Security
National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) · NRUC
NRUCNYSEotherCurrentCIK 70502Updated Nov 14, 2026
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Recent filings
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Financials
FY 2026 · USDSource
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balance sheet · annual statements
| Line item | Q3 2026 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2027 | Q1 2026 | Q1 2025 | FY 2026 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| AssetsUSD | 39,892,933,000Source | 37,778,743,000Source | 35,891,753,000Source | 39,107,151,000Source | 37,112,482,000Source | 39,568,826,000Source | 38,848,718,000Source | 36,488,341,000Source | 39,704,347,000Source | 38,325,049,000Source | 36,177,814,000Source | 34,012,060,000Source |
| Property, Plant and Equipment, NetUSD | 77,251,000Source | 82,652,000Source | 85,000,000Source | 79,022,000Source | 83,395,000Source | 74,124,000Source | 80,069,000Source | 84,240,000Source | 75,619,000Source | 81,667,000Source | 85,119,000Source | 86,011,000Source |
| Current assets: | ||||||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 240,687,000Source | 245,437,000Source | 144,848,000Source | 304,453,000Source | 347,131,000Source | 202,542,000Source | 257,145,000Source | 264,655,000Source | 248,819,000Source | 134,712,000Source | 280,124,000Source | 198,936,000Source |
| LIABILITIES AND EQUITY | ||||||||||||
| LiabilitiesUSD | 36,796,204,000Source | 34,747,557,000Source | 33,023,892,000Source | 36,033,107,000Source | 34,167,314,000Source | 36,183,343,000Source | 35,793,982,000Source | 33,687,077,000Source | 36,392,211,000Source | 35,221,583,000Source | 33,165,645,000Source | 31,422,811,000Source |
| Stockholders’ equity: | ||||||||||||
| Retained Earnings (Accumulated Deficit)USD | 3,077,746,000Source | 3,011,813,000Source | 2,847,527,000Source | 3,055,413,000Source | 2,925,923,000Source | 3,365,568,000Source | 3,036,068,000Source | 2,781,723,000Source | 3,292,893,000Source | 3,084,713,000Source | 2,992,878,000Source | 2,553,716,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | -2,231,000Source | -1,364,000Source | 853,000Source | -2,233,000Source | -1,342,000Source | -2,205,000Source | -2,235,000Source | -684,000Source | -2,369,000Source | -2,236,000Source | -1,416,000Source | 8,343,000Source |
| Stockholders' Equity Attributable to ParentUSD | 3,075,515,000Source | 3,010,449,000Source | 2,848,380,000Source | 3,053,180,000Source | 2,924,581,000Source | 3,363,363,000Source | 3,033,833,000Source | 2,781,039,000Source | 3,290,524,000Source | 3,082,477,000Source | 2,991,462,000Source | 2,562,059,000Source |
| Liabilities and EquityUSD | 39,892,933,000Source | 37,778,743,000Source | 35,891,753,000Source | 39,107,151,000Source | 37,112,482,000Source | 39,568,826,000Source | 38,848,718,000Source | 36,488,341,000Source | 39,704,347,000Source | 38,325,049,000Source | 36,177,814,000Source | 34,012,060,000Source |
| Stockholders' Equity Attributable to Noncontrolling InterestUSD | 21,214,000Source | 20,737,000Source | 19,481,000Source | 20,864,000Source | 20,587,000Source | 22,120,000Source | 20,903,000Source | 20,225,000Source | 21,612,000Source | 20,989,000Source | 20,707,000Source | 27,190,000Source |
| Additional Financial Items | ||||||||||||
| Long-term DebtUSD | 28,908,515,000Source | 27,535,621,000Source | 25,451,631,000Source | 27,337,960,000Source | 26,719,656,000Source | 28,461,438,000Source | 27,929,495,000Source | 26,265,225,000Source | 28,345,934,000Source | 27,163,701,000Source | 25,901,165,000Source | 23,946,548,000Source |
