MARKETS / BALCAO / Financials / Credit / 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

Revenue

$29.0B

▼ 0.4% YoY

Net income

$14.4B

▼ 15.4% YoY

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

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

15B30B

2007201020132016201920222025

Compound annual growth

Revenue

−0.9%

+2.7%

+2.4%

Net income

+3.6%

+4.0%

+2.7%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +2.7% a year over the five years to FY2025 — 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%

200720162025

ROE

FY2025 · ROE 14.1%

50%100%

200720162025

Three returns, three denominators.

Return on equity14.1%

Return on assets0.3%

Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Gross margin·

Operating margin62.1%

Net margin49.6%

EBITDAUSD 16.6B

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—not applicable◌not available in our data

FNMA, 19-year financial record
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	29.0	29.1	29.0	29.7	29.9	25.3	21.9	21.8	23.0	22.3	22.8	25.9	◌	◌	◌	◌	◌	◌	◌
Operating income $B	18.0	21.3	22.0	16.2	27.9	14.9	17.6	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
EBITDA $B	16.6	19.7	19.4	10.5	17.2	5.7	11.6	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
Income tax $B	3.6	4.3	4.5	3.3	5.8	3.1	3.4	4.1	16.0	6.0	5.3	6.9	−45.4	0.0	−0.1	◌	◌	◌	◌
Net income $B	14.4	17.0	17.4	12.9	22.2	11.8	14.2	16.0	2.5	12.3	11.0	14.2	84.0	17.2	−16.9	−14.0	−72.0	−58.7	−2.0
EPS, diluted $	0.00	0.00	0.00	0.00	0.01	0.00	0.03	0.57	−1.12	0.01	−0.05	−0.19	−0.25	0.24	−4.61	−3.81	−13.11	◌	◌
Dividend / sh $	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	0.75	1.90
Payout % — not applicable: no dividend	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
ROE %	14.1	19.7	25.2	24.0	61.1	59.2	135.8	—	—	—	—	—	—	—	—	—	—	—	−4.6
Shares out B	1.16	1.16	1.16	1.16	1.16	1.16	1.16	1.16	1.16	1.16	1.16	1.16	1.16	1.16	1.16	1.12	1.11	1.09	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

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Provenance

Company facts, as filed

How we verify · 0 failures in 51 reconciliationsAUDITED

Reconciled in 19 of the 19 fiscal years we could check. Seven checks were skipped: revenue is not tagged before 2014. One check was skipped: the balance sheet is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures

ActivityFederal & Federally-Sponsored Credit Agencies

Listed onOTC market

Incorporated innot stated in the filings

Fiscal year endsDecember 31

Data on record since2007