Reported revenue swung from $2.8B in 2024Q4 to negative $407.0M in 2025Q1 and $1.2B in 2026Q3, with NOI margins of 100.0% in most quarters suggesting these figures reflect investment income accounting rather than property-level profitability, so trend assessment remains unreliable.
AGNC Investment Corp. (AGNC) annual income statement — 18-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Revenue | 3.5B | 1.91B | 4.88B | 1.01B | 3.3B | 2.41B | 341M | 1.08B | 1.92B | 1.59B | -11M | 922M | 1.65B | 666M | 2.78B | 1.34B | 361.32M | 177.87M | 55.2M |
| Revenue Growth % | 125.19% | -60.79% | 384.69% | -69.55% | 36.87% | 607.92% | -68.48% | -43.65% | 20.68% | 14563.64% | -101.19% | -43.95% | 147% | -76.08% | 107.52% | 271.3% | 103.14% | 222.22% | - |
| Property Operating Expenses | 750M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 6M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 2.77B | 1.91B | 4.88B | 1.01B | 3.3B | 2.41B | 341M | 1.08B | 1.87B | 1.58B | -15M | 922M | 1.65B | 666M | 2.78B | 1.34B | 361.32M | 177.87M | 55.2M |
| NOI Margin % | 79.14% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 97.4% | 99.62% | 136.36% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -342M | -2.61B | 995M | -1.58B | 3.87B | 1.59B | -213M | -1.75B | 568M | 290M | -1B | 478M | 1.66B | -953M | 976M | 245.27M | -3.28M | 15.38M | 5.75M |
| G&A Expenses | 50M | 87M | 0 | 62M | 41M | 54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 1.66B | 4.7B | 3.79B | 2.44B | -552M | 1.19B | 1.64B | 3.44B | 1.33B | 1.3B | 989M | 953M | 611M | 2.33B | 2.68B | 1.46B | 469.99M | 188.57M | 60.21M |
| EBITDA Margin % | 47.46% | 245.55% | 77.81% | 242.74% | -16.71% | 49.42% | 479.77% | 317.74% | 69.11% | 81.58% | -8990.91% | 103.36% | 37.14% | 349.1% | 96.26% | 108.6% | 130.08% | 106.02% | 109.07% |
| Depreciation & Amortization | 0 | 177M | 0 | 0 | 13M | 369M | 1.08B | 601M | 25M | 3M | 2M | 509M | 628M | 706M | 872M | 360.68M | 105.39M | 26.08M | 10.76M |
| D&A / Revenue % | 0% | 9.26% | 0% | 0% | 0.39% | 15.29% | 317.3% | 55.55% | 1.3% | 0.19% | -18.18% | 55.21% | 38.18% | 106.01% | 31.32% | 26.89% | 29.17% | 14.66% | 19.5% |
| Operating Income | 3.1B | 4.52B | 3.88B | 2.59B | -565M | 824M | 554M | 2.84B | 1.3B | 1.29B | 987M | 444M | -17M | 1.62B | 1.81B | 1.1B | 364.6M | 162.49M | 49.45M |
| Operating Margin % | 88.36% | 236.3% | 79.59% | 257.26% | -17.1% | 34.13% | 162.46% | 262.2% | 67.81% | 81.4% | -8972.73% | 48.16% | -1.03% | 243.09% | 64.94% | 81.72% | 100.91% | 91.35% | 89.57% |
| Interest Expense | 4M | 2.85B | 2.93B | 2.29B | 625M | 75M | 674M | 2.15B | 1.17B | 524M | 394M | 330M | 372M | 536M | 512M | 284.57M | 76.03M | 43.54M | 24.94M |
| Interest Coverage | - | 1.59x | 1.29x | 1.07x | -0.90x | 10.99x | 0.61x | 1.32x | 1.11x | 2.47x | 2.48x | 1.35x | -0.05x | 3.02x | 3.53x | 3.73x | 4.80x | 3.73x | 2.42x |
