Total net farm income in Idaho dropped by an estimated $400 million in 2023, an 11 percent decline compared with 2022. While total farm revenue in the state last year came close to matching the record set in 2022, total farm and ranch expenses in Idaho hit another record in 2023. That included a huge increase in interest expenses paid by the state’s almost 25,000 farms and ranches. Net farm income – revenue minus costs – is the farmer or rancher’s bottom line. Idaho set a record for total net farm income in 2022, at $4.2 billion. Increased production expenses, coupled with slightly lower total revenue, resulted in an 11 percent decrease in total net farm income in the state in 2023.