EB-5 Filing Volume vs Approval Rate: Q3 FY2025 Analysis

The Q3 FY2025 USCIS quarterly statistics show 5,079 I-526E receipts year-to-date and a 94 percent approval rate on completed cases. Both numbers are records under the Reform and Integrity Act of 2022. That headline pairing has been read two ways in the practitioner community. The optimistic read is that USCIS has fully adapted to the I-526E framework and well-prepared petitions are winning at historically high rates. The pessimistic read is that the 94 percent number is misleading because the denominator (completed cases) lags filings by years, so the rate reflects 2022-vintage petitions rather than current filings. Both reads have merit. This article walks through the data, the lag, and what the volume-vs-rate gap actually tells investors. ## The headline numbers USCIS Q3 FY2025 statistics, released February 2026 (Blue tier): | Metric | Q3 FY2025 | Q3 FY2024 | Direction | |--------|-----------|-----------|-----------| | I-526E receipts (year-to-date through Q3) | 5,079 |...