Fannie Mae finished 2025 with a stronger balance sheet but a lower profit, the government-sponsored enterprise announced.
Fannie Mae reported net income of $3.5 billion for the fourth quarter of 2025 and $14.4 billion for the full year. That’s down 15% from 2024, while net worth rose to a record $109.0 billion as of Dec. 31. Net revenues were relatively flat at $7.3 billion for the quarter and $29 billion for the year, driven in great part by guaranty fees on a $4.1 trillion book of business.
“Fannie Mae’s financial footing is stronger than ever, hitting a record level $109 billion net worth,” William J. Pulte, Director of U.S. federal housing and Fannie Mae’s Board Chair, said. “For the first time in four years, we reduced annual administrative expenses, positioning the company for long‑term success.”
Net Worth Grew
Peter Akwaboah, Acting Chief Executive Officer and Chief Operating Officer, said 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.”
Akwaboah added: “We grew our net worth to $109 billion and have strong momentum going into 2026 and beyond.”
Chief Financial Officer Chryssa C. Halley said: “We generated $3.5 billion in net income in the fourth quarter and $14.4 billion for the year, supported by steady revenues of $7.3 billion and $29.0 billion, respectively. We are well-positioned to continue to meet the needs of the housing market while operating in a safe and sound manner.”
Fannie Mae noted that the earnings decline mainly reflects a shift from a benefit for credit losses in 2024 to a $1.6 billion provision in 2025, along with a $1.7 billion drop in fair value gains. Fourth‑quarter provision for credit losses totaled $298 million, Fannie Mae said, largely tied to newly acquired single‑family loans and rising delinquencies, while non‑interest expenses rose to $2.4 billion.
The GSE said it enabled financing for about 1.5 million home purchases, refinances, and rental units in 2025, including about 704,000 purchase loans and 283,000 refinances in the fourth quarter alone. Fannie Mae reported its highest multifamily acquisition volume in five years.
On the single-family side, Jake Williamson, EVP, Head of Single-Family, said: “Single-Family business acquisitions rose in the fourth quarter as more homeowners chose to refinance. In 2026, we will remain focused on serving our customers with ways to make the mortgage process more efficient and less costly for both lenders and borrowers.”
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