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CFC’s 2024 Key Ratio Trend Analysis Results Highlight Financial Stability and Growth Across Electric Cooperatives

By: National Rural Utilities Cooperative Finance Corporation via GlobeNewswire

June 23, 2025 at 10:55 AM EDT

DULLES, Va., June 23, 2025 (GLOBE NEWSWIRE) -- The National Rural Utilities Cooperative Finance Corporation (CFC) has completed its analysis of the 2024 Key Ratio Trend Analysis (KRTA), an annual report of financial trends among electric distribution cooperatives nationwide.

Now in its 50th year, the KRTA continues to provide valuable insights into the financial health of the cooperative network. The latest results reaffirm that, amid elevated interest rates and persistent inflation, electric cooperatives maintained stable financial performance and steady consumer growth. Most notably, the 2024 results highlighted continued strong investment in utility plant—reinforcing the sector’s long-term commitment to infrastructure and service reliability.

“Amid a complex economic environment in 2024, rural electric cooperatives remained focused and adaptable,” CFC Senior Vice President and Chief Corporate Affairs Officer Brad Captain said. “Their performance this year reflects the continued strength of the cooperative business model.”

Consumer growth held steady in 2024, with nearly 89% of cooperatives reporting increases. Utah, Idaho and Florida were among those states with the highest growth rates. This steady expansion was accompanied by continued investment in utility plant, extending the momentum of sustained infrastructure growth seen in recent years.

“Cooperatives are making smart, long-term investments to support future growth,” CFC Senior Vice President of Strategic Services Amy Luongo said. “Their focus remains on building stronger systems and serving their communities well.”

Electricity sales, which had moderated in 2023, rebounded in 2024—reflecting renewed growth in system usage across much of the network.

Financial ratios in 2024 continued to reflect the underlying strength of the cooperative network. The median equity-to-asset ratio remained solid at 45%, while long-term debt accounted for just under 43% of total assets—illustrating a well-balanced capital structure. Coverage ratios were also healthy, with the median times interest earned ratio at 2.60 and modified debt service coverage at 1.86, signaling strong earnings relative to debt obligations.

“These indicators underscore the ability of cooperatives to manage capital needs while maintaining financial flexibility and long-term stability,” Luongo said.

Final KRTA results are based on data submitted by 815 electric distribution cooperatives for the year ending Dec. 31, 2024. CFC calculates 145 financial and operational ratios for each cooperative and provides a report showing the cooperative’s ratios compared with U.S., state and other key consumer group median values. Median reporting minimizes the effect of outliers and offers a more representative picture of overall performance.

About CFC
Created and owned by America’s electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)—a nonprofit finance cooperative with approximately $38 billion in assets—provides unparalleled industry expertise, flexibility and responsiveness to serve the needs of our member-owners. CFC is an equal opportunity provider. Visit us online at www.nrucfc.coop.

About KRTA
CFC has published KRTA—an annual report that tracks the median value of 145 financial and operational ratios for participating electric distribution cooperatives over the previous five years—since 1975. Based on data reported by electric distribution cooperatives, KRTA provides electric cooperative CEOs and directors/trustees with a complete picture of their system’s financial performance. In 2023, CFC introduced KRTA Pro, a new online platform that offers a 20-plus year view of KRTA ratios, enabling deeper trend analysis and enhanced access to historical benchmarking.

Contact:
Brad Captain
Corporate Relations Group
800-424-2954