FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE

FNMAS ·Financial, Credit Services, United States

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Profit Margins

Gross Margin Operating Margin Net Margin

Period	Gross Margin	Operating Margin	Net Margin
Jun 2008	—	168.3%	-68.3%
Sep 2008	—	168.8%	1,396.6%
Mar 2009	—	778.8%	1,085.7%
Jun 2009	—	-175.3%	-303.9%
Sep 2009	—	-353.8%	-506.5%
Mar 2010	—	2,231.6%	-1,026.7%
Jun 2010	—	749.7%	-26.9%
Sep 2010	—	625.7%	-26.0%
Mar 2011	—	464.5%	-117.0%
Jun 2011	—	784.1%	-78.7%
Sep 2011	—	3,963.2%	-789.6%
Dec 2011	—	677.4%	-61.1%
Mar 2012	—	533.0%	46.3%
Jun 2012	—	1,168.2%	181.8%
Sep 2012	—	597.1%	38.6%
Dec 2012	—	—	123.3%
Mar 2013	—	410.5%	753.1%
Jun 2013	—	485.3%	138.3%
Sep 2013	—	455.6%	118.5%
Dec 2013	—	404.5%	79.8%
Mar 2014	—	404.5%	66.6%
Jun 2014	—	605.1%	75.8%
Sep 2014	—	483.1%	65.4%
Dec 2014	—	797.3%	41.7%
Mar 2015	—	665.1%	49.7%
Jun 2015	—	302.6%	49.6%
Sep 2015	—	697.8%	55.1%
Dec 2015	—	460.4%	43.9%
Mar 2016	—	487.7%	22.8%
Jun 2016	—	469.9%	54.0%
Sep 2016	—	449.9%	57.0%
Dec 2016	—	267.6%	48.3%
Mar 2017	—	468.2%	49.6%
Jun 2017	—	507.5%	59.8%
Sep 2017	—	413.3%	46.7%
Dec 2017	—	444.1%	-105.6%
Mar 2018	—	516.5%	76.7%
Jun 2018	—	517.7%	79.4%
Sep 2018	—	514.7%	71.1%
Dec 2018	—	607.6%	66.7%
Mar 2019	—	585.6%	48.7%
Jun 2019	—	550.2%	64.3%
Sep 2019	—	531.2%	71.6%
Dec 2019	—	408.1%	61.8%
Mar 2020	—	451.0%	8.4%
Jun 2020	—	421.5%	43.4%
Sep 2020	—	367.1%	62.7%
Dec 2020	—	353.4%	68.9%
Mar 2021	—	338.8%	73.1%
Jun 2021	—	308.2%	85.3%
Sep 2021	—	340.5%	68.4%
Mar 2022	—	341.0%	58.9%
Jun 2022	—	348.9%	59.0%
Sep 2022	—	367.8%	33.7%
Mar 2023	—	460.9%	55.1%
Jun 2023	—	472.7%	70.3%
Sep 2023	—	467.9%	64.4%
Mar 2024	—	496.2%	60.9%
Jun 2024	—	76.4%	61.1%
Sep 2024	—	68.8%	55.1%
Mar 2025	—	64.7%	51.7%
Jun 2025	—	57.4%	45.8%
Sep 2025	—	66.2%	52.8%
Mar 2026	—	64.1%	51.1%