The earnings call highlighted AGNC's strong liquidity position and accretive capital raising, which provided stability and future growth opportunities. However, the call also acknowledged challenges such as a decline in economic returns and wider Agency MBS spreads. The positive outlook for Agency MBS, supported by favorable policy developments, was tempered by immediate financial performance concerns.

Company Guidance -

Q3 2025

During AGNC Investment Corp.'s second-quarter 2025 earnings call, the company provided a comprehensive overview of its financial performance and strategic outlook. AGNC reported a comprehensive loss of $0.13 per common share and an economic return on tangible common equity of negative 1%, which included $0.36 of dividends declared per common share and a $0.44 decline in tangible net book value per share due to wider mortgage spreads. The company's leverage slightly increased to 7.6x tangible equity, with average leverage rising to 7.5x. AGNC maintained a strong liquidity position, totaling $6.4 billion in cash and unencumbered Agency MBS, representing 65% of tangible equity. The company raised nearly $800 million in common equity during the quarter, deploying slightly less than half of the proceeds by quarter-end. AGNC's net spread and dollar roll income declined to $0.38 per common share, partly due to the timing of new capital deployment and moderately higher swap costs. The portfolio's average projected life CPR decreased to 7.8% due to higher mortgage rates. Looking ahead, AGNC expressed a favorable outlook for Agency MBS, citing manageable supply levels, anticipated regulatory changes, and stabilizing agency spreads, all of which create a promising investment environment.

Strong Liquidity Position

AGNC maintained a strong liquidity position with $6.4 billion in cash and unencumbered Agency MBS, representing 65% of tangible equity, up from 63% in the previous quarter.

Positive Developments in Agency MBS Market

Key policymakers reaffirmed the implicit guarantees for Agency MBS and indicated a cautious approach to GSE reform, improving the outlook for Agency mortgage-backed securities.

Accretive Capital Raising

AGNC opportunistically raised nearly $800 million of common equity at a significant premium to tangible net book value, enhancing liquidity and investment capacity.

AGNC Investment (AGNC) Earnings, Revenues Date & History

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AGNC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 27, 2025	2025 (Q3)	0.38 / -	0.43	―	―	―
Jul 21, 2025	2025 (Q2)	0.41 / 0.38	0.53	-28.30% (-0.15)
Apr 21, 2025	2025 (Q1)	0.41 / 0.44	0.58	-24.14% (-0.14)
Jan 27, 2025	2024 (Q4)	0.42 / 0.37	0.6	-38.33% (-0.23)
Oct 21, 2024	2024 (Q3)	0.50 / 0.43	0.65	-33.85% (-0.22)
Jul 22, 2024	2024 (Q2)	0.54 / 0.53	0.67	-20.90% (-0.14)
Apr 22, 2024	2024 (Q1)	0.57 / 0.58	0.7	-17.14% (-0.12)
Jan 22, 2024	2023 (Q4)	0.59 / 0.60	0.74	-18.92% (-0.14)
Oct 30, 2023	2023 (Q3)	0.62 / 0.65	0.84	-22.62% (-0.19)
Jul 24, 2023	2023 (Q2)	0.63 / 0.67	0.83	-19.28% (-0.16)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

AGNC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 21, 2025	$9.11	$9.25	+1.54%
Apr 21, 2025	$7.74	$8.02	+3.62%
Jan 27, 2025	$8.96	$9.03	+0.78%
Oct 21, 2024	$9.15	$8.82	-3.61%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.