Federal National Mortgage Association

Q2 FY2026 EarningsQ2 FY26 beat consensus on revenue with $7,565M vs. $7,173.5M expected, driven by strong growth in the retained mortgage portfolio and higher guaranty fee income. Net income reached $3,982M, significantly above the implicit consensus of $0, benefiting from a 48.7% YoY reduction in provision for credit losses to $485M. While the Effective Tax Rate of 20.2% was slightly lower than the 20.8% consensus, the company remains under conservatorship with all net worth increases attributable to senior preferred stock, leaving common EPS at $0.03.