NMI Holdings (NMIH) Q2 FY2026 earnings: revenue $188 million, up 8.1% on the year

NMI Holdings, Inc. (NMIH) reported revenue of $188 million for Q2 FY2026, the quarter ended 30 June 2026, up 8.1% on the same quarter a year earlier. Net income was $106 million, up 10.0% on the year, and diluted earnings per share $1.38. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2026.

Revenue$188 millionup 8.1%

Net income$106 millionup 10.0%

Diluted EPS$1.38

QuarterQ2 FY2026ended 30 June 2026

The quarter, against the one before and a year earlier

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Revenue	188	183	174	+8.1%
Operating income	137	125	124	+10.8%
Operating margin	72.9%	68.1%	71.1%
Interest expense	7.1	7.1	7.1	+0.0%
Pre-tax income	137	125	124	+10.8%
Income tax	31.2	25.6	27.4	+13.5%
Effective tax rate	22.8%	20.5%	22.2%
Net income	106	99.3	96.2	+10.0%
Net margin	56.3%	54.1%	55.3%
Diluted EPS	$1.38	$1.28	$1.21	+14.0%

$ million except per share.

Free 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 and capital returned

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Operating cash flow	143	116	128	+11.1%
Capital expenditure	2.4	1.1	1.6	+44.5%
Free cash flow	140	115	127	+10.7%
Free cash flow margin	74.6%	62.7%	72.9%
Cash from investing	-108	-47.9	-94.1	n/a
Cash from financing	-32.7	-41.4	-24.4	n/a
Depreciation and amortisation	2.5	2.5	2.8	-12.8%
Share-based compensation	5.3	4.7	5.0	+7.0%
Buybacks	32.3	27.7	24.0	+34.7%
Diluted shares, weighted	77m	77m	79m	-3.4%
Shares outstanding at period end	75m	76m	78m	-3.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Shareholders' equity	2,705	2,632	2,420	+11.8%
Other liabilities	1,292	1,277	1,171	+10.4%
Total liabilities and equity	3,997	3,910	3,591	+11.3%
Fixed assets	20.8	20.9	23.8	-12.8%
Securities held for sale or to maturity	3,258	3,174	2,929	+11.2%
Cash and equivalents	72.1	70.7	84.0	-14.2%
Other assets	647	644	554	+16.7%
Total assets	3,997	3,910	3,591	+11.3%

Questions

What was NMI Holdings' revenue in Q2 FY2026?

NMI Holdings (NMIH) reported revenue of $188 million for Q2 FY2026, the quarter ended 30 June 2026, up 8.1% on the same quarter a year earlier.

How much did NMI Holdings earn in Q2 FY2026?

Net income for Q2 FY2026 was $106 million, up 10.0% on the year, and diluted earnings per share $1.38.

When did NMI Holdings report Q2 FY2026 results?

NMI Holdings filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 31 July 2026.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	148	151	156	162	166	167	173	174	179	181	183	188
Operating income	107	105	115	119	119	111	131	124	124	121	125	137
Operating margin	72%	69%	73%	73%	72%	67%	76%	71%	69%	67%	68%	73%
Interest expense	8.1	8.1	8.0	14.7	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1
Pre-tax income	107	105	115	119	119	111	131	124	124	121	125	137
Tax rate	22%	21%	22%	22%	22%	22%	22%	22%	22%	22%	20%	23%
Net income	84.0	83.4	89.0	92.1	92.8	86.2	103	96.2	96.0	94.2	99.3	106
Net margin	57%	55%	57%	57%	56%	52%	59%	55%	54%	52%	54%	56%
Diluted EPS	$1.00	$1.01	$1.08	$1.13	$1.15	$1.07	$1.28	$1.21	$1.22	$1.20	$1.28	$1.38
Operating cash flow	121	30.1	112	118	128	35.8	101	128	128	61.7	116	143
Capital expenditure	3.3	1.5	2.2	1.8	1.5	1.4	1.7	1.6	1.8	1.6	1.1	2.4
Free cash flow	117	28.6	109	116	127	34.4	99.4	127	126	60.1	115	140
Buybacks	19.3	31.6	25.2	26.8	16.9	28.7	25.9	24.0	24.6	30.6	27.7	32.3
Shares outstanding	82m	81m	81m	80m	79m	79m	78m	78m	77m	76m	76m	75m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2026, filed 31 July 2026, accession 0001547903-26-000038: the filing on EDGAR. All of NMI Holdings, Inc.'s filings: EDGAR company page.

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