Earnings summaries and quarterly performance for FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE.
Research analysts covering FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE.
Recent press releases and 8-K filings for FNMA.
Fannie Mae Announces Strong Q4 and Full-Year 2025 Financial Results
FNMA
Earnings
Layoffs
Demand Weakening
- Fannie Mae reported net income of $3.5 billion for Q4 2025 and $14.4 billion for the full year 2025, marking its 14th consecutive year of annual profitability and ending the year with $109 billion in net worth.
- The company achieved a $141 million reduction in total non-interest expense for 2025 compared to 2024, primarily by reducing its workforce by approximately 1,200 employees and improving its administrative expense ratio from 12.45% in 2024 to 12.36% in 2025.
- Fannie Mae provided $409 billion of liquidity to the mortgage market in 2025, supporting approximately 1.5 million households.
- The Single-Family business delivered $2.7 billion in net income for Q4 2025, and the Multifamily guarantee book grew to $535 billion, achieving $2.9 billion in full-year net income, its highest in four years.
- Both Single-Family and Multifamily segments experienced increases in seriously delinquent loans in Q4 2025, with Multifamily delinquency levels potentially increasing in 2026 due to sustained market challenges.
Feb 11, 2026, 1:00 PM
Fannie Mae Reports Strong Q4 and Full-Year 2025 Financial Results
FNMA
Earnings
Layoffs
Demand Weakening
- Fannie Mae reported net income of $3.5 billion for Q4 2025 and $14.4 billion for the full year 2025, marking 14 consecutive years of annual profitability and ending the year with $109 billion in net worth.
- The company's core guarantee business drove strong financial performance, with guarantee fees stable at $5.9 billion in Q4 and higher for the full year.
- Fannie Mae provided $409 billion of liquidity to the mortgage market in 2025, assisting approximately 1.5 million households, including 704,000 first-time home buyers.
- Operational efficiency improved with a $141 million reduction in total non-interest expense for the full year 2025 compared to 2024, primarily due to reducing administrative expenses by $40 million through workforce reductions and renegotiated contracts.
- While Single-Family Seriously Delinquent loans increased by 4 basis points and Multifamily Seriously Delinquent loans increased by 6 basis points in Q4, the company maintained strong credit quality for new acquisitions and grew its Multifamily guarantee book to $535 billion.
Feb 11, 2026, 1:00 PM
Fannie Mae Reports Strong 2025 Profitability and Net Worth Growth
FNMA
Earnings
Guidance Update
Layoffs
- Fannie Mae reported a net income of $3.5 billion for Q4 2025 and $14.4 billion for the full year 2025, marking its 14th consecutive year of annual profitability.
- The company concluded 2025 with $109 billion in net worth, reflecting a $95.5 billion increase since January 2020.
- Guarantee fees constituted 81% of Q4 net revenues. However, full-year 2025 net income decreased 15% compared to 2024, primarily due to a provision for credit losses and lower fair value gains.
- Operational efficiency efforts led to a $40 million reduction in administrative expenses and a $141 million decrease in total non-interest expenses for 2025, partly due to workforce reductions.
- The Multifamily business achieved its highest net income in four years at $2.9 billion for the full year 2025, with its guarantee book expanding by $35 billion year-over-year to $535 billion.
Feb 11, 2026, 1:00 PM
Fannie Mae Reports Q4 and Full Year 2025 Financial Results
FNMA
Earnings
Demand Weakening
- Fannie Mae reported net income of $3.5 billion for the fourth quarter of 2025 and $14.4 billion for the full year 2025, a decrease from $17.0 billion in 2024.
- The company's net worth grew to $109.0 billion at the end of 2025, up from $94.7 billion as of year-end 2024.
- Net revenues remained stable at $7.3 billion for Q4 2025 and $29.0 billion for full year 2025, while non-interest expenses decreased by $141 million from 2024.
- The decrease in full-year net income was primarily driven by a $1.8 billion shift from a benefit for credit losses in 2024 to a provision for credit losses of $1.6 billion in 2025.
