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

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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.

Fortune Global 500

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.

Fortune 500

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."

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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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Best Workplaces In Financial Services And Insurance

Best Workplaces For Women

# Work Sites

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.

Q4 2025

Q3 2025

Q2 2025

Q1 2025

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 fourth quarter and full year 2025 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, and thank you for joining today's webcast to discuss Fannie Mae's fourth quarter and full year 2025 financial results. Please note this webcast includes forward-looking statements, including expectations related to housing market, economic and competitive conditions and their impact, the future performance and credit characteristics 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 and Risk Factors sections of the company's 2025 Form 10-K, filed today, 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 now like 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 Halley.

Good morning, and thank you for joining Fannie Mae's fourth quarter and full year 2025 earnings call. I'm honored to lead Fannie Mae at such a pivotal time for the housing market. For more than 87 years, Fannie Mae has been a cornerstone of the U.S. housing finance system, focusing on its core mission to provide liquidity, stability, and affordability to the housing market. Today, I'm pleased to announce solid earnings with net income of $3.5 billion in the fourth quarter and full-year net income of $14.4 billion, ending the year with $109 billion in net worth. Our 2025 results mark 14 consecutive years of annual profitability, reflecting the reliability of our business, our enduring commitment to risk management, and our continued progress toward a stronger capital position.

Our financial performance allows us to deliver on our mission, and in 2025, we provided $409 billion of liquidity to the mortgage market, helping approximately 1.5 million households, including 704,000 home buyers, more than half of whom were buying a home for the first time. Underlying our strong financial performance was a year of continued operational excellence, driven by disciplined expense management and ongoing progress to simplify our core processes and technology infrastructure. Additionally, we delivered innovative capabilities to enhance internal operating efficiencies and drive stronger outcomes for our customers, including solutions designed to improve loan quality, strengthen fraud detection, and enhance quality control within our operations. I want to end by thanking Director Porty, our board of directors, the FHFA team, our business partners, and everyone who works at Fannie Mae. Their unwavering commitment to the company and the housing industry positions us to be a best-in-class company.

I am excited about our momentum and look forward to moving into 2026 from a position of strength. I will now turn the call over to our Chief Financial Officer, Chryssa Halley.

Thank you, Peter, and good morning, everyone. Starting with our fourth quarter performance on page two. As Peter said, our net income was $3.5 billion for the quarter. Our earnings continue to be driven by our core business, where we earn guarantee fees in exchange for providing credit protection on mortgage-backed securities we issue in the secondary market. These fees are recorded as net interest income and accounted for 81% of fourth quarter net revenues. Fourth quarter net income was down 9% as fair value losses flipped from gains in the third quarter. Investment gains declined, and administrative expenses increased. I'll cover administrative expenses and other non-interest expenses on page eight. During the quarter, the majority of fair value losses were driven by the compression in interest rate spreads, which are not covered by hedge accounting. On the right-hand side, a few comments on key metrics.

Our guarantee fees were stable quarter-over-quarter at $5.9 billion. Our administrative expense ratio, while strong at 12.6%, is up for the quarter from personnel actions, consulting, and other administrative costs, but we expect it will improve in future quarters. Finally, we remain focused on building capital. To help evaluate our financial performance and capital efficiency, we calculate an illustrative return on a required equity measure based on annualized year-to-date net income divided by our average Common Equity Tier 1 capital requirement. The fourth quarter and full-year illustrative return was 10.2%. Turning to page three. As Peter mentioned, our net income was $14.4 billion in 2025. For the year, we continued to see strong and stable revenues, including higher guarantee fees as the Single-Family book slowly turns over at higher fees and the Multifamily book grows.

Our non-interest expense was $141 million lower as we started to realize the benefits of our cost reduction efforts and continued to focus on operational efficiency. However, we built our allowance in 2025, recording a provision for credit losses versus a benefit in 2024, which I'll talk about more on page seven. Also, fair value gains in 2025 were lower compared to 2024 when there were larger impacts from residual effects of fair value changes not covered by hedge accounting, including gains in our trading securities as they moved closer to maturity and gains from changes in interest rate spreads. The shift to provision for credit losses and lower fair value gains drove a 15% decrease in net income compared to the prior year. On page four, we highlight the size and stability of our guarantee business.

As of the third quarter, we remain the largest guarantor of residential mortgage debt outstanding in the U.S., backing an estimated 25% of single-family and 21% of multifamily mortgage debt outstanding. Our average guarantee book has stayed above $4 trillion since 2022, even with lower levels of refinancing volumes since then due to higher mortgage rates. Net interest income remains steady at $28.6 billion, with a $305 million increase in guarantee fees but a $708 million decrease in portfolio income driven by higher debt expense as we replaced maturing, lower coupon debt. On page five, we have gradually increased our average total book guarantee fees since 2015, which allows for strong net interest margin at 66.5 basis points. In 2025, down from 2021 and 2022, where net interest margin was elevated from higher single-family refinance volumes.

I will discuss the key factors that impact pricing when I discuss our business segment results. Turning to our credit metrics on page six. We saw increases in delinquencies in the fourth quarter. The 4 basis point increase in single-family seriously delinquent loans was due primarily to seasonal factors and an increase in forbearance from the government shutdown. For Multifamily, seriously delinquent loans increased 6 basis points as accumulated pressure on properties following sustained market challenges combined with recent softness in rent and net operating income growth has led to a rise in delinquent loans and net charge-offs in recent years. Based on these ongoing challenges, we believe multifamily delinquency levels could increase in 2026. Touching briefly on our allowance on page seven.

