NMI Holdings (NMIH) Financial Statements & Analysis

NMI Holdings (NMIH) Income Statement

NMI Holdings reported revenue of $706.44M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 8.5% from $650.97M a year earlier. Net income was $388.93M, up 8.0% year over year, a net margin of 55.1%. Gross margin was 91.7% and operating margin 70.7%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $187.89M, up 8.1% from the same quarter a year earlier.

NMI Holdings Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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NMI Holdings, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	706.44	650.97	579.00	524.46	485.64	436.19	370.11	273.63	178.64
Cost of Revenue	57.65	32.27	23.39	-2.50	14.81	62.09	14.76	5.72	5.96
Gross Profit	647.93	618.70	555.61	526.96	470.82	374.10	355.36	267.91	172.68
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	0.00	0.00	110.70	0.00	0.00	0.00	2.25	0.27	0.62
Operating Expenses	148.13	155.29	142.91	149.65	174.10	156.00	138.71	131.95	119.89
Operating Income	499.80	463.41	412.70	377.31	296.73	218.11	216.65	135.96	52.79
Other Income/Expense
Interest Income	3.90	5.00	2.30	0.40	0.00	0.00	0.00	0.00	0.00
Interest Expense	28.48	36.90	-32.21	32.16	31.80	24.39	12.09	14.98	13.53
Other Income/Expense	0.86	0.00	0.76	1.19	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	499.80	463.41	412.70	377.31	296.73	218.11	216.65	135.96	52.79
Income Tax Expense	110.88	103.31	90.59	84.40	65.60	46.54	44.70	28.03	30.74
Net Income	388.93	360.11	322.11	292.90	231.13	171.57	171.96	107.93	22.05
Net Income - Continuous Operations	388.93	360.11	322.11	292.90	231.13	171.57	171.96	107.93	22.05
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	539.54	512.24	456.46	421.34	339.75	252.42	238.04	158.75	72.98
EBIT	528.28	500.31	444.92	409.47	331.78	-	-	-	-
Depreciation & Amortization	11.26	11.94	11.54	11.87	11.23	9.93	9.30	7.81	6.66
Earnings Per Share
Basic EPS	5.00	5.00	4.00	3.00	3.00	2.00	3.00	2.00	-
Diluted EPS	5.00	4.00	4.00	3.00	3.00	2.00	2.00	2.00	-
Basic Shares Outstanding	77.63	79.84	82.41	84.92	85.62	78.02	67.57	65.02	59.82
Diluted Shares Outstanding	79.04	81.27	83.85	86.00	86.89	79.26	69.72	67.65	62.19

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About NMI Holdings Financial Statements

What was NMI Holdings's revenue in fiscal 2025?

NMI Holdings reported revenue of $706.44M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 8.5% from $650.97M a year earlier.

Is NMI Holdings profitable?

Yes. NMI Holdings earned net income of $388.93M in fiscal 2025, a net margin of 55.1%. In fiscal 2024 it earned $360.11M.

What is NMI Holdings's operating margin?

NMI Holdings's operating income was $499.80M on revenue of $706.44M in fiscal 2025, an operating margin of 70.7%, compared with 71.2% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition