Cash Flow Statement

Operating Cash Flow

-45%

10Y

Investing Cash Flow

Currency: USD

	Mar-2001	Jun-2001	Sep-2001	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Dec-2004	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	4 679	4 985	5 089	5 894	5 810	5 870	5 636	4 619	4 646	4 284	5 955	7 905	8 039	8 051	4 967	6 347	8 373	10 431	9 802	4 059	2 994	2 883	2 113	(2 050)	(5 218)	(9 465)	(37 082)	(58 707)	(79 727)	(92 207)	(82 075)	(72 022)	0	0	0	(14 018)	0	0	0	(16 855)	0	0	0	17 220	0	0	0	83 982	0	0	0	14 209	0	0	0	10 955	0	0	0	12 313	0	0	0	2 463	0	0	0	15 959	0	0	0	14 160	0	0	0	11 805	0	0	0	22 176	0	0	0	12 923	0	0	0	17 408	0	0	0	16 978	0	0	0	14 364
Change in Deffered Taxes	0	0	0	(190)	(515)	(747)	(1 229)	(1 626)	(2 185)	(2 670)	(1 644)	(766)	(1 671)	(894)	(1 435)	79	0	0	0	(609)	0	0	0	(3 465)	0	0	9 297	12 904	11 191	11 214	(1 719)	(1 919)	0	0	0	258	0	0	0	1 044	0	0	0	10	0	0	0	(47 766)	0	0	0	4 126	0	0	0	4 083	0	0	0	4 309	0	0	0	14 369	0	0	0	3 680	0	0	0	1 517	0	0	0	3 152	0	0	0	300	0	0	0	(200)	0	0	0	1 231	0	0	0	1 137	0	0	0	719
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	116	0	0	0	118	0	0	0	97	0	0	0	52	0	0	0	0	0	0	0	17	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	11 536	12 607	12 977	11 495	10 118	8 759	7 494	6 639	(150)	(1)	366	6 971	5 463	4 522	6 713	10 023	10 597	11 039	17 121	11 441	14 473	13 601	13 599	21 530	22 626	31 520	41 043	50 820	73 176	81 877	87 561	85 852	0	0	0	23 807	0	0	0	20 465	0	0	0	(10 373)	0	0	0	(20 077)	0	0	0	(14 898)	0	0	0	(10 658)	0	0	0	(12 572)	0	0	0	(12 681)	0	0	0	(11 954)	0	0	0	(12 739)	0	0	0	(12 054)	0	0	0	(19 937)	0	0	0	(1 298)	0	0	0	(5 744)	0	0	0	(3 844)	0	0	0	(1 448)
Cash Taxes Paid	0	0	0	2 088	2 260	3 630	4 331	3 032	2 930	3 505	1 909	3 516	3 446	3 214	2 470	1 197	1 420	1 435	1 435	768	1 633	2 418	2 418	1 888	1 020	845	845	845	1 473	848	876	876	0	0	0	0	0	0	0	0	0	0	0	0	0	1 016	1 876	2 350	2 775	3 809	2 949	2 815	2 390	710	810	1 170	1 530	1 410	1 841	1 711	1 351	2 171	2 240	3 090	3 090	2 480	1 880	460	460	700	1 250	1 900	1 900	1 200	3 400	3 950	3 950	6 700	5 850	5 500	5 500	4 650	3 550	3 511	3 511	2 911	2 861	2 750	2 750	2 900	3 066	2 871	2 871	2 571	2 405	2 425
Cash Interest Paid	0	0	0	40 361	49 945	60 535	70 594	40 401	32 708	34 076	29 778	34 714	31 439	27 842	29 777	32 491	40 495	48 731	57 904	34 488	36 449	37 584	38 344	40 645	40 867	40 680	38 840	35 959	33 578	32 018	29 898	26 344	55 326	84 186	112 478	140 651	136 552	133 089	130 706	128 806	126 707	124 022	121 552	119 259	116 493	113 788	111 007	109 240	107 983	107 379	109 101	108 667	108 335	107 752	105 304	104 928	104 706	104 603	104 625	104 318	104 259	108 171	108 689	109 480	110 567	107 681	108 838	110 415	112 024	113 644	115 104	121 542	121 759	121 638	120 878	113 878	112 030	109 821	107 891	106 205	103 661	101 784	101 113	101 469	104 184	107 101	109 720	118 897	123 088	127 312	131 371	128 770	130 796	133 014	134 979	136 769
