 16.45% | 21.37% | 199.06% | 42.75% | 31.05% | 21.02% | -13.04% |
| Selling, General & Admin | 75.42M | 143.12M | 126.37M | 109.63M | 95.19M | 94.7M | 101.17M | 93.17M | 90.88M | 86.23M | 86.34M | 76.53M | 72.57M | 84.18M | -25.97M |
| SG&A % of Revenue | - | 48.93% | 18.44% | 17.87% | 10.61% | 10.38% | -21.84% | -189.91% | 16.45% | 21.37% | 199.06% | 42.75% | 25.67% | 18.43% | -13.04% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 318.42M | 149.37M | 559.01M | 503.99M | 801.99M | 818.05M | -564.32M | -142.22M | 461.61M | 317.31M | -42.97M | 102.5M | 196.67M | 376.54M | -151.4M |
| Operating Margin % | 68.33% | 51.07% | 81.56% | 82.13% | 89.39% | 89.62% | 121.84% | 289.91% | 83.55% | 78.63% | -99.06% | 57.25% | 69.56% | 82.42% | -76.01% |
| Operating Income Growth % | - | -73.28% | 10.92% | -37.16% | -1.96% | 244.96% | -296.78% | -130.81% | 45.48% | 838.49% | -141.92% | -47.88% | -47.77% | 348.7% | - |
| EBITDA | 169.05M | 149.37M | -4.16M | 0 | 0 | 0 | 0 | 0 | 0 | 1.75M | 6.9M | 120.15M | 0 | 0 | -903.9M |
| EBITDA Margin % | 36.28% | 51.07% | -0.61% | - | - | - | - | - | - | 0.43% | 15.91% | 67.11% | - | - | -453.8% |
| EBITDA Growth % | 153.56% | 3694.08% | - | - | - | - | - | - | -100% | -74.65% | -94.26% | - | - | 100% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | -503.99M | -801.99M | -818.05M | 564.32M | 142.22M | -461.61M | -315.56M | 49.87M | 17.65M | -196.67M | -376.54M | -752.49M |
| EBIT | 0 | 1.58B | 1.12B | 1.01B | 1.6B | 1.64B | -1.13B | -284.45M | 923.22M | 634.62M | -92.83M | 205M | 406.83M | 0 | -151.4M |
| Net Interest Income | 0 | 260.95M | 0 | 0 | 435.71M | -702.06M | -821.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.7B | 1.7B | 0 | 0 | 1.14B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -1.44B | 1.44B | 0 | 0 | 705.53M | 702.06M | 821.09M | 836.21M | 792.74M | 741.74M | 681.85M | 635.68M | 654.65M | 0 | -761.78M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 309.29M | 140.2M | 555.82M | 502.39M | 799.68M | 814.98M | -590.59M | -151M | 459.67M | 313.8M | -51.46M | -18.52M | 194.93M | 360.84M | -151.4M |
| Pretax Margin % | 66.37% | 47.93% | 81.1% | 81.87% | 89.13% | 89.29% | 127.52% | 307.8% | 83.2% | 77.76% | -118.63% | -10.34% | 68.95% | 78.98% | -76.01% |
| Income Tax | 312K | 188K | 1.5M | 800K | 1.15M | 998K | -1.16M | 211K | 2.31M | 1.7M | 57K | 409K | 2M | 2.75M | 2.61M |
| Effective Tax Rate % | 0.1% | 0.13% | 0.27% | 0.16% | 0.14% | 0.12% | 0.2% | -0.14% | 0.5% | 0.54% | -0.11% | -2.21% | 1.03% | 0.76% | -1.72% |
| Net Income | 308.34M | 139.73M | 553.35M | 501.49M | 795.85M | 811.67M | -585.24M | -149.23M | 455.19M | 309.91M | -49.65M | -19.03M | 190.07M | 353.76M | -154.01M |
| Net Margin % | 66.17% | 47.77% | 80.74% | 81.73% | 88.71% | 88.92% | 126.36% | 304.19% | 82.39% | 76.8% | -114.47% | -10.63% | 67.23% | 77.44% | -77.32% |
| Net Income Growth % | 90.75% | -74.75% | 10.34% | -36.99% | -1.95% | 238.69% | -292.17% | -132.78% | 46.88% | 724.14% | -160.89% | -110.01% | -46.27% | 329.7% | - |
| Net Income (Continuing) | 309.02M | 140.01M | 554.32M | 501.59M | 798.54M | 813.98M | -589.43M | -151.21M | 457.36M | 312.1M | -51.52M | -18.93M | 192.93M | 353.76M | -154.01M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 20.9M | 20.99M | 20.71M | 27.19M | 27.4M | 24.93M | 22.7M | 27.15M | 31.52M | 28.85M | 26.09M | 27.46M | 26.84M | 11.79M | 0 |
| EPS (Diluted) | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS (Basic) | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Derivative valuation volatility
As evidenced by the provided income statement data, NRUC experienced extreme top-line fluctuations, including a negative revenue print of $127.8M in 2025Q1, which highlights the significant impact of non-cash derivative valuation adjustments on the cooperative's reported financial performance rather than actual lending volume trends.
