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NI Holdings (NODK) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · NI Holdings (NODK) Q3 2026 earnings results →
Q3 2026 Revenue down 10% year over year to $68.6M · 8¢ of every $1 of revenue kept as net profit · operating margin 10.2%
NI Holdings made $68.6M in Q3 2026 (-10% Y/Y). Operating margin 10.2%, net earnings $5.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $68.6M in Q3 2026, down 10% year over year and down 2% from the previous quarter.
Gross margin was 34.4%, up 13.9 points from Q3 2025. Operating profit was $7.0M, a 10.2% margin (up 12.7 points year over year). Operating expenses fell 5% while revenue fell 10%. Net earnings were $5.5M. The effective tax rate was 21.2%.
Operating cash flow was −$15.1M. Non-cash charges added back $114K of depreciation and $365K of share-based compensation. Working capital and other items used $21.1M. Capital expenditures of $222K exceeded it, leaving free cash flow of −$15.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $68.6M | -10% | 10.2% | $5.5M | −$15.1M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $70.2M | -8% | 0.3% | $146K | $912K |
| Q1 2026 | 10-Q | May 8, 2026 | $59.6M | -17% | 26.4% | $12.5M | −$1.9M |
| Q4 2025 | 10-K | Mar 6, 2026 | $61.0M | -18% | -4.7% | −$3.2M | $13.2M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $76.6M | -14% | -2.4% | −$1.7M | −$44.8M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $76.1M | -13% | -20.1% | −$12.1M | $6.4M |
| Q1 2025 | 10-Q | May 9, 2025 | $71.4M | -4% | 10.8% | $6.5M | $9.9M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About NI Holdings
NI Holdings, Inc. is an insurance holding company. The Company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings.
In its own words, from its 8-K, filed Aug 7, 2026.
NI Holdings against its Fire, Marine & Casualty Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -10% against the peers' median +2%. Operating margin: 10.2% against the peers' median 15.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NODK NI Holdings | Q3 2026 | $68.6M | -10% | 10.2% |
| BRK-B Berkshire Hathaway | Q2 2026 | $101.8B | +10% | 15.5% |
| PGR Progressive | Q3 2026 | $23.2B | +3% | 14.0% |
| ALL Allstate | Q3 2026 | $17.3B | +0.5% | 15.1% |
| CB Chubb | Q3 2026 | $16.2B | +0.3% | 21.0% |
| TRV Travelers Companies | Q3 2026 | $12.4B | -0.5% | 19.1% |
| AIG American International Group | Q3 2026 | $7.4B | +17% | 15.0% |
| HIG Hartford Insurance Group | Q3 2026 | $7.2B | +4% | 21.9% |
| L Loews | Q3 2026 | $4.8B | +2% | 8.5% |
Source: NI Holdings 10-Q on SEC EDGAR · CIK 1681206 · Fire, Marine & Casualty Insurance
Guidance and outlook
13F: who owns NODK and who is buying
More on NODK
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results