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FANNIE MAE (FNMA) Financials

FNMA
Trailing 12 months to March 31, 2026
Revenue $29.2B -3.9% YoY
Net Income $14.4B -11.6% YoY
EPS (Diluted) $0.01 YoY not available
Operating Cash Flow $37.0B +361.3% YoY
Market Cap $3.6B as of Oct 14, 2026
Price / Sales 0.1x on $29.2B revenue, trailing 12 months to March 31, 2026
Price / Earnings 0.3x on $14.4B net income, trailing 12 months to March 31, 2026
Price / Book 0.0x on $112.7B equity, Q1 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FNMA SEC filings page.

FANNIE MAE (FNMA) reported $29.2B in revenue over the twelve months to Mar 31, 2026, down 3.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FNMA FY2025

The numbers describe a highly leveraged financial institution whose equity cushion is expanding, while earnings and cash generation remain uneven.

Revenue fell to $29.2B in FY2025 from FY2024, while interest expense reached $130.0B. That combination helps explain why net margin compressed to 49.3% from 55.1%, despite continued profitability.

Equity reached $109.0B in FY2025 from $94.7B a year earlier. That lifted the equity cushion and lowered debt-to-equity to 38.1x from 44.5x, although leverage remains structurally high.

In FY2024, net income of $17.0B coincided with operating cash flow of -$10.5B, showing that reported profit did not translate into cash that year. In FY2025, operating cash flow turned positive even as net income declined, indicating that cash generation does not track earnings consistently across years.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

FANNIE MAE does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
5/7

FANNIE MAE passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.67x

For every $1 of reported earnings, FANNIE MAE generates $1.67 in operating cash flow ($24.0B OCF vs $14.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$7.3B
YoY+1.0%
QoQ+1.3%
5Y CAGR-1.0%
10Y CAGR+3.9%

FANNIE MAE generated $7.3B in revenue in Q1 2026. This represents an increase of 1.0% from the same quarter a year earlier. Against the prior quarter it is up 1.3%.

Net Income
$3.7B
YoY+1.6%
QoQ+5.5%
5Y CAGR-5.7%
10Y CAGR+12.6%

FANNIE MAE reported $3.7B in net income in Q1 2026. This represents an increase of 1.6% from the same quarter a year earlier. Against the prior quarter it is up 5.5%.

EPS (Diluted)
$0.01
10Y CAGR-12.9%

FANNIE MAE earned $0.01 per diluted share (EPS) in Q1 2026.

EBITDA

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt
$45.3B
YoY+15.0%
QoQ+6.3%
5Y CAGR+11.3%
10Y CAGR+9.1%

FANNIE MAE held $45.3B in cash against $4.2T in long-term debt as of Q1 2026.

Shares Outstanding
1.16B
YoY0.0%
QoQ0.0%
5Y CAGR0.0%
10Y CAGR0.0%

FANNIE MAE had 1.16B shares outstanding in Q1 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q1 2026.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Net Margin
51.1%
YoY+0.3pp
QoQ+2.0pp
5Y change-14.1pp
10Y change+28.2pp

FANNIE MAE's net profit margin was 51.1% in Q1 2026, showing the share of revenue converted to profit. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Return on Equity
3.3%
YoY-0.4pp
QoQ+0.1pp
5Y change-13.2pp

FANNIE MAE's ROE was 3.3% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.

Gross Margin

Not reported for Q1 2026.

Operating Margin

Not reported for Q1 2026.

Capital Allocation

None of these metrics is reported for Q1 2026.

FNMA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FNMA quarterly income statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Revenue$7.3B+1.0%$7.2B-10.9%$7.3B-1.2%$7.4B-3.6%$7.2B-5.1%$8.1B+8.1%$7.4B-8.6%$7.7B+2.5%
SG&A Expenses$745.0M-24.9%$921.0M-2.7%$819.0M-7.4%$847.0M-5.8%$992.0M+11.6%$947.0M+16.1%$884.0M-1.4%$899.0M+4.1%
Interest Expense$33.0B+3.2%$32.9B+5.3%$32.8B+6.7%$32.3B+7.5%$32.0B+7.5%$31.3B+9.2%$30.7B+9.0%$30.0B+9.9%
Income Tax$944.0M+2.3%$883.0M-15.8%$976.0M-3.3%$837.0M-25.3%$923.0M-17.1%$1.0B+3.6%$1.0B-18.8%$1.1B-12.8%
Net Income$3.7B+1.6%$3.5B-14.6%$3.9B-4.6%$3.3B-26.0%$3.7B-15.3%$4.1B+4.7%$4.0B-13.9%$4.5B-10.2%
EPS (Basic)$0.01$0.00$0.00$0.00$0.00$0.00$0.00$0.00
EPS (Diluted)$0.01$0.00$0.00$0.00$0.00$0.00$0.00$0.00
Diluted Shares (Avg)5.89B0.0%N/A5.89B+0.4%5.87B-0.4%5.89B+0.4%N/A5.87B-0.4%5.89B+0.4%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

