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Federal National Mortgage Association Fannie Mae cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$876M in Q3 2026 · $32.6B over twelve months

Operating cash flow$876M
Free cash flow+$876M
Cash / net income0.2×

Analysis

In Q3 2026, Federal National Mortgage Association Fannie Mae generated $876M of operating cash flow. That is $8.7B less than in Q3 2025 ($9.6B).

Over the twelve months to Sep 30, 2026, operating cash flow was $32.6B; the largest uses were other financing ($189.4B); besides operations, cash came from other investing ($153.7B); the cash balance fell by $3.0B.

Operating cash flow was $876M against net income of $4.2B — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: gains on investments −$94.0M.

Free cash flow

Federal National Mortgage Association Fannie Mae: free cash flow by quarterFederal National Mortgage Association Fannie Mae: free cash flow by quarter−$12.4BQ4 2024$3.5BQ1 2025$4.9BQ2 2025$9.6BQ3 2025$6.0BQ4 2025$16.5BQ1 2026$9.3BQ2 2026$876MQ3 2026
Operating cash flow less capital spending.
Federal National Mortgage Association Fannie Mae: operating cash flow against capital spendingFederal National Mortgage Association Fannie Mae: operating cash flow against capital spendingOperating cash flowCapital spending−$12.4B$0Q4 2024$3.5B$0Q1 2025$4.9B$0Q2 2025$9.6B$0Q3 2025$6.0B$0Q4 2025$16.5B$0Q1 2026$9.3B$0Q2 2026$876M$0Q3 2026
Latest (Q3 2026): Operating cash flow $876M, Capital spending $0.

Capital allocation, year by year

Federal National Mortgage Association Fannie Mae: where the cash came from (up) and went (down), by fiscal yearFederal National Mortgage Association Fannie Mae: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedFY2021: Operating cash flow $47.2BFY2021: Shares issued $70.0B$117.2BFY2021FY2022: Operating cash flow $43.8BFY2022: Shares issued $70.0B$113.8BFY2022FY2023: Operating cash flow $11.9BFY2023: Shares issued $70.0B$81.9BFY2023FY2024: Operating cash flow −$10.5BFY2024: Shares issued $70.0B$70.0BFY2024FY2025: Operating cash flow $24.0BFY2025: Shares issued $70.0B$94.0BFY2025
Over these 5 years operating cash flow totalled $116.4B; the largest uses were operating cash flow ($10.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.9B
Debt$4.14T
Net debt$4.13T

Federal National Mortgage Association Fannie Mae funds itself: free cash flow was $32.6B over the last twelve months, and $10.9B of cash and investments stands against $4.14T of debt.

Where the cash came from and went

Federal National Mortgage Association Fannie Mae: sources (+) and uses (−) of cash, Q3 2026Federal National Mortgage Association Fannie Mae: sources (+) and uses (−) of cash, Q3 2026Other financing−$51.0BOther investing$45.6BCash drawn (+) / kept (−)$4.5BOperating cash flow$876M
Federal National Mortgage Association Fannie Mae: sources (+) and uses (−) of cash, TTM to Q3 2026Federal National Mortgage Association Fannie Mae: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$189.4BOther investing$153.7BOperating cash flow$32.6BCash drawn (+) / kept (−)$3.0B

From profit to cash

Federal National Mortgage Association Fannie Mae: net income to operating cash flow, Q3 2026Federal National Mortgage Association Fannie Mae: net income to operating cash flow, Q3 2026Net income$4.2BGains on investments−$94.0MOperating cash flow$876M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCash drawn (+) / kept (−)Free cash flow
Q3 2026$876M$4.5B$876M
Q2 2026$9.3B$4.5B$9.3B
Q1 2026$16.5B−$2.7B$16.5B
Q4 2025$6.0B−$3.2B$6.0B
Q3 2025$9.6B−$948M$9.6B
Q2 2025$4.9B−$356M$4.9B
Q1 2025$3.5B$465M$3.5B
Q4 2024−$12.4B−$614M−$12.4B

Federal National Mortgage Association Fannie Mae: income statement and cash flow

Federal National Mortgage Association Fannie Mae, Q3 2026: revenue $7.7B (+5% year over year), operating margin 66.8%. The chart follows the revenue to costs, profit and cash.

Federal National Mortgage Association Fannie Mae: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.