Net farm income in North Dakota was at record levels for most representative farms in 2012. However, by 2016 net farm income fell 65% from 2012 levels. Net farm income is expected to continue to fall through 2026, although at a much slower rate. Commodity prices are expected to increase slowly from current levels. Commodity yields are projected to increase at historical trend-line rates and production expenses are expected to return to normal growth rates. Debt-to-asset ratios for all farms except for the high profit farms will increase slightly throughout the forecast period. Debt-to-asset ratios for the high profit farms are expected to decrease slightly.