MBIA (MBI) Q4 2025 earnings summary

Executive summary

• Lower net losses reported for full year 2025 compared to 2024, with comparable net losses in Q4 year-over-year.

• National recorded a benefit from losses and loss adjustment expense (LAE) in 2025, mainly due to favorable PREPA-related developments.

• PREPA exposure remains a key focus, with limited progress on legal resolutions since November.

• Strategic options, including a potential sale of the company or its components, remain under consideration to maximize shareholder value.

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

Financial highlights

• Consolidated GAAP net loss for Q4 2025 was $51 million ($-1.01/share), unchanged from Q4 2024 ($-1.07/share).

• Adjusted net loss for Q4 2025 was $12 million ($-0.24/share), improved from $22 million ($-0.48/share) in Q4 2024.

• Full year 2025 consolidated GAAP net loss was $177 million ($-3.58/share), down from $447 million ($-9.43/share) in 2024.

• Adjusted net income for full year 2025 was $23 million ($0.46/share), versus an adjusted net loss of $184 million ($-3.90/share) in 2024.

• Book value per share decreased by $3.28 to negative $44.27 as of December 31, 2025.

Outlook and guidance

• PREPA exposure reduction and portfolio runoff are expected to improve the likelihood and size of potential special dividends.

• Substantive progress on PREPA restructuring is unlikely until legal issues with the Oversight Board are resolved.

• All strategic options, including sale of the company or its parts, remain open depending on shareholder value.