AGNC Investment Corp. (AGNC) financials
NASDAQ · Real Estate · REIT - Mortgage · 54 employees · CEO Peter J. Federico
- Price
- $8.65 -2.04%
- Market cap
- $11B
- Enterprise value
- $107B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-01-25 EPS est. $0.37
Revenue (TTM)$3.5B+125.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)88.4%-101.6 pp vs a year agoOperating income $3.1B
Net income (TTM)$59M-93.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.14B+88.2% vs a year agoCapex $0
Diluted EPS (TTM)$0.07-89.9% vs a year agoSum of the last 4 quarters
Net cash-$96.3B-24,653.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $11B EV $107B
- Revenue
- $3.5B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 1.7% Net income / revenue, TTM
- P/E
- 123.6×
- P/S
- 3.1× Price / sales, TTM
- EV / EBITDA
- 64.5× TTM
- Free cash flow
- $1.14B Trailing 12 months
- Net income
- $59M Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-01-25 Revenue est. $1.2B
- Dividend
- $1.44 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-19): revenue beat by 13.2%, EPS missed by 0.6%Revenue $1.2B vs $1.06B expected (+13.2%); EPS $0.37 vs $0.37 (-0.6%).
- Revenue growth slowing: 53.5% year on yearQ3 '26 revenue $1.2B, against an average of 136.1% over the four quarters before.
- Operating margin 88.4% (TTM), -101.6 pp on a year agoOperating income grew 4.8% while revenue grew 125.2%.
- 5,147.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $59M vs operating income $3.1B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.0% of revenue (a year ago 0.0%)$0 invested in the last 4 quarters (– on a year earlier). Free cash flow $1.14B = 1,927.1% of net income.
- Returned $1.81B to shareholders = 159.0% of free cash flowBuybacks $0 (a year earlier $0), dividends $1.81B, stock-based pay $21M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count up 13.6% in a year1.2B diluted shares in Q3 '26, 1.06B a year earlier.
- Net debt $96.3BCash + short-term investments $468M, debt incl. leases $96.7B; a year ago net cash $392M.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.2B | $779M | +53.5% |
| Gross margin | 100.0% | 100.0% | 0.0 pp |
| Operating income | $1.17B | $1.55B | -24.8% |
| Operating margin | 97.7% | 199.5% | -101.8 pp |
| Net income | -$1.36B | $806M | -268.4% |
| Diluted EPS | -$1.17 | $0.72 | -262.5% |
| Operating cash flow | $404M | $153M | +164.1% |
| Capex | $0 | $0 | – |
| Free cash flow | $404M | $153M | +164.1% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $9M | -100.0% |
Reported vs consensus
2026-10-19| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $1.2B | $1.06B | +13.2% |
| EPS (as estimated) | $0.37 | $0.37 | -0.6% |
From the report of 2026-10-19 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.14B
- Capex
- $0
- Buybacks
- $0
- Dividends
- -$1.81B
- Acquisitions
- $0
- Net debt issued
- $9.1B
- Stock-based compensation
- $21M
- Free cash flow
- $1.14B
- Returned to shareholders / FCF
- 159.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 123.6× | 54.9× 4 of 5 years | 7.2× – 190.1× |
| EV / EBITDA | 64.5× | 20.3× 4 of 5 years | 1.8× – 53.3× |
| EV / Sales | 30.6× | 21.2× | 1.4× – 58.7× |
| Price / FCF | 9.7× | 27.8× 4 of 5 years | 5.2× – 83.9× |
| Price / Book | 0.9× | 0.8× | 0.7× – 0.9× |
| FCF yield | 10.3% | 8.6% | -1.9% – 19.4% |
| Return on invested capital | 2.9% | -15.5% | -145.1% – 63.6% |
| Return on equity | 0.5% | 3.3% | -15.1% – 13.5% |
Analysts
Consensus target $9.67 (+11.8%)
range $9.00 – $10.00 · rating Hold
Strong buy0
Buy11
Hold21
Sell3
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 88 figures AGNC Investment Corp. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| 203K2026-06-30 | – | – | – | – | – | |
| Accretion (Amortization) of Discounts and Premiums, Investments | $34M | -$57M | +159.6% | -$177M | -$123M | -43.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$478M | -$389M | -22.9% | -$323M | -$591M | +45.3% |
| Additional Paid in Capital | $20.8B | $18.9B | +10.2% | $19.3B | $17.3B | +11.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4.6M | – | – | 1.1M2022-12-31 | – | – |
| APIC, Share-based Payment Arrangement, Recognition and Exercise | $6M | $9M | -33.3% | $26M | $18M | +44.4% |
| Assets | $133B | $109B | +22.4% | $115B | $88B | +30.7% |
| Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization | $279M | $1.23B | -77.2% | $193M | $74M | +160.8% |
| Cash and Cash Equivalents, at Carrying Value | $468M | $450M | +4.0% | $450M | $505M | -10.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.23B | $1.91B | +16.8% | $1.74B | $1.77B | -1.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $447M | $39M | +1,046.2% | -$29M | $0 | – |
| Common Stock, Dividends, Per Share, Declared | $0.36 | $0.36 | 0.0% | $1.44 | $1.44 | 0.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 2.25B | 2.25B | 0.0% | 2.25B | 1.5B | +50.0% |
| Common Stock, Shares, Issued | 1.26B | 1.07B | +17.6% | 1.11B | 897M | +23.4% |
| Common Stock, Shares, Outstanding | 1.26B | 1.07B | +17.6% | 1.11B | 897M | +23.4% |
| Common Stock, Value, Issued | $13M | $11M | +18.2% | $11M | $9M | +22.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$1.5B | $867M | -272.7% | $1.94B | $789M | +145.6% |
| Debt Securities, Trading | $89.1B | $73.1B | +21.9% | $78.3B | $62.2B | +25.9% |
| Debt Securities, Trading and Available-for-sale | $91.9B | $76.9B | +19.5% | $81.7B | $66.3B | +23.2% |
| Derivative Asset | $851M | $145M | +486.9% | $169M | $205M | -17.6% |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $851M | $145M | +486.9% | $169M | $205M | -17.6% |
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $3.29B | -$53M | +6,313.2% | -$1.1B | $2.1B | -152.4% |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $646M | $87M | +642.5% | $6M | $94M | -93.6% |
| Derivative Liability | $646M | $87M | +642.5% | $6M | $94M | -93.6% |
| Dividends Payable | $197M | $170M | +15.9% | $182M | $143M | +27.3% |
| Dividends, Common Stock | – | – | – | $1.48B | $1.14B | +30.1% |
| Dividends, Common Stock, Cash | $439M | $380M | +15.5% | $1.48B | $1.14B | +30.1% |
| Dividends, Preferred Stock, Cash | $45M | $42M | +7.1% | $161M | $132M | +22.0% |
| Earnings Per Share, Basic | -$1.17 | $0.73 | -260.3% | $1.48 | $0.93 | +59.1% |
| Earnings Per Share, Diluted | -$1.17 | $0.72 | -262.5% | $1.47 | $0.93 | +58.1% |
| Financial Instruments Sold, Not yet Purchased, US Government and Agency Obligations | $23.5B | $20.8B | +13.2% | $16.5B | $16.7B | -1.3% |
| Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | $91.4B | $76.2B | +19.9% | $81B | $65.4B | +23.9% |
| Financial Instruments, Owned, Other, at Fair Value | $515M | $609M | -15.4% | $606M | $633M | -4.3% |
| Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | $13B | $5.93B | +119.8% | $13.5B | $1.58B | +755.7% |
| Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | -$17M | -$81M | +79.0% | -$529M | -$188M | -181.4% |
| General and Administrative Expense | $12M | $10M | +20.0% | $40M | $36M | +11.1% |
| Goodwill | $526M2025-12-31 | $526M | 0.0% | $526M | $526M | 0.0% |
| Increase (Decrease) in Accounts Payable and Accrued Liabilities | $4M | $17M | -76.5% | $53M | -$701M | +107.6% |
| Increase (Decrease) in Other Operating Assets | -$54M | $48M | -212.5% | $151M | -$738M | +120.5% |
| Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 3.6M | -100.0% | 3.7M | 2.6M | +42.3% |
| Intangible Assets, Net (Including Goodwill) | $526M | $526M | 0.0% | $526M | $526M | 0.0% |
| Interest Income (Expense), Net | $402M | $148M | +171.6% | $675M | $18M | +3,650.0% |
| Interest Income, Operating | $1.2B | $903M | +32.4% | $3.52B | $2.95B | +19.5% |
| Interest Paid, Including Capitalized Interest, Operating and Investing Activities | – | – | – | $2.79B | $2.9B | -3.7% |
| InterestExpenseOperating | $794M | $755M | +5.2% | $2.85B | $2.93B | -2.8% |
| Labor and Related Expense | $16M | $20M | -20.0% | $87M | $74M | +17.6% |
| Liabilities | $122B | $97.5B | +25.0% | $103B | $78.3B | +31.2% |
| Liabilities and Equity | $133B | $109B | +22.4% | $115B | $88B | +30.7% |
| Net Cash Provided by (Used in) Financing Activities | $7.43B | $5.22B | +42.3% | $25.2B | $11.1B | +127.2% |
| Net Cash Provided by (Used in) Investing Activities | -$7.39B | -$5.34B | -38.4% | -$25.9B | -$11.2B | -131.6% |
| Net Cash Provided by (Used in) Operating Activities | $404M | $153M | +164.1% | $653M | $86M | +659.3% |
| Net Income (Loss) Attributable to Parent | -$1.36B | $806M | -268.4% | $1.67B | $863M | +93.5% |
| Net Income (Loss) Available to Common Stockholders, Basic | -$1.4B | $764M | -283.5% | $1.51B | $731M | +106.4% |
| Nonoperating Income (Expense) | -$1.73B | $688M | -351.6% | $1.12B | $955M | +17.5% |
| OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | -$140M | $61M | -329.5% | $268M | -$74M | +462.2% |
| Operating Expenses | $28M | $30M | -6.7% | $127M | $110M | +15.5% |
| Other Assets | $734M | $567M | +29.5% | $607M | $389M | +56.0% |
| Other Liabilities | $489M | $1.03B | -52.6% | $509M | $404M | +26.0% |
| Other Long-term Debt | $0 | $58M | -100.0% | $56M | $64M | -12.5% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02