Federal Agricultural Mortgage Corporation Q3 2026 Earnings Recap

Farmer Mac shares fell 9.0% after earnings, despite record business volume and year-to-date earnings growth. The transcript does not identify a specific shortfall behind the selloff; it does point to muted Corporate AgFinance deal flow in the first nine months of 2026, while the pickup management described is only heading into the fourth quarter.

Key Takeaways

• Business volume reached a record $38.5 billion; management said it remains on track to reach $40 billion this year and expects average annual growth of 8%–11% through 2030.
• For the first nine months of 2026, revenue was $358 million, up 18.3% year over year, and core earnings were $163 million, up 14.1%.
• Outstanding business volume increased $1.3 billion in the quarter. Infrastructure Finance led with $920 million of net growth; renewable energy loan purchases and unfunded commitments grew 19.5%.
• Farm and Ranch loan purchases grew by $228 million net. The company approved nearly $700 million in loans, a record for any third quarter.
• Corporate AgFinance grew modestly to $2.14 billion in outstanding volume, following relatively muted deal flow during the first nine months; management cited a pickup in transactions heading into the fourth quarter.