Filing Flows › NI Holdings (NODK) › Q3 2026 › vs Q3 2025
NI Holdings (NODK) Q3 2026 vs Q3 2025 (year over year)
NI Holdings's revenue fell $8.0M (-10%) from $76.6M in Q3 2025 to $68.6M in Q3 2026. Gross margin 34.4% against 20.5% (+13.9 pts).
NI Holdings, Q3 2026: revenue $68.6M (-10% year over year), operating margin 10.2%, net earnings $5.5M, operating cash flow −$15.1M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 34.4% | 20.5% | +13.9 pts |
| Operating margin | 10.2% | -2.4% | +12.7 pts |
| Net margin | 8.1% | -2.2% | +10.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $68.6M | $76.6M | −$8.0M | -10% |
| Gross profit | $23.6M | $15.7M | $7.9M | +50% |
| Cost of revenue | $45.0M | $60.9M | −$15.9M | -26% |
| Operating profit | $7.0M | −$1.9M | $8.9M | — |
| Operating expenses | $16.6M | $17.6M | −$960K | -5% |
| Pre-tax earnings | $7.0M | −$1.9M | $8.9M | — |
| Net earnings | $5.5M | −$1.7M | $7.2M | — |
| Income tax | $1.5M | −$192K | $1.7M | — |
| Operating cash sources | $21.1M | $43.6M | −$22.6M | -52% |
| Depreciation | $114K | $175K | −$61K | -35% |
| Share-based compensation | $365K | $304K | $61K | +20% |
| Cash used in operations | $15.1M | $44.8M | −$29.7M | -66% |
| Working capital & other | $21.1M | $43.6M | −$22.6M | -52% |
Questions
How much did NI Holdings's revenue grow year over year in Q3 2026?
NI Holdings's revenue fell $8.0M (-10%) from $76.6M in Q3 2025 to $68.6M in Q3 2026. Gross margin 34.4% against 20.5% (+13.9 pts).