NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP
DULLES, VA 20166 · IRS data through FY2025
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2025 | $2,071,222,273 | $1,836,035,643 | $3,088,612,649 |
| FY2024 | $2,006,337,656 | $1,733,194,225 | $2,997,598,253 |
| FY2023 | $1,630,263,995 | $1,378,195,724 | $2,568,194,794 |
| FY2022 | $1,254,440,999 | $983,494,924 | $2,120,708,443 |
| FY2021 | $1,222,197,789 | $1,031,473,707 | $1,381,083,957 |
| FY2020 | $1,380,006,975 | $1,240,837,727 | $632,256,543 |
| FY2019 | $1,421,499,084 | $1,251,333,072 | $1,282,870,328 |
| FY2018 | $1,314,811,803 | $1,161,665,199 | $1,480,469,442 |
| FY2017 | $1,214,438,677 | $1,080,175,152 | $1,076,089,281 |
| FY2016 | $1,164,627,081 | $994,873,986 | $797,428,326 |
| FY2015 | $1,129,021,928 | $1,036,408,024 | $890,458,442 |
| FY2014 | $1,094,833,976 | $940,804,147 | $949,680,815 |
| FY2013 | $1,246,446,646 | $1,027,671,349 | $805,607,306 |
| FY2012 | $1,249,477,166 | $1,131,624,252 | $489,298,824 |
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $0 | 0% |
| Program service revenue | $2,054,726,116 | 100% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $1,686,835,981 | 92% |
| Management & general | $149,199,662 | 8% |
| Fundraising | $0 | 0% |
What the numbers show
- Program service revenue made up 100% of total revenue in FY2025.
- Program services accounted for 92% of functional expenses, management & general 8%, and fundraising 0%.
- 92% of functional expenses went to program services in FY2025.
- Net assets covered about 20.2 months of expenses at the end of the reporting year.
- Total revenue rose from $1,249,477,166 in FY2012 to $2,071,222,273 in FY2025, Revenue increased in 9 and decreased in 4 of 13 year-over-year comparisons.
- Revenue covered expenses in each of the 14 reported years, FY2012 to FY2025.
- Net assets grew from $489,298,824 to $3,088,612,649 between FY2012 and FY2025.
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
BRIDGING THE FINANCIAL NEEDS OF THE RURAL ELECTRIC COOPERATIVE NETWORK WITH GLOBAL CAPITAL MARKETS.
IRS status
| Ruling year | 1969 |
| Subsection | 501(c)(4) |
Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded September 20, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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