Filing Flows › NMI Holdings (NMIH) › Q1 2026
NMI Holdings (NMIH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
NMI Holdings (NMIH) reported revenue of $183M for the first quarter 2026 (Q1 2026), +6% from a year earlier and +2% from the quarter before. Operating margin was 68.1%, net earnings $99.3M (54.1% of revenue).
NMI Holdings, Q1 2026: revenue $183M (+6% year over year), operating margin 68.1%, net earnings $99.3M, operating cash flow $116M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $183M | +2% | +6% |
| Operating profit | $125M | +3% | -5% |
| Net earnings | $99.3M | +5% | -3% |
| Operating cash flow | $116M | +88% | +15% |
| Free cash flow | $115M | +91% | +16% |
What changed
Revenue was $183.5M in Q1 2026, up 6% year over year and up 2% from the previous quarter.
Operating profit was $124.9M, a 68.1% margin (down 7.7 points year over year). Operating profit fell $6.4M even though revenue rose $10.2M versus Q1 2025, so costs grew faster than sales. Total costs grew 40% against revenue growth of 6%. Net earnings were $99.3M, down 3% year over year. The effective tax rate was 20.5%.
Operating cash flow was $116.1M (up 15% year over year), 117% of net earnings. Non-cash charges added back $2.5M of depreciation and amortization and $4.7M of share-based compensation. Working capital and other items added $9.6M. Capital expenditures of $1.1M left free cash flow of $115.0M.
Questions
What was NMI Holdings' revenue in the first quarter 2026?
NMI Holdings (NMIH) reported revenue of $183M for the first quarter 2026 (Q1 2026), +6% from a year earlier and +2% from the quarter before.
Was NMI Holdings profitable in the first quarter 2026?
Operating profit was $125M (68.1% of revenue) and net earnings $99.3M.
Source: NMI Holdings 10-Q on SEC EDGAR.