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AGNCL

AGNC Investment Corp.

AGNCL

AGNC Investment Corp. • NASDAQ
$24.76 ▲ 0.20% (+0.05)
Market Cap $9.66 B
52w High $26.59
52w Low $22.84
Dividend Yield 1.94%
P/E 0
Volume 100
Outstanding Shares 390.13M

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 Earnings for AGNC have been volatile but are currently in a stronger phase. After some loss-making years earlier in the period, both profit and earnings per share have returned to solid positive territory in the last two years. Operating performance has improved more sharply than simple revenue would suggest, which is typical for a mortgage REIT that earns mainly from interest spreads and hedging rather than traditional “sales.” The pattern shows that results are very sensitive to interest rate moves and hedging effectiveness, but management has recently navigated that environment more successfully.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets climbing and shareholders’ equity also moving up over time after a dip a few years ago. Reported debt looks low relative to assets, which reflects the fact that a mortgage REIT like AGNC relies heavily on secured financing structures that may not show up as plain long-term debt. Cash on hand is modest, which is normal for this type of business that prefers to keep capital invested. Overall, the company appears more heavily scaled than in the past, with a reasonably sturdy equity base but an inherently leveraged model that depends on stable funding markets.

Cash Flow

Cash Flow Cash generation has been uneven, swinging from strong positive levels in earlier years to a negative year and then back to only modestly positive more recently. Capital spending is essentially negligible, as you’d expect for a financial firm, so operating cash flow is the main story. The data suggest that while AGNC can produce healthy cash in favorable conditions, its cash flows can weaken quickly when market conditions or interest rates move against it. That variability is an important feature of the business model and a key risk to keep in mind for income reliability.

Competitive Edge

Competitive Edge AGNC operates as a large, specialized player in agency mortgage-backed securities, which gives it meaningful scale advantages, deep market relationships, and access to relatively attractive funding. Its focus on government‑backed mortgages helps limit credit risk so it can concentrate on managing interest rate and prepayment risk. The firm’s experienced management team, active portfolio management, and sophisticated hedging tools are central to its edge. Its captive broker‑dealer arm is a notable structural advantage, helping with funding flexibility and trading execution, and reinforcing its position as one of the better-known mortgage REITs.

Innovation and R&D

Innovation and R&D While AGNC is not a traditional R&D company, it invests heavily in financial innovation, especially in analytics and risk management. The firm relies on proprietary models and advanced data analysis to stress‑test its portfolio under many economic scenarios, which is critical for this type of business. A new investment research initiative is aimed at pushing those analytics further, potentially using more advanced data science techniques. Its collaboration on agency MBS indices and focus on technology‑enabled risk and capital management show a willingness to evolve its toolkit rather than simply relying on legacy trading approaches.

Summary

AGNC today looks like a scaled, specialized mortgage REIT that has recently come through a tougher rate environment with its profitability restored and its equity base growing again. The business is inherently cyclical and highly sensitive to interest rates, spreads, and funding conditions, which explains the swings seen in earnings and cash flow over the last five years. Its strengths lie in scale, specialization in agency MBS, sophisticated risk management, and structural funding advantages. The main risks are earnings volatility, reliance on leverage and short‑term funding, and the unpredictability of future rate paths. Overall, the company appears well tooled for its niche but remains tightly tied to broader fixed‑income and housing‑finance conditions.