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.

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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

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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."

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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.

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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.

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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.

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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.

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

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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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Free mental health sessions (per year)

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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

Q1 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, welcome to the Fannie Mae second quarter 2026 financial results webcast. At this time, I will now turn it over to your host, Terence O'Hara, Fannie Mae's Director of Enterprise Communications.

Hello, thank you all for joining today's webcast to discuss Fannie Mae's second quarter 2026 financial results. Please note this webcast includes forward-looking statements, including expectations related to the future performance and credit characteristics of the Company's book of business, the Company's future financial and mission performance, the Company's future financial condition, and the Company's business plans and strategies and their impact. Future events may turn out to be very different from these statements.

Factors that may lead to different results are identified in the Forward-Looking Statements section of the Company's second quarter 2026 Form 10-Q, filed today, and the Forward-Looking Statements and Risk Factors sections of the Company's 2025 Form 10-K, filed February 11th, 2026. 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 Acting Chief Executive Officer and Chief Operating Officer, Peter Akwaboah, who will be followed by Fannie Mae's Chief Financial Officer, Chryssa C. Halley.

Good morning, thank you for joining us today. We delivered another strong quarter, reporting net income of $4 billion, up 7% from the first quarter, 20% year-over-year, with net revenues of $7.6 billion. Our performance reflects the durability of our guaranteed business, the resilience of our balance sheet, and the disciplined execution of our strategy. These results also enabled us to build our net worth to over $116 billion. This further strengthens our ability to support a housing finance system through all market cycles and enable us to deliver on our mission. In the second quarter alone, we provided $125 billion in liquidity to the mortgage market, helping approximately 417,000 households, including nearly 110,000 homebuyers that were purchasing their first home. We also helped more than 21,000 homeowners remain in their homes through our foreclosure prevention efforts.

These are tangible examples of how our financial strength translates into meaningful outcomes for individuals, families, and communities across the country. We are also focused on helping our lender and industry partners serve borrowers more efficiently. This quarter, we updated our property insurance requirements, including changes to condominium policies to address affordability and insurance availability challenges while maintaining prudent risk management standards. We continued our efforts to modernize how properties are valued through our appraisal alternatives. We'd helped more than 76,000 households reduce appraisal-related closing costs during the second quarter, generating $45 million in estimated savings, bringing cumulative estimated borrower savings since 2018 through appraisal alternatives to more than $3 billion. In June, we launched the Purchase Application-Level Index, or PALI, providing the market with new, timely insights into future home purchase activity that complements our existing refinance index.

These innovations reflect our commitment to making the housing finance system more efficient, transparent, and accessible. At the same time, we are operating with greater discipline and efficiency compared with last year. This quarter marks one year since we launched our operational efficiency initiative, that work is delivering results. We maintained an administrative expense ratio below 11% this year, reflecting our focus on simplifying how we operate while investing in capabilities that we believe will drive long-term value for borrowers and business partners. Taken together, our second quarter results reinforce three important points. First, effective management of our $4.1 trillion guaranty book delivered strong financial performance in the second quarter. Second, that financial strength enables us to expand our impact by providing liquidity, supporting affordable homeownership and rental housing, and investing in innovations designed to improve the mortgage experience.

Third, we remain well-positioned to serve borrowers, renters, partners, and the housing market while operating in a safe and sound manner. Before I turn over to Chryssa Halley, our Chief Financial Officer, I would like to thank our employees for your continued dedication and our customers and business partners for the trust they place in us every day. With that, I would turn it to Chryssa to walk through our financial results.

Thank you, Peter, and good morning, everyone. As Peter previously mentioned, in the second quarter, we earned net income of $4 billion, a 7% increase from the prior quarter, 20% increase from a year ago. The quarter once again demonstrated the strength and stability of our core guaranty business, which represented nearly 80% of total net revenues. Net revenues increased to $7.6 billion, up 4% quarter-over-quarter, providing a strong earnings foundation that more than offset the impact of the higher credit provision during the period. The benefits of our disciplined approach to expense management also remained an important contributor to our performance. With total non-interest expense 5% lower quarter-over-quarter.

Although administrative expenses increased 9% from the prior quarter, our overall cost structure remains significantly improved and the $66 million increase notably included $56 million in costs associated with reducing our real estate footprint and severance costs. Our second quarter administrative expense ratio of 10.7% remained below the quarterly levels observed from 2023 to 2025, reflecting the sustained impact of the efficiency initiatives we began implementing in 2025. We remain focused on capital efficiency as measured by our illustrative return on required equity measure, calculated as annualized year-to-date net income, divided by our average common equity Tier 1 capital requirement. Our second quarter illustrative return was 10.8%, an increase of 40 basis points from the prior quarter. Finally, we are using our balance sheet effectively to support market liquidity, achieve higher returns, and reduce earnings volatility from changes in interest rates.

As part of our updated interest rate risk management strategy, we have increased our exposure to longer-term rate positions, including U.S. Treasury securities classified as available for sale to reduce earnings volatility associated with short-term interest rate movements. This quarter, we recorded $150 million in net unrealized losses on our available-for-sale investment portfolio due to movements in long-term interest rates. These losses are reflected in total comprehensive income. Page three reinforces the scale and stability of our guaranty business. Our average guaranty book of $4.1 trillion generated over $6 billion of guarantee fee revenue during the quarter, an increase of $117 million from the first quarter. Growth was primarily driven by single-family deferred guarantee fee income.

As a reminder, elevated loan prepayment activity as seen late in the first quarter stemming from lower mortgage rates can result in higher deferred guarantee fee income in subsequent periods after MBS holders have been repaid. This created a favorable quarter-over-quarter comparison in the second quarter. While guarantee fee revenue continued to drive the majority of our net interest income, portfolio income increased 12% from the first quarter, reflecting growth in our retained mortgage portfolio and corporate liquidity portfolio. Together, these revenue streams continue to provide a durable source of earnings. Building on the previous page four demonstrates our continued progress expanding net interest margin. Year to date, net interest margin increased to 68.6 basis points, reaching the highest level since 2022.

Our guarantee fees continued to anchor stable margins as an increase in average single-family guarantee fees more than offset a decrease in average guarantee fees in our multifamily business. The increase in net interest margin in 2026 was primarily driven by higher portfolio interest income, which more than offset higher short-term and long-term debt expense for the quarter. Moving to expenses on page five. Second quarter non-interest expense declined 5% quarter-over-quarter and 11% year-over-year, primarily driven by a shift from other expense to other income. While administrative expenses were $66 million higher quarter-over-quarter, our cost structure remained significantly improved relative to prior years. For example, second quarter administrative expenses this year are 4% lower than the same period last year and 10% lower than the second quarter of 2024.

We remain focused on disciplined expense management and improving productivity, including through the use of technology and AI that we believe will support earnings growth over time. Turning to our credit metrics on page six, our single-family serious delinquency rate was flat quarter-over-quarter, remaining at historically low levels. While multifamily market challenges continued to drive new delinquencies, the multifamily serious delinquency rate declined, primarily driven by a recent loan portfolio modification and foreclosure activity. Looking ahead, we expect ongoing multifamily market challenges to result in additional delinquencies. The higher share of 30-day delinquent loans in the second quarter reflects a return to recent levels for multifamily and the impact of seasonal trends for single-family, as single-family delinquencies are typically lower in the first quarter of the year when borrowers receive tax refunds.

Page seven shows that we increased our total allowance by $161 million in the second quarter. Our single-family allowance increased by $59 million, reflecting the combined impact of new acquisitions and newly delinquent loans. The impact of these drivers was partially offset by a benefit from improvements in actual home prices. During the quarter, we recognized $167 million of net charge-offs and recorded a $226 million provision for credit losses. We built our multifamily allowance by $102 million for the quarter as the provision for credit losses exceeded net charge-offs. The $259 million provision was primarily driven by weaker property valuations, slower net operating income growth, and provision for loans that became seriously delinquent. We also recognized $157 million of net charge-offs, including charge-offs on loans that became seriously delinquent in the quarter. On page eight, the single-family business remained a large, stable contributor to net revenues.

Stronger single-family housing activity during the spring buying season delivered $111 billion in second quarter acquisitions, our highest volume since the third quarter of 2022. Compared to the first quarter, refinance activity slowed as mortgage rates moved higher during the second quarter, whereas purchase acquisitions increased. While acquisition guarantee fees declined by 1.6 basis points, our $3.6 trillion single-family guarantee book continued to reprice higher, and we realized higher deferred guarantee fee income, supporting a 4% increase in net revenues from both the first quarter and the prior year. Overall, a shift to investment gains and higher net revenues more than offset the impact of the shift to fair value losses and higher provision for credit losses, resulting in second quarter net income of $3.3 billion, up 3% from the first quarter. Page nine highlights the strong credit quality of our second quarter single-family acquisitions.

The weighted average original loan-to-value ratio remained stable quarter-over-quarter at 77%, while weighted average FICO scores were also relatively stable quarter-over-quarter at 756. Overall, our acquisition profile reflects our commitment to disciplined underwriting and credit quality. On page 10, multifamily delivered $14 billion in new business volume during the quarter and grew the guarantee book to $545 billion, supporting a 2% increase in net revenues from the prior quarter. While higher mortgage interest rates and competitive pressures constrained new business volumes, we remained disciplined and priced new business competitively. Non-interest expense declined quarter-over-quarter, mainly related to foreclosed property expense and expected credit enhancement recoveries. Multifamily foreclosed property expense can vary from quarter-to-quarter and was elevated in the first quarter, reflecting the impact of weakened valuations on foreclosed properties.

Overall, lower non-interest expense and lower fair value losses more than offset the higher provision for credit losses, resulting in net income of $704 million in the second quarter, up 29% from the first quarter. On page 11, we remain focused on maintaining the credit quality of our multifamily guarantee book. Weighted average debt service coverage and original loan-to-value metrics for both the guarantee book and new acquisitions remained in line with 2025 levels. Also, because of our unique DUS risk-sharing model and our CRT programs, nearly all of our multifamily guarantee book had some form of credit protection at quarter end.

Turning to our balance sheet on page 12, we issued $25 billion of debt during the quarter to replace debt scheduled to mature later in the year and to support balance sheet growth, including purchases of U.S. Treasury securities as part of our interest rate risk management strategy. Growth in our agency MBS and lender liquidity portfolio slowed in the second quarter versus the last three quarters. We continue to monitor market dynamics, spreads, and returns to make sound decisions about balance sheet deployment while remaining in compliance with portfolio limits and managing interest rate risk. On page 13, we discuss the drivers of our regulatory capital requirements.

Risk-weighted assets and risk density increased slightly quarter-over-quarter, reflecting the replacement of seasoned loans with new acquisitions that carry higher capital requirements at origination, as well as weaker multifamily property valuations and reduced capital relief from credit risk transfer or CRT transactions. As a result, our minimum CET1 capital requirement also increased slightly in the second quarter. To wrap up on page 14, our financial performance for the quarter highlights the benefits of our large, stable revenue base and continued expense and capital discipline. Together, these strengths contributed to our highest level of quarterly net income in over a year and drove a further reduction in our regulatory capital deficit. With more than $116 billion in net worth, we are well positioned to continue serving the housing market, fulfill our mission, and operate in a safe and sound manner. Thank you again for joining today's webcast.

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

Fannie Mae (FNMA) Q2 2026 Earnings Call Transcript

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