--- title: "NMI | 8-K: FY2026 Q2 Revenue: USD 187.89 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/294408704.md" datetime: "2026-07-30T20:07:26.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294408704.md) - [en](https://longbridge.com/en/news/294408704.md) - [zh-HK](https://longbridge.com/zh-HK/news/294408704.md) generator: "portal-rs" --- # NMI | 8-K: FY2026 Q2 Revenue: USD 187.89 M Revenue: As of FY2026 Q2, the actual value is USD 187.89 M. EPS: As of FY2026 Q2, the actual value is USD 1.38, beating the estimate of USD 1.2785. EBIT: As of FY2026 Q2, the actual value is USD 144.06 M. ### Financial Highlights for Q2 2026 and Six Months Ended June 30, 2026 #### Operational Metrics - **Net Income**: NMI Holdings, Inc. reported net income of $105.8 million for Q2 2026, an increase from $99.3 million in Q1 2026 and $96.2 million in Q2 2025. For the six months ended June 30, 2026, net income was $205.1 million, compared to $198.7 million for the same period in 2025. - **Adjusted Net Income**: Adjusted net income for Q2 2026 was $106.0 million, up from $99.4 million in Q1 2026 and $96.5 million in Q2 2025. For the six months ended June 30, 2026, adjusted net income was $205.4 million, compared to $199.0 million for the same period in 2025. - **Total Revenue**: Total revenue reached $187.9 million in Q2 2026, an increase from $183.5 million in Q1 2026 and $173.8 million in Q2 2025. For the six months ended June 30, 2026, total revenues were $371.4 million, up from $347.0 million for the same period in 2025. - **Net Premiums Earned**: Net premiums earned were $157.5 million in Q2 2026, compared to $154.8 million in Q1 2026 and $149.1 million in Q2 2025. For the six months ended June 30, 2026, net premiums earned totaled $312.3 million, an increase from $298.4 million for the same period in 2025. - **Net Investment Income**: Net investment income was $30.3 million in Q2 2026, up from $28.6 million in Q1 2026 and $24.9 million in Q2 2025. For the six months ended June 30, 2026, net investment income was $58.9 million, compared to $48.6 million for the same period in 2025. - **Net Realized Investment Losses**: Net realized investment losses were - $229 thousand in Q2 2026, - $147 thousand in Q1 2026, and - $400 thousand in Q2 2025. For the six months ended June 30, 2026, net realized investment losses were - $376 thousand, consistent with - $376 thousand for the same period in 2025. - **Other Revenues**: Other revenues were $265 thousand in Q2 2026, $212 thousand in Q1 2026, and $164 thousand in Q2 2025. For the six months ended June 30, 2026, other revenues were $477 thousand, compared to $334 thousand for the same period in 2025. - **Insurance Claims and Claim Expenses**: Insurance claims and claim expenses were $13.1 million in Q2 2026, a decrease from $20.7 million in Q1 2026, and slightly lower than $13.4 million in Q2 2025. For the six months ended June 30, 2026, these expenses were $33.8 million, significantly higher than $17.9 million for the same period in 2025. - **Underwriting and Operating Expenses**: Underwriting and operating expenses were $30.5 million in Q2 2026, slightly down from $30.6 million in Q1 2026, and up from $29.5 million in Q2 2025. For the six months ended June 30, 2026, these expenses were $61.1 million, compared to $59.7 million for the same period in 2025. - **Service Expenses**: Service expenses were $190 thousand in Q2 2026, $139 thousand in Q1 2026, and $110 thousand in Q2 2025. For the six months ended June 30, 2026, service expenses were $329 thousand, compared to $226 thousand for the same period in 2025. - **Interest Expense**: Interest expense was $7.1 million in Q2 2026, consistent with $7.1 million in Q1 2026 and Q2 2025. For the six months ended June 30, 2026, interest expense was $14.2 million, compared to $14.2 million for the same period in 2025. - **Total Expenses**: Total expenses were $50.9 million in Q2 2026, compared to $58.5 million in Q1 2026 and $50.2 million in Q2 2025. For the six months ended June 30, 2026, total expenses were $109.5 million, compared to $92.1 million for the same period in 2025. - **Income Before Income Taxes**: Income before income taxes was $136.9 million in Q2 2026, compared to $124.9 million in Q1 2026 and $123.6 million in Q2 2025. For the six months ended June 30, 2026, income before income taxes was $261.9 million, compared to $255.0 million for the same period in 2025. - **Income Tax Expense**: Income tax expense was $31.2 million in Q2 2026, compared to $25.6 million in Q1 2026 and $27.5 million in Q2 2025. For the six months ended June 30, 2026, income