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Federal National Mortgage Association (FNMA) investor relations material
Federal National Mortgage Association Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Net income for Q2 2025 was $3.3B, down 9% sequentially and 26% year-over-year, mainly due to higher credit loss provisions.
Net worth reached $101.6B, up 18% year-over-year and $3.3B from the previous quarter, surpassing $100B for the first time.
Provided $102B in liquidity to the mortgage market in Q2, assisting 381,000 households, with 52% of homebuyers being first-timers.
Announced a fraud detection partnership with Palantir Technologies and ranked 25th in the 2025 Fortune 500.
Remains under FHFA conservatorship, with significant restrictions on business activities and stockholder rights.
Financial highlights
Net revenues were $7.2B, up 2% sequentially but down $95M year-over-year; net interest margin held steady at 0.66%.
Efficiency ratio improved to 31.5%, with noninterest expenses falling by over $250M from the prior quarter.
Provision for credit losses was $946M, up from a $300M benefit in Q2 2024, reflecting lower home price and property value growth.
Return on equity for Q2 was 9.5%; return on assets was 0.31%.
Net charge-offs remained low for single family and total book; multifamily charge-offs rose slightly.
Outlook and guidance
Closely monitoring mortgage market conditions and regional home price softness; forecasts 2025 national home price growth of 2.8%.
GDP expected to grow in 2025, but at a slower pace than 2024; unemployment rate expected to increase modestly.
Multifamily vacancy rates projected to rise to 6.25% in 2025 due to elevated new supply.
Expect debt-to-income ratios above 43% to persist until mortgage rates decline.
Committed to building regulatory capital and improving expense discipline.
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Next Federal National Mortgage Association earnings date
Q3 202530 Oct, 2025
Next Federal National Mortgage Association earnings date
Q3 202530 Oct, 2025
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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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