v3.26.3
Segment Reporting
 9 Months Ended
Sep. 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
3Q 20263Q 2025
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income
Interest income$32,546 $2,519 $35,065 $31,421 $1,554 $32,975 
Interest expense(27,252)(1,936)(29,188)(26,374)(1,146)(27,520)
Net interest income 5,294 583 5,877 5,047 408 5,455 
Non-interest income (loss)
Guarantee income10 203 213 20 357 377 
Investment gains (losses), net461 138 599 (252)15 (237)
Other income66 55 121 89 55 144 
Non-interest income (loss)537 396 933 (143)427 284 
Net revenues5,831 979 6,810 4,904 835 5,739 
(Provision) benefit for credit losses(685)(115)(800)(118)(57)(175)
Non-interest expense
Administrative expense(1)
(529)(157)(686)(549)(167)(716)
Credit enhancement expense(358)(64)(422)(439)(50)(489)
Legislative and regulatory assessments(827)(12)(839)(821)(18)(839)
Other expense(63)16 (47)(59)(13)(72)
Non-interest expense(1,777)(217)(1,994)(1,868)(248)(2,116)
Income before income tax expense3,369 647 4,016 2,918 530 3,448 
Income tax expense(655)(126)(781)(571)(104)(675)
Net income2,714 521 3,235 2,347 426 2,773 
Other comprehensive income (loss), net of taxes and reclassification adjustments(9)(20)(29)6 10 16 
Comprehensive income $2,705 $501 $3,206 $2,353 $436 $2,789 
YTD 2026YTD 2025
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income
Interest income$96,104 $6,886 $102,990 $92,108 $4,280 $96,388 
Interest expense(80,241)(5,243)(85,484)(77,410)(3,122)(80,532)
Net interest income15,863 1,643 17,506 14,698 1,158 15,856 
Non-interest income (loss)
Guarantee income49 772 821 76 1,139 1,215 
Investment gains (losses), net(43)258 215 (49)123 74 
Other income237 155 392 232 130 362 
Non-interest income (loss)243 1,185 1,428 259 1,392 1,651 
Net revenues16,106 2,828 18,934 14,957 2,550 17,507 
(Provision) benefit for credit losses472 (72)400 (968)(270)(1,238)
Non-interest expense
Administrative expense(1)
(1,533)(455)(1,988)(1,647)(493)(2,140)
Credit enhancement expense(1,189)(181)(1,370)(1,394)(146)(1,540)
Legislative and regulatory assessments(2,475)(36)(2,511)(2,441)(40)(2,481)
Other expense(230)(14)(244)(162)(39)(201)
Non-interest expense(5,427)(686)(6,113)(5,644)(718)(6,362)
Income before income tax expense11,151 2,070 13,221 8,345 1,562 9,907 
Income tax expense(2,184)(406)(2,590)(1,645)(308)(1,953)
Net income 8,967 1,664 10,631 6,700 1,254 7,954 
Other comprehensive income (loss), net of taxes and reclassification adjustments(19)(21)(40)23 48 71 
Comprehensive income$8,948 $1,643 $10,591 $6,723 $1,302 $8,025 
The table below presents total assets for our Single-Family and Multifamily segments.
Table 11.2 - Segment Assets
(In millions)September 30, 2026December 31, 2025
Single-Family$3,186,153 $3,156,290 
Multifamily509,584 495,835 
Total segment assets3,695,737 3,652,125 
Reconciling items(1)
(163,532)(154,527)
Total assets per condensed consolidated balance sheets$3,532,205 $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.