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Federal Home Loan Mortgage (FMCC) investor relations material
Federal Home Loan Mortgage Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net income for Q3 2025 was $2.8 billion, down 11% year-over-year, mainly due to a credit reserve build versus a release in the prior year.
Net revenues for Q3 2025 were $5.7 billion, a 2% decrease year-over-year, driven by lower non-interest income, partially offset by higher net interest income.
Net worth increased to $68 billion as of September 30, 2025, up from $56.4 billion a year earlier.
Provided $124 billion in liquidity to the mortgage market in Q3 2025, supporting 483,000 families to buy, refinance, or rent a home, a 33% increase from Q2.
92% of eligible rental units and 54% of single-family homes financed were affordable to middle or low- to moderate-income families.
Financial highlights
Net interest income rose 9% year-over-year to $5.5 billion, driven by mortgage portfolio growth and lower funding costs.
Non-interest income declined 66% year-over-year to $284 million, mainly due to less favorable fair value changes and investment losses.
Provision for credit losses was $175 million, compared to a $191 million benefit in Q3 2024, reflecting a credit reserve build in Single-Family.
Net worth grew to $68 billion at quarter end, a 20% year-over-year increase.
Cumulative draws from Treasury totaled $71.6 billion, with cumulative dividend payments at $119.7 billion.
Outlook and guidance
House price forecast revised to 0.7% increase over the next 12 months and 0.9%–2.7% over the following 12 months, down from previous estimates.
Management highlights significant risks and uncertainties, including regulatory changes, conservatorship status, and market volatility.
National home prices increased by an average of 1% over the past year.
Management is focused on increasing housing supply and supporting both single-family and multifamily markets.
What is the outlook for credit performance?
Multifamily strategy change: revenue implications?
When will dividends to Treasury resume?
Explain the rise in post-2022 loan delinquencies?
Multifamily strategy change: fully guaranteed securitizations
Reason for revised house price forecast?
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Next Federal Home Loan Mortgage earnings date
Q4 202511 Feb, 2026
Next Federal Home Loan Mortgage earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
Federal Home Loan Mortgage Corp., commonly known as Freddie Mac, is a government-sponsored enterprise (GSE) that plays a key role in the U.S. housing finance system. The company primarily focuses on purchasing residential mortgages from lenders, pooling them, and selling them as mortgage-backed securities (MBS) to investors. This process helps provide liquidity, stability, and affordability to the housing market by enabling mortgage lenders to extend more loans to homebuyers. Freddie Mac's operations are crucial in supporting the secondary mortgage market and ensuring a steady flow of capital for home financing. The company is headquartered in McLean, Virginia, USA, and its shares are listed on the OTCQB.
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