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AGNCO

AGNC Investment Corp.

AGNCO

AGNC Investment Corp. • NASDAQ
$25.17 ▼ -0.06% (-0.02)
Market Cap $9.72 B
52w High $25.95
52w Low $23.68
Dividend Yield 2.44%
P/E -13.53
Volume 47.63K
Outstanding Shares 386.01M

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 AGNCO’s parent, AGNC Investment Corp., shows the classic pattern of a mortgage REIT: earnings are highly sensitive to interest rates and market swings. Over the past few years, reported results have swung from sizable losses to solid profits as interest rate conditions changed. After a particularly weak year in the middle of the period, profitability has recovered, with recent years showing positive net income and improving earnings per share. The fact that operating income and reported “revenue” move so differently reflects the impact of hedging, fair-value marks, and accounting for mortgage-backed securities, rather than simple growth in a traditional business. In short, the income statement points to a business that can earn well in favorable rate environments but is structurally volatile from year to year.

Balance Sheet

Balance Sheet The balance sheet is dominated by a very large portfolio of financial assets, funded with comparatively modest reported debt and equity. Asset levels dipped during the more turbulent rate period and then grew again as conditions stabilized and the company repositioned its portfolio. Shareholders’ equity has trended down over the full period, reflecting past book value pressure from rising rates and spread widening, but there has been some rebuilding more recently. Cash on hand is small relative to total assets, which is typical for a mortgage REIT that aims to stay fully invested. Overall, the balance sheet shows a capital-light, highly financial structure where changes in asset valuations and funding conditions matter much more than physical assets or long-term fixed investments.

Cash Flow

Cash Flow Cash flow patterns underline how financial and interest-rate driven this business is. Operating cash flow has been positive in most years but can swing sharply as the company adjusts its mortgage portfolio and hedges to changing market conditions. Because the model is capital-light, with virtually no traditional capital expenditures, free cash flow essentially mirrors operating cash flow. That means there is little spending on long-lived physical assets, but high sensitivity to financing markets, collateral requirements, and portfolio turnover. Steady cash generation is possible, but not guaranteed, and tends to track the broader interest rate cycle rather than a stable growth path.

Competitive Edge

Competitive Edge AGNC holds a strong position among residential mortgage REITs, built mainly on scale, a tight focus on government-backed mortgage securities, and a sophisticated approach to managing interest rate risk. Its concentration in agency mortgage-backed securities reduces credit risk compared with peers that hold more credit-sensitive assets, allowing it to use leverage more confidently. The firm’s internal management structure and experienced team support active portfolio and hedging decisions, which are central to performance in this niche. A notable structural edge is the company’s captive broker-dealer, which can lower funding costs and improve execution versus rivals that rely entirely on external dealers. Against this, the business still faces intense competition for spread income and is heavily exposed to macro conditions and Federal Reserve policy shifts, so its relative strengths do not eliminate cyclicality.

Innovation and R&D

Innovation and R&D While not a technology company, AGNC invests meaningfully in analytical tools and trading infrastructure rather than in traditional R&D. Its competitive edge comes from advanced data analytics, scenario-based risk modeling, and a proprietary trading and risk platform that guide investment and hedging decisions. The company is pushing further into data-driven research and new analytic techniques to refine how it prices and manages mortgage assets. It has also begun developing indices and transparency tools for the agency MBS market, which may deepen its role as a specialist in this asset class. These efforts are incremental rather than disruptive, but they support better decision-making in an environment where small changes in rates and spreads can have outsized effects on results.

Summary

Overall, AGNC is a specialized, leveraged investor in agency mortgage-backed securities with earnings and cash flows that rise and fall with the interest rate cycle. Recent years show a recovery from earlier losses, but the underlying pattern remains one of structural volatility rather than steady growth. The balance sheet is large, financial, and sensitive to market marks, with equity and book value pressured during adverse rate moves but slowly rebuilt when conditions improve. Cash generation is healthy in many periods and helped by a capital-light model, though it can reverse quickly when markets move against the portfolio. Competitively, AGNC benefits from scale, deep sector expertise, a captive dealer, and sophisticated analytics, which together offer real advantages within the mortgage REIT space. At the same time, its fortunes remain tightly tied to funding costs, spreads, and Federal Reserve policy, making future outcomes highly dependent on the path of interest rates and the effectiveness of its risk management choices.