MBIA (MBI) Q4 2025 earnings summary

Executive summary

• Reported lower consolidated GAAP net loss for full year 2025 ($177M) compared to 2024 ($447M), driven by lower expenses and higher revenues, mainly due to favorable developments in PREPA exposure and portfolio runoff.

• Fourth quarter 2025 GAAP net loss remained flat at $51M year-over-year, but adjusted net loss improved to $12M from $22M in Q4 2024, reflecting lower losses and loss adjustment expenses (LAE) at National.

• National recorded a benefit from losses and LAE in 2025, primarily from the sale of PREPA bankruptcy claims at favorable prices and revised loss estimates.

• Strategic options, including a potential sale of the company or its components, remain under consideration, with decisions guided by shareholder value.

• Released full year and Q4 2025 financial results, available on company and SEC websites.

Financial highlights

• Full year 2025 consolidated GAAP net loss: $177M ($-3.58/share) vs. $447M ($-9.43/share) in 2024.

• Q4 2025 consolidated GAAP net loss: $51M ($-1.01/share), unchanged from Q4 2024.

• Full year 2025 adjusted net income: $23M ($0.46/share) vs. adjusted net loss of $184M ($-3.90/share) in 2024.

• Book value per share as of Dec 31, 2025: negative $44.27, down $3.28 from prior year.

• National statutory net income for 2025: $88M vs. net loss of $133M in 2024.

Outlook and guidance

• Ongoing focus on resolving remaining PREPA exposure, with limited progress due to unresolved legal and board issues.

• Special dividend potential is under continuous review, with improved circumstances increasing likelihood, but subject to regulatory approval and portfolio runoff.

• Strategic review continues, with all options open, including sale of the company or its parts, depending on shareholder value.