Results of the latest financial profile study of U.S. farmer cooperatives are reported. The study is based on a survey of the financial characteristics of farmer cooperatives at the end of their 1987 fiscal years. Useful financial information is provided to cooperative managers, directors, educators, and others interested in cooperatives’ financial performance and practices. Specifically, this report analyzes the distribution of net margins and losses, per-unit capital retain deductions, financial structure, composition of equity capital, and sources of borrowed capital. Financial ratio analysis is conducted to analyze the general financial condition of cooperatives. Cooperatives are classified by principal product or function, major function, asset size, and farm credit district.