NMI Holdings (NMIH) FY2025 results: revenue $706 million, up 8.5% on the year
NMI Holdings, Inc. (NMIH) reported revenue of $706 million for fiscal 2025, the year ended 31 December 2025, up 8.5% on the year before. Net income was $389 million, up 8.0%, and diluted earnings per share $4.92. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.
Revenue
$706 million
+8.5% on the year
FY2018FY2025
Operating margin
70.7%
71.2% a year earlier
FY2018FY2025
Net income
$389 million
+8.0% on the year
FY2018FY2025
Diluted EPS
$4.92
+11.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Q4 net income and diluted EPS: Q4 net income was $94.2 million, or $1.20 per diluted share, against $96.0 million, or $1.22, in the third quarter, and $86.2 million, or $1.07, a year earlier.
Quarterly return on equity below Q3: Annualized return on equity was 14.8% for Q4, against 15.6% in Q3 and 15.6% a year earlier; full-year return on equity was 16.2%, against 17.4% in 2024.
New insurance written rose in Q4: New insurance written was $14.2 billion in Q4, up 9% from Q3 and 19% from a year earlier.
Loans in default rose to 7,661: Loans in default reached 7,661 at year end, up from 7,093 at Q3 and 6,642 a year earlier; the default rate was 1.12%.
Loss ratio rose to 13.9%: Claims and claim expenses were $21.2 million in Q4, against $18.6 million in Q3 and $17.3 million a year earlier.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
419
394
343
+6.5%
Capital expenditure
6.8
6.9
9.4
-1.8%
Free cash flow
413
387
333
+6.7%
Free cash flow margin
58.4%
59.4%
57.6%
Cash from investing
-316
-339
-200
Cash from financing
-113
-96.7
-90.4
Depreciation and amortisation
11.3
11.9
11.5
-5.0%
Share-based compensation
20.2
19.8
16.9
+1.9%
Buybacks
105
97.6
91.6
+7.7%
Diluted shares, weighted
79m
81m
84m
-2.7%
Shares outstanding at period end
76m
79m
81m
-2.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,592
2,217
1,926
+16.9%
Other liabilities
1,249
1,133
1,015
+10.3%
Total liabilities and equity
3,841
3,350
2,941
+14.7%
Fixed assets
21.7
25.7
30.3
-15.4%
Goodwill
3.2
3.2
3.2
0.0%
Securities held for sale or to maturity
3,137
2,724
2,371
+15.2%
Cash and equivalents
43.9
54.3
96.7
-19.1%
Other assets
635
543
439
+16.9%
Total assets
3,841
3,350
2,941
+14.7%
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.