cash flow · annual statements
| Line item | Q4 2026 | Q4 2025 | Q3 2026 | Q3 2025 | Q2 2026 | Q2 2025 | Q1 2027 | Q1 2026 | FY 2026 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | — | — | 22,737,000Source | 86,136,000Source | 19,558,000Source | 144,803,000Source | 135,426,000Source | 4,682,000Source | 262,736,000Source | 140,014,000Source | 554,316,000Source | 501,587,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation, Depletion and AmortizationUSD | — | — | 3,362,000Source | 3,192,000Source | 3,342,000Source | 3,167,000Source | 3,748,000Source | 3,394,000Source | 13,966,000Source | 12,615,000Source | 10,469,000Source | 5,717,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | 131,209,000Source | 82,312,000Source | 310,528,000Source | 207,532,000Source | 320,623,000Source | 337,773,000Source |
| Cash flows from investing activities: | ||||||||||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | — | — | — | — | 87,858,000Source | -463,537,000Source | -1,274,790,000Source | -2,322,364,000Source | -1,818,779,000Source | -2,457,802,000Source |
| Cash flows from financing activities: | ||||||||||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | — | -265,293,000Source | 503,718,000Source | 1,078,558,000Source | 1,969,613,000Source | 1,579,260,000Source | 2,166,152,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | — | — | — | -46,226,000Source | 122,493,000Source | 114,296,000Source | -145,219,000Source | 81,104,000Source | 46,123,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | 249,234,000Source | 253,787,000Source | 312,945,000Source | 355,422,000Source | 211,192,000Source | 265,615,000Source | 257,418,000Source | 143,122,000Source | 288,341,000Source | 207,237,000Source |
| Supplemental disclosure of cash flow information: | ||||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | — | — | — | — | — | — | 374,733,000Source | 346,423,000Source | 1,438,720,000Source | 1,373,281,000Source | 1,261,683,000Source | 934,602,000Source |
| Income Taxes Paid, NetUSD | — | — | — | — | — | — | 586,000Source | 7,000Source | 771,000Source | 680,000Source | 578,000Source | 335,000Source |
| Additional Financial Items | ||||||||||||
| Amortization of Debt Issuance Costs and DiscountsUSD | — | — | — | — | — | — | 9,438,000Source | 8,725,000Source | 36,273,000Source | 33,862,000Source | 29,827,000Source | 28,744,000Source |
| Debt and Equity Securities, Gain (Loss)USD | — | — | -142,000Source | 663,000Source | -1,027,000Source | 2,097,000Source | 1,639,000Source | 1,445,000Source | 1,128,000Source | 5,674,000Source | 10,772,000Source | -4,974,000Source |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and CurtailmentUSD | — | — | — | — | — | — | — | — | -1,000,000Source | -1,000,000Source | -1,000,000Source | -1,000,000Source |
| DepreciationUSD | — | — | — | — | — | — | 3,748,000Source | 3,394,000Source | 8,000,000Source | 8,000,000Source | 7,000,000Source | 5,000,000Source |
| Equity Securities, FV-NI, Unrealized Gain (Loss)USD | — | — | -1,000,000Source | -1,000,000Source | -1,000,000Source | 1,000,000Source | 2,000,000Source | 1,000,000Source | -1,000,000Source | -1,000,000Source | — | — |
| FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversalUSD | — | — | -7,405,000Source | -6,093,000Source | 1,221,000Source | 870,000Source | 3,875,000Source | 1,587,000Source | -10,362,000Source | -8,111,000Source | -5,516,000Source | 603,000Source |
| Gain (Loss) on Derivative Instruments, Net, PretaxUSD | — | — | -32,370,000Source | 40,142,000Source | -18,641,000Source | 109,038,000Source | 96,616,000Source | -32,204,000Source | 82,166,000Source | -5,851,000Source | 392,037,000Source | 285,844,000Source |
| Gain (Loss) on Extinguishment of DebtUSD | — | — | — | -10,000Source | — | -18,000Source | — | — | — | — | -1,025,000Source | -117,000Source |
| General and Administrative ExpenseUSD | — | — | — | 33,290,000Source | — | 35,927,000Source | — | — | — | — | 126,371,000Source | 109,631,000Source |
| Income Tax Expense (Benefit)USD | — | — | 162,000Source | 66,000Source | 6,000Source | 146,000Source | 682,000Source | -20,000Source | 334,000Source | 188,000Source | 1,504,000Source | 800,000Source |
| Investment Income, InterestUSD | — | — | — | — | — | — | — | — | — | — | — | 21,585,000Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | 22,388,000Source | 85,986,000Source | 19,597,000Source | 144,443,000Source | 134,916,000Source | 4,766,000Source | 262,112,000Source | 139,733,000Source | 553,349,000Source | 501,490,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | — | — | 349,000Source | 150,000Source | -39,000Source | 360,000Source | 510,000Source | -84,000Source | 624,000Source | 281,000Source | 967,000Source | 97,000Source |
| Unrealized Gain (Loss) on DerivativesUSD | — | — | — | — | — | — | 82,586,000Source | -52,471,000Source | 18,213,000Source | -105,070,000Source | 264,871,000Source | 252,267,000Source |
income statement · annual statements
| Line item | Q4 2026 | Q4 2025 | Q3 2026 | Q3 2025 | Q2 2026 | Q2 2025 | Q1 2027 | Q1 2026 | FY 2026 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selling, General and Administrative ExpenseUSD | — | — | 15,936,000Source | 15,167,000Source | 18,221,000Source | 18,488,000Source | 21,623,000Source | 20,793,000Source | 73,812,000Source | 70,944,000Source | 58,970,000Source | 50,620,000Source |
| Income Tax Expense (Benefit)USD | — | — | 162,000Source | 66,000Source | 6,000Source | 146,000Source | 682,000Source | -20,000Source | 334,000Source | 188,000Source | 1,504,000Source | 800,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | — | — | 349,000Source | 150,000Source | -39,000Source | 360,000Source | 510,000Source | -84,000Source | 624,000Source | 281,000Source | 967,000Source | 97,000Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | 22,388,000Source | 85,986,000Source | 19,597,000Source | 144,443,000Source | 134,916,000Source | 4,766,000Source | 262,112,000Source | 139,733,000Source | 553,349,000Source | 501,490,000Source |
| Additional Financial Items | ||||||||||||
| Debt and Equity Securities, Gain (Loss)USD | — | — | -142,000Source | 663,000Source | -1,027,000Source | 2,097,000Source | 1,639,000Source | 1,445,000Source | 1,128,000Source | 5,674,000Source | 10,772,000Source | -4,974,000Source |
| FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversalUSD | — | — | -7,405,000Source | -6,093,000Source | 1,221,000Source | 870,000Source | 3,875,000Source | 1,587,000Source | -10,362,000Source | -8,111,000Source | -5,516,000Source | 603,000Source |
| Gain (Loss) on Derivative Instruments, Net, PretaxUSD | — | — | -32,370,000Source | 40,142,000Source | -18,641,000Source | 109,038,000Source | 96,616,000Source | -32,204,000Source | 82,166,000Source | -5,851,000Source | 392,037,000Source | 285,844,000Source |
| General and Administrative ExpenseUSD | — | — | — | 33,290,000Source | — | 35,927,000Source | — | — | — | — | 126,371,000Source | 109,631,000Source |
| Interest ExpenseUSD | — | — | — | — | — | — | — | — | — | — | — | 1,036,508,000Source |
| InterestExpenseOperatingUSD | — | — | 370,010,000Source | 361,918,000Source | 373,666,000Source | 354,443,000Source | 378,486,000Source | 376,469,000Source | 1,494,894,000Source | 1,442,279,000Source | 1,339,088,000Source | — |
| Interest Income (Expense), NetUSD | — | — | 79,560,000Source | 66,942,000Source | 72,008,000Source | 65,434,000Source | 75,970,000Source | 70,977,000Source | 301,766,000Source | 260,954,000Source | 254,263,000Source | 315,221,000Source |
| Investment Income, InterestUSD | — | — | — | — | — | — | — | — | — | — | — | 21,585,000Source |
| Labor and Related ExpenseUSD | — | — | 20,036,000Source | 18,123,000Source | 19,262,000Source | 17,439,000Source | 20,221,000Source | 19,976,000Source | 80,083,000Source | 72,171,000Source | 67,401,000Source | 59,011,000Source |
Offerings
Registration 333-299452
Filing attachments
tm2627273d8_ex4-1.htm · 8-K · 2026-10-16
Exhibit 4.1 MEMBER CAPITAL SECURITIES, SERIES 2026, MAY NOT BE TRANSFERRED WITHOUT THE PRIOR WRITTEN CONSENT OF NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (“NATIONAL RURAL”) AND ONLY NATIONAL RURAL’S VOTING MEMBERS MAY PURCHASE AND HOLD THE MEMBER CAPITAL SECURITIES, SERIES 2026. ANY PURPORTED TRANSFER OF MEMBER CAPITAL SECURITIES, SERIES 2026, WITHOUT NATIONAL RURAL’S PRIOR WRITTEN CONSENT WILL BE VOID AB INITIO. Certificate No.: PRINCIPAL AMOUNT: INTEREST RATE: STATED MATURI…
Read attachment ↗tm2627273d8_ex4-2.htm · 8-K · 2026-10-16
Exhibit 4.2 MEMBER CAPITAL SECURITIES, SERIES 2026, MAY NOT BE TRANSFERRED WITHOUT THE PRIOR WRITTEN CONSENT OF NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (“NATIONAL RURAL”) AND ONLY NATIONAL RURAL’S VOTING MEMBERS MAY PURCHASE AND HOLD THE MEMBER CAPITAL SECURITIES, SERIES 2026. ANY PURPORTED TRANSFER OF MEMBER CAPITAL SECURITIES, SERIES 2026, WITHOUT NATIONAL RURAL’S PRIOR WRITTEN CONSENT WILL BE VOID AB INITIO. Certificate No.: PRINCIPAL AMOUNT: STATED MATURITY DATE: ISSUE …
Read attachment ↗tm2627273d8_ex4-3.htm · 8-K · 2026-10-16
Exhibit 4.3 This Security is a Depositary Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or nominee of a Depositary. This Security is exchangeable for Securities registered in the name of a Person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer of this Security as a whole by the Depositary to a nominee of the Depositar…
Read attachment ↗tm2627273d8_ex4-4.htm · 8-K · 2026-10-16
Exhibit 4.4 This Security is a Depositary Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or nominee of a Depositary. This Security is exchangeable for Securities registered in the name of a Person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer of this Security as a whole by the Depositary to a nominee of the Depositar…
Read attachment ↗tm2627273d8_ex4-5.htm · 8-K · 2026-10-16
Exhibit 4.5 This Note is a Depositary Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or nominee of a Depositary. This Note is exchangeable for Securities registered in the name of a Person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and no transfer of this Note (other than a transfer of this Note as a whole by the Depositary to a nominee of the Depositary or by a nomine…
Read attachment ↗tm2627273d8_ex4-6.htm · 8-K · 2026-10-16
Exhibit 4.6 This Note is a Depositary Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or nominee of a Depositary. This Note is exchangeable for Securities registered in the name of a Person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and no transfer of this Note (other than a transfer of this Note as a whole by the Depositary to a nominee of the Depositary or by a nomine…
Read attachment ↗