The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The companies on this annual list make a conscious effort to be supportive, inclusive workplaces.

2025 Best Large Workplaces for Women_Fannie Mae_US1__68a71dfc383bc91cadd06a7f_1

Employees say:"I've very much felt that in meetings with colleagues, everyone is genuinely interested in hearing each others' opinions and actively seeks out different perspectives. I've been at 4 companies now and feel this much more than I did at other companies. I also think that the benefits offered (commuter benefits, student loan repayment help, etc.) really show that leadership cares about supporting employees in making it possible to do your best work."

100 Best Large Workplaces for Women

See which workplaces made this year's list.

2025_GPTW_FinancialServices_Large_Fannie Mae_US1__685d51ce023fa8a026342330_1

Employees say:"When it comes to supporting their employees, their actions are louder than their words. There is a true Mission above the financial performance. Leadership promotes skip level meetings and in-company networking to help employees build their brand. By far, Fannie Mae is the most enjoyable, fulfilling place to work that I have experienced in my 25+ years in the mortgage industry."

Best Large Workplaces in Financial Services and Insurance

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The top companies on our list have one thing in common: Staff largely trust leadership to see them as well-rounded people and reward them for a job well done.

GPTW_100BestCompaniesToWorkFor_2025-Fannie Mae_US1__20241210214006_6

Employees say: "Continued commitment to having a flexible work model where most employees can choose where to work (home or office or any combination thereof). Transparency in employee survey results and following up on feedback. Passion and energy for our purpose to ensure available and affordable quality housing."

Fortune 100 Best Companies to Work For

2025 Best Large Workplaces for Parents_Fannie Mae_US1__68b9ad8e7757c3af0ca2bb8e_1

Employees say:"When it comes to supporting their employees, their actions are louder than their words. There is a true mission above the financial performance. Leadership promotes skip level meetings and in-company networking to help employees build their brand. By far, Fannie Mae is the most enjoyable, fulfilling place to work that I have experienced in my 25+ years in the mortgage industry."

Best Large Workplaces for Parents

GPTW_Parents_Large_2024-Fannie Mae_US1__20240918135500_6

Employees say:"Fannie Mae cares greatly about work-life balance and offers flexible work options including, remote, hybrid and on-site work options, leave for new parents and grandparents, competitive vacation allowances, flexible Fridays, home purchase and home catastrophe leave, and caregiver leave."

GPTW_Women_Large_2024-Fannie Mae_US1__20240830224000_5

Employees say:"Fannie Mae is a great company with an admirable mission and dedicated team. I am proud to work at Fannie Mae and my accomplishments as Fannie let me hit my stride and shine."

GPTW_Financial_Services_and_Insurance_Large_2024-Fannie Mae_US1__20240712182200_6

Employees say:"The company culture, policies and standards make employees feel secure, empowered and to bring the authentic self to work and work in a collaborative environment. Feel honored and great to be part of a great organization that strives to work towards its mission and at the same time, encourage and provide opportunities for employees to grow."

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Fortune partners with global people analytics firm Great Place to Work to analyze survey feedback representing employees from companies across the U.S.

GPTW-Millennials-Large-2024-Fannie-Mae

Employees say:"This company is incredibly employee centric—from our best in-class benefits, constant additional days off, flex options to ensure we can take care of work and home demands, the way leadership actively listens and implements changes based on employee feedback in our 2x/year employee survey, etc. Also, the way we keep mission at the heart of everything we do- it is not just a mission statement we've written and forget about; it truly informs every aspect of the work we do, which makes me feel a huge sense of pride and impact working here."

100 Best Large Workplaces for Millennials

Industries included in the sector are banks, insurance, and real estate companies.

Fortune Sector Leaders: Financials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

GLOBAL-500-2023-Fannie-Mae

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500 2023-Fannie Mae

The government-backed mortgage financing giant moved up five spots on this year’s list, bringing in $122 billion in revenue. But a slowing housing market sharply reduced the number of mortgages that Fannie Mae purchased, securitized, and otherwise guaranteed. 
<ul> 
 	<li>For its 2022 fiscal year, the company said, it supported $684 billion worth of housing activity, down about 50% from 2021. That included acquiring about 1,151,000 single-family mortgages (more than 45% of which went to first-time homebuyers) and 886,000 single-family-home refinancing loans.</li> 
 	<li>Fannie Mae also reported financing approximately 598,000 units of rental housing in 2022, a majority of which it says were affordable to households earning at or below 120% of area median income.</li> 
</ul>

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

This year’s Fortune 500 marks the 68th running of the list.

