Fannie Mae has reported a net income of $3.5 billion for the fourth quarter of 2025, and $14.4 billion for the full year, underscoring continued profitability and financial strength amid evolving market conditions.
In the fourth quarter, Fannie Mae’s net revenues remained stable at approximately $7.3 billion, largely supported by guaranty fees earned through its core mortgage credit activities on a $4.1 trillion guaranty book of business. Although fourth‑quarter net income was slightly lower than the prior quarter, this performance marked the company’s 14th consecutive year of annual profitability.
In its broader market impact, Fannie Mae provided approximately $409 billion in liquidity to the U.S. mortgage market in 2025, enabling about 1.5 million home purchases, refinances, and rental transactions. This activity included support for first‑time homebuyers and multifamily financing, contributing to housing market stability.
For the full year, net income declined compared with 2024, driven primarily by shifts in credit loss provisions and fair value gains. The increase in credit loss provisions reflected broader mortgage market dynamics, while fair value gains were lower in 2025 than in the prior year. Despite these impacts, Fannie Mae achieved a net worth of $109.0 billion at year‑end, a substantial increase from the prior year and a record level that reflects strong capital accumulation and risk management.
Executives highlighted disciplined expense management as a factor in the year’s results.
Fannie Mae reduced overall non‑interest expenses by $141 million, including a reduction in administrative costs — the first year‑over‑year administrative expense decrease in four years. The company also continued efforts to streamline operations, improving long‑term efficiency and financial flexibility.
Fannie Mae’s leadership emphasized that sustained profitability, enhanced capital position, and operational improvements position the company to continue fulfilling its mission of providing liquidity, stability, and affordability to the U.S. housing finance system as it enters 2026 from a position of strength.
