Filing Flows › Federal National Mortgage Association Fannie Mae (FNMA) › Q2 2025
Federal National Mortgage Association Fannie Mae (FNMA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Federal National Mortgage Association Fannie Mae (FNMA) reported revenue of $7.2B for the second quarter 2025 (Q2 2025), -1% from a year earlier and +2% from the quarter before. Operating margin was 57.4%, net earnings $3.3B (45.8% of revenue).
Federal National Mortgage Association Fannie Mae, Q2 2025: revenue $7.2B (-1% year over year), operating margin 57.4%, net earnings $3.3B, operating cash flow $4.9B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.2B | +2% | -1% |
| Operating profit | $4.2B | -9% | -26% |
| Net earnings | $3.3B | -9% | -26% |
| Operating cash flow | $4.9B | +40% | +230% |
What changed
Revenue was $7.2B in Q2 2025, down 1% year over year and up 2% from the previous quarter.
Operating profit was $4.2B, a 57.4% margin (down 19.0 points year over year). Total costs grew 78% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+169%). Net earnings were $3.3B, down 26% year over year. The effective tax rate was 20.1%.
Operating cash flow was $4.9B (up 230% year over year), 148% of net earnings. Working capital and other items added $1.6B.
Questions
What was Federal National Mortgage Association Fannie Mae's revenue in the second quarter 2025?
Federal National Mortgage Association Fannie Mae (FNMA) reported revenue of $7.2B for the second quarter 2025 (Q2 2025), -1% from a year earlier and +2% from the quarter before.
Was Federal National Mortgage Association Fannie Mae profitable in the second quarter 2025?
Operating profit was $4.2B (57.4% of revenue) and net earnings $3.3B.
Source: Federal National Mortgage Association Fannie Mae 10-Q on SEC EDGAR.