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.

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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

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Best Workplaces In Financial Services And Insurance

Best Workplaces For Women

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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

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Q4 2024

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

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Fannie Mae

fannie mae

Good day, and welcome to the Fannie Mae Second Quarter twenty twenty five Financial Results Webcast. At this time, I will now turn it over to your host, Terrence O'Hara, Fannie Mae's Director of Enterprise Communications.

Hello, and thank you for joining today's webcast to discuss Fannie Mae's second quarter twenty twenty five financial results. Please note this webcast includes forward looking statements, including expectations related to housing market conditions, the future performance of the company's book of business, the company's future financial performance and the company's future plans and their impact. Future events may turn out to be very different from these statements. The forward looking statements section of the company's second quarter twenty twenty five Form 10 Q filed today and in the company's 2024 Form 10 ks filed on 02/14/2025, identify factors that may lead to different results. A recording of this webcast may be posted on the company's website.

We ask that you do not record this webcast for public broadcast and that you do not publish any full transcript. I'd like now to turn the call over to Fannie Mae's President and Chief Executive Officer, Priscilla Amadovar and Fannie Mae Chief Financial Officer, Krista C. Haley.

Good morning. Thank you for joining us for Fannie Mae's second quarter earnings call. Today, we're excited to share some changes to our quarterly earnings materials, which we made to help enhance the understanding of our results. You'll notice that we've rebranded what we previously called our financial supplement into an earnings presentation. During this call, we'll refer to the earnings presentation to share our results and explain the drivers of our performance.

And with that, let me start with key highlights for the second quarter on page one. We reported 3,300,000,000 of net income, which is down 9% versus first quarter and down 26% year on year, predominantly due to a higher provision for credit losses. Net revenues were $7,200,000,000 up 2% versus first quarter and relatively flat year on year. Meanwhile, our focus on efficiency remains a top priority. And during the quarter, non interest expenses were down over $250,000,000 versus the prior quarter.

Reflecting the progress on expenses, our efficiency ratio this quarter was 31.5%. This progress on expenses was greatly aided by the efficiency and deregulation efforts of direct to Pulte and the entire team at U. S. Federal Housing. Our guarantee book was held relatively flat at 4,100,000,000,000.0 drove our second quarter guarantee fee revenues, and we built $3,700,000,000 of regulatory capital.

We calculate illustrative return on required common equity Tier one as a way to measure and compare our performance to peers. And in the second quarter, our return on equity was 9.5%. Now, turning to our impact. At Fannie Mae, our mission is the heart of what we do. In the second quarter, we proudly continued to make a material positive impact for American households.

Despite a sluggish spring home buying season, we provided a $102,000,000,000 of liquidity to the mortgage market. This helped 381,000 households, including a 183,000 homebuyers, 52% of whom were first time homebuyers. We also helped to keep over 25,000 households in their homes by offering various forms of assistance. Year to date, we have provided a $178,000,000,000 of liquidity to the mortgage market and have helped 668,000 households buy, refinance, or rent a home in The US. Additionally, this quarter, we had a few notable achievements at Fannie Mae.

We announced a fraud detection and prevention partnership with Palantir Technologies. We surpassed 100,000,000,000 of total equity, which we refer to as net worth, ending the quarter at $101,600,000,000 And we ranked 25 in the twenty twenty five Fortune 500. In summary, the second quarter delivered on our expense focus, while also highlighting our steady revenues and commitments to building capital and achieving attractive returns. We are steadfast in our mission and in safely and soundly making a positive impact on American housing. In partnership with director Pulte and US Federal Housing, our Fannie Mae team is deeply engaged and energized to continue to find ways to make housing more affordable, drive efficiencies, and prevent fraud.

Now I'll turn the call over to Kirsta Haley, our Chief Financial Officer, to walk through the financial results in more detail.

Thank you, Priscilla, and good morning, everyone. Picking up on Page two, as Priscilla mentioned in the second quarter, we earned $3,300,000,000 of net income, had generally stable revenues versus comparable quarters, lower noninterest expenses, and higher provision for credit losses. I'll address credit and the provision in more detail in a moment, but the increase in provision is the main factor driving net income lower in the second quarter versus comparable quarters. Our total assets have stayed relatively flat compared with the first quarter and year over year as dynamics in the housing market continue the trend of fairly muted refinancing activity and new acquisitions coming in a bit short of portfolio runoff. Wrapping up this page, our net worth has grown 18% in the last year.

