Federal National Mortgage Association Earnings Call Transcripts
Fiscal Year 2026
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Net income rose to $3.7 billion, up 5% quarter-over-quarter, with net revenues of $7.3 billion and net worth reaching $112.7 billion. Strong guarantee fee revenue, reduced expenses, and robust liquidity supported results despite increased multifamily delinquencies.
Fiscal Year 2025
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Reported $3.5B Q4 and $14.4B full-year net income for 2025, with strong capital growth and operational efficiency. Multifamily and single-family segments showed resilience, though delinquencies rose and net income declined year-over-year.
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Q3 2025 net income rose 16% sequentially to $3.9B, with stable revenues and strong guarantee fee performance. Multifamily and single-family segments showed resilience despite market headwinds, while capital and liquidity positions continued to strengthen.
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Net income fell 9% sequentially and 26% year-over-year to $3.3B, mainly due to higher credit loss provisions. Efficiency ratio improved to 31.5% as expenses dropped, while net worth surpassed $100B. Credit quality remains strong, but risks from home price softness and delinquencies persist.
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Net income reached $3.7 billion on $7.1 billion in revenue, with net worth up 20% year over year. Liquidity support aided 287,000 households, and credit protection expanded across portfolios. Outlook anticipates higher home sales and stable mortgage rates in 2025.
Fiscal Year 2024
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Net income for 2024 was $17 billion, with strong guaranty fee income and a net worth of nearly $95 billion. Single-family and multifamily segments showed stable performance, though multifamily delinquencies and credit loss provisions increased.
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Q3 2024 net income was $4B, with strong liquidity support for 383,000 households and a net worth of $90.5B. Credit loss provisions rose in multifamily, while single-family acquisitions increased. Home price growth and mortgage originations are expected to slow in 2025.
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Q2 2024 net income rose to $4.5B, with strong liquidity support and robust credit profiles in both single-family and multifamily segments. Outlook remains cautious due to high rates and affordability challenges, with multifamily property values down 20% since 2022.