tax expense was $56.8 million, compared to $56.3 million for the same period in 2025. - **Loss Ratio**: The loss ratio was 8.3% in Q2 2026, a decrease from 13.3% in Q1 2026 and 9.0% in Q2 2025. For the six months ended June 30, 2026, the loss ratio was 10.8%, compared to 6.0% for the same period in 2025. - **Expense Ratio**: The expense ratio was 19.4% in Q2 2026, down from 19.8% in Q1 2026 and 19.8% in Q2 2025. For the six months ended June 30, 2026, the expense ratio was 19.6%, compared to 20.0% for the same period in 2025. - **Combined Ratio**: The combined ratio was 27.7% in Q2 2026, an improvement from 33.1% in Q1 2026, and 28.8% in Q2 2025. For the six months ended June 30, 2026, the combined ratio was 30.4%, compared to 26.0% for the same period in 2025. - **Shareholders’ Equity**: Total shareholders’ equity was $2.7 billion at the end of Q2 2026, increasing from $2.59 billion at December 31, 2025. - **Book Value per Share (excluding net unrealized gains and losses)**: Book value per share (excluding net unrealized gains and losses) was $36.88 at the end of Q2 2026, up 4% from $35.46 in Q1 2026 and up 15% from $32.08 in Q2 2025. - **Annualized Return on Equity**: Annualized return on equity for Q2 2026 was 15.9%, compared to 15.2% in Q1 2026 and 16.2% in Q2 2025. - **Annualized Adjusted Return on Equity**: Annualized adjusted return on equity was 15.9% in Q2 2026, compared to 15.2% in Q1 2026 and 16.3% in Q2 2025. #### Balance Sheet Metrics - **Total Assets**: Total assets were $3.997 billion as of June 30, 2026, compared to $3.841 billion as of December 31, 2025. - **Fixed Maturities, Available-for-Sale**: Fixed maturities, available-for-sale, at fair value were $3.258 billion as of June 30, 2026, compared to $3.137 billion as of December 31, 2025. - **Cash and Cash Equivalents**: Cash and cash equivalents were $72.1 million as of June 30, 2026, compared to $43.9 million as of December 31, 2025. - **Total Liabilities**: Total liabilities were $1.292 billion as of June 30, 2026, compared to $1.249 billion as of December 31, 2025. - **Debt**: Debt was $418.0 million as of June 30, 2026, compared to $417.0 million as of December 31, 2025. - **Reserve for Insurance Claims and Claim Expenses**: The reserve for insurance claims and claim expenses was $214.6 million as of June 30, 2026, up from $196.4 million as of December 31, 2025. #### Unique Operational Metrics - **Primary Insurance-in-Force (IIF)**: Primary IIF at quarter end was $227.1 billion, up from $222.3 billion at the end of Q1 2026 and $214.7 billion at the end of Q2 2025. - **New Insurance Written (NIW)**: NIW was $16.1 billion in Q2 2026, an increase from $12.3 billion in Q1 2026 and $12.5 billion in Q2 2025. - **Risk-in-Force (RIF)**: Primary RIF was $60.8 billion as of June 30, 2026, compared to $59.5 billion as of March 31, 2026 and $57.5 billion as of June 30, 2025. - **Policies in Force**: The count of policies in force was 694,273 as of June 30, 2026, up from 684,977 as of March 31, 2026 and 668,638 as of June 30, 2025. - **Loans in Default**: The number of loans in default was 8,020 as of June 30, 2026, slightly down from 8,044 as of March 31, 2026, but higher than 6,709 as of June 30, 2025. - **Default Rate**: The default rate was 1.16% as of June 30, 2026, compared to 1.17% as of March 31, 2026 and 1.00% as of June 30, 2025. - **Average Loan Size**: The average loan size was $327 thousand as of June 30, 2026, compared to $325 thousand as of March 31, 2026 and $321 thousand as of June 30, 2025. - **PMIERs Capital**: Total PMIERs available assets were $3.656 billion, and net risk-based required assets were $2.105 billion as of June 30, 2026. This compares to available assets of $3.631 billion and required assets of $2.165 billion as of March 31, 2026, and available assets of $3.245 billion and required assets of $1.927 billion as of June 30, 2025. - **Reinsurance Transactions**: For Q2 2026, ceded risk-in-force was $12.638 billion, ceded premiums earned were - $38.505 million, ceded claims and claim expenses were $3.127 million, ceding commission earned was $10.172 million, and profit commission was $19.400 million for QSR transactions. Ceded premiums were - $11.210 million for XOL transactions and - $1.549 million for ILN transactions. #### Outlook / Guidance NMI Holdings, Inc. is well positioned to continue delivering differentiated growth, returns, and value for its shareholders. The company continues to demonstrate standout operating performance and consistent growth in its high-quality insured portfolio. 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