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Annual figures as reported in 10-K / 20-F / 40-F filings.
FNMA · CIK 0000310522

FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE

Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.

FNMA logo
Federal & Federally-Sponsored Credit Agencies
Company profile
OTC · FNMAHQ Washington, DCFiscal year ends Dec 31Large accelerated filer
Net income
$14.4B
▼ −15.4% vs FY2024
Operating cash flow
$24.0B
▲ +328.0% vs FY2024
Diluted EPS
$0.00

Net income

Annual, as reported

010B20B’14’16’18’20’22’24’25$14.4B

Recent quarters

momentum · last 12 quarters
Net income — Mar ’26 quarter
$3.7B
▲ +1.6% vs Mar ’25
Diluted EPS — trailing 12 months
$0.01

Quarterly net income

Discrete quarters; Q4 derived from the annual figure

02B4BJun ’23Dec ’23Jun ’24Dec ’24Jun ’25Dec ’25Mar ’26$3.7B
QuarterRevenueRev. YoYGross marginNet incomeNet marginDiluted EPS
Mar ’26———$3.7B—$0.01
Dec ’25———$3.5B—$0.00
Sep ’25———$3.9B—$0.00
Jun ’25———$3.3B—$0.00
Mar ’25———$3.7B—$0.00
Dec ’24———$4.1B—$0.00
Sep ’24———$4.0B—$0.00
Jun ’24———$4.5B—$0.00

Profitability & returns

quality of earnings

Returns on capital

Net income vs year-end equity and assets

0%100%200%300%’14’16’18’20’22’24
Return on equityReturn on assets

Cash flow

cash generation

Operating cash flow

Net cash from operations

−50B0’14’16’18’20’22’24’25$24.0B

Shareholder returns

capital allocation

Diluted shares outstanding

Falling count means buybacks outpace dilution

02B4B’14’16’18’20’22’24’255.89B

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

050B100B’14’16’18’20’22’24’25$109.0B

Net debt

Long-term debt less cash — negative means net cash

02T4T’14’16’18’20’22’24’25$4.11T

Growth rates

compounding, annualized
Net income CAGR
+3.6%
3y
+4.0%
5y
+2.7%
10y
Share count change (split-adjusted)
+0.0%
5y
+2.3%
10y

Key ratios

derived per fiscal year
Fiscal yearROEROADebt / equity
FY202513.2%0.3%38.12×
FY202417.9%0.4%44.55×
FY202322.4%0.4%54.14×
FY202221.4%0.3%69.87×
FY202146.8%0.5%87.75×
FY202046.7%0.3%155.33×
FY201996.9%0.4%235.54×
FY2018255.8%0.5%539.59×
FY2017—0.1%—
FY2016202.8%0.4%531.50×
FY2015271.8%0.3%775.61×
FY2014386.1%0.4%846.63×

Annual figures

as reported
Fiscal yearRevenueGross profitOp. incomeNet incomeDiluted EPSOp. cash flowCapexTotal assetsLiabilitiesEquityCashLT debt
FY2025———$14.4B$0.00$24.0B—$4.32T$4.21T$109.0B$42.6B$4.16T
FY2024———$17.0B$0.00−$10.5B—$4.35T$4.26T$94.7B$38.9B$4.22T
FY2023———$17.4B$0.00$11.9B—$4.33T$4.25T$77.7B$35.8B$4.21T
FY2022———$12.9B$0.00$43.8B—$4.31T$4.25T$60.3B$58.0B$4.21T
FY2021———$22.2B$0.01$47.2B—$4.23T$4.18T$47.4B$42.4B$4.16T
FY2020———$11.8B$0.00−$72.9B—$3.99T$3.96T$25.3B$38.3B$3.92T
FY2019———$14.2B$0.03−$4.8B—$3.50T$3.49T$14.6B$21.2B$3.44T
FY2018———$16.0B$0.57$2.2B—$3.42T$3.41T$6.2B$25.6B$3.37T
FY2017———$2.5B−$1.12$4.2B—$3.35T$3.35T−$3.7B$32.1B$3.30T
FY2016———$12.3B$0.01−$980.0M—$3.29T$3.28T$6.1B$25.2B$3.23T
FY2015———$11.0B−$0.05−$6.7B—$3.22T$3.22T$4.0B$14.7B$3.13T
FY2014———$14.2B−$0.19−$1.3B—$3.25T$3.24T$3.7B$22.0B$3.12T

Latest filings

the most recent regulatory filings
ABS-15G/AFNMA FILE 09 OF 092026-05-13 ↗ABS-15G/AFNMA FILE 08 OF 092026-05-13 ↗ABS-15G/AFNMA FILE 07 OF 092026-05-13 ↗ABS-15G/AFNMA FILE 06 OF 092026-05-13 ↗ABS-15G/AFNMA FILE 05 OF 092026-05-13 ↗ABS-15G/AFNMA FILE 04 OF 092026-05-13 ↗ABS-15G/AFNMA FILE 03 OF 092026-05-13 ↗ABS-15G/AFNMA FILE 02 OF 092026-05-13 ↗ABS-15GFNMA FILE 01 OF 092026-05-13 ↗8-KCurrent report — material event2026-04-29 ↗

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