Change in Working Capital	(2 074)	(2 359)	(635)	(2 867)	835	409	(791)	2 506	42 123	44 638	42 701	5 409	45 582	44 004	31 311	61 692	68 425	78 737	76 783	16 778	1 749	(9 431)	7 868	26 934	62 853	57 372	52 875	10 836	(49 250)	(82 501)	(106 567)	(97 820)	(96 200)	(72 848)	(54 944)	(37 442)	(3 991)	7 596	(1 709)	(19 892)	(17 918)	10 992	23 755	30 144	30 695	17 668	16 240	(3 236)	18 002	11 521	2 345	(4 775)	(1 266)	(6 264)	(8 673)	(11 053)	(8 535)	(9 149)	(5 047)	(5 030)	4 750	(624)	7 892	62	185	6 164	(1 706)	(5 437)	5 473	6 103	7 220	(7 692)	(4 396)	(46 256)	(84 924)	(75 837)	(50 225)	6 427	41 115	44 672	25 686	31 335	43 567	32 401	44 483	25 908	20 263	(1 012)	15 003	14 260	3 899	(24 791)	(14 150)	(10 729)	5 614	10 354
Cash from Operating Activities	14 302 N/A	15 394 +8%	17 592 +14%	14 332 -19%	16 248 +13%	14 291 -12%	11 110 -22%	12 138 +9%	44 434 +266%	46 251 +4%	47 378 +2%	19 519 -59%	57 413 +194%	55 683 -3%	41 556 -25%	78 141 +88%	87 474 +12%	100 286 +15%	103 785 +3%	31 669 -69%	18 607 -41%	6 444 -65%	22 971 +256%	42 949 +87%	76 796 +79%	75 962 -1%	66 133 -13%	15 853 -76%	(44 610) N/A	(81 617) -83%	(102 800) -26%	(85 909) +16%	(86 449) -1%	(65 505) +24%	(49 833) +24%	(27 395) +45%	6 056 N/A	17 643 +191%	8 338 -53%	(15 238) N/A	(17 918) -18%	10 992 N/A	23 755 +116%	37 001 +56%	30 695 -17%	17 668 -42%	16 240 -8%	12 903 -21%	18 002 +40%	11 521 -36%	2 345 -80%	(1 338) N/A	(1 266) +5%	(6 264) -395%	(8 673) -38%	(6 673) +23%	(8 535) -28%	(9 149) -7%	(5 047) +45%	(980) +81%	4 750 N/A	(624) N/A	7 892 N/A	4 213 -47%	185 -96%	6 164 +3 232%	(1 706) N/A	2 248 N/A	5 473 +143%	6 103 +12%	7 220 +18%	(4 754) N/A	(4 396) +8%	(46 256) -952%	(84 924) -84%	(72 934) +14%	(50 225) +31%	6 427 N/A	41 115 +540%	47 211 +15%	25 686 -46%	31 335 +22%	43 567 +39%	43 826 +1%	44 483 +1%	25 908 -42%	20 263 -22%	11 883 -41%	15 003 +26%	14 260 -5%	3 899 -73%	(10 520) N/A	(14 150) -35%	(10 729) +24%	5 614 N/A	23 989 +327%
Investing Cash Flow
Other Items	(108 139)	(122 646)	(116 754)	(114 863)	(102 236)	(81 652)	(56 988)	(71 426)	(126 429)	(120 740)	(217 261)	(115 801)	(112 132)	(102 125)	(16 792)	139 404	136 528	122 225	134 548	(13 773)	18	4 901	(8 171)	(65 614)	(68 792)	(91 178)	(108 355)	(72 507)	(41 956)	35 583	72 600	117 735	188 161	284 672	396 008	540 179	555 304	525 383	486 624	464 388	498 079	505 185	522 961	527 693	470 283	519 895	524 584	452 754	433 355	317 008	245 325	224 667	210 528	227 861	242 586	248 324	243 558	226 578	230 846	231 053	203 130	203 307	198 999	184 408	166 331	177 797	150 720	150 853	182 483	165 853	175 036	207 052	207 270	138 274	118 888	26 685	(35 420)	(2 420)	30 393	90 850	109 613	124 592	93 022	90 128	103 375	98 433	112 908	99 150	69 288	130 013	139 515	157 795	194 238	166 509	163 354	186 904
Cash from Investing Activities	(108 139) N/A	(122 646) -13%	(116 754) +5%	(114 863) +2%	(102 236) +11%	(81 652) +20%	(56 988) +30%	(71 426) -25%	(126 429) -77%	(120 740) +4%	(217 261) -80%	(115 801) +47%	(112 132) +3%	(102 125) +9%	(16 792) +84%	139 404 N/A	136 528 -2%	122 225 -10%	134 548 +10%	(13 773) N/A	18 N/A	4 901 +27 128%	(8 171) N/A	(65 614) -703%	(68 792) -5%	(91 178) -33%	(108 355) -19%	(72 507) +33%	(41 956) +42%	35 583 N/A	72 600 +104%	117 735 +62%	188 161 +60%	284 672 +51%	396 008 +39%	540 179 +36%	555 304 +3%	525 383 -5%	486 624 -7%	464 388 -5%	498 079 +7%	505 185 +1%	522 961 +4%	527 693 +1%	470 283 -11%	519 895 +11%	524 584 +1%	452 754 -14%	433 355 -4%	317 008 -27%	245 325 -23%	224 667 -8%	210 528 -6%	227 861 +8%	242 586 +6%	248 324 +2%	243 558 -2%	226 578 -7%	230 846 +2%	231 053 +0%	203 130 -12%	203 307 +0%	198 999 -2%	184 408 -7%	166 331 -10%	177 797 +7%	150 720 -15%	150 853 +0%	182 483 +21%	165 853 -9%	175 036 +6%	207 052 +18%	207 270 +0%	138 274 -33%	118 888 -14%	26 685 -78%	(35 420) N/A	(2 420) +93%	30 393 N/A	90 850 +199%	109 613 +21%	124 592 +14%	93 022 -25%	90 128 -3%	103 375 +15%	98 433 -5%	112 908 +15%	99 150 -12%	69 288 -30%	130 013 +88%	139 515 +7%	157 795 +13%	194 238 +23%	166 509 -14%	163 354 -2%	186 904 +14%
Financing Cash Flow
Net Issuance of Common Stock	(1 913)	(1 092)	(1 235)	(1 621)	(2 192)	(2 905)	(3 391)	(2 082)	7	631	921	(1 695)	(32)	(795)	4 639	29	0	0	0	19	0	19	0	7 741	0	14 952	14 952	7 211	22 411	34 200	44 900	59 900	60 000	49 400	40 200	27 700	15 000	15 100	18 687	23 978	25 949	17 449	12 362	4 571	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3 687	3 687	3 687	3 687	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Issuance of Debt	98 283	112 245	106 025	108 419	93 811	75 651	60 124	73 203	88 602	78 686	168 338	104 649	57 187	51 007	(27 958)	(216 033)	(220 140)	(204 044)	(235 439)	(15 853)	(17 237)	(21 426)	(11 075)	18 103	(15 541)	9 471	61 519	65 240	86 570	27 507	(34 268)	(100 377)	(150 509)	(263 448)	(383 638)	(522 293)	(578 611)	(563 075)	(491 763)	(463 419)	(493 814)	(512 335)	(551 398)	(554 070)	(486 816)	(468 120)	(453 950)	(384 949)	(374 952)	(300 508)	(236 794)	(200 010)	(184 218)	(211 734)	(218 365)	(238 748)	(228 687)	(202 885)	(210 201)	(203 839)	(193 387)	(195 177)	(189 282)	(178 529)	(178 871)	(182 094)	(157 130)	(158 316)	(160 084)	(145 895)	(159 685)	(185 193)	(124 056)	(32 648)	13 636	100 975	71 247	1 042	(49 416)	(145 122)	(160 657)	(206 748)	(206 128)	(154 744)	(146 002)	(119 381)	(114 933)	(130 168)	(141 874)	(145 395)	(148 441)	(137 167)	(135 540)	(155 535)	(166 081)	(206 839)
