Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Mortgage loans	$ 39,294	$ 37,693	$ 78,199	$ 75,092
Securities purchased under agreements to resell	548	924	1,178	1,796
Investments in securities and other	966	794	1,653	1,539
Total interest income	40,808	39,411	81,030	78,427
Interest expense:
Short-term debt	(254)	(103)	(448)	(208)
Long-term debt	(33,061)	(32,153)	(65,891)	(64,063)
Total interest expense	(33,315)	(32,256)	(66,339)	(64,271)
Net interest income	7,493	7,155	14,691	14,156
Non-interest income:
Fair value gains (losses), net	(76)	211	45	334
Fee and other income	72	86	154	170
Investment gains (losses), net	53	(19)	(224)	(20)
Total non-interest income	49	278	(25)	484
(Provision) benefit for credit losses	(485)	(946)	(762)	(970)
Non-interest expense:
Salaries and employee benefits	(463)	(492)	(926)	(1,103)
Professional services, technology, and occupancy	(348)	(355)	(630)	(736)
Legislative assessments	(934)	(939)	(1,865)	(1,870)
Credit enhancement expense	(361)	(400)	(719)	(879)
Other income (expense), net	38	(147)	(111)	(344)
Total non-interest expense	(2,068)	(2,333)	(4,251)	(4,932)
Income before federal income taxes	4,989	4,154	9,653	8,738
Provision for federal income taxes	(1,007)	(837)	(1,951)	(1,760)
Net income	3,982	3,317	7,702	6,978
Other comprehensive income (loss)	(152)	7	(217)	1
Total comprehensive income	3,830	3,324	7,485	6,979
Dividends distributed or amounts attributable to senior preferred stock	(3,830)	(3,324)	(7,485)	(6,979)
Net income (loss) attributable to common stockholders, basic	152	(7)	217	(1)
Net income (loss) attributable to common stockholders, diluted	$ 152	$ (7)	$ 217	$ (1)
Earnings per share:
Earnings per share, Basic (in usd per share)	$ 0.03	$ 0.00	$ 0.04	$ 0.00
Earnings per share, Diluted (in usd per share)	$ 0.03	$ 0.00	$ 0.04	$ 0.00
Weighted-average common shares outstanding:
Weighted-average common shares outstanding, Basic (shares)	5,867	5,867	5,867	5,867
Weighted-average common shares outstanding, Diluted (shares)	5,893	5,867	5,893	5,867

FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE 10-Q