Filing Flows › Federal National Mortgage Association Fannie Mae (FNMA) › Q1 2026
Federal National Mortgage Association Fannie Mae (FNMA) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Federal National Mortgage Association Fannie Mae (FNMA) reported revenue of $7.3B for the first quarter 2026 (Q1 2026), +3% from a year earlier and -0.7% from the quarter before. Operating margin was 64.1%, net earnings $3.7B (51.1% of revenue).
Federal National Mortgage Association Fannie Mae, Q1 2026: revenue $7.3B (+3% year over year), operating margin 64.1%, net earnings $3.7B, operating cash flow $16.5B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.3B | -0.7% | +3% |
| Operating profit | $4.7B | +6% | +2% |
| Net earnings | $3.7B | +5% | +2% |
| Operating cash flow | $16.5B | +175% | +370% |
What changed
Revenue was $7.3B in Q1 2026, up 3% year over year and down 1% from the previous quarter.
Operating profit was $4.7B, a 64.1% margin (down 0.6 points year over year). Of the extra revenue versus Q1 2025, 41% reached operating profit, below the 65% margin then. Total costs grew 5% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+24%). Net earnings were $3.7B, up 2% year over year. The effective tax rate was 20.2%.
Operating cash flow was $16.5B (up 370% year over year), 443% of net earnings. Working capital and other items added $12.8B.
Questions
What was Federal National Mortgage Association Fannie Mae's revenue in the first quarter 2026?
Federal National Mortgage Association Fannie Mae (FNMA) reported revenue of $7.3B for the first quarter 2026 (Q1 2026), +3% from a year earlier and -0.7% from the quarter before.
Was Federal National Mortgage Association Fannie Mae profitable in the first quarter 2026?
Operating profit was $4.7B (64.1% of revenue) and net earnings $3.7B.
Source: Federal National Mortgage Association Fannie Mae 10-Q on SEC EDGAR.