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(2 185)	(1 376)	0	0	0	(1 650)	0	0	0	(2 483)	0	0	0	(1 805)	0	(2 239)	0	(2 470)	(4 431)	(5 906)	(8 024)	(7 706)	(8 395)	(8 767)	(9 144)	(9 613)	(10 216)	(10 866)	(11 300)	(11 608)	(13 013)	(69 450)	(76 764)	(82 452)	(85 419)	(31 742)	(25 211)	(20 594)	(15 323)	(11 428)	(12 075)	(10 278)	(11 217)	(10 340)	(8 850)	(9 624)	(12 236)	(14 096)	(14 344)	(12 015)	(6 544)	(4 703)	(6 045)	(9 372)	(12 612)	(14 035)	(9 576)	(5 601)	(2 361)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other	(1 848)	(3 104)	(3 771)	(5 366)	(5 499)	(5 336)	(10 788)	(11 641)	(7 620)	(9 584)	(6 205)	(6 967)	(7 649)	(8 041)	0	0	(495)	(876)	(1 123)	7	(724)	(1 339)	(693)	6	568	921	55	0	639	0	429	0	0	(37)	1 287	0	0	113	150	146	138	29	(13)	(9)	215	(3)	0	(145)	(343)	(150)	(120)	70	83	31	113	26	(63)	102	(104)	14	257	(5)	164	6	263	(25)	638	63	(379)	215	472	480	10	(116)	(1 110)	(510)	31	26	384	69	(2)	1 464	(364)	0	0	(1 467)	0	0	0	0	0	(3)	(5)	(6)	(9)	(7)
Cash from Financing Activities	94 522 N/A	108 049 +14%	101 019 -7%	101 432 +0%	86 120 -15%	67 410 -22%	45 945 -32%	59 480 +29%	87 527 +47%	76 271 -13%	169 592 +122%	95 987 -43%	53 915 -44%	46 580 -14%	(25 504) N/A	(217 380) -752%	(221 982) -2%	(206 267) +7%	(237 909) -15%	(17 477) +93%	(19 592) -12%	(24 396) -25%	(13 399) +45%	23 367 N/A	(9 715) N/A	22 861 N/A	74 043 +224%	70 646 -5%	107 815 +53%	60 775 -44%	9 281 -85%	(42 947) N/A	(94 481) -120%	(219 557) -132%	(350 175) -59%	(502 299) -43%	(572 006) -14%	(556 596) +3%	(482 037) +13%	(448 908) +7%	(477 943) -6%	(505 723) -6%	(550 349) -9%	(561 116) -2%	(499 614) +11%	(537 573) -8%	(530 714) +1%	(467 546) +12%	(460 714) +1%	(332 400) +28%	(262 125) +21%	(220 534) +16%	(199 458) +10%	(223 131) -12%	(230 327) -3%	(249 000) -8%	(239 967) +4%	(213 123) +11%	(219 155) -3%	(213 449) +3%	(205 366) +4%	(209 278) -2%	(203 462) +3%	(190 538) +6%	(181 465) +5%	(183 135) -1%	(158 850) +13%	(163 938) -3%	(173 075) -6%	(159 715) +8%	(168 789) -6%	(190 314) -13%	(126 407) +34%	(32 764) +74%	12 526 N/A	100 465 +702%	71 278 -29%	1 068 -99%	(49 032) N/A	(145 053) -196%	(160 659) -11%	(205 284) -28%	(206 492) -1%	(154 744) +25%	(146 002) +6%	(120 848) +17%	(114 933) +5%	(130 168) -13%	(141 874) -9%	(145 395) -2%	(148 441) -2%	(137 170) +8%	(135 545) +1%	(155 541) -15%	(166 090) -7%	(206 846) -25%
Change in Cash
