Filing Flows › NI Holdings (NODK) › Q4 2025
NI Holdings (NODK) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 6, 2026
NI Holdings (NODK) reported revenue of $61.0M for the fourth quarter 2025 (Q4 2025), -17% from a year earlier and -20% from the quarter before. Operating margin was -4.7%, net loss $3.2M (5.2% of revenue).
NI Holdings, Q4 2025: revenue $61.0M (-18% year over year), operating margin -4.7%, net loss $3.2M, operating cash flow $13.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $61.0M | -20% | -17% |
| Operating profit | −$2.9M | — | — |
| Net earnings | −$3.2M | — | — |
| Operating cash flow | $13.2M | — | -39% |
What changed
Revenue was $61.0M in Q4 2025, down 17% year over year and down 20% from the previous quarter.
Gross margin was 30.8%, down 21.9 points from a year earlier. Operating costs exceeded revenue by $2.9M, an operating margin of -4.7%. Operating expenses fell 14% while revenue fell 17%. The quarter ended with a net loss of $3.2M, wider than the previous quarter's $1.7M loss.
Operating cash flow was $13.2M (down 39% year over year). Non-cash charges added back $275K of depreciation and amortization. Working capital and other items added $16.1M.
Questions
What was NI Holdings' revenue in the fourth quarter 2025?
NI Holdings (NODK) reported revenue of $61.0M for the fourth quarter 2025 (Q4 2025), -17% from a year earlier and -20% from the quarter before.
Was NI Holdings profitable in the fourth quarter 2025?
Operating loss was $2.9M (-4.7% of revenue) and net loss $3.2M.
Source: NI Holdings 10-K on SEC EDGAR.