AGNC
Invests in Agency mortgage securities using repurchase funding and interest-rate hedges.
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Profile
Invests primarily in government-guaranteed Agency residential mortgage-backed securities, funded mainly through repurchase agreements and protected with derivatives. The internally managed mortgage REIT earns asset interest after borrowing and hedging costs, while its portfolio remains concentrated in long-dated fixed-rate Agency mortgages.
Invests primarily in Agency residential mortgage-backed securities backed by Fannie Mae, Freddie Mac, or Ginnie Mae guarantees. The mandate also permits Agency multifamily MBS, credit-risk-transfer securities, non-Agency residential and commercial MBS, and other housing-related assets, keeping the platform concentrated in the US mortgage market.
Generates income from investment interest after borrowing and hedging costs, alongside realized gains and losses on securities and derivatives. Repurchase agreements supply most funding, while management adjusts leverage, hedge positions, and duration as market conditions change.
Performance depends on secured short-term funding, hedge effectiveness, Agency MBS liquidity and spreads, borrower prepayments, and housing-GSE policy. REIT status also requires annual distributions tied to taxable income.
Company facts
Categories
Key statistics
Year to date −0.2% · Average volume (30d) 18.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 17, 2026 | JP Morgan | Downgrade | Overweight | Neutral | ||
| Jul 17, 2026 | Compass Point | Downgrade | Buy | Neutral | ||
| Jul 2, 2026 | Piper Sandler | Reiterate | Overweight | $11.50 | $12 | |
| Apr 24, 2026 | RBC Capital | Target | $13 | $12 | ||
| Apr 24, 2026 | UBS | Reiterate | Neutral | $11 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 20, 2026Q2 FY26 | $0.38 | $0.40 | +5.1% | $1.06B | $1.01B | −3.9% | −1.28% |
| Apr 20, 2026Q1 FY26 | $0.36 | $0.42 | +16.7% | $988.6M | $1.05B | +6.2% | +1.30% |
| Jan 26, 2026Q4 FY25 | $0.37 | $0.35 | −5.4% | $940.8M | $944.0M | +0.3% | +3.14% |
| Oct 20, 2025Q3 FY25 | $0.38 | $0.35 | −7.9% | $354.7M | $903.0M | +154.5% | −0.50% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | −$407.0M | $289.0M | $779.0M | $1.26B | $1.05B | $0 | |
| Gross profit | −$407.0M | $289.0M | $779.0M | $1.26B | $319.0M | −$19.0M | |
| Operating income | $748.0M | $531.0M | $1.55B | $1.69B | $285.0M | −$49.0M | |
| Net income | $50.0M | −$140.0M | $806.0M | $954.0M | −$148.0M | $610.0M | |
| Diluted EPS | $0.02 | −$0.17 | $0.72 | $0.89 | −$0.17 | $0.52 | |
| Gross margin | — | 100.0% | 100.0% | 100.0% | 30.4% | — | |
| Operating margin | — | 183.7% | 199.5% | 134.5% | 27.1% | — |
Fiscal years (4-quarter sums)FY21 $1.97B · FY22 $3.30B · FY23 $1.01B · FY24 $2.97B · FY25 $1.92B
Balance sheet, Jun 30, 2026Cash & short-term investments $457.0M · Total debt $89.81B · Total assets $121.76B · Shareholders' equity $12.54B
Dividends
Raised for 5 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 11 | $0.12 | |
| Jun 30, 2026 | Jun 30 | Jul 10 | $0.12 | |
| May 29, 2026 | May 29 | Jun 9 | $0.12 | |
| Apr 30, 2026 | Apr 30 | May 11 | $0.12 | |
| Mar 31, 2026 | Mar 31 | Apr 10 | $0.12 | |
| Feb 27, 2026 | Feb 27 | Mar 10 | $0.12 | |
| Jan 30, 2026 | Jan 30 | Feb 10 | $0.12 | |
| Dec 31, 2025 | Dec 31 | Jan 12 | $0.12 |
Ownership
Shares outstanding 1.15B · Float 1.14B · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 64.59M | 5.63% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 51.59M | 4.49% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 46.12M | 4.02% | 13F | Aug 13, 2026 |
| UBS Group AG | 27.31M | 2.38% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 24.49M | 2.13% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Bernice Bell | officer: EVP, CFO | −15,000 | $11.07 |
| Jul 28, 2026 | Bernice Bell | officer: EVP, CFO | −5,000 | $11.00 |
| May 12, 2026 | Bernice Bell | officer: EVP, CFO | −10,000 | $10.79 |
| May 6, 2026 | Donna Blank | director | −22,000 | $10.78 |
| May 4, 2026 | Paul E. Mullings | director | −6,800 | $10.74 |
Peers
- Annaly Capital Management
Agency MBS peer across TBA trading and repo-funded leverage
- ARMOUR Residential REIT
Agency MBS peer using repo leverage and TBA positions
- Dynex Capital
Agency-focused mortgage REIT rival in RMBS, TBAs, and repo funding
- Invesco Mortgage Capital
Agency mortgage REIT peer in RMBS, TBA positions, and repo leverage
- Orchid Island Capital
Agency RMBS peer using repo leverage and TBA hedges
- TWO
Agency RMBS and TBA peer differentiated by an MSR portfolio
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| ARMOUR Residential REIT | $16.33 | +0.11% | $1.90B | 4.4 | 5.6 | 1.9 | −41.6% |
| Dynex Capital | $12.95 | +0.47% | $3.19B | 4.9 | 8.2 | 3.6 | — |
| Invesco Mortgage Capital | $7.39 | +0.41% | $683.2M | 4.6 | 4.1 | 2.2 | −43.7% |
| Orchid Island Capital | $6.75 | +0.90% | $1.16B | 4.5 | 6.2 | 2.2 | −28.9% |
| TWO | $12.18 | +1.08% | $1.28B | — | 10.9 | 1.5 | — |
| Median | 4.6 | 6.8 | 2.2 | −42.6% |