WASHINGTON– Fannie Mae is reporting it earned $3.5 billion for the fourth quarter of 2025, compared with $3.9 billion for the third quarter of 2025. It said it also increased its net worth to $109.0 billion as of Dec. 31, 2025.
“For the fourth quarter, while revenues were steady from the third quarter, changes in fair value, lower investment gains, and higher administrative expenses drove a decrease in net income,” Fannie Mae said in a statement.
For full-year 2025, net income decreased by $2.6 billion to $14.4 billion, primarily driven by a $1.8 billion shift from a benefit for credit losses in 2024 to a provision for credit losses in 2025, as well as a $1.7 billion decrease in fair value gains in 2025, according to Fannie Mae.
‘Strong Momentum’
“Fannie Mae’s 14 straight years of annual profitability reflect the strength of our business, the dedication of our employees, and the partnership of the institutions we serve,” Peter Akwaboah, CEO/COO, said in a statement. “We grew our net worth to $109 billion and have strong momentum going into 2026 and beyond.”
Data Points
The Data Points
Among the data points released by Fannie Mae:
- Net revenues of $7.3 billion, primarily driven by guaranty fees on the company’s $4.1 trillion guaranty book of business.
- Single-family net revenues of $6.1 billion from a $3.6 trillion conventional guaranty book with an average charged guaranty fee of 48.7 basis points.
- Multifamily net revenues of $1.2 billion from a $534.7 billion guaranty book with an average charged guaranty fee of 71.6 basis points.
- Provision for credit losses of $298 million, largely driven by a provision for newly acquired single-family loans during the period and increased delinquencies.
- Non-interest expense of $2.4 billion compared with $2.3 billion in the third quarter; increase driven primarily by higher administrative expense.
- Net income of $3.5 billion, compared with $3.9 billion in 3Q 2025; net worth increased to $109.0 billion.
