v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting
As shown in the table below, we have two reportable segments, Single-Family and Multifamily.
Segment
Description
Single-Family
Reflects results from our purchase, securitization, and guarantee of single-family loans, our investments in single-family loans and mortgage-related securities, the management of Single-Family mortgage credit risk and market risk, and any results of our treasury function that are not allocated to each segment.

Multifamily
Reflects results from our purchase, securitization, and guarantee of multifamily loans, our investments in multifamily loans and mortgage-related securities, and the management of Multifamily mortgage credit risk and market risk.


Segment Results
The table below presents the financial results for our Single-Family and Multifamily segments.
Table 11.1 - Segment Financial Results
2Q 20262Q 2025
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income
Interest income$31,988 $2,287 $34,275 $30,641 $1,407 $32,048 
Interest expense(26,539)(1,726)(28,265)(25,743)(1,006)(26,749)
Net interest income 5,449 561 6,010 4,898 401 5,299 
Non-interest income (loss)
Guarantee income19 269 288 33 365 398 
Investment gains (losses), net(438)12 (426)142 (23)119 
Other income70 49 119 62 38 100 
Non-interest income (loss)(349)330 (19)237 380 617 
Net revenues5,100 891 5,991 5,135 781 5,916 
(Provision) benefit for credit losses846 34 880 (622)(161)(783)
Non-interest expense
Administrative expense(1)
(522)(154)(676)(575)(173)(748)
Credit enhancement expense(445)(62)(507)(464)(47)(511)
Legislative and regulatory assessments(827)(13)(840)(813)(12)(825)
Other expense(76)2 (74)(53)(21)(74)
Non-interest expense(1,870)(227)(2,097)(1,905)(253)(2,158)
Income before income tax expense4,076 698 4,774 2,608 367 2,975 
Income tax expense(799)(137)(936)(516)(72)(588)
Net income3,277 561 3,838 2,092 295 2,387 
Other comprehensive income (loss), net of taxes and reclassification adjustments3 6 9 9 12 21 
Comprehensive income $3,280 $567 $3,847 $2,101 $307 $2,408 
YTD 2026YTD 2025
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income
Interest income$63,558 $4,367 $67,925 $60,687 $2,726 $63,413 
Interest expense(52,989)(3,307)(56,296)(51,036)(1,976)(53,012)
Net interest income10,569 1,060 11,629 9,651 750 10,401 
Non-interest income (loss)
Guarantee income39 569 608 56 782 838 
Investment gains (losses), net(504)120 (384)203 108 311 
Other income171 100 271 143 75 218 
Non-interest income (loss)(294)789 495 402 965 1,367 
Net revenues10,275 1,849 12,124 10,053 1,715 11,768 
(Provision) benefit for credit losses1,157 43 1,200 (850)(213)(1,063)
Non-interest expense
Administrative expense(1)
(1,004)(298)(1,302)(1,098)(326)(1,424)
Credit enhancement expense(831)(117)(948)(955)(96)(1,051)
Legislative and regulatory assessments(1,648)(24)(1,672)(1,620)(22)(1,642)
Other expense(167)(30)(197)(103)(26)(129)
Non-interest expense(3,650)(469)(4,119)(3,776)(470)(4,246)
Income before income tax expense7,782 1,423 9,205 5,427 1,032 6,459 
Income tax expense(1,529)(280)(1,809)(1,074)(204)(1,278)
Net income 6,253 1,143 7,396 4,353 828 5,181 
Other comprehensive income (loss), net of taxes and reclassification adjustments(10)(1)(11)17 38 55 
Comprehensive income$6,243 $1,142 $7,385 $4,370 $866 $5,236 
The table below presents total assets for our Single-Family and Multifamily segments.
Table 11.2 - Segment Assets
(In millions)June 30, 2026December 31, 2025
Single-Family$3,172,304 $3,156,290 
Multifamily504,970 495,835 
Total segment assets3,677,274 3,652,125 
Reconciling items(1)
(158,959)(154,527)
Total assets per condensed consolidated balance sheets$3,518,315 $3,497,598 
(1)Reconciling items include (1) assets in our mortgage portfolio that are not recognized on our condensed consolidated balance sheets and (2) assets recognized on our condensed consolidated balance sheets that are not allocated to the reportable segments.