American farms represent a diverse set of business operations and farm operators. This annual report describes the characteristics of U.S. farms and ranches using the most recent data from the Agricultural Resource Management Survey (ARMS), an annual survey conducted by USDA, National Agricultural Statistics Service (NASS) and USDA, Economic Research Service (ERS). Statistics are presented using a farm classification developed by USDA, ERS to categorize farms into groups with some common characteristics. The classifications used are mainly based on each farm’s annual revenue, the main occupation of the farm’s principal operator, and ownership (family versus nonfamily). This edition also contains two new sections. First, the report provides information on the usage of credit by lender type and farm size in 2022. Second, the report explores the differences in farm operations in 2022 by race and ethnicity of the operators. The section compares farm structure, financial stress, principal operator household well-being, credit usage, average Government payments received, and participation in Federal crop insurance between socially disadvantaged and nondisadvantaged operations.