Balance Sheet Federal National Mortgage Association

Equities

FNMA

US3135861090

Corporate Financial Services

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Published financial data: FEDERAL NATIONAL MORTGAGE ASSOCIATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Interest and Dividend Income, Total	10TCr	12TCr	14TCr	15TCr	16TCr
Interest Expense, Total	6.97TCr	9.05TCr	11TCr	12TCr	13TCr
Net Interest Income	3.13TCr	2.95TCr	2.9TCr	2.94TCr	2.9TCr
Commission and Fees	36Cr	31Cr	28Cr	32Cr	36Cr
Other Revenues, Total	-21Cr	102.6Cr	94Cr	110.8Cr	-21Cr
Revenues Before Provison For Loan Losses	3.15TCr	3.08TCr	3.03TCr	3.09TCr	2.91TCr
Provision For Loan Losses	-513Cr	627.7Cr	-167Cr	-19Cr	160.6Cr
Total Revenues	3.66TCr	2.45TCr	3.19TCr	3.11TCr	2.75TCr
Salaries And Other Employee Benefits	149.3Cr	167.1Cr	190.6Cr	200.4Cr	209.4Cr
Cost of Services Provided, Total	157.2Cr	165.8Cr	169.8Cr	538.1Cr	523.4Cr
Other Operating Expenses	432.6Cr	428.7Cr	470.4Cr	94Cr	59Cr
Total Operating Expenses	739.1Cr	761.6Cr	830.8Cr	832.2Cr	791.4Cr
Operating Income	2.92TCr	1.69TCr	2.36TCr	2.27TCr	1.96TCr
Income (Loss) on Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	-2.6Cr	-8.7Cr	3.2Cr	-1.5Cr	2.5Cr
Other Non Operating Income (Expenses)	-124.5Cr	-60Cr	-170.5Cr	-144.7Cr	-165.6Cr
EBT, Excl. Unusual Items	2.79TCr	1.62TCr	2.2TCr	2.13TCr	1.8TCr
EBT, Incl. Unusual Items	2.79TCr	1.62TCr	2.2TCr	2.13TCr	1.8TCr
Income Tax Expense	577.3Cr	331Cr	454.8Cr	429.1Cr	361.9Cr
Earnings From Continuing Operations	2.22TCr	1.29TCr	1.74TCr	1.7TCr	1.44TCr
Net Income to Company	2.22TCr	1.29TCr	1.74TCr	1.7TCr	1.44TCr
Net Income - (IS)	2.22TCr	1.29TCr	1.74TCr	1.7TCr	1.44TCr
Preferred Dividend and Other Adjustments	2.21TCr	1.29TCr	1.74TCr	1.7TCr	1.44TCr
Net Income to Common Incl Extra Items	7.8Cr	30L	30L	30L	90L
Net Income to Common Excl. Extra Items	7.8Cr	30L	30L	30L	90L
Per Share Items
Net EPS - Basic	0.01	0	0	0	0
Basic EPS - Continuing Operations	0.01	0	0	0	0
Basic Weighted Average Shares Outstanding	586.7Cr	586.7Cr	586.7Cr	586.7Cr	586.7Cr
Net EPS - Diluted	0.01	0	0	0	0
Diluted EPS - Continuing Operations	0.01	0	0	0	0
Diluted Weighted Average Shares Outstanding	589.3Cr	589.3Cr	589.3Cr	589.3Cr	589.3Cr
Normalized Basic EPS	2.98	1.73	2.34	2.27	1.92
Normalized Diluted EPS	2.96	1.72	2.33	2.26	1.91
Payout Ratio	-	-	-	-	-
Supplemental Items
Effective Tax Rate - (Ratio)	20.66	20.39	20.71	20.17	20.12
Current Domestic Taxes	552.1Cr	350.5Cr	331.7Cr	315.4Cr	290Cr
Total Current Taxes	552.1Cr	350.5Cr	331.7Cr	315.4Cr	290Cr
Deferred Domestic Taxes	25Cr	-20Cr	123.1Cr	113.7Cr	72Cr
