)
Visual21 Nov 2025
Data center suppliers
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?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Federal National Mortgage Association earnings date
Q4 202518 Feb, 2026
Next Federal National Mortgage Association earnings date
Q4 202518 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage