Federal National Mortgage Association Fannie Mae (FNMA) Operating Expenses (2009 - 2026)
Federal National Mortgage Association Fannie Mae (FNMA) posted Operating Expenses of $2.07 billion for Q2 2026, down 11.4% from $2.33 billion a year earlier and down 5.3% from the prior quarter.
Federal National Mortgage Association Fannie Mae (FNMA) Operating Expenses (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at Federal National Mortgage Association Fannie Mae was $8.88 billion, down 10.2% year-over-year; for FY2025, it came in at $9.57 billion, down 1.5% from FY2024.
- Annual Operating Expenses shows a five-year compound annual growth rate of 3.2% (FY2020 to FY2025).
- In prior years, Federal National Mortgage Association Fannie Mae's Operating Expenses was $9.71 billion in FY2024 (-0.9%), $9.8 billion in FY2023 (+19.3%), $8.21 billion in FY2022 (-4.9%) and $8.64 billion in FY2021 (+5.6%).
- The Q2 2026 figure stands as the lowest quarterly Operating Expenses since Q4 2022.
- On a year-over-year basis, Operating Expenses has declined in each of the last five quarters, with an average decline of 5.2% over the last eight quarters.
- The strongest year-over-year quarter for Operating Expenses in the past five years was Q3 2023, with growth of 44.3%; the weakest was Q1 2026, with a decline of 16.0%.
- According to Business Quant data, Operating Expenses for the three prior quarters was $2.18 billion (Q1 2026), $2.48 billion (Q4 2025) and $2.15 billion (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Orix | 41.16 Bn | 9.88 Bn | 4.68 Bn | 4.66 Bn |
| 2 | Rocket Companies | 30.96 Bn | 16.64 Bn | - | 2.50 Bn |
| 3 | Affirm Holdings | 26.07 Bn | 19.76 Bn | - | 1.02 Bn |
| 4 | Royalty Pharma | 25.36 Bn | 22.32 Bn | - | 541.02 Mn |
| 5 | Synchrony Financial | 24.40 Bn | -43.57 Bn | - | 1.33 Bn |
| 6 | Federal National Mortgage Association Fannie Mae | 21.12 Bn | 21.12 Bn | - | 2.07 Bn |
| 7 | Royal Gold | 19.65 Bn | 18.83 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Ares Capital | 13.31 Bn | 10.75 Bn | - | - |
| 9 | Annaly Capital Management | 13.30 Bn | 4.34 Bn | - | 58.19 Mn |
| 10 | Federal Home Loan Mortgage | 10.87 Bn | -7.87 Bn | - | 2.10 Bn |
Historic 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 |
Federal National Mortgage Association Fannie Mae Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=FNMA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "FNMA", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=FNMA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();