| Non-Operating Income | 1.43B | 0 | 87M | 146M | 0 | 0 | 146M | 0 | 0 | 0 | 9M | 0 | 0 | 0 | 0 | 35.02M | 0 | 0 | -10.84M |
| Pretax Income | 59M | 1.67B | 863M | 155M | -1.19B | 749M | -266M | 688M | 129M | 771M | 623M | 215M | -233M | 1.27B | 1.3B | 776.68M | 288.57M | 118.95M | 35.35M |
| Pretax Margin % | 1.68% | 87.34% | 17.7% | 15.41% | -36.02% | 31.03% | -78.01% | 63.59% | 6.72% | 48.46% | -5663.64% | 23.32% | -14.16% | 190.99% | 46.55% | 57.89% | 79.87% | 66.87% | 64.04% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.84M | 0 | 987M | 0 | -233M | 13M | 19M | 6.21M | 455K | 335K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 19.26% | 0% | 158.43% | 0% | 100% | 1.02% | 1.47% | 0.8% | 0.16% | 0.28% | 0% |
| Net Income | 59M | 1.67B | 863M | 155M | -1.19B | 749M | -266M | 688M | 129M | 771M | 623M | 215M | -233M | 1.26B | 1.28B | 770.48M | 288.12M | 118.61M | 35.35M |
| Net Margin % | 1.68% | 87.34% | 17.7% | 15.41% | -36.02% | 31.03% | -78.01% | 63.59% | 6.72% | 48.46% | -5663.64% | 23.32% | -14.16% | 189.04% | 45.87% | 57.43% | 79.74% | 66.69% | 64.04% |
| Net Income Growth % | -92.96% | 93.51% | 456.77% | 113.03% | -258.88% | 381.58% | -138.66% | 433.33% | -83.27% | 23.76% | 189.77% | 192.27% | -118.51% | -1.41% | 65.74% | 167.42% | 142.91% | 235.51% | - |
| Funds From Operations (FFO) | -356M | 1.85B | 863M | 155M | -1.18B | 1.12B | 816M | 1.29B | 154M | 774M | 625M | 724M | 395M | 1.97B | 2.15B | 1.13B | 393.51M | 144.69M | 46.12M |
| FFO Margin % | -10.16% | 96.6% | 17.7% | 15.41% | -35.62% | 46.31% | 239.3% | 119.13% | 8.02% | 48.65% | -5681.82% | 78.52% | 24.01% | 295.05% | 77.19% | 84.32% | 108.91% | 81.35% | 83.54% |
| FFO Growth % | -238.63% | - | - | - | -205.28% | 37.01% | -36.7% | 737.01% | -80.1% | 23.84% | -13.67% | 83.29% | -79.9% | -8.56% | 89.98% | 187.46% | 171.96% | 213.77% | - |
| FFO per Share | -0.30 | 1.80 | 1.10 | 0.25 | -2.19 | 2.11 | 1.48 | 2.38 | 0.35 | 2.16 | 1.88 | 2.08 | 1.12 | 5.18 | 7.07 | 7.38 | 10.78 | 8.26 | 3.07 |
| FFO Payout Ratio % | -507.87% | 86.68% | 143.8% | 648.39% | -73.83% | 76.92% | 118.87% | 88.36% | 632.47% | 102.71% | 127.84% | 124.59% | 276.96% | 84.43% | 65.84% | 58.7% | 43.96% | 55.51% | 42.62% |
| EPS (Diluted) | 0.05 | 1.47 | 0.93 | 0.05 | -2.41 | 1.22 | -0.66 | 1.16 | 0.21 | 2.04 | 1.79 | 0.54 | -0.72 | 3.28 | 4.17 | 5.02 | 7.89 | 6.78 | 2.36 |
| EPS Growth % | -89.9% | 58.06% | 1702.33% | 102.14% | -297.54% | 284.85% | -156.9% | 452.38% | -89.71% | 13.97% | 231.48% | 175% | -121.95% | -21.34% | -16.93% | -36.38% | 16.37% | 187.29% | - |
| EPS (Basic) | - | 1.48 | 0.93 | 0.05 | -2.41 | 1.22 | -0.66 | 1.16 | 0.21 | 2.04 | 1.79 | 0.54 | -0.72 | 3.28 | 4.17 | 5.02 | 7.89 | 6.78 | 2.36 |
| Diluted Shares Outstanding | 1.2B | 1.02B | 786M | 619.6M | 537M | 530M | 551.6M | 541.4M | 441.4M | 358.7M | 331.9M | 348.6M | 353.3M | 379.1M | 303.9M | 153.34M | 36.49M | 17.51M | 15M |
Quick answers to the most common questions about buying AGNC stock.