Feb 11, 2026, 12:13 PM
Fannie Mae Reports Increased Net Income and Improved Efficiency in Q3 2025
FNMA
Earnings
New Projects/Investments
- Fannie Mae reported a net income of $3.9 billion in Q3 2025, an increase from $3.3 billion in Q2 2025, on net revenues of $7.3 billion.
- The company's efficiency ratio improved to 29.3% in Q3 2025 from 31.5% in Q2 2025, driven by a $65 million (7% year-on-year) reduction in administrative expenses.
- Fannie Mae provided $109 billion in liquidity to the mortgage market and helped 401,000 households to buy, refinance, or rent a home in Q3 2025, with 51% of buyers being first-time homebuyers.
- Net worth increased to $105.5 billion in Q3 2025, up from $101.6 billion in Q2 2025.
Oct 29, 2025, 12:00 PM
Fannie Mae Reports Q3 2025 Financial Results
FNMA
Earnings
- Fannie Mae reported a net income of $3.9 billion for the third quarter of 2025, an increase from $3.3 billion in the second quarter of 2025.
- Net revenues remained stable at $7.3 billion for Q3 2025.
- The company's net worth grew to $105.5 billion as of September 30, 2025.
- The increase in net income was primarily driven by reductions in the provision for credit losses and non-interest expense. The provision for credit losses was $338 million in Q3 2025, down from $946 million in Q2 2025, and total non-interest expense decreased to $2.1 billion in Q3 2025 from $2.3 billion in Q2 2025.
- Fannie Mae's efficiency ratio improved to 29.3% in Q3 2025, compared with 31.5% in Q2 2025.
Oct 29, 2025, 11:22 AM
Fannie Mae Announces Executive Leadership Changes
FNMA
CEO Change
Management Change
Executive Compensation
- Priscilla Almodovar has departed from her roles as President, Chief Executive Officer, and Board member, effective October 22, 2025.
- In connection with her departure, Ms. Almodovar will receive $1,200,000 (two years of her annual base salary), twelve months of subsidized medical and dental coverage, and six months of outplacement services.
- Peter Akwaboah, current Chief Operating Officer, has been appointed Acting Chief Executive Officer, subject to approval by the U.S. Federal Housing Finance Agency (FHFA).
- John Roscoe and Brandon Hamara have been appointed Co-Presidents, also subject to FHFA approval, with Mr. Hamara continuing to serve as a member of the company's Board of Directors.
Oct 24, 2025, 9:00 PM
Fannie Mae Announces Results of CAS Notes Tender Offer
FNMA
- Fannie Mae announced the results of its fixed-price cash tender offers for certain Connecticut Avenue Securities (CAS) Notes.
- A total of $2,000,415,199.00 in original principal amount of Notes were validly tendered and not withdrawn.
- The offers expired on October 3, 2025, and the settlement date for accepted Notes is expected on October 7, 2025.
- The tendered amount represents 88.87% of the total original principal balance of the listed Notes.
Oct 6, 2025, 4:00 PM
Fannie Mae Panel Forecasts Moderated Home Price Growth
FNMA
Demand Weakening
Guidance Update
- Following national home price growth of 5.3% in 2024, a panel of housing experts forecasts average home price growth to moderate to 2.4% in 2025 and 2.1% in 2026.
- These latest estimates for 2025 and 2026 represent downward revisions from the previous quarter's expectations of 2.9% and 2.8%, respectively.
- The forecasts are based on the Q3 2025 Fannie Mae Home Price Expectations Survey (HPES), which polled over 100 experts between August 11, 2025, and August 25, 2025.
Sep 30, 2025, 6:45 PM
Fannie Mae Announces Tender Offer for CAS Notes
FNMA
- Fannie Mae commenced fixed-price cash tender offers for certain Connecticut Avenue Securities® (CAS) Notes on September 29, 2025.
- The offers target an aggregate original principal balance of $2,250,877,000.00 across various CAS Notes.
- The tender offers are set to expire on October 3, 2025, at 5:00 p.m. New York City time, with an expected settlement date of October 7, 2025.
Sep 29, 2025, 1:03 PM
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