NMI Holdings Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Premiums & Annuity Revenue	602.21	564.69	510.77	475.27	444.29
Total Interest & Dividend Income	102.94	85.32	67.51	46.41	38.07
Gain (Loss) on Sale of Investments	0.43	0.02	-0.03	0.48	0.73
Other Revenue	0.86	0.94	0.76	1.19	1.98
Total Revenue	706.44	650.97	579	523.35	485.07
Revenue Growth (YoY)	8.52%	12.43%	10.63%	7.89%	11.95%
Policy Benefits	57.65	31.54	22.62	-3.59	12.31
Policy Acquisition & Underwriting Costs	97.62	96.49	91.79	100.07	136.17
Selling, General & Administrative	2.1	2.1	2	2	2.3
Other Operating Expenses	0.6	0.72	0.77	1.09	2.51
Total Operating Expenses	178.16	150.66	134.09	114.99	153.29
Operating Income	528.28	500.31	444.92	408.36	331.78
Interest Expense	-28.48	-36.9	-32.21	-32.16	-31.8
Other Non Operating Income (Expenses)	-	-	-	1.11	0.57
EBT Excluding Unusual Items	499.8	463.41	412.7	377.31	300.55
Other Unusual Items	-	-	-	-	-3.83
Pretax Income	499.8	463.41	412.7	377.31	296.73
Income Tax Expense	110.88	103.31	90.59	84.4	65.6
Net Income	388.93	360.11	322.11	292.9	231.13
Net Income to Common	388.93	360.11	322.11	292.9	231.13
Net Income Growth	8.00%	11.80%	9.97%	26.73%	34.72%
Shares Outstanding (Basic)	78	80	82	85	86
Shares Outstanding (Diluted)	79	81	84	86	87
Shares Change (YoY)	-2.75%	-3.08%	-2.49%	-1.02%	9.62%
EPS (Basic)	5.01	4.51	3.91	3.45	2.70
EPS (Diluted)	4.92	4.43	3.84	3.39	2.65
EPS Growth	11.06%	15.37%	13.18%	27.86%	24.71%
Free Cash Flow	412.52	386.7	333.31	302.82	313.48
Free Cash Flow Per Share	5.22	4.76	3.98	3.52	3.61
Operating Margin	74.78%	76.85%	76.84%	78.03%	68.40%
Profit Margin	55.05%	55.32%	55.63%	55.97%	47.65%
Free Cash Flow Margin	58.39%	59.40%	57.57%	57.86%	64.63%
EBITDA	539.54	512.24	456.46	420.23	343.02
EBITDA Margin	76.38%	78.69%	78.83%	80.30%	70.71%
D&A For EBITDA	11.26	11.94	11.54	11.87	11.23
EBIT	528.28	500.31	444.92	408.36	331.78
EBIT Margin	74.78%	76.85%	76.84%	78.03%	68.40%
Effective Tax Rate	22.18%	22.29%	21.95%	22.37%	22.11%
Revenue as Reported	706.44	650.97	579	523.35	485.07

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

SEC Filings: 10-K · 10-Q