In fiscal 2026, which ended May 31, 2026, National Rural Utilities Cooperative Finance Corporation generated $310.5 million of cash from operations, up 49.6% from the year before. It spent $1.8 million on capital expenditures. That left free cash flow of $308.8 million.
USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.
| Line |
FY 2027
Aug 31, 2026
|
FY 2026
May 31, 2026
|
FY 2025
May 31, 2025
|
FY 2024
May 31, 2024
|
FY 2023
May 31, 2023
|
FY 2022
May 31, 2022
|
FY 2021
May 31, 2021
|
FY 2020
May 31, 2020
|
FY 2012
May 31, 2012
|
|---|---|---|---|---|---|---|---|---|---|
| Operating | |||||||||
| Depreciation and amortization |
14
|
14
+10.7%
|
13
+20.5%
|
10
+83.1%
|
6
-28.5%
|
8
+0.0%
|
8
-13.4%
|
9
-0.7%
|
—
|
| Operating cash flow |
359
+42.0%
|
311
+49.6%
|
208
-35.3%
|
321
-5.1%
|
338
+34.7%
|
251
+4.5%
|
240
+9.5%
|
219
|
119
|
| Investing | |||||||||
| Capital expenditures |
2
-54.7%
|
2
-62.5%
|
5
-23.7%
|
6
-20.3%
|
8
-56.4%
|
18
+79.8%
|
10
+3.1%
|
10
|
—
|
| Investing cash flow |
-723
+68.4%
|
-1,275
+45.1%
|
-2,322
-27.7%
|
-1,819
+26.0%
|
-2,458
-50.9%
|
-1,629
+17.5%
|
-1,974
-310.1%
|
-481
|
406
|
| Financing | |||||||||
| Debt issued |
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
2,082
|
| Debt repaid |
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
2,520
|
| Financing cash flow |
310
-84.8%
|
1,079
-45.2%
|
1,969
+24.7%
|
1,579
-27.1%
|
2,166
+75.3%
|
1,236
-8.9%
|
1,357
+79.5%
|
756
|
-628
|
| Change in cash | |||||||||
| Net change in cash |
-54
-649.7%
|
114
+178.7%
|
-145
-279.1%
|
81
+75.8%
|
46
+132.4%
|
-142
+62.2%
|
-377
-176.3%
|
494
+1038.5%
|
—
|
| Free cash flow |
358
+43.4%
|
309
+52.2%
|
203
-35.5%
|
314
-4.7%
|
330
+41.6%
|
233
+1.3%
|
230
+9.8%
|
210
|
—
|
| Ratios | |||||||||
| Cash conversion |
0.92x
|
1.18x
|
1.49x
|
0.58x
|
0.67x
|
0.32x
|
0.30x
|
—
|
—
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. The first column is the trailing twelve months through the latest quarter. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.
Company profile
- Industry
- Miscellaneous Business Credit Institution (SIC 6159)
- Listed as
- NRUC (NYSE)
- Fiscal year ends
- May 31
- Incorporated in
- DC
- Headquarters
- Dulles, VA
- SEC filer status
- Non-accelerated filer
- SEC CIK
- 70502
Other Miscellaneous Business Credit Institution companies
Source: SEC EDGAR filings. This is company-reported data, not investment advice.