Radian Group (RDN) FY2025 results: revenue $1.2 billion, down 0.8% on the year
Radian Group Inc. (RDN) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, down 0.8% on the year before. Net income was $583 million, down 3.6%, and diluted earnings per share $4.14. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$1.2 billion
-0.8% on the year
FY2018FY2025
Operating margin
66.1%
70.1% a year earlier
FY2018FY2025
Net income
$583 million
-3.6% on the year
FY2018FY2025
Diluted EPS
$4.14
+5.6% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new, 1 kept.
Fourth quarter earnings rose sequentially: Net income from continuing operations was $159 million, or $1.15 per diluted share, against $153 million, or $1.11, in the third quarter, and $164 million, or $1.08, a year earlier.
Book value per share up 13%: Book value per share was $35.29 at December 31, 2025, against $34.34 at September 30, 2025, and $31.33 a year earlier. Accumulated other comprehensive loss was $(1.64) per share.
New insurance written rose to $15.9 billion: New insurance written was $15.9 billion in the fourth quarter, up from $15.5 billion in the third quarter and $13.2 billion a year earlier. Full year new insurance written was $55.2 billion.
Primary insurance in force kept growing: Primary insurance in force was $282.5 billion at December 31, 2025, up from $280.6 billion at September 30 and $275.1 billion a year earlier.
Holding company liquidity rose to $1.8 billion: Available holding company liquidity rose from $995 million at September 30, 2025, to $1.8 billion at December 31, 2025, with funds received from Radian Guaranty in the quarter.
$ 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
120
-664
529
Capital expenditure
4.2
1.6
8.5
+169.1%
Free cash flow
116
-665
521
Free cash flow margin
9.7%
-55.1%
44.2%
Cash from investing
127
328
-301
-61.2%
Cash from financing
-243
357
-265
Depreciation and amortisation
10.0
15.0
12.0
-33.3%
Share-based compensation
44.7
38.5
41.1
+16.2%
Buybacks
432
225
133
+91.9%
Dividends paid
146
152
146
-4.2%
Dividend per share
$1.02
$0.98
$0.90
+4.1%
Diluted shares, weighted
141m
154m
160m
-8.7%
Shares outstanding at period end
135m
148m
153m
-8.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
4,782
4,624
4,398
+3.4%
Short-term borrowings
33.3
n/a
n/a
Debt
1,076
n/a
n/a
Other liabilities
2,232
4,066
3,196
-45.1%
Total liabilities and equity
8,122
8,690
7,594
-6.5%
Fixed assets
17.2
23.4
63.8
-26.5%
Goodwill
n/a
0.0
0.0
Intangible assets
n/a
0.0
0.0
Securities held for sale or to maturity
4,272
5,062
5,188
-15.6%
Cash and equivalents
24.8
19.2
19.0
+29.2%
Other assets
3,808
3,585
2,323
+6.2%
Total assets
8,122
8,690
7,594
-6.5%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.