This quarter, we built our Single-Family allowance by $208 million, driven by new purchase acquisitions, which tend to have a higher allowance rate than refinance loans, as well as increased delinquencies, and reduced our Multifamily allowance this quarter by $93 million, with stabilized property values and charged-off loans exceeding the allowance for new acquisitions. Moving to page eight. Efficiency remains a top priority. Fourth quarter administrative expenses were up $102 million from the prior quarter, driven by personnel costs and seasonal factors. However, for the full year of 2025, we reduced administrative expense by $40 million and total non-interest expense by $141 million compared to 2024. The decline in administrative expense was driven primarily by reducing our workforce by approximately 1,200 employees, scaling back contractors, and renegotiating key contracts.

This year included a $95 million increase in severance and a $55 million increase in occupancy expense related partially to reducing our real estate footprint. Finally, following steady increases since 2021, our administrative expense ratio improved in 2025, declining from 12.45% in 2024 to 12.36%. Page nine includes the key components of our CET1 capital requirements, which have remained stable quarter-over-quarter. This quarter, total risk-weighted assets, or RWA, increased by 3%, and risk density increased by one percentage point from the prior quarter to 31.9%. These increases reflect higher credit risk weights on new acquisitions and reduced capital relief from credit risk transfer, or CRT, runoff. We continue to use CRT as a tool to manage regulatory capital, and over the last few years, we have enhanced our CRT program to increase its effectiveness in providing capital relief while reducing premium and deal costs.

Finally, more than 55% of our total CET1 capital requirements were driven by our stress capital and stability capital buffer requirements. On page 10, we highlight our success in continuing to build our net worth and make steady progress towards meeting our capital requirements. Since January 2020, we have increased our net worth by $95.5 billion, including $48.7 billion since we began reporting our capital position under the enterprise regulatory capital framework for the fourth quarter of 2022. Now turning to the results of our two business lines, starting with our single-family business on page 11. Our Single-Family business delivered $2.7 billion in net income in the fourth quarter in the face of continued affordability challenges and strong competition.

While the decline in mortgage rates late in the third quarter drove a $19 billion increase in fourth quarter refinance acquisition volumes, competitive market dynamics, including the impact of our capital requirements on pricing, compressed our share of new business, and made it difficult to fully replace loan runoff with new acquisitions. We expect these factors could persist in 2026. On pricing, the single-family book continues to turn over at higher guarantee fees, with fourth quarter average guarantee fees on new acquisitions 6.7 basis points higher than the average guarantee fee on the total single-family guarantee book. As a reminder, our single-family pricing is influenced by many factors, including our capital requirements, the credit profile of new acquisitions, and market conditions. On underwriting, page 12 reinforces that we have not sacrificed credit quality for volume.

The credit profile of our single-family acquisitions continued to be strong in 2025, with acquisition credit metrics trending consistently compared with recent years across weighted-average OLTV, weighted-average FICO score, and DTI ratio. Turning to the Multifamily business on page 13. Through 2025, Multifamily priced business competitively to grow the guarantee book to $535 billion by year-end, a $35 billion increase year over year. This larger book drove fourth quarter net income of $850 million and full-year net income of $2.9 billion, which is the highest level in four years. The average guarantee fee on the total multifamily guarantee book was 71.6 basis points in the fourth quarter. To price our Multifamily business, we consider many factors, including individual loan characteristics and external forces such as interest rates, MBS spreads, the availability and cost of other sources of liquidity, and our mission-related goals.

Business volume in the fourth quarter increased 38% quarter-over-quarter, bringing full-year volume to $73.7 billion, our highest acquisition volume in five years. Growth in the multifamily business did not come at the cost of credit quality. On page 14, we highlight the credit profile of the multifamily book. Weighted average debt service coverage and original loan-to-value metrics for both the guarantee book and new acquisitions remained roughly in line with 2024 levels. The percentage of our book with a current debt service coverage ratio below one was approximately 4% as of year-end 2025 compared with 6% as of year-end 2024. Because of our unique DUS risk-sharing model and our CRT programs, nearly all our multifamily guarantee book has some form of credit protection at year-end. Finally, on page 15, we are effectively managing our balance sheet, especially as our net worth has increased with retained earnings.

For example, funding needs this year were primarily satisfied by earnings retained from our operations versus new debt issuances. We also reinvested assets from the corporate liquidity portfolio to the higher-yielding retained mortgage portfolio, which ended the year at $132.5 billion. For example, we increased our holdings of agency MBS this year to achieve higher returns and support market and lender liquidity. We plan to continue investing in agency MBS while remaining in compliance with portfolio limits and managing the interest rate risk associated with our retained mortgage portfolio. To wrap up, this quarter's results highlighted a few important themes. Our core guarantee business continues to serve as a durable foundation for our revenue base. We've been effective at building capital through retained earnings, and we reduced costs for the year and increased operating effectiveness, which we expect to drive sustained value over time.

Looking forward, we expect these themes to continue in 2026 as we meet the evolving needs of the housing market and operate in a safe and sound manner. Thank you again for joining today's webcast.

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

Fannie Mae (FNMA) Q4 2025 Earnings Call Transcript

Company Participants