Freddie Mac
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Freddie Mac (FMCC) investor relations material

Freddie Mac Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Net income for 2025 was $10.7 billion, down 10% year-over-year, with comprehensive income at $10.8 billion on net revenues of $23.3 billion, marking the third consecutive year above $10 billion in net income and $21 billion in revenue.

  • Q4 2025 net income was $2.8 billion, down 14% year-over-year, mainly due to lower net revenues and higher credit loss provisions.

  • Provided $465 billion in liquidity for the year and $147 billion in Q4, supporting over 1.7 million families, with a focus on affordable housing and first-time homebuyers.

  • Continued investment in technology and operational efficiency to lower costs and improve service.

Financial highlights

  • Net revenues for 2025 were $23.3 billion, down 3% year-over-year; Q4 net revenues were $5.8 billion, down 9% year-over-year.

  • Net interest income rose 8% for the year to $21.4 billion, driven by mortgage portfolio growth and lower funding costs.

  • Non-interest income fell 55% to $1.9 billion for the year, mainly due to net investment losses and lower revenues from loan purchase and securitization activities.

  • Provision for credit losses increased to $1.3 billion for the year, up $814 million year-over-year, reflecting reserve builds and credit performance changes.

  • Net worth increased to $70.4 billion at year-end, up 18% from 2024.

Outlook and guidance

  • Forecasts house price growth of 0.5% over the next twelve months and 1.4% in the following twelve months, lower than previous forecasts.

  • Management emphasized ongoing focus on efficiency, affordability, risk management, and continued investment in technology.

  • Forward-looking statements highlight risks from economic, regulatory, and market changes.

Impact of multifamily securitization strategy shift?
What drove the single-family credit reserve build?
What was the refinance share in Q4 2025 new business?
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Frequently asked questions

Federal Home Loan Mortgage Corp., commonly known as Freddie Mac, is a government-sponsored enterprise (GSE) that plays a key role in the U.S. housing finance system. The company primarily focuses on purchasing residential mortgages from lenders, pooling them, and selling them as mortgage-backed securities (MBS) to investors. This process helps provide liquidity, stability, and affordability to the housing market by enabling mortgage lenders to extend more loans to homebuyers. Freddie Mac's operations are crucial in supporting the secondary mortgage market and ensuring a steady flow of capital for home financing. The company is headquartered in McLean, Virginia, USA, and its shares are listed on the OTCQB.

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