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NMI Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$109M in Q3 2026 · $424M over twelve months

Operating cash flow$111M
Capital spending−$2.0M
Free cash flow+$109M
Cash / net income1.2×

Analysis

In Q3 2026, NMI Holdings generated $111M of operating cash flow and spent $2.0M on capital projects, leaving free cash flow of $109M. That is $17.4M less than in Q3 2025 ($126M).

Over the twelve months to Sep 30, 2026, operating cash flow was $431M; the largest uses were other investing ($352M), buybacks ($118M), taxes on employees’ shares ($18.9M); besides operations, cash came from shares issued ($5.9M); the cash balance fell by $58.1M.

Operating cash flow was $111M against net income of $93.5M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: deferred taxes +$11.6M, stock-based pay +$5.7M, depreciation & amortization +$2.3M.

Free cash flow

NMI Holdings: free cash flow by quarterNMI Holdings: free cash flow by quarter$34.4MQ4 2024$99.4MQ1 2025$127MQ2 2025$126MQ3 2025$60.1MQ4 2025$115MQ1 2026$140MQ2 2026$109MQ3 2026
Operating cash flow less capital spending.
NMI Holdings: operating cash flow against capital spendingNMI Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$35.8M$1.4MQ4 2024$101M$1.7MQ1 2025$128M$1.6MQ2 2025$128M$1.8MQ3 2025$61.7M$1.6MQ4 2025$116M$1.1MQ1 2026$143M$2.4MQ2 2026$111M$2.0MQ3 2026
Latest (Q3 2026): Operating cash flow $111M, Capital spending $2.0M.

Capital allocation, year by year

NMI Holdings: where the cash came from (up) and went (down), by fiscal yearNMI Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow $326MFY2021: Shares issued $4.2MFY2021: Capital spending −$12.2M$330MFY2021FY2022: Operating cash flow $313MFY2022: Shares issued $5.4MFY2022: Capital spending −$10.6MFY2022: Buybacks −$56.6M$319MFY2022FY2023: Operating cash flow $343MFY2023: Shares issued $10.5MFY2023: Capital spending −$9.4MFY2023: Buybacks −$91.6M$353MFY2023FY2024: Operating cash flow $394MFY2024: Net borrowing $14.6MFY2024: Shares issued $4.3MFY2024: Capital spending −$6.9MFY2024: Buybacks −$97.6M$413MFY2024FY2025: Operating cash flow $419MFY2025: Shares issued $2.9MFY2025: Capital spending −$6.8MFY2025: Buybacks −$105M$422MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were buybacks ($351M) and capital spending ($45.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$72.3M
Debtnone
Net cash$72.3M

NMI Holdings funds itself: free cash flow was $424M over the last twelve months, with $72.3M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

NMI Holdings: sources (+) and uses (−) of cash, Q3 2026NMI Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$111MOther investing−$82.8MBuybacks−$27.1MCapital spending−$2.0MShares issued$2.0MTaxes on employees’ shares−$822KCash drawn (+) / kept (−)−$204K
NMI Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026NMI Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$431MOther investing−$352MBuybacks−$118MCash drawn (+) / kept (−)$58.1MTaxes on employees’ shares−$18.9MCapital spending−$7.2MShares issued$5.9M

From profit to cash

NMI Holdings: net income to operating cash flow, Q3 2026NMI Holdings: net income to operating cash flow, Q3 2026Net income$93.5MDepreciation & amortization$2.3MStock-based pay$5.7MDeferred taxes$11.6MGains on investments$346KPayables−$526KPrepaid and other assets−$814KOperating cash flow$111M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$111M−$2.0M−$27.1M$2.0M−$204K$109M
Q2 2026$143M−$2.4M−$32.3M$23K−$1.4M$140M
Q1 2026$116M−$1.1M−$27.7M$3.9M−$26.7M$115M
Q4 2025$61.7M−$1.6M−$30.6M—$86.5M$60.1M
Q3 2025$128M−$1.8M−$24.6M$47K−$46.4M$126M
Q2 2025$128M−$1.6M−$24.0M$50K−$9.8M$127M
Q1 2025$101M−$1.7M−$25.9M$2.8M−$19.9M$99.4M
Q4 2024$35.8M−$1.4M−$28.7M$9K$79.0M$34.4M

NMI Holdings: income statement and cash flow

NMI Holdings, Q3 2026: revenue $188M (+5% year over year), operating margin 64.1%. The chart follows the revenue to costs, profit and cash.

NMI Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.