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AGNC

AGNC Investment Corp.

AGNC

AGNC Investment Corp. • NASDAQ
$10.49 ▲ 0.48% (+0.05)
Market Cap $11.25 B
52w High $10.64
52w Low $7.85
Dividend Yield 1.44%
P/E 15.66
Volume 12.60M
Outstanding Shares 1.07B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $786M ▲ $816M ▲ $806M ▲ 102.545% ▼ $0.78 ▲ $1.687B ▲
Q2-2025 $-112M ▼ $28M ▼ $-140M ▼ 125% ▲ $-0.17 ▼ $528M ▲
Q1-2025 $78M ▼ $78M ▼ $50M ▼ 64.103% ▼ $0.016 ▼ $0
Q4-2024 $154M ▼ $154M ▲ $122M ▼ 79.221% ▼ $0.097 ▼ $0 ▼
Q3-2024 $376M $30M $346M 92.021% $0.39 $1.178B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $450M ▼ $108.969B ▲ $97.525B ▲ $11.444B ▲
Q2-2025 $656M ▲ $102.021B ▲ $91.674B ▲ $10.347B ▲
Q1-2025 $455M ▼ $95.889B ▲ $85.847B ▲ $10.042B ▲
Q4-2024 $505M ▼ $88.015B ▼ $78.253B ▼ $9.762B ▲
Q3-2024 $507M $89.59B $79.934B $9.656B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $806M ▲ $153M ▼ $-5.337B ▼ $5.223B ▲ $39M ▼ $153M ▼
Q2-2025 $-140M ▼ $180M ▼ $-3.444B ▲ $3.418B ▼ $154M ▲ $180M ▼
Q1-2025 $50M ▼ $192M ▲ $-5.727B ▼ $5.482B ▲ $-53M ▼ $192M ▲
Q4-2024 $122M ▼ $79M ▲ $4.926B ▲ $-5.02B ▼ $-15M ▲ $79M ▲
Q3-2024 $346M $7M $-9.616B $9.489B $-120M $7M

Five-Year Company Overview

Income Statement

Income Statement AGNC’s earnings history is very up‑and‑down, which is typical for a mortgage REIT but still important to recognize. After a very weak year with losses a few years ago, results have bounced back and have been solidly positive in the last two years. Profitability has improved meaningfully more recently, suggesting better spreads, more effective hedging, or both. However, the pattern over five years is clearly volatile rather than steadily growing. Income depends heavily on interest rate moves, mortgage spreads, and hedging results, so strong recent performance should be viewed as cyclical and sensitive to the rate environment, not as a smooth growth story.

Balance Sheet

Balance Sheet AGNC runs a very large balance sheet relative to its equity, reflecting its role as a mortgage investor rather than a traditional operating business. The asset base has expanded again after a prior period of contraction, showing that management has been comfortable scaling the portfolio back up as conditions allowed. Equity has generally recovered from earlier hits but remains exposed to swings in the value of mortgage securities when interest rates move. Cash on hand is small, which is normal for this model because the company mainly uses secured funding and liquid securities rather than holding idle cash. Overall, the balance sheet is built for active trading and interest‑rate positioning, not for long‑term fixed assets, and book value can move around meaningfully from year to year.

Cash Flow

Cash Flow AGNC’s cash flows are lumpy, reflecting the nature of its investments rather than stable operating activity. It generated strong cash from operations earlier in the period, then saw a notable setback with negative operating cash flow, and has since moved back to only modestly positive levels. Because the business does not rely on physical investment, spending on property and equipment is negligible. Instead, cash flow is driven by how the portfolio is repositioned, how funding markets behave, and how hedges perform. Investors should expect cash flow to remain erratic, closely tied to shifts in interest rates and funding conditions rather than to any gradual business expansion.

Competitive Edge

Competitive Edge AGNC is one of the larger, more specialized players in the agency mortgage‑backed securities space. Its scale helps it obtain better financing terms, trade efficiently, and run complex hedging programs. The internal management structure gives it a cost advantage versus peers that pay external managers, allowing more of its earnings to stay within the company. Its focus on agency‑backed mortgages reduces credit risk because the securities are supported by government‑related entities, but this also concentrates its exposure to interest rate and prepayment risks. The captive broker‑dealer and direct access to key clearing and funding channels provide a structural funding edge. Competition remains intense from other mortgage REITs, banks, and asset managers, but AGNC’s specialization and scale give it a solid standing in its niche.

Innovation and R&D

Innovation and R&D AGNC is not a technology company, but it has made thoughtful investments in structure and analytics that function like “R&D” for a financial firm. Internalizing management created a leaner, more aligned cost base. The captive broker‑dealer improves funding flexibility and execution. On the analytical side, AGNC is pushing deeper into data‑driven investing and risk management. The new investment research and strategy initiative is aimed at building better models for prepayments, interest‑rate sensitivity, and portfolio construction. Partnerships, such as the creation of mortgage index products with a major exchange group, showcase its role as a leading voice in the agency MBS market. These efforts are incremental rather than transformational, but they support a more sophisticated and efficient operating model over time.

Summary

AGNC is a large, specialized mortgage REIT built around agency mortgage‑backed securities, with earnings that can swing sharply as interest rates and spreads move. Recent years show a recovery from prior losses to healthier profitability, but the longer‑term pattern highlights volatility rather than steady growth. The balance sheet is sizeable and designed for active capital markets activity, with equity and book value sensitive to rate movements. Cash flows are uneven and heavily shaped by portfolio and funding decisions, not by traditional operating trends. Strategically, AGNC benefits from scale, a low‑cost internal structure, and deep expertise in its niche, as well as a growing emphasis on analytics and technology‑enabled risk management. At the same time, its business model remains highly exposed to macro conditions and interest‑rate cycles, so future results will depend heavily on how those external forces evolve and how effectively management continues to adjust the portfolio and hedging in response.

NEWS

November 12, 2025 · 4:01 PM UTC

AGNC Investment Corp. Declares Monthly Common Stock Dividend of $0.12 per Common Share for November 2025

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October 20, 2025 · 4:01 PM UTC

AGNC Investment Corp. Announces Third Quarter 2025 Financial Results

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October 15, 2025 · 4:01 PM UTC

AGNC Investment Corp. Announces Launch of Three Current Coupon Agency MBS Indices

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October 8, 2025 · 4:01 PM UTC

AGNC Investment Corp. Declares Monthly Common Stock Dividend of $0.12 per Common Share for October 2025

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October 6, 2025 · 4:01 PM UTC

AGNC Investment Corp. Announces Date for Third Quarter Earnings Release and Stockholder Call

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