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MARKETS / BALCAO / FNMA
BALCAO · FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES · LARGE CAP

Federal National Mortgage Association Fannie MAE FNMA

19 fiscal years on record · USD · FY2025 reported · SEC filings only
$29.0B
▼ 0.4% YoY
$14.4B
▼ 15.4% YoY
In brief

What this company does

Fannie Mae buys residential mortgage loans that lenders originate, places those loans into trusts and issues guaranteed mortgage-backed securities that global investors buy, providing a guaranty on the MBS it issues. In 2025 it provided $409.3 billion in liquidity to the mortgage market, which enabled the financing of approximately 1.5 million home purchases, refinancings, and rental units. The company does not originate mortgage loans or lend money directly to borrowers. A guaranty fee is received in exchange for that guaranty, and guaranty fees are the primary source of its revenues. There are two reportable business segments: Single-Family and Multifamily. The Single-Family business provides financing for properties that have four or fewer residential units. The Multifamily business provides financing for residential buildings with five or more units. Fannie Mae has been in conservatorship since 2008, and the Federal Housing Finance Agency is its conservator.

Written from the business description in FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE's annual report to the U.S. Securities and Exchange Commission, filed 11 February 2026. Every sentence was checked against that document before publication.

Growth
USD 29.0B
Revenue, FY2025 · full 19-year series below
Revenue $B Net income $B
FY2025 · Revenue 29.0 · Net income 14.4
10B20B2007201020132016201920222025
Compound annual growth
−0.9%
+2.7%
+2.4%
+3.6%
+4.0%
+2.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +2.7% a year over five years — but profit grew faster: net income at +4.0%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
50 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 62.1% · Net 49.6%
50%2007201020132016201920222025
ROE
FY2025 · ROE 14.1%
500%1000%2007201020132016201920222025

Each USD of equity produced 14 cents of profit this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks

Total assetsUSD 4.32T
EquityUSD 109.0B
CashUSD 42.6B
Gross debtUSD 4.16T
Net debtUSD 4.11T

Net debt stands at 3773% of equity.

The 19-year record
19 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B29.029.129.029.729.925.321.921.823.022.322.825.9·······
Operating income $B18.021.322.016.227.914.917.6············
EBITDA $B16.619.719.410.517.25.711.6············
Income tax $B3.64.34.53.35.83.13.44.116.06.05.36.9−45.40.0−0.1····
Net income $B14.417.017.412.922.211.814.216.02.512.311.014.284.017.2−16.9−14.0−72.0−58.7−2.0
EPS, diluted $0.000.000.000.000.010.000.030.57−1.120.01−0.05−0.19−0.250.24−4.61−3.81−13.11··
Dividend / sh $·················0.751.90
Payout %···················
ROE %14.119.725.224.061.159.2135.81249.7206.5243.8284.2214.91004.11346.2·····
Shares out B1.161.161.161.161.161.161.161.161.161.161.161.161.161.161.161.121.111.09·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 51 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 22 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityFederal & Federally-Sponsored Credit Agencies
Listed onOTC market
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2007

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