EarningsQ2 2026 Earnings Report
DE:FNM Q2 2026 EPS Results
Actual EPS€0.60
Consensus EPS€0.56
Beat/MissBeat by +€0.04
One Year Ago EPS€0.50
DE:FNM Q2 2026 Revenue Results
Actual Revenue€36.38B
Expected Revenue€6.47B
Beat/MissBeat by +€29.90B
YoY Revenue Growth+2.39%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
DE:FNM Upcoming Earnings
Federal National Mortgage Association's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:FNM Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasizes strong profitability, revenue growth, improved margins, disciplined expense management and meaningful mission impact (liquidity provided, households helped, appraisal savings). These positives are tempered by higher credit provisions and net charge-offs, ongoing multifamily market stress with expected additional delinquencies, and $150 million of unrealized AFS losses. Management highlighted operational efficiencies and capital strength (net worth >$116B) that mitigate risks and position the company to absorb near-term credit volatility.Company Guidance
Strong Quarterly Profitability
Net income of $4.0 billion, up 7% quarter-over-quarter and 20% year-over-year, driven by durable guarantee business and higher net revenues of $7.6 billion (up 4% QoQ).
Robust Guarantee and Scale Metrics
Average guarantee book of $4.1 trillion generated over $6 billion of guarantee fee revenue (an increase of $117 million QoQ). The single-family guarantee book totaled $3.6 trillion.
Improved Net Interest Margin and Portfolio Income
Year-to-date net interest margin rose to 68.6 basis points (highest since 2022). Portfolio income increased 12% from the prior quarter, supporting durable earnings.
Expense Discipline and Efficiency Gains
Total noninterest expense declined 5% QoQ and 11% YoY. Administrative expense ratio remained below 11% with a Q2 administrative expense ratio of 10.7%, reflecting ongoing efficiency initiatives.
Capital and Return Measures
Illustrative return on required equity of 10.8%, up 40 basis points QoQ. Net worth exceeded $116 billion, and the regulatory capital deficit continued to shrink.
Market Support and Mission Impact
Provided $125 billion in liquidity to the mortgage market in the quarter, helping approximately 417,000 households (including nearly 110,000 first-time homebuyers) and assisting more than 21,000 homeowners through foreclosure prevention efforts.
Operational and Consumer-Facing Innovations
Appraisal alternatives helped more than 76,000 households and generated an estimated $45 million in closing-cost savings in Q2 (cumulative savings since 2018 now over $3 billion). Launched the Purchase Application Level Index (PALI) to provide timely insights into future home purchase activity.
Single-Family Credit and Acquisition Quality
Single-family serious delinquency rate remained flat at historically low levels. Q2 single-family acquisitions totaled $111 billion (highest since Q3 2022) with weighted average original LTV of 77% and weighted average FICO of 756, indicating stable underwriting quality.
Multifamily Financial Recovery
Multifamily net income of $704 million, up 29% QoQ, with $14 billion in new business volume and a guarantee book of $545 billion; net revenues increased 2% QoQ.
DE:FNM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed