# Federal National Mortgage Association Fannie Mae: overview

FNMA · OTC · CIK 310522 · [Financials](/sectors/financials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/fnma.md) · [Financials](/companies/fnma/financials.md) · [Filings](/companies/fnma/filings.md) · [Insiders](/companies/fnma/insiders.md)

Latest reported revenue: [$7.65bn](/filings/0000310522-26-000089.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 28, 2026 (XBRL us-gaap:RevenuesNetOfInterestExpense, accession 0000310522-26-000089).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [7,297 d](/filings/0000310522-26-000015.md) | [7,085](/filings/0000310522-26-000040.md) | [7,241](/filings/0000310522-26-000064.md) | [7,307](/filings/0000310522-26-000089.md) | [7,331 d](/filings/0000310522-26-000015.md) | [7,280](/filings/0000310522-26-000040.md) | [7,565](/filings/0000310522-26-000064.md) | [7,651](/filings/0000310522-26-000089.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | [56.6% d](/filings/0000310522-26-000015.md) | [51.7%](/filings/0000310522-26-000040.md) | [45.8%](/filings/0000310522-26-000064.md) | [52.8%](/filings/0000310522-26-000089.md) | [48.1% d](/filings/0000310522-26-000015.md) | [51.1%](/filings/0000310522-26-000040.md) | [52.6%](/filings/0000310522-26-000064.md) | [54.6%](/filings/0000310522-26-000089.md) |
| Diluted EPS | $ per share | not reported | [0.00](/filings/0000310522-26-000040.md) | [0.00](/filings/0000310522-26-000064.md) | [0.00](/filings/0000310522-26-000089.md) | not reported | [0.01](/filings/0000310522-26-000040.md) | [0.03](/filings/0000310522-26-000064.md) | [0.18](/filings/0000310522-26-000089.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenuesNetOfInterestExpense. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenuesNetOfInterestExpense. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Revenue: us-gaap:RevenuesNetOfInterestExpense. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenuesNetOfInterestExpense. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $bn | [29.9](/filings/0000310522-24-000184.md) | [29.7](/filings/0000310522-25-000199.md) | [29.0](/filings/0000310522-26-000015.md) | [29.1](/filings/0000310522-26-000015.md) | [29.0](/filings/0000310522-26-000015.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | [74.0%](/filings/0000310522-24-000184.md) | [43.5%](/filings/0000310522-25-000199.md) | [59.9%](/filings/0000310522-26-000015.md) | [58.4%](/filings/0000310522-26-000015.md) | [49.6%](/filings/0000310522-26-000015.md) |
| Diluted EPS | $ per share | [0.01](/filings/0000310522-24-000184.md) | [0.00](/filings/0000310522-25-000199.md) | [0.00](/filings/0000310522-26-000015.md) | [0.00](/filings/0000310522-26-000015.md) | [0.00](/filings/0000310522-26-000015.md) |
| Free cash flow | $bn | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenuesNetOfInterestExpense.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenuesNetOfInterestExpense.
- Operating margin (operating income / revenue). XBRL Revenue: us-gaap:RevenuesNetOfInterestExpense.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenuesNetOfInterestExpense.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/fnma/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Matthew 25 Management Corp](/funds/1351431.md) | 2026-06-30 | $2.8m | 423,000 |  | Added +93,500 |
| [Pinnacle Holdings, LLC](/funds/1411784.md) | 2026-06-30 | $738.2k | 113,388 |  | Unchanged |
| [RNC CAPITAL MANAGEMENT LLC](/funds/51762.md) | 2026-06-30 | $568.3k | 87,300 |  | Not compared |
| [Ratan Capital Management LP](/funds/1566887.md) | 2026-06-30 | $514.3k | 79,000 |  | New +79,000 |
| [IVY LANE CAPITAL MANAGEMENT, LLC](/funds/1839851.md) | 2026-06-30 | $507.8k | 78,000 |  | Added +28,000 |
| [First National Trust Co](/funds/1277303.md) | 2026-06-30 | $475.2k | 73,000 |  | Unchanged |
| [Crossingbridge Advisors, LLC](/funds/1770024.md) | 2026-06-30 | $455.7k | 70,000 |  | New +70,000 |
| [ATLAS CAPITAL ADVISORS INC.](/funds/1434165.md) | 2026-06-30 | $203.9k | 31,319 |  | Unchanged |
| [HENNESSY ADVISORS INC](/funds/1145255.md) | 2026-06-30 | $195.3k | 30,000 |  | New +30,000 |
| [Ascentis Wealth Management, LLC](/funds/2032602.md) | 2026-06-30 | $189.7k | 29,142 |  | New +29,142 |

## Recent filings

[All 6,359 filings](/companies/fnma/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-28 | 07:17 ET | [8-K](/filings/0000310522-26-000090.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000310522-26-000090 |
| 2026-10-28 | 07:16 ET | [10-Q](/filings/0000310522-26-000089.md) | Quarterly report, period 2026-09-30 | 0000310522-26-000089 |
| 2026-07-29 | 07:22 ET | [8-K](/filings/0000310522-26-000065.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000310522-26-000065 |
| 2026-07-29 | 07:21 ET | [10-Q](/filings/0000310522-26-000064.md) | Quarterly report, period 2026-06-30 | 0000310522-26-000064 |
| 2026-04-29 | 07:18 ET | [8-K](/filings/0000310522-26-000041.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000310522-26-000041 |
| 2026-04-29 | 07:17 ET | [10-Q](/filings/0000310522-26-000040.md) | Quarterly report, period 2026-03-31 | 0000310522-26-000040 |
| 2026-02-23 | 09:04 ET | [8-K](/filings/0000310522-26-000030.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0000310522-26-000030 |
| 2026-02-11 | 07:13 ET | [8-K](/filings/0000310522-26-000016.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000310522-26-000016 |
| 2026-02-11 | 07:11 ET | [10-K](/filings/0000310522-26-000015.md) | Annual report, period 2025-12-31 | 0000310522-26-000015 |
| 2026-02-06 | 16:03 ET | [8-K](/filings/0000310522-26-000003.md) | 5.07 Shareholder vote results | 0000310522-26-000003 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0000310522-26-000015.md), filed Feb 11, 2026.

## Forecast league

Not in this season’s league. [This season’s league](/leagues.md)

## About the filer

- CIK: 310522
- Tickers: FNMA, FNMFN, FNMAM, FNMAN, FNMAI, FNMAT, FNMAK, FNMAL, FNMFM, FNMAO, FNMAG, FNMFO, FNMAH, FNMAJ, FNMAP, FNMAS
- Exchange: OTC
- SIC code: 6111 Federal & Federally-Sponsored Credit Agencies
- State of incorporation: not reported
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 28, 2026, 08:25 ET. No prices; not investment advice.