Filing Flows › NMI Holdings (NMIH) › Q3 2025
NMI Holdings (NMIH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
NMI Holdings (NMIH) reported revenue of $179M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +3% from the quarter before. Operating margin was 69.2%, net earnings $96.0M (53.7% of revenue).
NMI Holdings, Q3 2025: revenue $179M (+8% year over year), operating margin 69.2%, net earnings $96.0M, operating cash flow $128M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $179M | +3% | +8% |
| Operating profit | $124M | +0.1% | +4% |
| Net earnings | $96.0M | -0.2% | +3% |
| Operating cash flow | $128M | -0.2% | -0.3% |
| Free cash flow | $126M | -0.3% | -0.5% |
What changed
Revenue was $178.7M in Q3 2025, up 8% year over year and up 3% from the previous quarter.
Operating profit was $123.7M, a 69.2% margin (down 2.6 points year over year). Of the extra revenue versus a year earlier, 35% reached operating profit, below the 72% margin then. Total costs grew 18% against revenue growth of 8%. Net earnings were $96.0M, up 3% year over year. The effective tax rate was 22.4%.
Operating cash flow was $128.0M (roughly flat year over year), 133% of net earnings. Non-cash charges added back $2.8M of depreciation and amortization and $4.5M of share-based compensation. Working capital and other items added $24.7M. Capital expenditures of $1.8M left free cash flow of $126.3M.
Questions
What was NMI Holdings' revenue in the third quarter 2025?
NMI Holdings (NMIH) reported revenue of $179M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +3% from the quarter before.
Was NMI Holdings profitable in the third quarter 2025?
Operating profit was $124M (69.2% of revenue) and net earnings $96.0M.
Source: NMI Holdings 10-Q on SEC EDGAR.