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Federal National Mortgage Association Fannie Mae (FNMA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Federal National Mortgage Association Fannie Mae (FNMA) Q3 2026 earnings results →
Q3 2026 Revenue up 5% year over year to $7.7B · 55¢ of every $1 of revenue kept as net profit · operating margin 66.8%
Federal National Mortgage Association Fannie Mae made $7.7B in Q3 2026 (+5% Y/Y). Operating margin 66.8%, net earnings $4.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $7.7B in Q3 2026, up 5% year over year and up 1% from the previous quarter.
Operating profit was $5.1B, a 66.8% margin (up 0.6 points year over year). Of the extra revenue versus Q3 2025, 81% reached operating profit, above the 66% margin then. Total costs grew 3% against revenue growth of 5%. Net earnings were $4.2B, up 8% year over year. The effective tax rate was 18.3%.
Operating cash flow was $0.88B (down 91% year over year), 21% of net earnings. Working capital and other items used $3.3B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $7.7B | +5% | 66.8% | $4.2B | $876M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $7.6B | +4% | 65.9% | $4.0B | $9.3B |
| Q1 2026 | 10-Q | Apr 29, 2026 | $7.3B | +3% | 64.1% | $3.7B | $16.5B |
| Q4 2025 | 10-K | Feb 11, 2026 | $7.3B | +0.5% | 60.2% | $3.5B | $6.0B |
| Q3 2025 | 10-Q | Oct 29, 2025 | $7.3B | -0.5% | 66.2% | $3.9B | $9.6B |
| Q2 2025 | 10-Q | Jul 30, 2025 | $7.2B | -1% | 57.4% | $3.3B | $4.9B |
| Q1 2025 | 10-Q | Apr 30, 2025 | $7.1B | -0.1% | 64.7% | $3.7B | $3.5B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- CBRE · Stated in 10-K (named, share not stated) · source
- CPF · Stated in 10-K (named, share not stated) · source
About Federal National Mortgage Association Fannie Mae
Fannie Mae is a leading source of financing for residential mortgages in the United States. We provided $409.3 billion in stability to the U.S. housing market and to promote access to mortgage credit. We primarily do this by buying residential
In its own words, from its 10-K, filed Feb 11, 2026.
Federal National Mortgage Association Fannie Mae against its Federal & Federally-Sponsored Credit Agencies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +19%. Operating margin: 66.8% against the peers' median 66.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FNMA Federal National Mortgage Association Fannie Mae | Q3 2026 | $7.7B | +5% | 66.8% |
| FMCC Federal Home Loan Mortgage | Q3 2026 | $6.8B | +19% | 59.0% |
| Federal Home Loan Bank of New York | Q3 2026 | $242M | -0.8% | 72.4% |
| Federal Home Loan Bank of Pittsburgh | Q3 2026 | $188M | +26% | 79.7% |
| AGM Federal Agricultural Mortgage | Q3 2026 | $125M | +20% | 63.5% |
Source: Federal National Mortgage Association Fannie Mae 10-Q on SEC EDGAR · CIK 310522 · Federal & Federally-Sponsored Credit Agencies
Guidance and outlook
13F: who owns FNMA and who is buying
More on FNMA
- How Federal National Mortgage Association Fannie Mae makes money: revenue by segment
- Federal National Mortgage Association Fannie Mae next earnings date and what analysts expect
- Federal National Mortgage Association Fannie Mae stock forecast, price target and fair value
- Who owns Federal National Mortgage Association Fannie Mae stock: holders, funds and Congress trades
- Federal National Mortgage Association Fannie Mae guidance and outlook
- Federal National Mortgage Association Fannie Mae recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
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中文版：Federal National Mortgage Association Fannie Mae（FNMA）财报