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NI Holdings (NODK) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
NI Holdings (NODK) reported revenue of $59.6M for the first quarter 2026 (Q1 2026), -17% from a year earlier and -2% from the quarter before. Operating margin was 26.4%, net earnings $12.5M (21.0% of revenue).
NI Holdings, Q1 2026: revenue $59.6M (-17% year over year), operating margin 26.4%, net earnings $12.5M, operating cash flow −$1.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $59.6M | -2% | -17% |
| Gross profit | $31.8M | +69% | +10% |
| Operating profit | $15.7M | — | +103% |
| Net earnings | $12.5M | — | +94% |
| Operating cash flow | −$1.9M | -114% | -119% |
What changed
Revenue was $59.6M in Q1 2026, down 17% year over year and down 2% from the previous quarter.
Gross margin was 53.3%, up 12.7 points from Q1 2025. Operating profit was $15.7M, a 26.4% margin (up 15.5 points year over year). Operating expenses fell 24% while revenue fell 17%. Net earnings were $12.5M, up 94% year over year. The effective tax rate was 20.4%.
Operating cash flow was −$1.9M. Non-cash charges added back $168K of depreciation and $293K of share-based compensation. Working capital and other items used $14.8M. Capital expenditures of $42K exceeded it, leaving free cash flow of −$1.9M.
Questions
What was NI Holdings' revenue in the first quarter 2026?
NI Holdings (NODK) reported revenue of $59.6M for the first quarter 2026 (Q1 2026), -17% from a year earlier and -2% from the quarter before.
Was NI Holdings profitable in the first quarter 2026?
Operating profit was $15.7M (26.4% of revenue) and net earnings $12.5M.
Source: NI Holdings 10-Q on SEC EDGAR.