Radian

Q2 FY2026 EarningsQ2 FY26 revenue of $575.0M exceeded the $496.8M consensus (+15.74%), primarily driven by the inaugural consolidation of the Inigo acquisition. However, adjusted diluted EPS of $1.14 significantly missed the $1.35 expectation (-15.56%), as the Specialty segment's 97.7% Combined Ratio and $193.4M in current-period loss provisions — partly linked to the Middle East conflict — pressured margins. BPS of $36.00 also fell short of the $36.69 consensus (-1.88%) due to unrealized investment losses and acquisition-related equity adjustments. While the core Mortgage segment remains robust with a 35.8% Combined Ratio, management's warning of softening pricing in global specialty markets offsets the top-line beat.