Radian Group (RDN) Q3 FY2026 earnings: revenue $624 million, up 105.9% on the year

Radian Group Inc. (RDN) reported revenue of $624 million for Q3 FY2026, the quarter ended 30 September 2026, up 105.9% on the same quarter a year earlier. Net income was $164 million, up 15.7% on the year, and diluted earnings per share $1.22. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$624 million

+105.9% on the year · +8.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

36.6%

65.5% a year earlier

Q4 FY2024Q3 FY2026

Net income

$164 million

+15.7% on the year · +41.2% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.22

+18.4% on the year · +43.5% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new, 1 kept.

Revenue more than doubled with Inigo: Total revenues were $624 million, against $303 million a year earlier. Management attributed the increase to the addition of Inigo, which is reported within Specialty.
Diluted EPS was $1.28: Net income from continuing operations was $172 million, or $1.28 per diluted share, up from $1.11 a year earlier. Adjusted diluted net operating income per share was $1.44.
Mortgage adjusted pretax income $206 million: Mortgage adjusted pretax operating income was $206 million, down from $225 million a year earlier and $208 million in the second quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	624	575	303	+8.5%	+105.9%
Operating income	228	151	199	+51.5%	+14.9%
Operating margin	36.6%	26.2%	65.5%
Interest expense	21.4	22.3	17.2	-4.0%	+24.7%
Pre-tax income	228	151	199	+51.5%	+14.9%
Income tax	56.1	32.5	45.9	+72.6%	+22.2%
Effective tax rate	24.6%	21.6%	23.1%
Net income	164	116	141	+41.2%	+15.7%
Net margin	26.2%	20.2%	46.7%
Diluted EPS	$1.22	$0.85	$1.03	+43.5%	+18.4%

$ 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

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	380	343	358	+10.9%	+6.1%
Capital expenditure	1.2	0.2	0.8	+432.4%	+42.1%
Free cash flow	379	343	358	+10.6%	+6.0%
Free cash flow margin	60.7%	59.6%	117.9%
Cash from investing	-218	50.0	-26.7
Cash from financing	-212	-333	-338
Depreciation and amortisation	n/a	n/a	2.6
Buybacks	125	80.3	0.0	+56.2%
Dividends paid	34.1	37.3	34.8	-8.7%	-2.2%
Dividend per share	$0.26	$0.26	$0.26	0.0%	0.0%
Diluted shares, weighted	134m	136m	138m	-1.4%	-2.6%
Shares outstanding at period end	130m	134m	135m	-2.7%	-4.1%

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

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	4,650	4,808	4,652	-3.3%	-0.1%
Short-term borrowings	548	535	n/a	+2.5%
Debt	621	697	n/a	-10.8%
Other liabilities	4,584	4,616	3,552	-0.7%	+29.1%
Total liabilities and equity	10,404	10,656	8,205	-2.4%	+26.8%
Fixed assets	n/a	n/a	18.7
Securities held for sale or to maturity	6,266	6,227	5,074	+0.6%	+23.5%
Cash and equivalents	40.9	119	15.3	-65.6%	+168.2%
Other assets	4,097	4,310	3,096	-4.9%	+32.3%
Total assets	10,404	10,656	8,205	-2.4%	+26.8%

Questions

What was Radian Group's revenue in Q3 FY2026?

Radian Group (RDN) reported revenue of $624 million for Q3 FY2026, the quarter ended 30 September 2026, up 105.9% on the same quarter a year earlier.

How much did Radian Group earn in Q3 FY2026?

Net income for Q3 FY2026 was $164 million, up 15.7% on the year, and diluted earnings per share $1.22.

When did Radian Group report Q3 FY2026 results?

Radian Group filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	338	293	287	296	315	310	290	313	326	302	299	313	293	295	299	303	301	466	575	624
Cost of revenue	n/a	n/a	n/a	n/a	n/a	10.4	10.3	8.9	8.9	9.3	9.5	9.5	9.9	8.8	8.4	n/a	n/a	n/a	n/a	n/a
Gross profit	n/a	n/a	n/a	n/a	n/a	299	279	304	317	292	289	304	283	286	290	n/a	n/a	n/a	n/a	n/a
Gross margin	n/a	n/a	n/a	n/a	n/a	97%	96%	97%	97%	97%	97%	97%	97%	97%	97%	n/a	n/a	n/a	n/a	n/a
Operating income	n/a	234	260	255	n/a	204	183	201	177	181	166	214	166	199	193	199	201	174	151	228
Operating margin	n/a	80%	91%	86%	n/a	66%	63%	64%	54%	60%	55%	68%	57%	67%	65%	66%	67%	37%	26%	37%
Interest expense	21.1	20.8	20.8	21.2	21.6	21.4	21.8	23.3	20.5	29.0	27.1	21.9	22.5	16.5	17.4	17.2	17.2	20.6	22.3	21.4
Pre-tax income	247	234	260	255	203	204	183	201	180	199	188	214	189	199	193	199	201	174	151	228
Tax rate	22%	23%	23%	22%	20%	23%	20%	22%	21%	23%	19%	22%	22%	23%	20%	23%	21%	25%	22%	25%
Net income	193	181	201	198	162	158	146	157	143	152	152	152	148	145	142	141	155	124	116	164
Net margin	57%	62%	70%	67%	52%	51%	50%	50%	44%	51%	51%	48%	51%	49%	47%	47%	52%	27%	20%	26%
Diluted EPS	$1.07	$1.01	$1.15	$1.20	$1.01	$0.98	$0.91	$0.98	$0.91	$0.98	$0.98	$0.99	$0.98	$0.98	$1.02	$1.03	$1.12	$0.89	$0.85	$1.22
Operating cash flow	154	117	60.2	105	106	117	72.5	75.2	265	51.0	-207	-238	-269	67.8	-713	358	407	285	343	380
Capital expenditure	3.9	4.1	3.4	4.7	5.5	4.8	5.3	4.3	1.9	1.6	1.1	0.2	0.3	1.1	1.3	0.8	n/a	0.7	0.2	1.2
Free cash flow	150	113	56.8	101	101	112	67.1	70.9	263	49.5	-208	-238	-270	66.7	-715	358	n/a	284	343	379
Buybacks	148	19.0	168	200	13.1	15.0	5.0	50.0	63.3	50.0	50.0	49.0	76.0	209	223	0.0	0.0	50.0	80.3	125
Dividends paid	25.1	35.4	35.9	32.4	31.7	35.7	39.5	35.8	34.9	37.6	40.5	37.2	36.7	37.3	38.6	34.8	34.9	35.3	37.3	34.1
Shares outstanding	175m	175m	166m	157m	157m	157m	157m	156m	153m	152m	151m	150m	148m	141m	135m	135m	135m	135m	134m	130m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	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 its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.