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AGNCP

AGNC Investment Corp.

AGNCP

AGNC Investment Corp. • NASDAQ
$24.82 ▼ -0.36% (-0.09)
Market Cap $9.71 B
52w High $25.57
52w Low $23.37
Dividend Yield 1.94%
P/E -13.34
Volume 56.22K
Outstanding Shares 391.22M

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 quite volatile over the last five years, which is normal for a mortgage REIT that lives and dies by interest-rate movements. After a period of losses during the sharp rate moves in 2022, results have swung back to healthier profits more recently. Core operations and earnings have improved, suggesting the company has been able to rebuild spreads and manage its portfolio more effectively as markets stabilized. Still, the pattern shows that profits can change direction quickly when rates or mortgage prepayments shift, so results should be viewed as cyclical and interest-rate dependent rather than smooth and predictable.

Balance Sheet

Balance Sheet AGNC runs a very large balance sheet relative to its equity, which is typical for a mortgage REIT that uses leverage to magnify modest spreads. Assets have grown again after dipping in the middle of the period, indicating the company has been comfortable scaling its portfolio back up. Reported debt in this data set looks modest, but in practice funding is heavily reliant on short-term secured borrowing, which can be sensitive to market conditions. Equity has edged higher in recent years, suggesting some rebuilding of capital after prior volatility in book value. Liquidity looks lean but stable, so risk management and access to funding lines are critical.

Cash Flow

Cash Flow Cash generation has moved around over time, reflecting the shifting rate environment and changes in the size of the investment portfolio. Most years show positive cash from operations, with one clear weak patch in the middle of the period when conditions were tougher. Because this is a financial company with essentially no traditional capital spending, operating cash flow and free cash flow are effectively the same. That means the firm’s ability to support dividends and obligations largely depends on maintaining positive cash from its interest spread strategy, which will ebb and flow with the rate cycle.

Competitive Edge

Competitive Edge AGNC’s edge comes less from unique products and more from scale, specialization, and execution. It is one of the larger players in agency mortgage-backed securities, which are backed by government-related entities and carry very low credit risk. This allows the firm to focus on managing interest-rate and prepayment risk rather than worrying about borrower defaults. Its size helps with cheaper funding, better access to markets, and more efficient hedging. A dedicated in-house broker-dealer gives it additional funding flexibility and cost benefits. The flip side is that the business is highly exposed to rate swings, spread compression, and policy changes affecting mortgages, so its advantage is about navigating those risks better than smaller or less sophisticated peers.

Innovation and R&D

Innovation and R&D Innovation for AGNC is about analytics and risk management rather than new physical products. The company is increasingly leaning on advanced data analysis, models, and technology to better understand how mortgages will behave under different interest-rate and prepayment scenarios. The new research initiative launched in 2025 is aimed at deepening these capabilities, improving portfolio construction, and sharpening hedging strategies. If successful, this should help the firm respond faster to market shifts, fine-tune risk exposure, and potentially lower operating costs. However, the payoff from these efforts will only become clear over time as markets test the robustness of their models and systems.

Summary

AGNCP holders are tied to the financial health and risk management of AGNC Investment Corp., a mortgage REIT whose fortunes are closely linked to movements in interest rates and mortgage markets. The company has shown that it can recover from tough periods, rebuilding earnings and equity after rate shocks, but its results remain inherently cyclical and can change direction quickly. Its large scale, focus on agency-backed mortgages, and in-house broker-dealer provide structural advantages in funding and risk management, while ongoing investments in analytics aim to sharpen its decision-making. Overall, this is a specialized, leveraged business with meaningful interest-rate and policy risk, partly balanced by experience, scale, and a clear push toward more data-driven portfolio management.