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NMI Holdings (NMIH) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · NMI Holdings (NMIH) Q3 2026 earnings results →
Q3 2026 Revenue up 5% year over year to $188M · 50¢ of every $1 of revenue kept as net profit · operating margin 64.1%
NMI Holdings made $188M in Q3 2026 (+5% Y/Y). Operating margin 64.1%, net earnings $93.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $187.6M in Q3 2026, up 5% year over year and roughly flat from the previous quarter.
Operating profit was $120.3M, a 64.1% margin (down 5.1 points year over year). Operating profit fell $3.4M even though revenue rose $8.9M versus Q3 2025, so costs grew faster than sales. Total costs grew 22% against revenue growth of 5%. Net earnings were $93.5M, down 3% year over year. The effective tax rate was 22.3%.
Operating cash flow was $110.9M (down 13% year over year), 119% of net earnings. Non-cash charges added back $2.3M of depreciation and amortization and $5.7M of share-based compensation. Working capital and other items added $9.4M. Capital expenditures of $2.0M left free cash flow of $108.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $188M | +5% | 64.1% | $93.5M | $111M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $188M | +8% | 72.9% | $106M | $143M |
| Q1 2026 | 10-Q | May 1, 2026 | $183M | +6% | 68.1% | $99.3M | $116M |
| Q4 2025 | 10-K | Feb 12, 2026 | $181M | +8% | 67.0% | $94.2M | $61.7M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $179M | +8% | 69.2% | $96.0M | $128M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $174M | +7% | 71.1% | $96.2M | $128M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $173M | +11% | 75.8% | $103M | $101M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About NMI Holdings
We provide mortgage insurance (referred to as mortgage insurance or MI) through our wholly-owned insurance subsidiaries, NMIC and Re One. NMIC and Re One are domiciled in Wisconsin and principally regulated by the Wisconsin OCI. NMIC is our primary insurance subsidiary, and is approved as an MI provider by the GSEs and is licensed to write MI coverage in all 50 states and D.C. Our subsidiary, NMIS, provides outsourced loan review services to mortgage loan originators and our subsidiary, Re One, historically provided reinsurance coverage to NMIC in accordance with certain statutory risk retention requirements. Such requirements have been repealed and the reinsurance coverage provided by Re One to NMIC has been commuted. Re One remains a wholly-owned, licensed insurance subsidiary; however, it does not currently have active insurance exposures.
In its own words, from its 10-K, filed Feb 12, 2026.
NMI Holdings against its Surety Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +20%. Operating margin: 64.1% against the peers' median 40.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NMIH NMI Holdings | Q3 2026 | $188M | +5% | 64.1% |
| ORI Old Republic International | Q3 2026 | $2.6B | +5% | 10.7% |
| RDN Radian Group | Q3 2026 | $624M | +106% | 36.6% |
| ESNT Essent Group | Q3 2026 | $374M | +20% | 53.2% |
| MTG Mgic Investment | Q3 2026 | $299M | -2% | 74.0% |
| AGO Assured Guaranty | Q3 2026 | $214M | +3% | 40.7% |
| OSG Octave Specialty Group | Q2 2026 | $83.0M | +51% | -14.1% |
| MBI Mbia | Q3 2026 | $26.0M | +73% | -88.5% |
Source: NMI Holdings 10-Q on SEC EDGAR · CIK 1547903 · Surety Insurance
Guidance and outlook
13F: who owns NMIH and who is buying
More on NMIH
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results