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Federal National Mortgage Association
Federal National Mortgage Association (FNMA) investor relations material
Federal National Mortgage Association Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Reported net income of $3.5 billion for Q4 and $14.4 billion for full year 2025, down 15% year-over-year, marking 14 consecutive years of annual profitability.
Ended 2025 with $109.0 billion in net worth, up from $94.7 billion at year-end 2024 and $95.5 billion since 2020.
Provided $409 billion in liquidity to the mortgage market in 2025, supporting 1.5 million households, including 704,000 home purchases and 531,000 rental units.
Achieved operational excellence through disciplined expense management, technology enhancements, and a 15% workforce reduction.
Financial highlights
Q4 net income declined 9% sequentially and 15% year-over-year due to fair value losses and higher administrative expenses.
Full-year net income decreased 15% year-over-year, mainly due to a shift to provision for credit losses and lower fair value gains.
Net interest income remained steady at $28.6 billion; net revenues for FY25 were $28.96 billion.
Administrative expense ratio improved to 12.36% in 2025 from 12.45% in 2024.
Illustrative return on required equity was 10.2% for Q4 and full year.
Outlook and guidance
Expense reduction efforts are expected to deliver multiyear savings and sustain a smaller cost footprint.
Multifamily delinquency levels could increase in 2026 due to ongoing market challenges.
Competitive dynamics and capital requirements may continue to impact single-family business share in 2026.
Plan to continue investing in agency MBS while managing interest rate risk.
Leadership cited strong momentum entering 2026, with a focus on long-term success and continued support for the housing market.
What offset annual expense reductions in 2025?
Why did MF provision decrease with higher delinquencies?
Impact of lower new SF guaranty fees on future revenue
Mitigate capital requirements' impact on share?
What drives expected 2026 multifamily delinquency rise?
Detail retained mortgage portfolio investment plan.
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Next Federal National Mortgage Association earnings date
Q1 202629 Apr, 2026
Federal National Mortgage Association
Next Federal National Mortgage Association earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
The Federal National Mortgage Association, commonly known as Fannie Mae, is a government-sponsored enterprise (GSE) that supports the U.S. mortgage market by purchasing and guaranteeing mortgages. Fannie Mae operates in the secondary mortgage market, buying mortgages from lenders such as banks and credit unions, which in turn provides these institutions with capital to issue more loans. The company packages these purchased loans into mortgage-backed securities (MBS) and sells them to investors, aiming to provide liquidity, stability, and affordability to the housing market. Fannie Mae's role is critical in ensuring the flow of funds in the housing finance system. The company is headquartered in Washington, D.C., and its shares are listed on the OTCQB.
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