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Federal National Mortgage Association
Federal National Mortgage Association (FNMA) investor relations material
Federal National Mortgage Association Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Net income for Q3 2025 was $3.9 billion, up 16% sequentially but down year-over-year, driven by changes in credit loss provisions and marking the 31st consecutive quarterly profit.
Net worth increased to $105.5 billion as of September 30, 2025, a 3.8% rise from Q2 and 16.6% year-over-year.
Provided $109 billion in liquidity to the mortgage market in Q3, assisting over 400,000 households, with about half being first-time homebuyers.
Efficiency ratio improved to 29.3% from 31.5% in Q2 2025, reflecting ongoing cost management.
Leadership transition occurred with Peter Aquibo named Acting CEO.
Financial highlights
Net revenues were $7.3 billion, flat year-over-year and primarily from a $4.1 trillion guaranty book.
Pretax income rose 16% sequentially to $4.8 billion, but declined 4% year-over-year.
Provision for credit losses in Q3 2025 was $338 million, down from $946 million in Q2 2025 but up from a $27 million benefit in Q3 2024.
Non-interest expenses declined to $2.1 billion, an 8% improvement sequentially.
Year-to-date net income reached $10.8 billion.
Outlook and guidance
No meaningful pickup in refinancing expected unless mortgage rates fall below 5%.
Affordability headwinds and buyer caution continue to impact the housing market.
Low-income housing tax credit investments expected to rise after the annual investment limit increased to $2 billion.
2025 Dodd-Frank Act Stress Test demonstrated ability to support the housing market during stress.
Forecasts national home price growth of 2.5% for full-year 2025, with regional variation expected.
What drives the $25.4B regulatory capital deficit?
When do you expect refinancing activity to pick up?
Are noninterest expense reductions sustainable?
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Next Federal National Mortgage Association earnings date
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Federal National Mortgage Association
Next Federal National Mortgage Association earnings date
Q4 202511 Feb, 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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