Federal Agricultural Mortgage Corp
NYSE:AGM
Income Statement
Earnings Waterfall
Federal Agricultural Mortgage Corp
Revenue
|
1.4B
USD
|
Cost of Revenue
|
-1B
USD
|
Gross Profit
|
344.3m
USD
|
Operating Expenses
|
-94.1m
USD
|
Operating Income
|
250.2m
USD
|
Other Expenses
|
-77.4m
USD
|
Net Income
|
172.8m
USD
|
Income Statement
Federal Agricultural Mortgage Corp
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
235
N/A
|
226
-4%
|
229
+1%
|
230
+0%
|
241
+5%
|
253
+5%
|
255
+1%
|
258
+1%
|
265
+3%
|
275
+4%
|
286
+4%
|
298
+4%
|
312
+5%
|
325
+4%
|
345
+6%
|
370
+7%
|
401
+8%
|
433
+8%
|
471
+9%
|
509
+8%
|
544
+7%
|
580
+7%
|
610
+5%
|
629
+3%
|
645
+3%
|
640
-1%
|
602
-6%
|
549
-9%
|
509
-7%
|
466
-8%
|
447
-4%
|
446
0%
|
433
-3%
|
441
+2%
|
473
+7%
|
558
+18%
|
717
+28%
|
916
+28%
|
1 121
+22%
|
1 309
+17%
|
1 392
+6%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(110)
|
(115)
|
(127)
|
(144)
|
(156)
|
(155)
|
(147)
|
(133)
|
(125)
|
(132)
|
(140)
|
(149)
|
(157)
|
(166)
|
(181)
|
(203)
|
(229)
|
(256)
|
(289)
|
(322)
|
(356)
|
(395)
|
(425)
|
(449)
|
(458)
|
(452)
|
(410)
|
(352)
|
(300)
|
(246)
|
(219)
|
(205)
|
(191)
|
(187)
|
(210)
|
(287)
|
(433)
|
(619)
|
(808)
|
(973)
|
(1 048)
|
|
Gross Profit |
125
N/A
|
112
-11%
|
102
-8%
|
86
-16%
|
85
-1%
|
98
+15%
|
107
+10%
|
125
+16%
|
140
+12%
|
143
+2%
|
146
+2%
|
150
+3%
|
155
+4%
|
159
+2%
|
164
+3%
|
168
+2%
|
172
+3%
|
178
+3%
|
182
+2%
|
187
+3%
|
188
+1%
|
186
-1%
|
185
0%
|
180
-3%
|
187
+4%
|
187
+0%
|
192
+3%
|
197
+2%
|
208
+6%
|
220
+6%
|
228
+3%
|
242
+6%
|
241
0%
|
254
+5%
|
262
+3%
|
271
+3%
|
284
+5%
|
298
+5%
|
313
+5%
|
336
+7%
|
344
+3%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(30)
|
(28)
|
(28)
|
(27)
|
(29)
|
(28)
|
(33)
|
(34)
|
(36)
|
(38)
|
(37)
|
(38)
|
(40)
|
(40)
|
(42)
|
(44)
|
(44)
|
(44)
|
(45)
|
(46)
|
(49)
|
(50)
|
(49)
|
(52)
|
(54)
|
(61)
|
(62)
|
(63)
|
(66)
|
(65)
|
(68)
|
(69)
|
(69)
|
(72)
|
(74)
|
(77)
|
(81)
|
(84)
|
(90)
|
(93)
|
(94)
|
|
Selling, General & Administrative |
(32)
|
(32)
|
(32)
|
(33)
|
(34)
|
(35)
|
(36)
|
(37)
|
(38)
|
(39)
|
(39)
|
(39)
|
(40)
|
(41)
|
(42)
|
(43)
|
(43)
|
(44)
|
(45)
|
(46)
|
(50)
|
(51)
|
(51)
|
(52)
|
(52)
|
(55)
|
(57)
|
(58)
|
(61)
|
(64)
|
(67)
|
(69)
|
(73)
|
(76)
|
(79)
|
(81)
|
(83)
|
(85)
|
(89)
|
(94)
|
(97)
|
|
Other Operating Expenses |
3
|
2
|
3
|
4
|
5
|
7
|
3
|
3
|
2
|
1
|
2
|
1
|
1
|
1
|
1
|
(0)
|
(1)
|
0
|
0
|
1
|
1
|
1
|
1
|
1
|
(2)
|
(6)
|
(4)
|
(5)
|
(5)
|
(1)
|
(1)
|
0
|
4
|
4
|
5
|
5
|
2
|
2
|
(1)
|
0
|
3
|
|
Operating Income |
96
N/A
|
84
-13%
|
75
-11%
|
58
-22%
|
56
-3%
|
70
+24%
|
75
+7%
|
91
+22%
|
104
+15%
|
105
+1%
|
109
+3%
|
112
+3%
|
116
+3%
|
119
+3%
|
122
+3%
|
124
+1%
|
128
+3%
|
134
+5%
|
137
+2%
|
142
+4%
|
140
-2%
|
136
-3%
|
136
0%
|
128
-5%
|
133
+4%
