U.S. net farm income to increase in 2025 after a decline in 2024
- by Farm Income Team
- 2/6/2025

Gross farm income reflects the total value of agricultural output plus Government farm program payments. Net farm income (NFI) reflects income after expenses from production in the current year and is calculated by subtracting farm expenses from gross farm income. NFI considers cash and non-cash income and expenses and accounts for changes in commodity inventories. In 2024, inflation-adjusted net farm income is forecast to have decreased 7.8 percent relative to 2023 to $142.4 billion. However, it is expected to increase by 26.4 percent in 2025 to reach $180.1 billion. Farm production expenses are projected to have decreased in 2024 by 4.3 percent relative to 2023 and to decrease further by 2.9 percent in 2025.