Farm Income Rebounds, Livestock Gains as Crops Fall

Sep 05, 2025

By Bernt Nelson and Faith Parum

USDA’s September 2025 net farm income forecast, released Sept. 3, projects net farm income will rise sharply from 2024. While stronger performance in some sectors is a factor in the increase, much of it is tied to continued support from government disaster assistance.

The report points to some improvements in the farm economy, particularly for livestock producers who are expected to see notable gains in receipts and profitability, but elevated costs for labor, taxes and inputs, combined with weaker crop receipts, remain significant challenges for many farmers.

Overall, USDA’s September 2025 net farm income forecast projects a mixed outlook for farmers. Net farm income, a key measure of profitability, is forecast at $179.8 billion in 2025. This is an increase of $52 billion, or 40.7%, from $127.8 billion in 2024, but about $300 million lower than USDA’s February forecast of $180.1 billion. After adjusting for inflation, net farm income is expected to rise $48.8 billion, or 37.2%, from 2024 to 2025. Net cash farm income is forecast to increase $36.5 billion, or 25.3%, over the same period.

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