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Dec 31, 2025
NMI Holdings Q4 2025 Earnings Report
NMI Holdings reported strong operating performance and record financial results for the fourth quarter and full year 2025.
Key Takeaways
NMI Holdings, Inc. delivered a strong fourth quarter in 2025, with net income of $94.2 million and diluted EPS of $1.20. The company achieved record financial results for the full year, with net income of $388.9 million and diluted EPS of $4.92, driven by significant NIW volume and consistent growth in its insured portfolio. The company's primary insurance-in-force grew to $221.4 billion, and it maintained a robust balance sheet.
Net income for Q4 2025 was $94.2 million, an increase from $86.2 million in Q4 2024.
Diluted EPS for Q4 2025 was $1.20, up from $1.07 in Q4 2024.
Primary insurance-in-force reached $221.4 billion at quarter end, showing consistent growth.
The company reported an annualized return on equity of 14.8% for the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
NMI Holdings is well-positioned for continued differentiated growth, returns, and shareholder value, supported by a strong customer franchise, high-quality book, comprehensive risk transfer solutions, and a robust balance sheet.
Positive Outlook
- Strong operating performance and consistent growth in the insured portfolio are expected to continue.
- The company's high-quality book is covered by a comprehensive set of risk transfer solutions.
- A robust balance sheet, supported by significant earnings power, provides stability.
- The company aims to continue delivering differentiated growth and returns.
- Focus on creating value for shareholders remains a priority.
Challenges Ahead
- Changes in general economic, market, and political conditions, including interest rates and inflation, could impact results.
- Potential changes in U.S. housing market or mortgage markets could affect performance.
- Regulatory changes, including those impacting GSEs or mortgage insurance industry, pose risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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