NMI (NMIH) Q4 2025 earnings summary

Executive summary

• Delivered record operating and financial results in Q4 and full-year 2025, with strong growth in insured portfolio and profitability, capping a successful year with industry-leading credit performance and customer development.

• Ended 2025 with $49B of new insurance written (NIW) and $221.4B of primary insurance in force, the fastest-growing and highest-quality portfolio in the MI industry.

• Net income for Q4 2025 was $94.2M ($1.20 per diluted share), up from $86.2M in Q4 2024; full-year 2025 net income was $388.9M ($4.92 per diluted share), up from $360.1M in 2024.

• Recognized for corporate culture and innovation, with 90 new lenders activated and over 1,700 active accounts.

Financial highlights

• Q4 2025 total revenue reached a record $180.7M; GAAP net income was $94.2M; return on equity was 14.8%.

• Full-year 2025 revenue was $706.4M (up 9% YoY); net income $388.9M (up 8% YoY); diluted EPS $4.92 (up 11% YoY); return on equity 16.2%.

• Net premiums earned in Q4 were $152.5M, up from $143.5M in Q4 2024; investment income was $27.5M, up from $22.7M YoY.

• Book value per share at year-end was $33.98 ($34.58 excluding unrealized investment gains/losses), up 16% YoY.

• Insurance claims and claim expenses rose to $21.2M in Q4 2025, with a loss ratio of 13.9%.

Outlook and guidance

• Expectation for continued strong performance in 2026, with stable core premium yield and a constructive industry environment.

• Persistency expected to gradually normalize toward historical levels as refinancing activity increases.

• No significant changes anticipated in expense discipline or capital management; share buybacks expected to continue at ~$25M per quarter.

• Management expects to continue delivering differentiated growth, returns, and value for shareholders, citing a strong customer franchise and robust balance sheet.