Filing Flows › NMI Holdings (NMIH) › Q1 2025
NMI Holdings (NMIH) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
NMI Holdings (NMIH) reported revenue of $173M for the first quarter 2025 (Q1 2025), +11% from a year earlier and +4% from the quarter before. Operating margin was 75.8%, net earnings $103M (59.2% of revenue).
NMI Holdings, Q1 2025: revenue $173M (+11% year over year), operating margin 75.8%, net earnings $103M, operating cash flow $101M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $173M | +4% | +11% |
| Operating profit | $131M | +18% | +15% |
| Net earnings | $103M | +19% | +15% |
| Operating cash flow | $101M | +182% | -9% |
| Free cash flow | $99.4M | +189% | -9% |
What changed
Revenue was $173.2M in Q1 2025, up 11% year over year and up 4% from the previous quarter.
Operating profit was $131.4M, a 75.8% margin (up 2.5 points year over year). Of the extra revenue versus a year earlier, 99% reached operating profit, above the 73% margin then. Total costs grew 0% against revenue growth of 11%. Net earnings were $102.6M, up 15% year over year. The effective tax rate was 21.9%.
Operating cash flow was $101.2M (down 9% year over year), 99% of net earnings. Non-cash charges added back $2.9M of depreciation and amortization and $4.5M of share-based compensation. Working capital and other items used $8.8M. Capital expenditures of $1.7M left free cash flow of $99.4M.
Questions
What was NMI Holdings' revenue in the first quarter 2025?
NMI Holdings (NMIH) reported revenue of $173M for the first quarter 2025 (Q1 2025), +11% from a year earlier and +4% from the quarter before.
Was NMI Holdings profitable in the first quarter 2025?
Operating profit was $131M (75.8% of revenue) and net earnings $103M.
Source: NMI Holdings 10-Q on SEC EDGAR.