The crazy pandemic-era housing price boom might not have been possible without Fannie Mae. The government-backed enterprise doesn’t issue mortgages directly, but it purchases, securitizes, and guarantees loans made by other lenders, which attracts investors and helps keep the mortgage market liquid. Fannie Mae reported in February that it had acquired 1.4 million single-family home loans and 3.3 million refinanced mortgages in 2021, backing more than $450 billion worth of home purchases.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-062-Fannie Mae

As a government-sponsored enterprise, Fannie Mae plays a critical role in underpinning the U.S. housing market—and, in turn, the American economy at large. The pandemic only highlighted that importance; Fannie provided a record $1.4 trillion in liquidity to the single- and multifamily mortgage markets in 2020, allowing homeowners to take advantage of historically low interest rates to purchase homes at a breakneck pace, and to refinance 3.4 million loans across the U.S. last year. Despite the surprising strength in those markets, Fannie’s 2020 results were hindered by the pandemic; revenues fell 11.5% from the previous year, while profits slipped nearly 17%.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-25-Fannie Mae

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-053-Fannie-Mae

Government–backed Fannie Mae remains a vital cog in the U.S. housing market. Fannie provided more than $650 billion in liquidity to the residential mortgage market last year by purchasing or securitizing the loans behind more than 3 million home purchases, re-financings, and rentals. In addition to financing roughly one in four single-family mortgages in the U.S., the company backed $70 billion in multifamily financing in 2019, with the overwhelming bulk of that supporting affordable-housing units. Revenues ticked up 1% last year; profits, however, slid 11%.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-024-Fannie-Mae

Government–backed Fannie Mae remains a vital cog in the U.S. housing market. Fannie provided more than $650 billion in liquidity to the residential mortgage market last year across more than 3 million home purchases, re-financings, and rentals. In addition to financing roughly one in four single-family mortgages in the U.S., the company provided $70 billion in multifamily financing in 2019, with the overwhelming bulk of that backing affordable units. Revenues ticked up 1% last year; profits, however, were harder to come by. They slid 11%.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Best Workplaces For Parents

Founded

Sites

Industry Vertical

Best Companies

Rank last year

Years on list

U.S. employees

U.S. job openings

Year founded

Benefits

Subsidized childcare

Compressed work weeks

Option to work remotely

Minimum requirement in-office attendance (days per week)

Mental health coverage

Free mental health sessions (per year)

Free backup childcare time off (days)

Maximum $ amount covered for fertility services

Fully paid maternal leave (days)

Fully paid paternal leave (days)

Fully paid adoptive leave (days)

Maternal leave in addition to regular time off (days)

Paid days off for volunteering

Best Workplaces In Financial Services And Insurance

Best Workplaces For Women

# Work Sites

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

The Federal National Mortgage Association, or Fannie Mae, is a major player in the secondary mortgage market. The company buys housing loans from issuers and either holds them or packages them into securities it sells to investors. Founded in 1938 as part of the New Deal, Fannie Mae became a shareholder-owned corporation in 1968. In 2008, in the wake of the Global Financial Crisis and a nationwide crash in housing values, Fannie Mae was delisted from the New York Stock Exchange and entered government conservatorship. It returned to profitability in 2012.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Fannie Mae (FNMA): Company Profile, Stock Price, News, Rankings

legacy

Fannie Mae

fannie mae

Good day, and welcome to the Fannie Mae First Quarter twenty twenty five Financial Results Conference Call. At this time, I will now turn it over to your host, Pete Buchel, Fannie Mae's Director of External Communications.

Hello, and thank you all for joining today's conference call to discuss Fannie Mae's first quarter twenty twenty five financial results. Please note this call includes forward looking statements, including statements about Fannie Mae's and the Director of the U. S. Federal Housing FHFA's expectations related to economic and housing market conditions, the future performance of the company's book of business, the company's future financial performance, and the company's business plans and their impact. Future events may turn out to be very different from these statements.

