2025 Northeast Dairy Farm Summary & Mid-Year Outlook

Farm Credit East is pleased to present the 2025 Northeast Dairy Farm Summary (DFS) and outlook for the remainder of 2026. Now in its 46th year, the annual DFS is a unique project within the U.S. dairy industry, providing a major regional summary of actual dairy farm business results. Through assessment of the financial health and progress of Northeast dairy farm businesses, it is intended to provide dairy producers, Farm Credit staff, Northeast public policymakers and dairy industry leaders with a better understanding of the current status of the Northeast’s largest farm sector.

Highlights of the 2025 Northeast Dairy Farm Summary & Mid-Year Outlook 

• Net earnings for our sample of 136 Northeast farms increased by 34%, to an average of $791 per cow (when averaged across size categories) in 2025,¹ from $592 per cow in 2024.
• Total costs increased by 4% from 2024 to 2025. Total costs including depreciation and family living per cwt. increased by $1.07 per cwt., from $26.54 to $27.61 in 2025.
• Net cost of production² (NCOP) decreased to $19.83 per cwt., $1.66 lower than 2024’s $21.49. Multiple factors contributed to this decrease including greater non-milk farm income and larger herd sizes in our sample.
• Feed expense, a farm’s largest cost, increased from $1,760 per cow in 2024 to $2,002 per cow in 2025.
• Productivity increased. Per cow production in our sample herds was 3.4% greater than the prior year. Average cows per worker increased from 47 to 51.
• Cash flow was sufficient, on average, to meet all financial commitments (e.g., operating expenses, debt repayment, family living and income taxes), resulting in an average cash margin (excluding government payments) per cwt. of $2.12.³
• Percent net worth in our sample declined to 62%. This was largely due to an increase in total liabilities. Total debt-per-cow increased from $6,514 to $7,744. 

¹On an accrual basis, after family living, not including nonfarm income.
²Total farm expense, plus family living, less non-milk income. For more information, see Figure 6.
³See figure 7.