Total Deferred Taxes	25Cr	-20Cr	123.1Cr	113.7Cr	72Cr
Normalized Net Income	1.75TCr	1.01TCr	1.37TCr	1.33TCr	1.12TCr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	4.24TCr	5.8TCr	3.58TCr	3.89TCr	1.15TCr
Long-Term Investments - (FS Template)	2.16TCr	6.54TCr	8.38TCr	1.64TCr	4.6TCr
Trading Asset Securities, Total	8.42TCr	18Cr	20Cr	7TCr	6.15TCr
Loans and Lease Receivables - (FS Template)	3,97200Cr	4,11400Cr	4,13500Cr	4,13900Cr	4,12300Cr
Other Receivables	979.9Cr	987.4Cr	1.08TCr	1.16TCr	1.18TCr
Loans Held For Sale	513.4Cr	203.3Cr	214.9Cr	37Cr	21Cr
Restricted Cash	6.62TCr	2.99TCr	3.29TCr	4TCr	3.11TCr
Other Current Assets, Total	422.4Cr	-	-	890Cr	820Cr
Deferred Tax Assets Long-Term (Collected)	1.27TCr	1.29TCr	1.17TCr	1.05TCr	982.8Cr
Other Long-Term Assets, Total	1.14TCr	1.32TCr	1.32TCr	1.36TCr	1.47TCr
Total Assets	4,22900Cr	4,30500Cr	4,32500Cr	4,35000Cr	4,31800Cr
Liabilities
Accrued Expenses, Total	918.6Cr	991.7Cr	1.09TCr	1.24TCr	1.29TCr
Short-Term Borrowings	302.8Cr	1.04TCr	1.75TCr	1.13TCr	2.47TCr
Current Portion of Long-Term Debt	6.56TCr	2.32TCr	2.34TCr	3.83TCr	4.1TCr
Long-Term Debt	4,09000Cr	4,18800Cr	4,18200Cr	4,17900Cr	4,11500Cr
Other Non Current Liabilities	1.42TCr	1.3TCr	1.4TCr	1.44TCr	1.51TCr
Total Liabilities	4,18200Cr	4,24500Cr	4,24800Cr	4,25500Cr	4,20900Cr
Preferred Stock Redeemable	13TCr	13TCr	13TCr	13TCr	13TCr
Preferred Stock Convertible	1.36TCr	1.36TCr	1.36TCr	1.36TCr	1.36TCr
Total Preferred Equity	14TCr	14TCr	14TCr	14TCr	14TCr
Common Stock, Total	69Cr	69Cr	69Cr	69Cr	69Cr
Retained Earnings	-8.59TCr	-7.3TCr	-5.56TCr	-3.86TCr	-2.43TCr
Treasury Stock	-740Cr	-740Cr	-740Cr	-740Cr	-740Cr
Comprehensive Income and Other	3.8Cr	3.5Cr	3.2Cr	2.9Cr	2Cr
Total Common Equity	-9.26TCr	-7.97TCr	-6.23TCr	-4.53TCr	-3.1TCr
Total Equity	4.74TCr	6.03TCr	7.77TCr	9.47TCr	11TCr
Total Liabilities And Equity	4,22900Cr	4,30500Cr	4,32500Cr	4,35000Cr	4,31800Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	573.88Cr	573.88Cr	573.88Cr	573.88Cr	573.88Cr
ECS Total Common Shares Outstanding	573.88Cr	573.88Cr	573.88Cr	573.88Cr	573.88Cr
Book Value / Share	-16.14	-13.89	-10.85	-7.9	-5.39
Tangible Book Value	-9.26TCr	-7.97TCr	-6.23TCr	-4.53TCr	-3.1TCr
Tangible Book Value Per Share	-16.14	-13.89	-10.85	-7.9	-5.39
Total Debt	4,15800Cr	4,22200Cr	4,22300Cr	4,22800Cr	4,18100Cr
Net Debt	4,01100Cr	4,14900Cr	4,15600Cr	4,10300Cr	4,06200Cr
Full Time Employees	7.4T	8T	8.1T	8.2T	7T

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	2.22TCr	1.29TCr	1.74TCr	1.7TCr	1.44TCr
(Gain) Loss On Sale of Asset - (CF)	-178Cr	-178.2Cr	-118.2Cr	-77Cr	-77Cr
Total Asset Writedown	-199.6Cr	36Cr	-76Cr	-111.6Cr	-70Cr
Provision for Credit Losses	-513Cr	627.7Cr	-147.7Cr	-38Cr	160.6Cr
Change in Trading Asset Securities	4.7TCr	3.48TCr	-107.7Cr	-2.53TCr	1.07TCr
Other Operating Activities	-1.3TCr	-874Cr	-102.9Cr	7.7Cr	-117.5Cr
Cash from Operations	4.72TCr	4.38TCr	1.19TCr	-1.05TCr	2.4TCr
Sale of Property, Plant, and Equipment	353.6Cr	269.4Cr	462.2Cr	363.6Cr	270.4Cr
Investment in Marketable and Equity Securities, Total	105.2Cr	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	7.91TCr	8.24TCr	11TCr	14TCr	17TCr
Other Investing Activities, Total	711.6Cr	507.5Cr	-1.63TCr	1.52TCr	964.4Cr
Cash from Investing	9.08TCr	9.01TCr	9.92TCr	16TCr	19TCr
Short Term Debt Issued, Total	-	-	-	-	1.18TCr
Long-Term Debt Issued, Total	1,41500Cr	81TCr	64TCr	69TCr	29TCr
Total Debt Issued	1,41500Cr	81TCr	64TCr	69TCr	31TCr
Long-Term Debt Repaid, Total	-1,56000Cr	-97TCr	-77TCr	-83TCr	-51TCr
Total Debt Repaid	-1,56000Cr	-97TCr	-77TCr	-83TCr	-51TCr
Issuance of Preferred Stock	-	-	-	-	-
Preferred Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	6.9Cr	-	-	-30L	-70L
Cash from Financing	-15TCr	-15TCr	-13TCr	-14TCr	-21TCr
Net Change in Cash	-699.2Cr	-2.08TCr	-1.91TCr	1.01TCr	404.7Cr
Supplemental Items
Cash Interest Paid	11TCr	10TCr	12TCr	13TCr	14TCr
Cash Income Tax Paid (Refund)	550Cr	351.1Cr	275Cr	287.1Cr	242.5Cr
Net Debt Issued / Repaid	-15TCr	-15TCr	-13TCr	-14TCr	-21TCr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	0.54	0.3	0.4	0.39	0.33
Return On Equity %	61.08	24.01	25.24	19.7	14.11
Return on Common Equity	-0.08	-0	-0	-0.01	-0.02
Margin Analysis
Gross Profit Margin %	100	100	100	100	100
SG&A Margin	8.37	13.57	11.28	23.78	26.62
Income From Continuing Operations Margin %	60.57	52.68	54.51	54.67	52.18
Net Income Margin %	60.57	52.68	54.51	54.67	52.18
Net Avail. For Common Margin %	0.21	0.01	0.01	0.01	0.03
Normalized Net Income Margin	47.71	41.36	42.97	42.81	40.83
Asset Turnover
Asset Turnover	0.01	0.01	0.01	0.01	0.01
Short Term Liquidity
Current Ratio	54.02	97.17	82.09	69.7	54.6
Quick Ratio	53.05	96.44	81.42	68.91	54.1
Operating Cash Flow to Current Liabilities	0.61	1.01	0.23	-0.17	0.31
Long Term Solvency
Total Debt/Equity	8.78T	7T	5.44T	4.47T	3.83T
Total Debt / Total Capital	98.87	98.59	98.19	97.81	97.46
LT Debt/Equity	8.64T	6.95T	5.38T	4.41T	3.77T
Long-Term Debt / Total Capital	97.24	97.81	97.24	96.66	95.93
Total Liabilities / Total Assets	98.88	98.6	98.2	97.82	97.48
Tier 1 Capital Ratio %	-	-5.6	-4.1	-2.7	-1.6
Total Capital Ratio %	-	-5.6	-4.1	-2.7	-1.6
Leverage Ratio %	-	-1.6	-1.2	-0.8	-0.5
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	58.95	-32.99	30.18	-2.77	-11.19
Gross Profit, 1 Yr. Growth %	58.95	-32.99	30.18	-2.77	-11.19
Earnings From Cont. Operations, 1 Yr. Growth %	87.85	-41.73	34.71	-2.47	-15.4
Net Income, 1 Yr. Growth %	87.85	-41.73	34.71	-2.47	-15.4
Normalized Net Income, 1 Yr. Growth %	87.84	-41.92	35.26	-3.13	-15.45
Diluted EPS Before Extra, 1 Yr. Growth %	292.93	-94.91	0	0	200
Common Equity, 1 Yr. Growth %	-19.26	-13.95	-21.84	-27.25	-31.68
Total Assets, 1 Yr. Growth %	6.11	1.8	0.47	0.56	-0.74
Tangible Book Value, 1 Yr. Growth %	-19.26	-13.95	-21.84	-27.25	-31.68
Cash From Operations, 1 Yr. Growth %	-164.73	-7.17	-72.89	-188.53	-328.03
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	20.05	3.2	-6.6	12.51	-6.85
Gross Profit, 2 Yr. CAGR %	20.05	3.2	-6.6	12.51	-6.85
Earnings From Cont. Operations, 2 Yr. CAGR %	25.14	4.63	-11.4	14.62	-9.16
Net Income, 2 Yr. CAGR %	25.14	4.63	-11.4	14.62	-9.16
Normalized Net Income, 2 Yr. CAGR %	26.1	4.45	-11.37	14.47	-9.5
Diluted EPS Before Extra, 2 Yr. CAGR %	-42.26	-55.28	-77.44	0	73.21
Common Equity, 2 Yr. CAGR %	-14.05	-16.65	-17.99	-24.6	-29.5
Total Assets, 2 Yr. CAGR %	9.87	3.93	1.13	0.51	-0.09
Tangible Book Value, 2 Yr. CAGR %	-14.05	-16.65	-17.99	-24.6	-29.5
Cash From Operations, 2 Yr. CAGR %	215.13	-22.48	-49.83	-51.01	42.08
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	10.33	-1.16	11.51	-5.34	3.92
Gross Profit, 3 Yr. CAGR %	10.33	-1.16	11.51	-5.34	3.92
Earnings From Cont. Operations, 3 Yr. CAGR %	11.59	-3	13.82	-8.52	3.59
Net Income, 3 Yr. CAGR %	11.59	-3	13.82	-8.52	3.59
Normalized Net Income, 3 Yr. CAGR %	11.62	-2.62	13.85	-8.7	3.47
Diluted EPS Before Extra, 3 Yr. CAGR %	-74.02	-74.3	-41.52	-62.94	44.22
Common Equity, 3 Yr. CAGR %	-11.53	-14.02	-18.42	-21.2	-27.04
Total Assets, 3 Yr. CAGR %	7.35	7.11	2.76	0.94	0.09
Tangible Book Value, 3 Yr. CAGR %	-11.53	-14.02	-18.42	-21.2	-27.04
Cash From Operations, 3 Yr. CAGR %	175.9	109.68	-45.38	-39.37	-18.2
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.22	-0.59	3.22	4.1	3.63
Gross Profit, 5 Yr. CAGR %	8.22	-0.59	3.22	4.1	3.63
Earnings From Cont. Operations, 5 Yr. CAGR %	12.49	39.31	1.75	3.7	4
Net Income, 5 Yr. CAGR %	12.49	39.31	1.75	3.7	4
Normalized Net Income, 5 Yr. CAGR %	8.8	-2.52	1.78	3.89	3.86
Diluted EPS Before Extra, 5 Yr. CAGR %	0	-78.57	-75.45	-55.75	-9.71
Common Equity, 5 Yr. CAGR %	-6.59	-10.65	-14.17	-18.42	-23.05
Total Assets, 5 Yr. CAGR %	5.16	5.17	4.82	4.42	1.61
Tangible Book Value, 5 Yr. CAGR %	-6.59	-10.65	-14.17	-18.42	-23.05
Cash From Operations, 5 Yr. CAGR %	117.05	59.75	39.52	17.22	-19.94