Federal National Mortgage Association Fannie Mae (FNMA) Operating Expenses (2009 - 2026)
Federal National Mortgage Association Fannie Mae (FNMA) posted quarterly Operating Expenses of $2.1 billion for Q2 2026, down 11.36% year-over-year from $2.3 billion in Q2 2025, and down 5.27% quarter-over-quarter from $2.2 billion in Q1 2026.
Federal National Mortgage Association Fannie Mae (FNMA) Operating Expenses (2009 - 2026) Analysis & Trends
Federal National Mortgage Association Fannie Mae (FNMA) has reported Operating Expenses for 18 consecutive years, with $2.1 billion the latest figure, recorded in Q2 2026.
- In Q2 2026, Operating Expenses fell 11.36% year-over-year to $2.1 billion; the TTM figure through Jun 2026 stood at $8.9 billion (down 10.17% YoY), while the FY2025 annual figure was $9.6 billion, down 1.45% from the prior year.
- Operating Expenses retreated to $2.1 billion in Q2 2026 per FNMA's latest filing, from $2.2 billion in the prior quarter.
- Across five years, Operating Expenses topped out at $2.8 billion in Q3 2023 and bottomed at $1.9 billion in Q4 2022.
- Historically, Operating Expenses has averaged $2.3 billion across 5 years, with a median of $2.3 billion in 2024.
- Annual changes were most pronounced in 2023 — Operating Expenses jumped 44.25% — and 2026, when it dropped 16.01%.
- Federal National Mortgage Association Fannie Mae's Operating Expenses stood at $1.9 billion in 2022, then increased by 23.44% to $2.4 billion in 2023, then advanced by 7.3% to $2.6 billion in 2024, then slipped by 3.54% to $2.5 billion in 2025, then fell by 16.61% to $2.1 billion in 2026.
- Business Quant data shows FNMA's Operating Expenses at $2.1 billion in Q2 2026, $2.2 billion in Q1 2026, and $2.5 billion in Q4 2025.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 40.05 Bn | 36.95 Bn | - | 2.50 Bn |
| 2 | Federal National Mortgage Association Fannie Mae | 36.79 Bn | 36.79 Bn | - | 2.07 Bn |
| 3 | Federal Home Loan Mortgage | 18.53 Bn | 14.21 Bn | - | 2.10 Bn |
| 4 | PennyMac Financial Services | 3.91 Bn | 3.16 Bn | 480.08 Mn | 465.44 Mn |
| 5 | CNFinance Holdings | 1.54 Bn | 1.47 Bn | - | - |
| 6 | Walker & Dunlop | 1.33 Bn | 1.17 Bn | - | 304.62 Mn |
| 7 | Velocity Financial | 711.66 Mn | -6.74 Bn | - | 59.75 Mn |
| 8 | UWM Holdings | 474.22 Mn | -24.18 Mn | - | 635.05 Mn |
| 9 | Onity | 308.99 Mn | 112.69 Mn | - | 139.00 Mn |
| 10 | loanDepot | 201.99 Mn | -109.14 Mn | - | 343.94 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 2.07 Bn |
| Mar 31, 2026 | 2.18 Bn |
| Dec 31, 2025 | 2.48 Bn |
| Sep 30, 2025 | 2.15 Bn |
| Jun 30, 2025 | 2.33 Bn |
| Mar 31, 2025 | 2.60 Bn |
| Dec 31, 2024 | 2.57 Bn |
| Sep 30, 2024 | 2.38 Bn |
| Jun 30, 2024 | 2.42 Bn |
| Mar 31, 2024 | 2.34 Bn |
| Dec 31, 2023 | 2.40 Bn |
| Sep 30, 2023 | 2.81 Bn |
| Jun 30, 2023 | 2.52 Bn |
| Mar 31, 2023 | 2.07 Bn |
| Dec 31, 2022 | 1.94 Bn |
| Sep 30, 2022 | 1.95 Bn |
| Jun 30, 2022 | 2.28 Bn |
| Mar 31, 2022 | 2.05 Bn |
| Dec 31, 2021 | 2.25 Bn |
| Sep 30, 2021 | 2.14 Bn |