Filing Flows › NMI Holdings (NMIH) › Q4 2025
NMI Holdings (NMIH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
NMI Holdings (NMIH) reported revenue of $181M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +1% from the quarter before. Operating margin was 67.0%, net earnings $94.2M (52.1% of revenue).
NMI Holdings, Q4 2025: revenue $181M (+8% year over year), operating margin 67.0%, net earnings $94.2M, operating cash flow $61.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $181M | +1% | +9% |
| Operating profit | $121M | -2% | +9% |
| Net earnings | $94.2M | -2% | +9% |
| Operating cash flow | $61.7M | -52% | +72% |
| Free cash flow | $60.1M | -52% | +75% |
What changed
Revenue was $180.7M in Q4 2025, up 9% year over year and up 1% from the previous quarter.
Operating profit was $121.1M, a 67.0% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 72% reached operating profit, above the 67% margin then. Total costs grew 7% against revenue growth of 9%. Net earnings were $94.2M, up 9% year over year. The effective tax rate was 22.2%.
Operating cash flow was $61.7M (up 72% year over year), 66% of net earnings. Non-cash charges added back $2.7M of depreciation and amortization and $6.2M of share-based compensation. Working capital and other items used $41.4M. Capital expenditures of $1.6M left free cash flow of $60.1M.
Questions
What was NMI Holdings' revenue in the fourth quarter 2025?
NMI Holdings (NMIH) reported revenue of $181M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +1% from the quarter before.
Was NMI Holdings profitable in the fourth quarter 2025?
Operating profit was $121M (67.0% of revenue) and net earnings $94.2M.
Source: NMI Holdings 10-K on SEC EDGAR.