The forward looking statements section in the company's first quarter twenty twenty five Form 10 Q filed today and in the company's 2024 Form 10 k filed on 02/14/2025 describe factors that may lead to different results. A recording of this call may be posted on the company's website. We ask that you do not record this call for public broadcast and that you do not publish any full transcript. I'd now like to turn the call over to director of the US Federal Housing FHFA and chairman of the Fannie Mae Board of Directors, William J. Pulte Fannie Mae President and Chief Executive Officer, Priscilla Amaldovar and Fannie Mae Chief Financial Officer, Chris S.

Thank you. Our current focus at Fannie Mae is on operational efficiency and ensuring that Fannie Mae is a world class operator. While assets are significant, there remains great opportunity to trim fat, turn the business around, generate more earnings, and do so all while ensuring safety and soundness. A profitable Fannie Mae, one with a strong balance sheet and strong capital, focused on delighting customers, means a safe and sound US mortgage market. The operational improvements we are driving at Fannie Mae will turn around the company and will make Fannie Mae a great American icon once again.

Thank you, director Fulte, and welcome all. Thank you for joining us today. We delivered solid results this quarter as we continued our focus on providing liquidity and stability to the nation's housing market. I will start with an overview of the housing environment, then share our financial results and mission performance highlights. After that, our chief financial officer, Kirsta Halley, will discuss our financial results in more detail.

First, the housing environment. The thirty year fixed rate mortgage rate averaged 6.8% during the quarter, slightly up from the 6.6% in the last quarter. Total annualized home sales rose slightly to an estimated 4,800,000 units in the first quarter, though remained well below the level seen pre COVID. Affordability challenges and lock in effect remained persistent headwinds. High home prices continue to be the primary sticking point for buyers.

Nationally, home prices increased 5.2 for the twelve months ended March 31. Single family mortgage market originations were an estimated $378,000,000,000, a 16% increase from the first quarter of twenty twenty four. In multifamily, the national vacancy rate was 6% as of March 31, unchanged year on year. Rents went up by point 3% in the first quarter of twenty twenty five and up 1% from a year ago. While multifamily property values remain down from the peak, they have shown some initial signs of stabilizing.

Now let's dive into our first quarter financial results. We are at $7,100,000,000 in net revenue and $3,700,000,000 in net income in the first quarter. Our results show a steady revenue stream, mainly driven by guarantee fee income on our $4,100,000,000,000 book of business. As of the end of the first quarter, we grew our net worth to $98,000,000,000 a nearly 20% increase compared to the first quarter a year ago. And since the end of twenty twenty two, we have built $41,000,000,000 of regulatory capital.

In the first quarter, we recognized $931,000,000 in expenses we paid to the US Treasury, HUD, and FHFA for TCCA fees, affordable housing funds, and FHFA assessments. Now let's talk about how we performed on our housing mission. In the first quarter of twenty twenty five, we provided $76,000,000,000 of liquidity to support single family and multifamily mortgage lending. This helped 287,000 households buy, refinance, or rent a home. This included 93,000 units of multifamily rental housing, most of which are affordable for households earning at or below a 20% of area median income.

It also included about seventy four thousand first time homebuyers. In fact, half of the purchase loans we bought this quarter were for first time homebuyers. But it's not just about helping people get into homes. It's also about making sure they can stay in them. That's why we also focus on loss mitigation.

When borrowers and renters face hardships, we have clear, consistent, and proven tools that help maintain stable housing. This includes workout options like payment deferrals, loan modifications, and repayment plans. Through these options, we helped nearly 27,000 borrowers remain in their homes during the quarter. These activities strengthen the communities we serve and make our book more resilient to losses. Our work and the underwriting and servicing standards we set help attract capital to our mortgage backed securities.

This provides diverse, global, essential liquidity to The US housing market. To wrap up, we had a solid quarter. Our team is laser focused on supporting housing affordability and stability and being a reliable source of liquidity. To do this, we're focused on managing our risks, strengthening our profitability, and enhancing how we run the business. We look forward to our continued partnership with the new administration as we work together to tackle housing affordability.

With that, I'll turn it over to Crissa to discuss our first quarter financial results in more detail.

