Freddie Mac (FMCC) Q2 2026 earnings summary

Executive summary

• Net income reached $3.8 billion in Q2 2026, a 61% increase year-over-year, primarily due to a credit reserve release versus a build in the prior year.

• Net revenues rose 1% year-over-year to $6.0 billion, driven by higher net interest income, partially offset by lower non-interest income.

• Net worth increased to $78 billion as of June 30, 2026, up 20% year-over-year.

• Provided $128 billion in liquidity to the mortgage market, financing 439,000 homes and rental units, with a focus on affordability for working and low- to moderate-income families.

Financial highlights

• Net interest income rose 13% year-over-year to $6.0 billion; net interest yield increased to 0.69%.

• Non-interest income shifted from $617 million in Q2 2025 to a $19 million loss in Q2 2026 due to investment losses and lower guarantee income.

• Benefit for credit losses was $880 million, compared to a $783 million provision in the prior year, reflecting a credit reserve release in Single-Family.

• Non-interest expense was $2.1 billion, down 3% year-over-year, mainly due to lower salaries and benefits.

Outlook and guidance

• House prices forecasted to grow 1.7% over the next 12 months and 2.1% in the following 12 months, higher than previous projections.

• Management remains focused on operational efficiency, risk management, leveraging technology, and supporting the housing market through all economic cycles.

• Forward-looking statements highlight exposure to economic, regulatory, and market risks, including house price changes, government actions, and macroeconomic volatility.