NMI Holdings, Inc. (NMIH) financial statements: income statement, balance sheet and cash flow
NMI Holdings, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), NMI Holdings, Inc. reported revenue of $706.4M (+8.5% year on year) and net income of $388.9M (+8.0% year on year).
Income statement
NMI Holdings, Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net premiums earned
$602.2M
$564.7M
$510.8M
$475.3M
Net investment income
$102.9M
$85.3M
$67.5M
$46.4M
Net realized investment gains (losses)
$432.0K
$23.0K
($33.0K)
$481.0K
Other revenues
$859.0K
$944.0K
$756.0K
$1.2M
Total revenues
$706.4M
$651.0M
$579.0M
$523.3M
Insurance claims and claim expenses
$57.6M
$31.5M
$22.6M
—
Underwriting and operating expenses
$119.9M
$118.4M
$110.7M
$117.5M
Service expenses
$601.0K
$723.0K
$771.0K
$1.1M
Interest expense
$28.5M
$36.9M
$32.2M
$32.2M
Total expenses
$206.6M
$187.6M
$166.3M
$146.0M
Income before income taxes
$499.8M
$463.4M
$412.7M
$377.3M
Income tax expense
$110.9M
$103.3M
$90.6M
$84.4M
Basic (in dollars per share)
$5.01
$4.51
$3.91
$3.45
Diluted (in dollars per share)
$4.92
$4.43
$3.84
$3.39
Basic (in shares)
77.6M
79.8M
82.4M
84.9M
Diluted (in shares)
79.0M
81.3M
83.9M
86.0M
Net income
$388.9M
$360.1M
$322.1M
$292.9M
Unrealized gains in accumulated other comprehensive loss, net of tax expense of $20,995, $3,921 and $17,113 for each of the years in the three-year period ended December 31, 2025, respectively
$79.0M
$15.1M
$64.4M
($205.4M)
Reclassification adjustment for realized (gains) losses included in net income, net of tax expense (benefit) of $69, $0 and $(7) for each of the years in the three-years ended December 31, 2025, respectively
($262.0K)
$0
$26.0K
($380.0K)
Other comprehensive income, net of tax
$78.7M
—
—
—
Comprehensive income
$467.6M
$375.2M
$386.5M
$87.1M
NMI Holdings, Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net premiums earned
$157.5M
$154.8M
$151.3M
$149.1M
Net investment income
$30.3M
$28.6M
$26.8M
$24.9M
Net realized investment losses
($229.0K)
($147.0K)
$321.0K
($400.0K)
Other revenues
$265.0K
$212.0K
$262.0K
$164.0K
Total revenues
$187.9M
$183.5M
$178.7M
$173.8M
Insurance claims and claim expenses
$13.1M
$20.7M
$18.6M
$13.4M
Underwriting and operating expenses
$30.5M
$30.6M
$29.2M
$29.5M
Service expenses
$190.0K
$139.0K
$162.0K
$110.0K
Interest expense
$7.1M
$7.1M
$7.1M
$7.1M
Total expenses
$50.9M
$58.5M
$55.0M
$50.2M
Income before income taxes
$136.9M
$124.9M
$123.7M
$123.6M
Income tax expense
$31.2M
$25.6M
$27.7M
$27.4M
Basic (in dollars per share)
$1.40
$1.30
$1.24
$1.23
Diluted (in dollars per share)
$1.38
$1.28
$1.22
$1.21
Basic (in shares)
75.8M
76.2M
77.4M
78.0M
Diluted (in shares)
76.6M
77.4M
78.8M
79.3M
Net income
$105.8M
$99.3M
$96.0M
$96.2M
Unrealized (losses) gains in accumulated other comprehensive loss, net of tax (benefit) expense of $(1,686) and $5,570 for the three months ended June 30, 2026 and 2025, and $(7,645) and $13,756 for the six months ended June 30, 2026 and 2025, respectively