FNMA Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FNMA quarterly balance sheet
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Total Assets$4.3T-0.9%$4.3T-0.7%$4.3T0.0%$4.3T+0.3%$4.4T+0.7%$4.3T+0.6%$4.3T+0.1%$4.3T0.0%
Cash & Equivalents$45.3B+15.0%$42.6B+9.6%$39.4B+3.2%$38.2B-8.8%$39.4B+214.2%$38.9B+8.5%$38.1B-21.5%$41.9B-19.8%
Short-Term Investments$0$0$0$0$0$0$0$0
Long-Term Investments$0$0$0$0$0$0$0$0
Total Liabilities$4.2T-1.3%$4.2T-1.1%$4.2T-0.3%$4.2T0.0%$4.3T+0.3%$4.3T+0.2%$4.2T-0.3%$4.2T-0.4%
Long-Term Debt$4.2T-1.6%$4.2T-1.4%$4.2T-0.5%$4.2T0.0%$4.2T+0.4%$4.2T+0.3%$4.2T-0.3%$4.2T-0.4%
Total Equity$112.7B+14.6%$109.0B+15.2%$105.5B+16.5%$101.6B+17.5%$98.3B+19.9%$94.7B+21.9%$90.5B+22.8%$86.5B+25.3%
Retained Earnings-$20.5B+41.3%-$24.3B+37.2%-$27.8B+35.0%-$31.6B+32.4%-$35.0B+31.8%-$38.6B+30.5%-$42.8B+28.2%-$46.8B+27.2%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities.

FNMA Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FNMA quarterly cash flow statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Operating Cash Flow$16.5B+370.3%$6.0B+148.4%$9.6B+241.8%$4.9B+230.1%$3.5B-50.9%-$12.4B-708.6%-$6.8B-287.6%$1.5B-33.3%
Investing Cash Flow$32.9B+33.0%$65.7B+61.3%$41.9B+2.4%$54.5B-34.1%$24.7B+300.9%$40.8B-7.4%$41.0B+15.1%$82.8B+274.8%
Financing Cash Flow-$46.7B-62.8%-$68.5B-146.8%-$50.4B-26.5%-$59.3B-50.9%-$28.7B+5.4%-$27.8B+28.9%-$39.9B-8.3%-$39.3B-9.9%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

FNMA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FNMA quarterly financial ratios
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Net Margin51.1%+0.3pp49.1%-2.1pp52.7%-1.9pp44.6%-13.5pp50.8%-6.1pp51.2%-1.6pp54.6%-3.4pp58.1%-8.2pp
Return on Equity3.3%-0.4pp3.2%-1.1pp3.7%-0.8pp3.3%-1.9pp3.7%-1.6pp4.4%-0.7pp4.5%-1.9pp5.2%-2.1pp
Return on Assets0.1%0.0pp0.1%0.0pp0.1%0.0pp0.1%0.0pp0.1%0.0pp0.1%0.0pp0.1%0.0pp0.1%0.0pp
Debt-to-Equity36.85-6.0x38.12-6.4x39.66-6.8x41.32-7.3x42.90-8.3x44.55-9.6x46.46-10.7x48.58-12.5x
Asset Turnover0.000.0x0.000.0x0.000.0x0.000.0x0.000.0x0.000.0x0.000.0x0.000.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
FANNIE MAE FNMA FY2025 $29.2B $14.4B 49.3% $3.6B —
FREDDIE MAC FMCC FY2025 $23.3B $10.7B 46.1% $2.0B —
FIRST CTZNS BANCSHS B FCNCB FY2025 $9.5B $2.2B 23.1% $25.0B —

Frequently Asked Questions

What is FANNIE MAE's annual revenue?

FANNIE MAE (FNMA) reported $29.2B in total revenue for fiscal year 2025. This represents a -5.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is FANNIE MAE's revenue growing?

FANNIE MAE (FNMA) revenue declined by 5.3% year-over-year, from $30.8B to $29.2B in fiscal year 2025.

Is FANNIE MAE profitable?

Yes, FANNIE MAE (FNMA) reported a net income of $14.4B in fiscal year 2025, with a net profit margin of 49.3%.

FANNIE MAE (FNMA) reported diluted earnings per share of $0.00 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, FANNIE MAE (FNMA) had $42.6B in cash and equivalents against $4.2T in long-term debt.

FANNIE MAE (FNMA) had a net profit margin of 49.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

FANNIE MAE (FNMA) has a return on equity of 13.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

FANNIE MAE (FNMA) generated $24.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

FANNIE MAE (FNMA) had $4.3T in total assets as of fiscal year 2025, including both current and long-term assets.

FANNIE MAE (FNMA) had 1.16B shares outstanding as of fiscal year 2025.

FANNIE MAE (FNMA) had a debt-to-equity ratio of 38.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

FANNIE MAE (FNMA) had a return on assets of 0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

FANNIE MAE (FNMA) trades at 0.3x earnings, its market capitalization divided by net income of $14.4B net income, trailing 12 months to March 31, 2026. The market capitalization is $3.6B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

FANNIE MAE (FNMA) trades at 0.1x sales, its market capitalization divided by revenue of $29.2B revenue, trailing 12 months to March 31, 2026. The market capitalization is $3.6B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

FANNIE MAE (FNMA) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

FANNIE MAE (FNMA) has an earnings quality ratio of 1.67x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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