Filing Flows › NMI Holdings (NMIH) › Q2 2025
NMI Holdings (NMIH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
NMI Holdings (NMIH) reported revenue of $174M for the second quarter 2025 (Q2 2025), +7% from a year earlier and +0.3% from the quarter before. Operating margin was 71.1%, net earnings $96.2M (55.3% of revenue).
NMI Holdings, Q2 2025: revenue $174M (+7% year over year), operating margin 71.1%, net earnings $96.2M, operating cash flow $128M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $174M | +0.3% | +7% |
| Operating profit | $124M | -6% | +4% |
| Net earnings | $96.2M | -6% | +4% |
| Operating cash flow | $128M | +27% | +9% |
| Free cash flow | $127M | +27% | +9% |
What changed
Revenue was $173.8M in Q2 2025, up 7% year over year and roughly flat from the previous quarter.
Operating profit was $123.6M, a 71.1% margin (down 2.1 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, below the 73% margin then. Total costs grew 15% against revenue growth of 7%. Net earnings were $96.2M, up 4% year over year. The effective tax rate was 22.2%.
Operating cash flow was $128.4M (up 9% year over year), 133% of net earnings. Non-cash charges added back $2.8M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $24.4M. Capital expenditures of $1.6M left free cash flow of $126.7M.
Questions
What was NMI Holdings' revenue in the second quarter 2025?
NMI Holdings (NMIH) reported revenue of $174M for the second quarter 2025 (Q2 2025), +7% from a year earlier and +0.3% from the quarter before.
Was NMI Holdings profitable in the second quarter 2025?
Operating profit was $124M (71.1% of revenue) and net earnings $96.2M.
Source: NMI Holdings 10-Q on SEC EDGAR.