Detailed financial statements for AGNC Investment Corp. (AGNC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
AGNC Investment Corp. functions as a U.S.-based real estate investment trust (REIT). The firm primarily concentrates its investments on residential mortgage-backed securities (RMBS) and collateralized mortgage obligations (CMOs). A defining feature of these securities is that their principal and interest payments are secured by guarantees from either U.S. government-sponsored entities or federal government agencies.
Analysis Summary
AGNC Investment Corp. reported revenue of $1.91B in the most recent fiscal year, growing at a 5-year CAGR of 41.2%.
Trailing-twelve-month margins: gross margin 75.7%, operating margin 112.8%, net margin 72.0%. Free cash flow grew at -17.9% CAGR over 5 years.
Balance sheet quality for AGNC: current ratio of 0.0, net debt of $101.34B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $653.0M represents 39% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | -$11.0M | $1.59B | $1.92B | $1.08B | $341.0M | $2.41B | $3.30B | $1.01B | $4.88B | $1.91B |
| Cost of Revenue | $4.0M | $6.0M | $50.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$15.0M | $1.58B | $1.87B | $1.08B | $341.0M | $2.41B | $3.30B | $1.01B | $4.88B | $1.91B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | $54.0M | $41.0M | $62.0M | 0 | $87.0M |
| Operating Expenses | -$1.00B | $290.0M | $568.0M | -$1.75B | -$213.0M | $1.59B | $3.87B | -$1.58B | $995.0M | -$2.61B |
| Operating Income | $987.0M | $1.29B | $1.30B | $2.84B | $554.0M | $824.0M | -$565.0M | $2.59B | $3.88B | $4.52B |
| EBITDA | $980.0M | $1.30B | $1.33B | $3.44B | $1.49B | $1.19B | -$552.0M | $2.44B | $3.79B | $4.70B |
| Interest Expense | $394.0M | $524.0M | $1.17B | $2.15B | $674.0M | $75.0M | $625.0M | $2.29B | $2.93B | $2.85B |
| Pre-tax Income | $623.0M | $771.0M | $129.0M | $688.0M | -$266.0M | $749.0M | -$1.19B | $155.0M | $863.0M | $1.67B |
| Income Tax | $987.0M | 0 | $24.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $623.0M | $771.0M | $129.0M | $688.0M | -$266.0M | $749.0M | -$1.19B | $155.0M | $863.0M | $1.67B |
| EPS | $1.79 | $2.04 | $0.21 | $1.16 | $-0.66 | $1.22 | $-2.41 | $0.05 | $0.93 | $1.48 |
| EPS (Diluted) | $1.79 | $2.04 | $0.21 | $1.16 | $-0.66 | $1.22 | $-2.41 | $0.05 | $0.93 | $1.47 |
| Shares Outstanding (Diluted) | $331.9M | $358.7M | $441.4M | $541.4M | $551.6M | $530.0M | $537.0M | $619.6M | $786.0M | $1.02B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $779.0M | $1.26B | $1.05B | 0 |
| Gross Profit | $779.0M | $1.26B | $319.0M | -$19.0M |
| Operating Income | $1.55B | $1.69B | $285.0M | -$49.0M |
| EBITDA | $1.69B | $1.69B | $583.0M | -$49.0M |
| Net Income | $806.0M | $954.0M | -$148.0M | $610.0M |
| EPS | $0.72 | $0.89 | $-0.17 | $0.52 |
| EPS (Diluted) | $0.72 | $0.89 | $-0.17 | $0.52 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.21B | $1.05B | $921.0M | $1.28B | $2.32B | $1.52B | $2.33B | $518.0M | $505.0M | $450.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $21.0M | 0 | $489.0M | $10.18B | $11.96B | $10.47B | $6.74B | 0 | 0 | 0 |
| Inventory | 0 | -$10.96B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $54.94B | $45.66B | $22.73B | 0 | 0 | 0 | 0 | 0 | 0 | $1.74B |
| Property, Plant & Equipment | -$56.88B | -$70.38B | -$109.24B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | $526.0M | $526.0M | $526.0M | $526.0M | $526.0M | $526.0M | $526.0M | $526.0M | $526.0M | $526.0M |
| Intangible Assets | $28.0M | $25.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $56.88B | $70.38B | $109.24B | $113.08B | $81.82B | $68.15B | $51.75B | $71.60B | $88.02B | $115.08B |
| Accounts Payable | $211.0M | $299.0M | $518.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | $96.30B | $64.09B | $57.08B | $42.80B | 0 | 0 | $101.74B |
| Total Current Liabilities | $49.06B | $61.27B | $99.06B | $99.39B | $70.56B | $57.65B | $43.68B | 0 | 0 | $102.11B |
| Long-term Debt | 0 | $357.0M | $275.0M | $2.65B | $177.0M | $126.0M | $95.0M | $80.0M | $64.0M | $56.0M |
| Total Liabilities | $49.52B | $61.62B | $99.33B | $102.04B | $70.74B | $57.86B | $43.88B | $63.34B | $78.25B | $102.68B |
| Retained Earnings | -$2.52B | -$2.56B | -$3.43B | -$3.89B | -$5.11B | -$5.21B | -$7.28B | -$8.15B | -$8.55B | -$8.52B |
| Total Equity | $7.36B | $8.75B | $9.91B | $11.04B | $11.08B | $10.29B | $7.87B | $8.26B | $9.76B | $12.39B |
