Filing Flows › Federal National Mortgage Association Fannie Mae (FNMA) › Q3 2025
Federal National Mortgage Association Fannie Mae (FNMA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Federal National Mortgage Association Fannie Mae (FNMA) reported revenue of $7.3B for the third quarter 2025 (Q3 2025), -0.5% from a year earlier and +0.9% from the quarter before. Operating margin was 66.2%, net earnings $3.9B (52.8% of revenue).
Federal National Mortgage Association Fannie Mae, Q3 2025: revenue $7.3B (-0.5% year over year), operating margin 66.2%, net earnings $3.9B, operating cash flow $9.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.3B | +0.9% | -0.5% |
| Operating profit | $4.8B | +16% | -4% |
| Net earnings | $3.9B | +16% | -5% |
| Operating cash flow | $9.6B | +95% | — |
What changed
Revenue was $7.3B in Q3 2025, roughly flat year over year and up 1% from the previous quarter.
Operating profit was $4.8B, a 66.2% margin (down 2.7 points year over year). Total costs grew 8% against flat revenue. The fastest-growing cost line was Other operating costs (+18%). Net earnings were $3.9B, down 5% year over year. The effective tax rate was 20.2%.
Operating cash flow was $9.6B, 248% of net earnings. Working capital and other items added $5.7B.
Questions
What was Federal National Mortgage Association Fannie Mae's revenue in the third quarter 2025?
Federal National Mortgage Association Fannie Mae (FNMA) reported revenue of $7.3B for the third quarter 2025 (Q3 2025), -0.5% from a year earlier and +0.9% from the quarter before.
Was Federal National Mortgage Association Fannie Mae profitable in the third quarter 2025?
Operating profit was $4.8B (66.2% of revenue) and net earnings $3.9B.
Source: Federal National Mortgage Association Fannie Mae 10-Q on SEC EDGAR.