A ferromagnetic shape-memory alloy Ni48Mn25Ga22Co5 was prepared by the induction melting and isothermal forging process. Dynamic recrystallization occurs during the isothermal forging. The deformation texture was studied by the neutron diffraction technique. The main texture components consist of (110) and (001), which suggested that in-plane plastic flow anisotropy should be expected in the as-forged condition. The uniaxial compression fracture strain in the forged alloy reaches over 9.5%. The final room-temperature fracture of the polycrystalline Ni48Mn25Ga22Co5 is controlled mainly by intergranular mode.