v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows provided by (used in) operating activities:      
Net income $ 14,364 $ 16,978 $ 17,408
Reconciliation of net income to net cash provided by (used in) operating activities:      
Amortization of cost basis adjustments (1,391) (1,590) (2,535)
Net impact of hedged mortgage assets and debt (194) 11 210
Provision (benefit) for credit losses 1,606 (186) (1,670)
Valuation (gains) losses (695) (1,116) (760)
Deferred income tax expense (benefit) 719 1,137 1,231
Net gains related to the disposition of acquired property and preforeclosure sales, including credit enhancements (774) (769) (1,182)
Net change in accrued interest receivable (374) (733) (1,110)
Net change in servicer advances (27) 30 31
Net change in accrued interest payable 723 891 1,014
Other, net (631) 137 323
Net change in trading securities 10,663 (25,310) (1,077)
Net cash provided by (used in) operating activities 23,989 (10,520) 11,883
Mortgage loans acquired held for investment:      
Purchases (130,920) (135,865) (124,372)
Proceeds from sales 1,346 3,833 2,182
Proceeds from repayments 419,020 366,164 335,240
Advances to lenders (114,890) (95,139) (103,364)
Proceeds from disposition of acquired property, preforeclosure sales and insurance proceeds 2,704 3,636 5,718
Net change in securities purchased under agreements to resell 10,600 9,175 3,990
Other, net (956) 441 (119)
Net cash provided by (used in) investing activities 186,904 152,245 119,275
Cash flows provided by (used in) financing activities:      
Other, net (7) (3) 0
Net cash provided by (used in) financing activities (206,846) (137,170) (130,168)
Net increase (decrease) in cash and restricted cash 4,047 4,555 990
Cash and restricted cash at beginning of period 38,536 33,981 32,991
Cash and restricted cash at end of period 42,583 38,536 33,981
Cash paid during the period for:      
Interest 136,769 128,770 118,897
Federal income taxes, net of refunds 2,425 2,871 2,750
Fannie Mae      
Cash flows provided by (used in) financing activities:      
Borrowings that have an original maturity of three months or less, net 11,795 637 (682)
Proceeds from the issuance of debt 37,957 56,957 22,592
Payments to redeem debt (63,070) (42,650) (33,281)
Consolidated Trusts      
Cash flows provided by (used in) financing activities:      
Proceeds from the issuance of debt 255,527 224,003 228,976
Payments to redeem debt $ (449,048) $ (376,114) $ (347,773)