| Total Debt | $3.50B | $357.0M | $275.0M | $98.95B | $64.27B | $57.20B | $42.89B | $80.0M | $64.0M | $101.79B |
| Net Debt | $2.29B | -$689.0M | -$646.0M | $97.67B | $61.95B | $55.68B | $40.56B | -$438.0M | -$441.0M | $101.34B |
| Working Capital | $5.88B | -$15.61B | -$76.33B | -$99.39B | -$70.56B | -$57.65B | -$43.68B | 0 | 0 | -$100.37B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $450.0M | $450.0M | $493.0M | $457.0M |
| Total Assets | $108.97B | $115.08B | $118.90B | $121.76B |
| Total Liabilities | $97.53B | $102.68B | $106.72B | $109.22B |
| Total Equity | $11.44B | $12.39B | $12.18B | $12.54B |
| Total Debt | $58.0M | $101.79B | $104.65B | $89.81B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $623.0M | $771.0M | $129.0M | $688.0M | -$266.0M | $749.0M | -$1.19B | $155.0M | $863.0M | $1.67B |
| Depreciation & Amortization | $2.0M | $3.0M | $25.0M | $601.0M | $1.08B | $369.0M | $13.0M | 0 | 0 | $177.0M |
| Stock-based Compensation | $1.0M | $4.0M | $6.0M | $13.0M | $18.0M | $19.0M | $2.0M | $11.0M | $18.0M | $26.0M |
| Change in Working Capital | $80.0M | $163.0M | $21.0M | -$44.0M | -$105.0M | -$46.0M | $107.0M | $12.0M | $37.0M | -$98.0M |
| Operating Cash Flow | $1.35B | $1.26B | $1.11B | $1.18B | $1.75B | $1.54B | $1.01B | -$118.0M | $86.0M | $653.0M |
| Capital Expenditure | -$6.00B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | -$555.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$116.0M | -$173.0M | 0 | -$278.0M | -$378.0M | -$281.0M | -$51.0M | 0 | 0 | 0 |
| Dividends Paid | -$799.0M | -$795.0M | -$974.0M | -$1.14B | -$970.0M | -$860.0M | -$869.0M | -$1.00B | -$1.24B | -$1.60B |
| Free Cash Flow | -$4.65B | $1.26B | $1.11B | $1.18B | $1.75B | $1.54B | $1.01B | -$118.0M | $86.0M | $653.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $153.0M | $128.0M | $387.0M | $218.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $153.0M | $128.0M | $387.0M | $218.0M |
| Dividends Paid | -$416.0M | -$428.0M | -$451.0M | -$458.0M |
| Stock-based Compensation | $9.0M | $13.0M | -$6.0M | $14.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +14,563.6% | +20.7% | -43.6% | -68.5% | +607.9% | +36.9% | -69.6% | +384.7% | -60.8% |
| Net Income Growth (YoY) | | +23.8% | -83.3% | +433.3% | -138.7% | +381.6% | -258.9% | +113.0% | +456.8% | +93.5% |
| EPS Growth (YoY) | | +14.0% | -89.7% | +452.4% | -156.9% | +284.8% | -297.5% | +102.1% | +1,702.3% | +59.1% |
| Shares Change (YoY) | | +8.1% | +23.1% | +22.7% | +1.9% | -3.9% | +1.3% | +15.4% | +26.9% | +30.2% |
| FCF Growth (YoY) | | +127.1% | -11.7% | +6.0% | +48.1% | -11.8% | -34.2% | -111.6% | +172.9% | +659.3% |
| Gross Margin | 136.4% | 99.6% | 97.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -8,972.7% | 81.4% | 67.8% | 262.2% | 162.5% | 34.1% | -17.1% | 257.3% | 79.6% | 236.3% |
| EBITDA Margin | -8,909.1% | 81.6% | 69.1% | 317.7% | 437.0% | 49.4% | -16.7% | 242.7% | 77.8% | 245.6% |
| Net Margin | -5,663.6% | 48.5% | 6.7% | 63.6% | -78.0% | 31.0% | -36.0% | 15.4% | 17.7% | 87.3% |
| FCF Margin | 42,281.8% | 79.2% | 58.0% | 109.1% | 512.3% | 63.8% | 30.7% | -11.7% | 1.8% | 34.2% |
| Effective Tax Rate | 158.4% | 0.0% | 19.3% | 0.0% | -0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-14.01 | $3.51 | $2.52 | $2.18 | $3.17 | $2.91 | $1.89 | $-0.19 | $0.11 | $0.64 |
| Dividends Per Share | $2.41 | $2.22 | $2.21 | $2.10 | $1.76 | $1.62 | $1.62 | $1.62 | $1.58 | $1.56 |
| Shares Outstanding (Basic) | $331.9M | $358.6M | $441.1M | $540.6M | $551.6M | $528.1M | $537.0M | $618.4M | $783.4M | $1.02B |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Gross Margin | 75.70% |
| Operating Margin | 112.80% |
| Net Margin | 71.98% |
Financial Health
| Debt / Equity | 7.16 |
| Current Ratio | 0.02 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 10.13 | 9.90 | 83.52 | 15.24 | -23.64 | 12.33 | -4.29 | 190.12 | 9.90 | 7.24 |
| P/B | 0.82 | 0.83 | 0.78 | 0.87 | 0.78 | 0.77 | 0.71 | 0.73 | 0.74 | 0.88 |
| P/S | -547.03 | 4.55 | 4.03 | 8.83 | 25.23 | 3.29 | 1.68 | 6.03 | 1.48 | 5.72 |
| Gross Margin | 136.4% | 99.6% | 97.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -8,972.7% | 81.4% | 67.8% | 262.2% | 162.5% | 34.1% | -17.1% | 257.3% | 79.6% | 236.3% |
| Net Margin | -5,663.6% | 48.5% | 6.7% | 63.6% | -78.0% | 31.0% | -36.0% | 15.4% | 17.7% | 87.3% |