For fiscal year 2025, AGNC Investment Corp. (AGNC) reported total revenue of $1.91B. This represents a 3363.7% increase compared to $55.2M in 2008.
AGNC Investment Corp. (AGNC) is profitable, generating $1.67B in net income for the fiscal year ending 2025 with a net profit margin of 87.3%.
AGNC Investment Corp. (AGNC) reported an operating income of $4.52B, resulting in an operating profit margin of 236.3%. This margin reflects the operational efficiency of the business before interest and taxes.
AGNC Investment Corp. (AGNC) generated $1.91B in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile revenue and earnings swings
Metrics are mathematically derived from official filings.
Revenue Swings Obscure Underlying Trend
Based on reported figures, AGNC's quarterly revenue swung from $2.8B in 2024Q4 to negative $407.0M in 2025Q1 and $1.2B in 2026Q3, making top-line growth rates unreliable for trend assessment.
The reported revenue series is dominated by mark-to-market and hedge gains and losses rather than a stable rental-style income stream, so the quarter-over-quarter growth figures such as the 53.5% jump in 2026Q3 and the 124.7% decline in 2025Q1 likely reflect investment valuation swings more than operating momentum. Investors should monitor whether the reported revenue line can be reconciled to net interest income before drawing conclusions about growth. Without an NOI or net interest income series that is consistently populated, this analysis cannot confirm an underlying expansion or contraction.
FFO Data Gaps Limit Earnings Assessment
Reported FFO figures are available for only a few quarters, with FFO per share at $0.68 in 2024Q1 and $0.86 to $0.88 in late 2025, so the recurring earnings trajectory cannot be established from this dataset.
FFO and AFFO are missing for most periods, which means the data unavailable for those quarters should not be read as either a deterioration or an improvement in core earnings. The later readings near $0.87 per share appear higher than the 2024Q1 level of $0.68, which may suggest improving recurring earnings, but this is a limited inference from four data points. Dividend coverage cannot be assessed reliably from the supplied figures, and investors should monitor FFO per share against the dividend once complete disclosures are available.
GAAP Earnings Volatility Versus Recurring Income
Reported GAAP net income ranged from negative $1.4B in 2026Q3 to $954.0M in 2025Q4, with EPS diluted swinging between negative 1.17 and positive 0.89, which may signal that headline earnings are a weak basis for valuation.
For a mortgage REIT, GAAP net income reflects realized and unrealized gains or losses on the portfolio and hedges, so large swings do not necessarily indicate operating deterioration or strength. The challenge to any bullish read is that the same dataset shows a loss-making quarter immediately after a profitable one, which suggests earnings quality is highly sensitive to rate and spread movements. Investors should monitor whether recurring net interest spread can be isolated from these mark-to-market effects.
Margin Metrics Reflect Accounting Mechanics
Reported NOI margins of 100.0% in most quarters, against a 30.4% margin in 2026Q1, indicate that the margin figures reflect how investment income is reported rather than property-level profitability.
Because AGNC is an agency mortgage REIT with no rental property operations, the NOI margin concept does not apply in the conventional sense, and the 100.0% readings likely reflect revenue and NOI being recorded identically. The 30.4% reading in 2026Q1 appears to be an outlier driven by the revenue figure rather than an operating shift. Peer comparisons on margin are therefore of limited use, and investors should focus on net interest spread and book value dynamics instead.
Peer Comparison Limited by Model Differences
Against peers such as NLY with a 5.4% one-year revenue growth rate and ARR at 4.4%, AGNC's revenue trajectory cannot be meaningfully ranked from the supplied data given its volatile reported series.
The peer set shows a mix of modest revenue growth at NLY and ARR and sharply negative figures at TWO and EARN, which suggests the sector's reported revenue is broadly unstable rather than tracking a common trend. AGNC's own dividend yield of roughly 4.0% to 4.3% across the period is consistent with peers such as ARR and MFA, which may indicate that yield-driven investor demand is similar across the group. Investors should monitor relative book value performance against these peers before drawing a ranking conclusion.