($6.3M)
($22.4M)
$19.4M
$21.0M
Reclassification adjustment for realized losses included in net income, net of tax benefit of $48 and $84 for the three months ended June 30, 2026 and 2025, and $138 and $79 for the six months ended June 30, 2026 and 2025, respectively
$181.0K
$338.0K
($253.0K)
$316.0K
Other comprehensive (loss) income, net of tax
($6.2M)
($22.1M)
$19.1M
$21.3M
Comprehensive income
$99.6M
$77.3M
$115.1M
$117.4M
Balance sheet
NMI Holdings, Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,190,174 and $2,876,343)
$3.1B
$2.7B
$2.4B
$2.1B
Cash and cash equivalents (including restricted cash of $0 and $90)
$43.9M
$54.3M
$96.7M
$44.4M
Premiums receivable, net
$86.3M
$82.8M
$76.5M
$69.7M
Accrued investment income
$27.3M
$22.4M
$19.8M
$14.1M
Deferred policy acquisition costs, net
$64.4M
$64.3M
$62.9M
$58.6M
Software and equipment, net
$21.7M
$25.7M
$30.3M
$31.9M
Intangible assets and goodwill
$3.6M
$3.6M
$3.6M
$3.6M
Reinsurance recoverable
$38.6M
$32.3M
$27.5M
$21.6M
Prepaid federal income taxes
$400.3M
$322.2M
$235.3M
$154.4M
Other assets
$18.1M
$18.9M
$17.0M
$18.3M
Total assets
$3.8B
$3.3B
$2.9B
$2.5B
Debt
$417.0M
$415.1M
$397.6M
$396.1M
Unearned premiums
$46.7M
$65.2M
$92.3M
$123.0M
Accounts payable and accrued expenses
$101.6M
$103.2M
$86.2M
$74.6M
Reserve for insurance claims and claim expenses
$196.4M
$152.1M
$124.0M
$99.8M
Deferred tax liability, net
$478.9M
$386.2M
$301.6M
$193.9M
Other liabilities
$8.5M
$10.8M
$11.5M
$12.3M
Total liabilities
$1.2B
$1.1B
$1.0B
$902.3M
Common stock - $0.01 par value; 88,371,465 shares issued and 76,285,242 shares outstanding as of December 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)
884.0K
879.0K
873.0K
865.0K
Additional paid-in capital
$1.0B
$1.0B
$990.8M
$972.7M
Treasury stock, at cost: 12,086,223 and 9,301,900 common shares as of December 31, 2025 and December 31, 2024, respectively
-351.8M
-246.6M
-148.9M
-56.6M
Accumulated other comprehensive loss, net of tax
($46.1M)
($124.8M)
($139.9M)
($204.3M)
Retained earnings
$2.0B
$1.6B
$1.2B
$901.0M
Total shareholders' equity
$2.6B
$2.2B
$1.9B
$1.6B
Total liabilities and shareholders' equity
$3.8B
$3.3B
$2.9B
$2.5B
NMI Holdings, Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,346,838 and $3,190,174)
$3.3B
$3.2B
$3.0B
$2.9B
Cash and cash equivalents
$72.1M
$70.7M
$130.4M
$84.0M
Premiums receivable, net
$86.8M
$86.9M
$85.7M
$83.6M
Accrued investment income
$30.9M
$29.7M
$25.8M
$24.4M
Deferred policy acquisition costs, net
$64.6M
$64.3M
$64.2M
$64.1M
Software and equipment, net
$20.8M
$20.9M
$22.8M
$23.8M
Intangible assets and goodwill
$3.6M
$3.6M
$3.6M
$3.6M
Reinsurance recoverable
$40.4M
$39.7M
$35.3M
$32.7M
Prepaid federal income taxes
$400.3M
$400.3M
$322.2M
$322.2M
Other assets
$19.9M
$19.5M
$21.6M
$23.5M
Total assets
$4.0B
$3.9B
$3.7B
$3.6B
Debt
$418.0M
$417.5M
$416.5M
$416.1M
Unearned premiums
$41.5M
$43.7M
$49.8M
$54.2M
Accounts payable and accrued expenses
$98.6M
$104.8M
$93.4M
$86.9M
