Q4 25 EPS
$0.83
Q4 25 Revenue
N/A
vs S&P Since Q4 25
-8.9%
TRAILING MARKET
AGNC -5.3% vs S&P +3.6%
Full Year 2025 Results
FY 25 EPS
$1.47
Market Reaction
Did AGNC Beat Earnings? Q4 2025 Results
AGNC Investment Corp. Closed out a standout 2025 with Q4 earnings of $0.83 per share, capping a year that delivered a 34.8% total stock return with dividends reinvested, nearly double the S&P 500's performance over the same period. The mortgage REIT'… Read more AGNC Investment Corp. Closed out a standout 2025 with Q4 earnings of $0.83 per share, capping a year that delivered a 34.8% total stock return with dividends reinvested, nearly double the S&P 500's performance over the same period. The mortgage REIT's fourth quarter was powered by favorable Agency MBS spread tightening, which lifted tangible net book value per common share 7.2% to $8.88 and drove an 11.6% economic return on tangible common equity for the quarter alone. The investment portfolio expanded to $94.80 billion, up from $90.00 billion at Q3-end, while the net interest spread widened modestly to 1.81%. Though adjusted net spread income held steady at $0.35 per share, slightly below analyst expectations, the broader narrative remained constructive, with management pointing to declining interest rate volatility and a stable GSE reform framework as key tailwinds. Looking ahead, AGNC's high-yield positioning appears well-supported by a balanced supply-demand outlook and recent Agency MBS purchases from Fannie Mae and Freddie Mac that management believes could drive further spread tightening in 2026.
Key Takeaways
- • Agency MBS was the best performing domestic fixed income asset class in Q4 with a full-year total return of 8.6%, the best since 2002
- • Federal Reserve shift toward lower short-term rates and greater accommodation
- • Declining interest rate volatility
- • Mortgage spread tightening to benchmark rates over the course of the year
- • Reduced uncertainty around GSE reform
- • Net interest spread widened to 1.81% from 1.78% in Q3
- • Combined cost of funds declined to 3.10% from 3.17% in Q3
- • Tangible net book value per share increased 7.2% during Q4
AGNC YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“The fourth quarter of 2025 capped an exceptional year for AGNC shareholders. For the year, AGNC generated an impressive economic return on tangible common equity of 22.7%. Even more noteworthy, AGNC's total stock return in 2025 was 34.8% with dividends reinvested, nearly double the performance of the S&P 500 Index. This performance, on both a relative and absolute basis, demonstrates the value of AGNC's actively managed portfolio of Agency MBS and associated hedges.”
— Peter Federico, Q4 2025 Earnings Press Release
AGNC Earnings Trends
AGNC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AGNC EPS Trend
Earnings per share: estimate vs actual
AGNC Revenue Trend
Quarterly revenue: estimate vs actual
AGNC Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 | — | $-0.17 | — | — | — |
| Q4 25 FY | — | $0.83 | — | — | — |
| FY Full Year | — | $1.47 | — | — | — |
| Q3 25 BEAT | $0.39 | $0.72 | +86.77% | $903.0M | +92.79% |
| Q2 25 MISS | $0.41 | $-0.17 | -141.33% | $830.0M | +85.53% |
| Q1 25 MISS | $0.41 | $0.02 | -95.09% | $846.0M | +90.91% |