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How NI Holdings (NODK) makes money
NI Holdings (NODK) made $68.6M of revenue in the third quarter 2026 (Q3 2026), -10% from a year earlier. Of every dollar of revenue, 34¢ was left as gross profit, 10¢ was left as operating profit, 8¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $68.6M | 100.0% |
| Cost of revenue | $45.0M | 65.6% |
| Gross profit | $23.6M | 34.4% |
| Operating expenses | $16.6M | 24.2% |
| Operating profit | $7.0M | 10.2% |
| Income tax | $1.5M | 2.2% |
| Net earnings | $5.5M | 8.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $68.6M | -10% |
| Q2 2026 | $70.2M | -8% |
| Q1 2026 | $59.6M | -17% |
| Q4 2025 | $61.0M | -18% |
| Q3 2025 | $76.6M | -14% |
| Q2 2025 | $76.1M | -13% |
| Q1 2025 | $71.4M | -4% |
From NI Holdings' 10-Q filed Nov 6, 2026 (on EDGAR).
Questions
How does NI Holdings make money?
NI Holdings (NODK) made $68.6M of revenue in the third quarter 2026 (Q3 2026), -10% from a year earlier. Of every dollar of revenue, 34¢ was left as gross profit, 10¢ was left as operating profit, 8¢ was left as net earnings.
What is NI Holdings' profit margin?
Net earnings were $5.5M, 8.1% of revenue, in the third quarter 2026; the operating margin was 10.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.