Reserve for insurance claims and claim expenses
$214.6M
$211.2M
$180.3M
$163.0M
Deferred tax liability, net
$511.3M
$491.9M
$463.3M
$441.4M
Other liabilities
$8.1M
$8.1M
$9.0M
$9.4M
Total liabilities
$1.3B
$1.3B
$1.2B
$1.2B
Common stock - $0.01 par value; 88,995,839 shares issued and 75,367,346 shares outstanding as of June 30, 2026 and 88,371,465 shares issued and 76,285,242 shares outstanding as of December 31, 2025 (250,000,000 shares authorized)
890.0K
890.0K
884.0K
884.0K
Additional paid-in capital
$1.0B
$1.0B
$1.0B
$1.0B
Treasury stock, at cost: 13,628,493 and 12,086,223 common shares as of June 30, 2026 and December 31, 2025, respectively
-411.2M
-379.5M
-320.9M
-296.0M
Accumulated other comprehensive loss, net of tax
($74.3M)
($68.2M)
($53.7M)
($72.8M)
Retained earnings
$2.2B
$2.1B
$1.9B
$1.8B
Total shareholders' equity
$2.7B
$2.6B
$2.5B
$2.4B
Total liabilities and shareholders' equity
$4.0B
$3.9B
$3.7B
$3.6B
Cash flow statement
NMI Holdings, Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$388.9M
$360.1M
$322.1M
$292.9M
Net realized investment (gains) losses
($432.0K)
($23.0K)
$33.0K
($481.0K)
Depreciation and amortization
$11.3M
$11.9M
$11.5M
$11.9M
Net (accretion)/amortization of (discount)/premium on investment securities
($4.1M)
($1.1M)
$481.0K
$5.7M
Loss on extinguishment of debt
$0
$7.0M
—
—
Amortization of debt discount and debt issuance costs
$2.4M
$2.2M
$2.0M
$1.8M
Deferred income taxes
$71.8M
$80.7M
$90.6M
$84.4M
Share-based compensation expense
$20.2M
$19.8M
$16.9M
$15.4M
Premiums receivable, net
($3.5M)
($6.3M)
($6.8M)
($9.3M)
Accrued investment income
($4.9M)
($2.6M)
($5.6M)
($2.2M)
Deferred policy acquisition costs, net
($45.0K)
($1.4M)
($4.3M)
$1.0M
Reinsurance recoverable
($6.3M)
($4.7M)
($5.9M)
($1.3M)
Prepaid federal income taxes
($78.1M)
($86.9M)
($80.9M)
($65.2M)
Other assets
($1.5M)
($1.8M)
($316.0K)
$236.0K
Unearned premiums
($18.6M)
($27.1M)
($30.7M)
($16.2M)
Reserve for insurance claims and claim expenses
$44.4M
$28.1M
$24.1M
($3.7M)
Reinsurance balances, net
($131.0K)
($658.0K)
($859.0K)
($1.9M)
Accounts payable and accrued expenses
($2.2M)
$16.5M
$10.4M
$1.4M
Net cash provided by operating activities
$419.3M
$393.6M
$342.7M
$313.4M
Purchase of short-term investments
($174.7M)
($170.0M)
($166.2M)
($313.9M)
Purchase of fixed-maturity investments, available-for-sale
($724.3M)
($481.7M)
($488.6M)
($233.6M)
Proceeds from maturities of short-term investments
$173.7M
$114.1M
$320.5M
$151.6M
Proceeds from maturities and redemptions of fixed-maturity investments, available-for-sale
$285.4M
$205.2M
—
—
Proceeds from sales of fixed-maturity investments, available-for-sale
$130.3M
—
—
—
Additions to software and equipment
($6.8M)
($6.9M)
($9.4M)
($10.6M)
Net cash used in investing activities
($316.5M)
($339.3M)
($200.0M)
($289.8M)
Proceeds from issuance of common stock related to employee equity plans
2.9M
4.3M
10.5M
5.4M
Taxes paid related to net share settlement of equity awards
($11.0M)
