Farm sector profits forecast to grow in 2025

U.S. net cash farm income (NCFI), defined as gross cash income minus cash expenses, is forecast to increase by $36.5 billion (25.3 percent) from 2024 to $180.7 billion in 2025 in inflation adjusted dollars. U.S. net farm income (NFI) is forecast to increase by $48.8 billion (37.2 percent) to $179.8 billion in 2025. Net farm income is a broader measure of farm sector profitability that incorporates noncash items, including changes in inventories, economic depreciation, and gross imputed rental income. Most of the projected increase in 2025 corresponds with higher direct Government payments to farmers, projected to increase from $10.4 billion in 2024 to $40.5 billion in 2025. This increase is expected largely because of supplemental and ad hoc disaster assistance to farmers and ranchers from the American Relief Act of 2025, which authorized economic assistance payments to producers and payments for losses in 2023 and 2024. Also contributing to the increase were animal and animal product cash receipts, forecast to increase by $23.2 billion, or 8.4 percent above 2024 levels. In contrast, crop cash receipts are forecast to decrease by $12.3 billion, or 4.9 percent from 2024. If the 2025 forecasts are realized, NCFI and NFI would surpass their 2005–24 average but remain below their all-time highs in 2022. Find additional information and analysis on the USDA, Economic Research Service Farm Sector Income and Finances topic page containing data released September 3, 2025.