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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Federal National Mortgage Association
Federal National Mortgage Association (FNMA) investor relations material
Federal National Mortgage Association Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 net income was $4.177B, up 5% QoQ and 8% YoY; net revenues were $7.651B and net worth reached $119.6B, up $3.1B QoQ.
Q3 mortgage-market liquidity provided was $103B; YTD liquidity totaled $344B, supporting ~1.2 million households, including more than 295,000 first-time homebuyers.
Higher revenues and fair-value gains supported earnings, partly offset by larger credit-loss provisions; the $4.1T guaranty book remained the main source of fee income.
Financial highlights
Q3 net interest income rose $375M YoY to $7.6B, including a $249M increase in portfolio income; guaranty fees were $6.04B, or 78.9% of net revenues.
Credit-loss provision was $1.140B versus $485M in Q2 and $338M in Q3 2025; other gains, net were $724M, primarily reflecting fair-value gains.
Total comprehensive income was $3.140B; other comprehensive loss was $1.037B, primarily from unrealized losses on available-for-sale securities.
9M net income was $11.9B, up $1.0B YoY; net revenues were $22.5B versus $21.6B, while non-interest expense fell $825M to $6.4B.
Total assets were $4.318T, down $14B QoQ; net worth rose $14.1B YoY.
Outlook and guidance
Higher mortgage rates are expected to pressure single-family acquisitions if refinance volumes remain low; elevated rates and competition weigh on multifamily new business.
2026 national home-price growth is forecast at 2.7%, following estimated 9M growth of 3.8%; regional timing and rates may vary.
U.S. single-family mortgage originations are forecast at $2.09T in 2026 versus $1.99T in 2025; refinance originations are forecast at $655B versus $578B.
FHFA capped 2026 multifamily loan purchases at $88B, with specified workforce-housing loans exempt from the cap.
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Latest events from Federal National Mortgage Association
- Q2 2026 net income up 20% year-over-year to $4.0B; net worth at $116.5B.FNMA
Q2 2026 - Q1 2026 net income reached $3.7B, net worth $112.7B, and efficiency improved.FNMAQ1 2026
- 2025 net income fell 15% to $14.4B, but net worth and efficiency improved.FNMAQ4 2025
- Q3 2025 net income rose 16% to $3.9B, with net worth at $105.5B and improved efficiency.FNMAQ3 2025
- Net income dropped 26% to $3.3B, but net worth rose to $101.6B amid higher credit loss provisions.FNMAQ2 2025
- Q3 2024 net income was $4.0B as net worth rose and delinquency rates increased.FNMAQ3 2024
- Q2 2024 net income rose to $4.5B, net worth hit $86.5B, and liquidity support remained strong.FNMAQ2 2024
- Q1 2025 net income was $3.7B, net worth rose to $98.3B, and liquidity remained strong.FNMAQ1 2025
- $17B net income, $94.7B net worth, and $381B liquidity with rising delinquencies in 2024.FNMAQ4 2024
Next Federal National Mortgage Association earnings date
Q4 202610 Feb, 2027
Federal National Mortgage Association
Next Federal National Mortgage Association earnings date
Q4 202610 Feb, 2027
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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.