($10.2M)
($9.4M)
($5.2M)
Proceeds from senior unsecured notes
$0
$419.7M
—
$0
Repayments of senior secured notes
$0
($405.1M)
—
$0
Payments of debt issuance costs
$0
($7.8M)
$0
$0
Repurchases of common stock
($105.1M)
($97.6M)
($91.6M)
($56.6M)
Net cash used in financing activities
($113.2M)
($96.7M)
($90.4M)
($55.8M)
Net (decrease) increase in cash, cash equivalents and restricted cash
($10.4M)
($42.4M)
$52.3M
($32.2M)
Cash, cash equivalents and restricted cash, beginning of period
$54.3M
$96.7M
$44.4M
$76.6M
Cash, cash equivalents and restricted cash, end of period
$43.9M
$54.3M
$96.7M
$44.4M
Interest paid
$31.4M
$14.0M
$29.5M
$29.5M
Income taxes paid
$42.4M
$20.0M
($20.0K)
$20.0K
NMI Holdings, Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$205.1M
$99.3M
$294.7M
$198.7M
Net realized investment losses
$376.0K
$147.0K
$55.0K
$376.0K
Depreciation and amortization
$5.0M
$2.5M
$8.6M
$5.7M
Net accretion of discount on investment securities
($1.3M)
($707.0K)
($3.0M)
($1.6M)
Amortization of debt discount and debt issuance costs
$1.3M
$623.0K
$1.8M
$1.2M
Deferred income taxes
$40.0M
$18.9M
$58.2M
$41.4M
Share-based compensation expense
$10.0M
$4.7M
$14.0M
$9.5M
Premiums receivable, net
($519.0K)
($602.0K)
($2.9M)
($843.0K)
Accrued investment income
($3.6M)
($2.5M)
($3.4M)
($2.0M)
Deferred policy acquisition costs, net
($275.0K)
$42.0K
$135.0K
$179.0K
Reinsurance recoverable
($1.9M)
($1.1M)
($3.1M)
($445.0K)
Other assets
($2.9M)
($2.3M)
($4.8M)
($6.1M)
Unearned premiums
($5.2M)
($3.0M)
($15.4M)
($11.1M)
Reserve for insurance claims and claim expenses
$18.2M
$14.8M
$28.3M
$11.0M
Reinsurance balances, net
$0
$0
($131.0K)
($132.0K)
Accounts payable and accrued expenses
($5.5M)
($14.6M)
($15.3M)
($16.3M)
Net cash provided by operating activities
$258.7M
$116.1M
$357.6M
$229.5M
Purchase of short-term investments
($88.5M)
—
($150.0M)
($91.7M)
Purchase of fixed-maturity investments, available-for-sale
($504.3M)
($299.7M)
($397.6M)
($253.3M)
Proceeds from maturities of short-term investments
$86.6M
$61.6M
$116.7M
$55.1M
Proceeds from maturities and redemptions of fixed-maturity investments, available-for-sale
$138.6M
$76.2M
$217.3M
$137.9M
Proceeds from sales of fixed-maturity investments, available-for-sale
$214.8M
$115.0M
$19.8M
$13.6M
Additions to software and equipment
($3.5M)
($1.1M)
($5.1M)
($3.4M)
Net cash used in investing activities
($156.4M)
($47.9M)
($198.8M)
($141.8M)
Proceeds from issuance of common stock related to employee equity plans
3.9M
3.9M
2.9M
2.8M
Taxes paid related to net share settlement of equity awards
($18.1M)
($17.6M)
($11.0M)
($10.9M)
Repurchases of common stock
($60.0M)
($27.7M)
($74.5M)
($49.9M)
Net cash used in financing activities
($74.2M)
($41.4M)
($82.6M)
($58.0M)
Net increase in cash, cash equivalents and restricted cash
$28.2M
$26.7M
$76.1M
$29.7M
Cash, cash equivalents and restricted cash, beginning of period
$43.9M
$43.9M
$54.3M
$54.3M
Cash, cash equivalents and restricted cash, end of period