Core earnings power remains strong with net interest income growing 13% YoY, but the $0.9B credit benefit is non-recurring and non-interest income swung negative. The stock trades on conservatorship exit expectations, not quarterly EPS. Monitor FHFA developments and the trajectory of net worth accumulation toward regulatory capital requirements.
Price Chart
Executive Summary
Freddie Mac reported Q2 2026 net income of $3.8 billion, up 61% YoY, driven by a $0.9 billion credit reserve release vs a $0.8 billion credit reserve build in Q2 2025. Net revenues were essentially flat at $6.0 billion (+1% YoY) as higher net interest income (+13%) was offset by a swing to a $19 million non-interest loss from $617 million of non-interest income a year ago. Net worth grew to $77.8 billion, up 20% YoY, but the common stock EPS was $0.00, matching consensus of $0.00.
Key Financial Metrics
Key Facts
- Net income of $3.8 billion, up 61% YoY from $2.4 billion
- Net revenues of $6.0 billion, up 1% YoY from $5.9 billion
- Benefit for credit losses of $0.9 billion vs provision of $0.8 billion in Q2 2025
- Net interest income of $6.0 billion, up 13% YoY
- Non-interest loss of $19 million vs non-interest income of $617 million in Q2 2025
- Net worth of $77.8 billion at June 30, 2026, up 20% YoY
- Single-Family net income of $3.3 billion, up 57% YoY
- Multifamily net income of $0.6 billion, up 90% YoY
- New business activity of $110 billion in Single-Family, up from $94 billion in Q2 2025
- Senior preferred stock liquidation preference increased to $146.6 billion
Financial Impact
Net income up $1.45B YoY to $3.84B; net worth up $12.96B YoY to $77.8B
Risk Factors
- Credit reserve releases are non-recurring and may not repeat in future quarters
- Non-interest income swung to a loss of $19 million due to net investment losses
- Serious delinquency rate in Single-Family increased to 0.60% from 0.55% a year ago
- Multifamily delinquency rate rose to 0.51% from 0.47% a year ago
- Company remains under conservatorship with no dividend on common stock
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001026214-26-000047 |
| Document: fmcc-20260730.htm | 0001026214-26-000047 |
| Document: a2q2026financialsuppleme.htm | 0001026214-26-000047 |
| Document: a2q2026earningspresentat.htm | 0001026214-26-000047 |
| Document: 0001026214-26-000047-index-headers.html | 0001026214-26-000047 |
| Document: 0001026214-26-000047-index.html | 0001026214-26-000047 |
| Document: 0001026214-26-000047.txt | 0001026214-26-000047 |
| 8-K Data (Synthetic) | 0001026214-26-000047 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 19d ago | 3 | $3.68 | awaiting T+20 | — | $3.89 (+5.71%) |
Oct 6, 2026 19d ago | 3 | $3.79 | awaiting T+20 | — | $3.89 (+2.64%) |
Sep 30, 2026 26d ago | Court Ruling | $3.92 | awaiting T+20 | — | $3.89 (−0.77%) |
Jul 30, 2026 12w ago | 8-K | $5.56 $5.65 | ▲ +1.62% | ▼ −2.35% | $3.89 (−30.04%) |
Jul 9, 2026 15w ago | Court Ruling | $5.92 $5.48 | ▼ −7.43% | ▼ −9.86% | $3.89 (−34.29%) |
Jul 7, 2026 15w ago | Court Ruling | $5.33 $5.10 | ▼ −4.32% | ▼ −7.59% | $3.89 (−27.02%) |
US Market Status
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