The reported revenue figures appear heavily distorted by accounting requirements for interest rate hedging instruments, which obscure the core interest income generated from member loans. Investors should look past these headline swings to evaluate the underlying loan portfolio growth, as the cooperative model inherently prioritizes long-term infrastructure financing over short-term transactional revenue.
Based on the reported financial statements, NRUC's operating margins have demonstrated significant variance, swinging from a negative 66.7% in 2023Q4 to a peak of 87.9% in 2024Q1, reflecting the cooperative's high sensitivity to the cost of funds and derivative-driven accounting noise.
The 100% gross margin is a structural artifact of financial services accounting, yet the operating margin volatility suggests that the spread between debt issuance costs and member loan rates is subject to rapid compression. This indicates that the cooperative's profitability is highly dependent on maintaining a stable interest rate environment to avoid margin erosion.
According to the provided quarterly data, net income has fluctuated wildly, ranging from a loss of $163.8M in 2025Q1 to a profit of $227.9M in 2024Q1, suggesting that reported earnings are not a reliable proxy for the cooperative's operational cash generation capabilities.
The inclusion of unrealized gains and losses on derivatives within the income statement creates a disconnect between reported net income and the actual economic health of the lending business. Analysts should focus on adjusted metrics that strip out these non-cash valuation changes to better assess the cooperative's true ability to cover interest expenses.
As reported in financial statements, SG&A expenses have remained relatively contained, fluctuating between $30M and $40.8M over the last ten quarters, which suggests that management maintains a disciplined approach to administrative overhead despite the significant volatility in the cooperative's broader financial results.
The stability of SG&A relative to the massive swings in revenue indicates that the cooperative's core operational cost structure is not scaling with the derivative-driven revenue volatility. This discipline is essential for preserving the Times Interest Earned Ratio, which remains a critical metric for maintaining the cooperative's credit rating.
Based on the reported figures, the cooperative's reliance on debt markets to fund long-term utility infrastructure creates a structural vulnerability, as any sustained increase in the cost of capital may outpace the cooperative's ability to reset interest rates on its member loan portfolio.
Short-sellers would likely focus on the potential for margin compression if the cost of short-term debt rises faster than the yield on long-dated assets. Furthermore, the high leverage inherent in the cooperative model warrants close monitoring of member credit quality, as any deterioration in rural utility performance could quickly strain the cooperative's capital buffers.
Quick answers to the most common questions about buying NRUC stock.
National Rural Utilities Cooper (NRUC) is profitable, generating $139.7M in net income for the fiscal year ending 2025 with a net profit margin of 47.8%.
National Rural Utilities Cooper (NRUC) reported an operating income of $149.4M, resulting in an operating profit margin of 51.1%. This margin reflects the operational efficiency of the business before interest and taxes.
National Rural Utilities Cooper (NRUC) generated $292.5M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.