|
127
-5%
|
131
+3%
|
134
+2%
|
142
+6%
|
155
+9%
|
160
+3%
|
173
+8%
|
172
0%
|
183
+6%
|
188
+3%
|
194
+3%
|
203
+5%
|
214
+5%
|
223
+4%
|
242
+9%
|
250
+3%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
33
|
21
|
6
|
20
|
17
|
20
|
33
|
6
|
4
|
1
|
(18)
|
(9)
|
4
|
13
|
16
|
18
|
1
|
(5)
|
(2)
|
(2)
|
(4)
|
(0)
|
6
|
(2)
|
5
|
(4)
|
(6)
|
1
|
2
|
15
|
8
|
8
|
1
|
13
|
18
|
19
|
23
|
6
|
4
|
6
|
3
|
|
Non-Reccuring Items |
2
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Gain/Loss on Disposition of Assets |
1
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
1
|
2
|
2
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
1
|
1
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Pre-Tax Income |
131
N/A
|
106
-19%
|
81
-24%
|
79
-3%
|
73
-7%
|
90
+23%
|
107
+19%
|
97
-9%
|
108
+12%
|
106
-2%
|
91
-15%
|
103
+14%
|
119
+16%
|
131
+10%
|
139
+6%
|
142
+2%
|
131
-8%
|
130
0%
|
136
+4%
|
140
+3%
|
136
-3%
|
136
0%
|
142
+5%
|
127
-11%
|
139
+10%
|
124
-11%
|
125
+2%
|
135
+7%
|
145
+7%
|
170
+18%
|
168
-1%
|
181
+8%
|
173
-5%
|
196
+13%
|
206
+5%
|
213
+4%
|
226
+6%
|
220
-2%
|
227
+3%
|
248
+9%
|
253
+2%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(34)
|
(24)
|
(5)
|
(4)
|
(3)
|
(8)
|
(28)
|
(27)
|
(34)
|
(37)
|
(32)
|
(36)
|
(42)
|
(46)
|
(48)
|
(49)
|
(45)
|
(41)
|
(37)
|
(34)
|
(28)
|
(28)
|
(30)
|
(27)
|
(29)
|
(26)
|
(26)
|
(28)
|
(30)
|
(36)
|
(35)
|
(38)
|
(36)
|
(41)
|
(44)
|
(45)
|
(48)
|
(47)
|
(48)
|
(52)
|
(53)
|
|
Income from Continuing Operations |
98
|
82
|
76
|
75
|
70
|
82
|
79
|
70
|
74
|
69
|
59
|
67
|
77
|
86
|
91
|
93
|
86
|
90
|
99
|
107
|
108
|
108
|
112
|
100
|
110
|
97
|
99
|
106
|
114
|
135
|
133
|
143
|
136
|
154
|
163
|
169
|
178
|
174
|
179
|
196
|
200
|
|
Income to Minority Interest |
(22)
|
(22)
|
(22)
|
(22)
|
(22)
|
(22)
|
(16)
|
(11)
|
(5)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Net Income (Common) |
72
N/A
|
56
-21%
|
49
-13%
|
45
-8%
|
38
-15%
|
39
+2%
|
41
+5%
|
38
-8%
|
47
+25%
|
56
+18%
|
46
-18%
|
54
+18%
|
64
+20%
|
73
+13%
|
78
+8%
|
80
+3%
|
71
-11%
|
75
+5%
|
84
+12%
|
92
+10%
|
95
+3%
|
94
-1%
|
96
+2%
|
84
-13%
|
94
+11%
|
81
-13%
|
85
+4%
|
89
+5%
|
95
+7%
|
114
+20%
|
110
-3%
|
120
+9%
|
111
-7%
|
128
+15%
|
135
+6%
|
142
+5%
|
151
+7%
|
147
-3%
|
152
+4%
|
169
+11%
|
173
+3%
|
|
EPS (Diluted) |
6.35
N/A
|
4.94
-22%
|
4.28
-13%
|
3.95
-8%
|
3.37
-15%
|
3.46
+3%
|
3.62
+5%
|
3.36
-7%
|
4.19
+25%
|
5.08
+21%
|
4.31
-15%
|
5.06
+17%
|
6
+19%
|
6.71
+12%
|
7.22
+8%
|
7.41
+3%
|
6.6
-11%
|
7.02
+6%
|
7.85
+12%
|
8.59
+9%
|
8.86
+3%
|
8.73
-1%
|
8.91
+2%
|
7.79
-13%
|
8.69
+12%
|
7.53
-13%
|
7.84
+4%
|
8.23
+5%
|
8.8
+7%
|
10.51
+19%
|
9.98
-5%
|
11.07
+11%
|
10.31
-7%
|
11.76
+14%
|
12.42
+6%
|
13
+5%
|
13.87
+7%
|
13.46
-3%
|
13.93
+3%
|
15.44
+11%
|
15.8
+2%
|