And in second quarter, we had a return on assets of 31 basis points and a return on risk weighted assets of 1%. On Page three, we highlight the drivers and components of net interest income. Our guarantee business drives the majority of our net interest income, and our guarantee book balance is impacted by home prices, mortgage rates, and over time, our market share. So far in the first half of the year, you'll see the composition of net interest income is trending similarly to full year 2024. This again is due to trends in the housing market, namely mortgage rates, which remained elevated and home price appreciation up 2% in the quarter, keeping purchase and refinance activity relatively low versus levels we saw in 2020 and 2021.

Overall, our base guarantee fee income has remained fairly steady in the last three years because the guaranteed book UPB has remained around the same level. Deferred guarantee fees have tapered off since levels seen in 2021, largely because of slowing prepayment rates, which slows down the recognition of the deferred fees. You'll also notice over the last few years that our liquidity and retained mortgage portfolios have contributed more to net interest income. Driving that increase is our significant progress building capital and the positive spread we've earned on our liquidity and retained mortgage portfolios relative to our cost of funding. Turning to Page four.

Our net interest margin, or NIM, as you can see, is relatively stable over time. The largest contributing factor to our NIM is guarantee fees. The guarantee fees, which are a fee we earn for guaranteeing timely payment of principal and interest, come through our income statement as interest income rather than fee income because we consolidate the MBS trust on our balance sheet. NIM for the second quarter and for the first half of the year was 66 basis points, similar to levels over the last few years. Fundamental to our business is strong credit risk management.

On page five, we show credit metrics and trends for the total guarantee book and for the single family and multifamily businesses. In the second quarter, we saw a 10 basis point uptick in thirty days past due loans in the single family portfolio compared to the first quarter. This is partially attributable to the seasonal downtick we tend to see in the first quarter of the year as tax refunds and bonus payments support mortgage payments and then revert to slightly higher levels of delinquency in the second quarter. Seriously delinquent rates improved modestly for both the single family and multifamily businesses this quarter versus last. On a total book basis, SDQ rates are nine basis points higher than the year ago quarter.

We are monitoring this trend and recognize the various financial pressures US households nationwide face in this environment in addition to more localized impacts of natural disasters. Of note, in our single family portfolio, the delinquency trend over the last five quarters is partially attributable to states impacted by hurricanes in the 2024 experiencing higher delinquency rates, which peaked last quarter and are now tapering off. Net charge offs for the total book and single family remain muted and flat at two and one basis points, respectively, while multifamily charge offs are up four and five basis points versus last quarter and the year on year quarter. Loans in the multifamily portfolio are bigger, and the multifamily portfolio total balance is smaller versus the single family portfolio. So we see these upticks when just a small number of loans charge off.

We built our allowance this quarter by $749,000,000 and with $197,000,000 of net charge offs, had $946,000,000 of provision expense. Both our single family and multifamily businesses contributed to the build in allowance to 20 basis points this quarter from 18 basis points in the first quarter. In single family, the main driver was lower actual and forecasted home price growth. And in multifamily, the main driver was a deterioration in actual and forecasted property values. On single family home prices, we are seeing some regional home price softness, including price declines in a small number of MSAs.

Finally, on credit. And before we move to expenses, combating fraud in the mortgage industry continues to be a high priority for us and for director Pulte. Avoiding fraud helps reduce credit losses, other expenses, and makes for a stronger mortgage market for everyone. Noninterest expenses on page six shows some of the recent progress we've made controlling costs. Total expenses were down 3% year on year and 10% compared to the prior quarter.

The decrease in expenses is mostly attributable to reductions in employees and contractors as well as a decrease in credit enhancement expenses. This quarter, occupancy expenses were higher, particularly on a year on year basis due to accounting impacts from changes to our headquarter location lease. Our administrative expenses, consist of salaries and benefits, professional services, occupancy and technology, were down 6% year on year and down 15% versus the first quarter. So we've made some good progress on the main expenses we can control, but we continue to look for opportunities to bring administrative costs down. Reflecting the improvement in costs, our efficiency ratio was 31.5% compared to 36.1% last quarter and 31.3% in the year over year quarter.