Net Change in Cash	685 N/A	797 +16%	1 857 +133%	901 -51%	132 -85%	49 -63%	67 +37%	192 +187%	5 532 +2 781%	1 782 -68%	(291) N/A	(295) -1%	(804) -173%	138 N/A	(740) N/A	165 N/A	2 020 +1 124%	16 244 +704%	424 -97%	419 -1%	(967) N/A	(13 051) -1 250%	1 401 N/A	702 -50%	(1 711) N/A	7 645 N/A	31 821 +316%	13 992 -56%	21 249 +52%	14 741 -31%	(20 919) N/A	(11 121) +47%	7 231 N/A	(390) N/A	(4 000) -926%	10 485 N/A	(10 646) N/A	(13 570) -27%	12 925 N/A	242 -98%	2 218 +817%	10 454 +371%	(3 633) N/A	3 578 N/A	1 364 -62%	(10) N/A	10 110 N/A	(1 889) N/A	(9 357) -395%	(3 871) +59%	(14 455) -273%	2 795 N/A	9 804 +251%	(1 534) N/A	3 586 N/A	(7 349) N/A	(4 944) +33%	4 306 N/A	6 644 +54%	16 624 +150%	2 514 -85%	(6 595) N/A	3 429 N/A	(1 917) N/A	(14 949) -680%	826 N/A	(9 836) N/A	(10 837) -10%	14 881 N/A	12 241 -18%	13 467 +10%	11 984 -11%	76 467 +538%	59 254 -23%	46 490 -22%	54 216 +17%	(14 367) N/A	5 075 N/A	22 476 +343%	(6 992) N/A	(25 360) -263%	(49 357) -95%	(69 903) -42%	(20 790) +70%	1 856 N/A	3 493 +88%	18 238 +422%	(19 135) N/A	(57 583) -201%	(1 122) +98%	(5 027) -348%	10 105 N/A	44 543 +341%	239 -99%	2 878 +1 104%	4 047 +41%
Free Cash Flow
Free Cash Flow	14 302 N/A	15 394 +8%	17 592 +14%	14 332 -19%	16 248 +13%	14 291 -12%	11 110 -22%	12 138 +9%	44 434 +266%	46 251 +4%	47 378 +2%	19 519 -59%	57 413 +194%	55 683 -3%	41 556 -25%	78 141 +88%	87 474 +12%	100 286 +15%	103 785 +3%	31 669 -69%	18 607 -41%	6 444 -65%	22 971 +256%	42 949 +87%	76 796 +79%	75 962 -1%	66 133 -13%	15 853 -76%	(44 610) N/A	(81 617) -83%	(102 800) -26%	(85 909) +16%	(86 449) -1%	(65 505) +24%	(49 833) +24%	(27 395) +45%	6 056 N/A	17 643 +191%	8 338 -53%	(15 238) N/A	(17 918) -18%	10 992 N/A	23 755 +116%	37 001 +56%	30 695 -17%	17 668 -42%	16 240 -8%	12 903 -21%	18 002 +40%	11 521 -36%	2 345 -80%	(1 338) N/A	(1 266) +5%	(6 264) -395%	(8 673) -38%	(6 673) +23%	(8 535) -28%	(9 149) -7%	(5 047) +45%	(980) +81%	4 750 N/A	(624) N/A	7 892 N/A	4 213 -47%	185 -96%	6 164 +3 232%	(1 706) N/A	2 248 N/A	5 473 +143%	6 103 +12%	7 220 +18%	(4 754) N/A	(4 396) +8%	(46 256) -952%	(84 924) -84%	(72 934) +14%	(50 225) +31%	6 427 N/A	41 115 +540%	47 211 +15%	25 686 -46%	31 335 +22%	43 567 +39%	43 826 +1%	44 483 +1%	25 908 -42%	20 263 -22%	11 883 -41%	15 003 +26%	14 260 -5%	3 899 -73%	(10 520) N/A	(14 150) -35%	(10 729) +24%	5 614 N/A	23 989 +327%

Income Statement Balance Sheet Cash Flow Statement

Federal National Mortgage Association
OTC:FNMA

Cash Flow Statement

Cash Flow Statement
Federal National Mortgage Association

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Federal National Mortgage Association OTC:FNMA

Cash Flow Statement

Cash Flow Statement Federal National Mortgage Association

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Federal National Mortgage Association
OTC:FNMA

Cash Flow Statement
Federal National Mortgage Association