FNMA FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE

Overview and Growth

Fiscal 2025 results for FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE combined $28.96B of revenue with net income of $14.36B and an operating cash inflow of $23.99B. Revenue of $28.96B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 0.4% below fiscal 2024 revenue of $29.07B, marking a top-line contraction. On a per-share basis, diluted EPS was $0.00, which connects the reported earnings outcome with the company’s diluted share count. The diluted weighted-average share count was 5.89B, linking total earnings with the per-share result received by shareholders. Diluted shares moved 0.0% from 5.89B in fiscal 2024, leaving the current share base higher year over year. At period end, total assets were $4.32T, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.01x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The bottom-line result was net income of $14.36B, after the operating, financing, tax, and other items recognized for the period. Net margin was 49.6%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $17.98B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 62.1%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $3.62B, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 20.1% of pretax income, showing the tax burden absorbed by the year’s earnings. The relationship between net income and period-end equity was 13.2%, indicating the profitability achieved on book capital. Return on period-end assets was 0.3%, connecting net income with the company’s total asset base. Current net income of $14.36B was below fiscal 2024 net income of $16.98B, showing the direction of the bottom-line change.

Liquidity and Capital Structure

Total assets were $4.32T, supported by $4.21T of liabilities and $109.01B of shareholder equity. Reported cash and equivalents were $42.58B, separating immediately recognizable cash resources from the rest of the current-asset base. The company carried $4.16T of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 38.12x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 96.3%, showing how much of the asset base was matched by borrowing. The equity-to-assets relationship was 2.5%, placing book capital against the total resource base. Relative to total assets, liabilities measured 97.5%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 1.0%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $4.35T in fiscal 2024, the current asset base moved 0.7% and finished lower. Against $94.66B of equity in fiscal 2024, the current book-equity balance moved 15.2% and ended higher. Compared with $38.54B in fiscal 2024, the current cash balance moved 10.5% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $23.99B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.67x, showing the relationship between accrual earnings and operating cash. Operations shifted from absorbing $10.52B in fiscal 2024 to generating $23.99B of cash.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.