Moving to page seven, we show a snapshot of our liquidity and debt portfolios. Of note this quarter, the balances of the liquidity portfolio and debt portfolio declined, largely due to maturities of long term debt that we did not replenish with new issuances. Page eight shows our continued strong progress building capital, specifically common equity, by retaining our net income. As we've mentioned, our second quarter net worth is $101,600,000,000 which has increased $88,000,000,000 since January 2020. On a regulatory capital basis, we have a total capital deficit of $29,000,000,000 as of second quarter, mainly because senior preferred stock does not count as regulatory capital.

Our deficit continues to shrink as we generate net income as well as take other capital optimization actions. To fulfill our regulatory capital requirements, including buffers, as of the second quarter, we need to hold $139,000,000,000 of common equity tier one capital or CET1. On a normal course basis, the main contributor to building CET1 is net income. Similarly, our risk weighted assets are predominantly impacted by changes in credit risk weighted assets and less so changes in market risk or operational risk. We built CET1 by $45,000,000,000 since the 2022.

And while we have a long way to go, remain focused on responsibly building towards our regulatory capital requirements. Now turning to the results of our two business lines. On Page nine, our single family business, which today represents 88% of the guarantee portfolio and 84% of our net revenues, had another quarter of consistent strong results. The $737,000,000 provision this quarter was a function of $629,000,000 of allowance build due to the factors previously mentioned and $108,000,000 of net charge offs. The single family guarantee book is relatively flat compared to comparable quarters, while second quarter loan acquisitions of $84,000,000,000 improved from first quarter levels due to seasonal trends and a slight uptick in refinance activity.

On Page 10, the credit profile of the single family business continues to be strong with acquisition credit metrics trending consistently on both a weighted average OLTV and FICO score basis. In the second quarter, we saw acquisitions trend slightly higher on a debt to income greater than 43% and FICO score less than six eighty basis, and we are monitoring those items. You'll notice on the page that the DTI greater than 43% chart shows that ratio increasing over the last four years. A factor contributing to that trend is as mortgage rates have increased, our mix of purchase volume in relation to refinancing volume has gone up, and purchasers tend to enter at or near their monthly mortgage payment affordability level. So we would anticipate this mid thirties percent level to persist until rates trend downwards.

We continue to transfer a portion of the credit risk in the single family business to credit risk transfer or CRT investors. And as of second quarter, 38% of the outstanding book was in a CRT transaction. Our multifamily business results on Page 11 show increasing new business volumes of $17,400,000,000 a $5,600,000,000 increase from the first quarter. The $2.00 $9,000,000 provision was the result of $120,000,000 of allowance build due to the factors previously mentioned and $89,000,000 of net charge offs. Multifamily expenses this quarter of $278,000,000 were generally flat compared to the last quarter and up $102,000,000 compared to the year over year quarter, mainly as a result of smaller change in credit enhancement recoveries and higher foreclosed property expenses.

Lastly, page 12 illustrates the consistent credit quality of the multifamily book. Debt service coverage and original loan to value metrics from both the total outstanding portfolio and new acquisitions remain at levels similar to the credit profile for the last few years. As of the second quarter, we continue to have 99% of the multifamily book covered by some form of lender loss share, and 35% of the multifamily book is covered by a CRT transaction. To wrap up, this quarter demonstrated our durable revenue, expense discipline and continued strong credit quality. We are closely monitoring conditions in the mortgage market and are operating the business, taking those factors into account.

Picking up on the earnings material changes Priscilla mentioned, in addition to the new earnings presentation, we have a new data supplement pack, which we'll release quarterly. You can find the presentation, supplement and the Fannie Mae fact sheet, which we initiated last quarter, all on the quarterly and annual results section of our Investor Relations page on the Fannie Mae website. We hope you find these materials helpful, and we thank you for joining us this morning.

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

Fannie Mae (FNMA) Q2 2025 Earnings Call Transcript

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