Filing Flows › NI Holdings (NODK) › Q2 2026 › vs Q2 2025
NI Holdings (NODK) Q2 2026 vs Q2 2025 (year over year)
NI Holdings's revenue fell $5.8M (-8%) from $76.1M in Q2 2025 to $70.2M in Q2 2026. Gross margin 23.6% against 8.4% (+15.2 pts).
NI Holdings, Q2 2026: revenue $70.2M (-8% year over year), operating margin 0.3%, net earnings $146K, operating cash flow $912K. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 23.6% | 8.4% | +15.2 pts |
| Operating margin | 0.3% | -20.1% | +20.5 pts |
| Net margin | 0.2% | -15.8% | +16.1 pts |
| Free cash flow margin | 1.3% | 8.2% | -6.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $70.2M | $76.1M | −$5.8M | -8% |
| Gross profit | $16.6M | $6.4M | $10.2M | +159% |
| Cost of revenue | $53.6M | $69.7M | −$16.0M | -23% |
| Operating profit | $230K | −$15.3M | $15.6M | — |
| Operating expenses | $16.4M | $21.7M | −$5.4M | -25% |
| Pre-tax earnings | $230K | −$15.3M | $15.6M | — |
| Net earnings | $146K | −$12.1M | $12.2M | — |
| Income tax | $84K | −$3.3M | $3.4M | — |
| Depreciation | $122K | $171K | −$49K | -29% |
| Share-based compensation | $372K | $244K | $128K | +52% |
| Working capital & other | $272K | $18.0M | −$17.8M | -98% |
| Operating cash flow | $912K | $6.4M | −$5.5M | -86% |
| Free cash flow (OCF − capex) | $893K | $6.2M | −$5.3M | -86% |
| Capital expenditures | $19K | $162K | −$143K | -88% |
Questions
How much did NI Holdings's revenue grow year over year in Q2 2026?
NI Holdings's revenue fell $5.8M (-8%) from $76.1M in Q2 2025 to $70.2M in Q2 2026. Gross margin 23.6% against 8.4% (+15.2 pts).