Filing Flows › NMI Holdings (NMIH) › Q2 2026
NMI Holdings (NMIH) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 31, 2026
NMI Holdings (NMIH) reported revenue of $188M for the second quarter 2026 (Q2 2026), +8% from a year earlier and +2% from the quarter before. Operating margin was 72.9%, net earnings $106M (56.3% of revenue).
NMI Holdings, Q2 2026: revenue $188M (+8% year over year), operating margin 72.9%, net earnings $106M, operating cash flow $143M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $188M | +2% | +8% |
| Operating profit | $137M | +10% | +11% |
| Net earnings | $106M | +7% | +10% |
| Operating cash flow | $143M | +23% | +11% |
| Free cash flow | $140M | +22% | +11% |
What changed
Revenue was $187.9M in Q2 2026, up 8% year over year and up 2% from the previous quarter.
Operating profit was $136.9M, a 72.9% margin (up 1.8 points year over year). Of the extra revenue versus Q2 2025, 95% reached operating profit, above the 71% margin then. Total costs grew 2% against revenue growth of 8%. Net earnings were $105.8M, up 10% year over year. The effective tax rate was 22.8%.
Operating cash flow was $142.6M (up 11% year over year), 135% of net earnings. Non-cash charges added back $2.5M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items added $29.1M. Capital expenditures of $2.4M left free cash flow of $140.2M.
Questions
What was NMI Holdings' revenue in the second quarter 2026?
NMI Holdings (NMIH) reported revenue of $188M for the second quarter 2026 (Q2 2026), +8% from a year earlier and +2% from the quarter before.
Was NMI Holdings profitable in the second quarter 2026?
Operating profit was $137M (72.9% of revenue) and net earnings $106M.
Source: NMI Holdings 10-Q on SEC EDGAR.