Filing Flows › Federal National Mortgage Association Fannie Mae (FNMA) › Q4 2025
Federal National Mortgage Association Fannie Mae (FNMA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Federal National Mortgage Association Fannie Mae (FNMA) reported revenue of $7.3B for the fourth quarter 2025 (Q4 2025), +0.5% from a year earlier and +0.3% from the quarter before. Operating margin was 60.2%, net earnings $3.5B (48.1% of revenue).
Federal National Mortgage Association Fannie Mae, Q4 2025: revenue $7.3B (+0.5% year over year), operating margin 60.2%, net earnings $3.5B, operating cash flow $6.0B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.3B | +0.3% | +0.5% |
| Operating profit | $4.4B | -9% | -15% |
| Net earnings | $3.5B | -9% | -15% |
| Operating cash flow | $6.0B | -37% | — |
What changed
Revenue was $7.3B in Q4 2025, roughly flat year over year and roughly flat from the previous quarter.
Operating profit was $4.4B, a 60.2% margin (down 10.8 points year over year). Operating profit fell $0.77B even though revenue rose $0.03B versus a year earlier, so costs grew faster than sales. Total costs grew 38% against flat revenue. The fastest-growing cost line was Other operating costs (+71%). Net earnings were $3.5B, down 15% year over year. The effective tax rate was 20.0%.
Operating cash flow was $6.0B, 170% of net earnings. Working capital and other items added $2.5B.
Questions
What was Federal National Mortgage Association Fannie Mae's revenue in the fourth quarter 2025?
Federal National Mortgage Association Fannie Mae (FNMA) reported revenue of $7.3B for the fourth quarter 2025 (Q4 2025), +0.5% from a year earlier and +0.3% from the quarter before.
Was Federal National Mortgage Association Fannie Mae profitable in the fourth quarter 2025?
Operating profit was $4.4B (60.2% of revenue) and net earnings $3.5B.
Source: Federal National Mortgage Association Fannie Mae 10-K on SEC EDGAR.