Revenue: As of FY2026 Q2, the actual value is USD 295.39 M.

EPS: As of FY2026 Q2, the actual value is USD 0.86, beating the estimate of USD 0.7625.

EBIT: As of FY2026 Q2, the actual value is USD 238.83 M.

Net Income and Adjusted Net Operating Income

MGIC Investment Corporation reported a net income of $182.1 million for Q2 2026, a decrease from $192.5 million in Q2 2025. Adjusted net operating income (Non-GAAP) was $183.7 million in Q2 2026, compared to $194.0 million in Q2 2025. For the six months ended June 30, 2026, net income was $347.448 million, down from $377.942 million for the same period in 2025. Adjusted net operating income for the six months ended June 30, 2026, was $348.841 million, compared to $379.226 million for the six months ended June 30, 2025.

Revenues

Total revenues for Q2 2026 were $295.388 million, a decrease from $304.245 million in Q2 2025. Net premiums earned in Q2 2026 were $238.057 million, down from $244.322 million in Q2 2025. Net investment income for Q2 2026 was $59.465 million, a slight decrease from $60.995 million in Q2 2025. Net gains (losses) on investments and other financial instruments were - $2.226 million in Q2 2026, compared to - $1.426 million in Q2 2025. For the six months ended June 30, 2026, total revenues were $592.465 million, compared to $610.479 million in the prior year period.

Losses and Expenses

Losses incurred, net, were $10.986 million in Q2 2026, significantly higher than - $2.835 million in Q2 2025. Underwriting and other expenses, net, decreased to $45.575 million in Q2 2026 from $52.092 million in Q2 2025. Interest expense remained constant at $8.899 million for both Q2 2026 and Q2 2025. Total losses and expenses for Q2 2026 were $65.460 million, up from $58.156 million in Q2 2025. For the six months ended June 30, 2026, total losses and expenses were $155.709 million, compared to $129.709 million in the prior year period.

Operational Metrics

New Insurance Written (NIW) was $17.8 billion in Q2 2026, an increase from $16.4 billion in Q2 2025. Year-to-date NIW for 2026 was $32.2 billion, up from $26.6 billion in 2025. Primary insurance in force (IIF) reached $304.8 billion as of June 30, 2026, up from $297.0 billion as of June 30, 2025. Annual persistency was 83.3% in Q2 2026, slightly down from 84.7% in Q2 2025. The GAAP loss ratio was 4.6% in Q2 2026, compared to -1.2% in Q2 2025. The GAAP underwriting expense ratio was 19.8% in Q2 2026, an improvement from 21.9% in Q2 2025. Annualized return on equity was 14.5% in Q2 2026, compared to 15.0% in Q2 2025. The primary delinquency inventory decreased to 26,152 loans at the end of Q2 2026 from 27,006 at the end of Q1 2026, but was higher than 24,444 at the end of Q2 2025. The primary IIF delinquency rate was 2.37% in Q2 2026, up from 2.21% in Q2 2025.

Balance Sheet and Capital

Total assets were $6,526.982 million as of June 30, 2026, a slight decrease from $6,542.327 million as of June 30, 2025. Shareholders’ equity stood at $5,013.359 million as of June 30, 2026, compared to $5,154.944 million as of June 30, 2025. Book value per common share outstanding was $24.27 as of June 30, 2026, up from $22.11 as of June 30, 2025. Tangible book value per share was $25.08 as of June 30, 2026, compared to $22.99 as of June 30, 2025. PMIERs available assets were $5.6 billion as of June 30, 2026, with an excess of $2.7 billion. Holding company liquidity was $930 million as of June 30, 2026, lower than $1,046 million as of June 30, 2025. Total gross loss reserves were $492 million as of Q2 2026, compared to $452 million in Q2 2025.

Shareholder Returns and Reinsurance

During Q2 2026, MGIC Investment Corporation repurchased 6.6 million shares of common stock for $176.6 million and paid a dividend of $0.15 per common share. The board of directors approved a new share repurchase program authorizing an additional $750 million of common stock repurchases prior to December 31, 2028. Through July 24, 2026, an additional 1.5 million shares were repurchased for $42.4 million, and a dividend of $0.17 per common share was declared payable on August 20, 2026. The company executed a traditional excess-of-loss reinsurance transaction providing up to $168 million of reinsurance coverage on eligible new insurance written in 2027.

Outlook / Guidance

The provided text does not contain specific financial and operational outlook or guidance information.