Filing Flows › NMI Holdings (NMIH) › Q3 2026
NMI Holdings (NMIH) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
NMI Holdings (NMIH) reported revenue of $188M for the third quarter 2026 (Q3 2026), +5% from a year earlier and -0.2% from the quarter before. Operating margin was 64.1%, net earnings $93.5M (49.8% of revenue).
NMI Holdings, Q3 2026: revenue $188M (+5% year over year), operating margin 64.1%, net earnings $93.5M, operating cash flow $111M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $188M | -0.2% | +5% |
| Operating profit | $120M | -12% | -3% |
| Net earnings | $93.5M | -12% | -3% |
| Operating cash flow | $111M | -22% | -13% |
| Free cash flow | $109M | -22% | -14% |
What changed
Revenue was $187.6M in Q3 2026, up 5% year over year and roughly flat from the previous quarter.
Operating profit was $120.3M, a 64.1% margin (down 5.1 points year over year). Operating profit fell $3.4M even though revenue rose $8.9M versus Q3 2025, so costs grew faster than sales. Total costs grew 22% against revenue growth of 5%. Net earnings were $93.5M, down 3% year over year. The effective tax rate was 22.3%.
Operating cash flow was $110.9M (down 13% year over year), 119% of net earnings. Non-cash charges added back $2.3M of depreciation and amortization and $5.7M of share-based compensation. Working capital and other items added $9.4M. Capital expenditures of $2.0M left free cash flow of $108.9M.
Questions
What was NMI Holdings' revenue in the third quarter 2026?
NMI Holdings (NMIH) reported revenue of $188M for the third quarter 2026 (Q3 2026), +5% from a year earlier and -0.2% from the quarter before.
Was NMI Holdings profitable in the third quarter 2026?
Operating profit was $120M (64.1% of revenue) and net earnings $93.5M.
Source: NMI Holdings 10-Q on SEC EDGAR.