Revenue growth remains highly erratic, swinging from a -131.9% decline in 2024Q3 to a 3.6% increase in 2026Q1, as mark-to-market derivative adjustments frequently obscure core mortgage interest income.
| 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 | 3.38B | 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 % | 19.55% | -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 | 731M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 6M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 2.65B | 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 % | 78.35% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 97.4% | 99.62% | 136.36% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -1.42B | -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 | 34M | 87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 4.48B | 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 % | 132.79% | 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 | 126M | 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 % | 3.73% | 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 | 4.06B | 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 % | 120.32% | 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 | -302M | 0 | 87M | 146M | 0 | 0 | 146M | 0 | 0 | 0 | 9M | 0 | 0 | 0 | 0 | 35.02M | 0 | 0 | -10.84M |
| Pretax Income | 1.47B | 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 % | 43.6% | 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 | 1.47B | 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 % | 43.6% | 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 % | 213.19% | 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) | 3.74B | 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 % | 110.66% | 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 % | 0% | - | - | - | -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 | 3.33 | 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 % | 45.21% | 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) | 1.31 | 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 % | 224.73% | 58.06% | 1760% | 102.07% | -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 | 1.23 | -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 | 1.12B | 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 |
Interest rate volatility exposure
As reported in financial statements, AGNC's revenue growth has exhibited extreme volatility, swinging from a -131.9% decline in 2024Q3 to a 3.6% increase in 2026Q1, reflecting the inherent instability of mark-to-market derivative adjustments rather than a fundamental shift in the company's core mortgage-backed securities interest income generation.
The erratic revenue figures underscore the difficulty in assessing operational growth through a GAAP lens. Investors should interpret these fluctuations as a byproduct of hedging activities rather than a reflection of the underlying portfolio's yield-generating capacity.
According to recent SEC filings, AGNC's FFO per share reached $0.86 in 2025Q4, yet the intermittent reporting of this metric suggests that management's ability to provide consistent earnings visibility is hampered by the complex, derivative-heavy nature of the firm's Agency MBS investment strategy.
The lack of continuous FFO data points complicates the assessment of dividend safety and operational efficiency. Without a consistent track record of FFO generation, the market may struggle to accurately price the company's intrinsic value relative to its peers.
Based on AGNC's reported figures, the frequent divergence between GAAP net income and operational performance, such as the -$148.0M net loss in 2026Q1 despite ongoing portfolio activity, highlights the significant risk that headline earnings figures provide a misleading picture of the company's actual economic health.
The reliance on derivative instruments to hedge interest rate risk creates accounting noise that often masks the true net interest spread. Analysts should prioritize the net interest spread and dollar roll income over GAAP net income to better gauge the sustainability of the firm's business model.
As indicated by the provided financial data, AGNC's NOI margin has fluctuated wildly, reaching 100.0% in several quarters before dropping to 30.4% in 2026Q1, which suggests that the metric is heavily influenced by non-cash gains and losses rather than pure property-level operating efficiency.
This margin volatility is a hallmark of an mREIT heavily exposed to interest rate swaps and TBA positions. The 100% margin periods likely reflect favorable mark-to-market adjustments on derivatives, which should not be mistaken for sustainable operational profitability.
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.