Thank you, Priscilla, and good morning. As Priscilla mentioned, we reported $3,700,000,000 of net income in the first quarter, our twenty ninth consecutive quarter of positive earnings. Revenues of $7,100,000,000 were flat year over year. We recorded a $24,000,000 provision for credit losses during the quarter compared to the 180,000,000 benefit we recorded in the first quarter of twenty twenty four. Noninterest expense was $2,600,000,000 compared to $2,300,000,000 in the first quarter of twenty twenty four.

Our efficiency ratio, as presented in our financial supplement, was 36.1 for the quarter. Turning to our business activity. Our guaranteed book stood at $4,100,000,000,000 as of the end of the quarter. This included $76,000,000,000 of new business acquisitions. In single family, we acquired $64,000,000,000 in loans this quarter.

This was up 3% year over year. Acquisitions continued to be muted due to the mortgage interest rate environment, housing affordability constraints, and limited supply. Purchase loans made up 78% of our first quarter acquisitions. The credit profile of our single family book remains strong with a weighted average mark to market loan to value ratio of 50% and a weighted average credit score at origination of seven fifty three. Our strong underwriting and servicing standards help to keep our single family serious delinquency or SDQ rate low at 56 basis points as of the March, unchanged from December 2024.

In single family credit risk transfer, we executed four transactions in the first quarter, transferring a portion of the credit risk on approximately $51,000,000,000 of unpaid principal balance at the time of the transaction. We paid $429,000,000 in premiums during the quarter on our outstanding single family credit risk transfers. Through primary mortgage insurance and programs such as CAS and CERT, at the end of the quarter, 47% of our single family book had some form of credit protection. In multifamily, we acquired $11,800,000,000 in loans during the quarter compared to $10,100,000,000 in the first quarter of twenty twenty four. Our multifamily book as of the quarter end had a weighted average original loan to value ratio of 63 and a weighted average debt service coverage ratio of two point o times.

According to the MSCI RCA Commercial Property Price Index, property values declined 18% from their peak in the second quarter of twenty twenty two to the first quarter of twenty twenty five, but are down just 1% compared to the first quarter of twenty twenty four. Our multifamily SDQ rate increased to 63 basis points at the March compared to 57 basis points as of the December 2024. Because of our unique DUS risk sharing model where we share a portion of the credit risk on the multifamily loans we acquire, coupled with our MCAS and M CERT programs, essentially, all of our multifamily book had some form of credit protection as of the March. At quarter end, we had a 140,000,000,000 capital shortfall to our minimum total risk based capital requirement, excluding buffers, primarily because the $120,800,000,000 stated value of the senior preferred stock does not qualify as regulatory capital. This shortfall declined by $6,000,000,000 compared to the year end, primarily driven by the increase in our retained earnings and the decrease in our risk weighted assets.

More information about our capital rule and progress towards our regulatory capital requirements are in our financial supplement and 10 Q filed today. Lastly, I'll touch on our current economic outlook. Our economists currently expect that mortgage rates will average 6.5% for 2025. Total home sales are expected to improve slightly to 4,900,000 units compared to the 4,700,000 units seen for the full year of 2024. However, the continued low level of homes available for sale has helped to keep home price growth robust.

We currently project year over year home price growth will be 4.1% in 2025 as measured by the Fannie Mae home price index compared to 5.3% in 2024. We forecast single family mortgage originations of about $2,000,000,000,000 in 2025, up from an estimated $1,700,000,000,000 in 2024, with purchases forecasted to make up 73% of single family mortgage originations this year. In multifamily, we expect rent growth to be in the 2% to 2.5% range in 2025 if job growth continues at its recent pace and home prices remain elevated. Separately, we believe vacancy rates could rise to 6.25% this year, and we forecast multifamily market originations between $325,000,000,000 and $365,000,000,000 in 2025, up from $310,000,000,000 in 2024. Our expectations are based on many assumptions, and our actual results could differ materially from our current expectations.

I invite you to visit fannymay.com where you'll find a financial supplement with today's filing that provides additional insights into our business. Thank you for joining us today.

Thank you, everyone. That concludes today's call. You may disconnect.

Fannie Mae (FNMA) Q1 2025 Earnings Call Transcript

Company Participants