EarningsQ2 2026 Earnings Report

MGIC Investment (MTG) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:MTG Q2 2026 EPS Results

Actual EPS$15.74

Consensus EPS$13.81

Beat/MissBeat by +$1.94

One Year Ago EPS$14.84

MX:MTG Q2 2026 Revenue Results

Actual Revenue$5.35B

Expected Revenue$5.38B

Beat/MissMissed by -$38.90M

YoY Revenue Growth-2.91%

Earnings Announcement Details

QuarterQ2 2026

Date07/29/2026

TimeAfter Close

Conference CallWednesday, July 29, 2026

MX:MTG Upcoming Earnings

MGIC Investment's next earnings date is estimated for November 4, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:MTG Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized strong profitability, disciplined expense management, meaningful capital flexibility through an expanded reinsurance program, and continued capital returns to shareholders. Credit metrics showed some normalization with a moderate year-over-year rise in delinquencies and slightly lower persistency and premium yields, but management highlighted favorable reserve development, low early payment defaults, and confidence in underwriting. Insurance-in-force growth remains modest given market constraints. Overall, positive operational and capital-management developments outweighed the moderate credit and growth headwinds.

Company Guidance

Management's guidance emphasized disciplined capital and expense management: operating expenses are now expected toward the low end of the $190–$200 million full‑year range, and underwriting continues to use a 7.5% initial claim‑rate assumption on new delinquency notices with seasonality expected to push delinquencies higher in H2 (Q2 count‑based delinquency fell 7 bps to 2.37%, +16 bps YoY and 43 bps below Q2‑2019); in‑force premium yield was ~38 bps and is expected to track similarly, investment book yield is ~4% (Q2 investment income $59M), and Q2 underwriting and other expenses were $46M (down from $52M). Capital guidance highlighted $6.0B of balance‑sheet capital, a reinsurance program that reduced PMIERs required assets by ~$3.1B (≈52%) and an XOL providing up to $168M protection on eligible 2027 NIW; Q2 NIW was $18B (+8.5% YoY), insurance in force $305B (+2.6% YoY), net income $182M (EPS $0.86, annualized ROE 14.5%), book value per share $24.27 (+10% YoY), and capital return plans include ongoing buybacks (6.6M shares/$177M in Q2; $746M repurchased over the prior four quarters) and dividends (Q2 dividend 15¢, recently increased to $0.17 quarterly after $135M paid prior four quarters; combined repurchases+dividends were 124% of net income over that period).

Solid Profitability and ROE

Net income of $182 million in Q2 2026 (EPS $0.86) with an annualized return on equity of 14.5% and EPS up from $0.81 a year ago.

Book Value Growth and Dividend Track Record

Book value per share rose to $24.27, a 10% year-over-year increase. Paid $0.60 per share in dividends over the last 12 months and the board approved a quarterly dividend increase to $0.17 per share (6 consecutive years of increases; 19% CAGR).

New Insurance Written (NIW) Expansion

Wrote $18 billion of new insurance in Q2, up 8.5% versus Q2 2025 and the highest NIW since Q3 2022, driven by seasonal purchase-market growth.

Reinsurance Program Strengthens Capital Efficiency

Reinsurance program reduced PMIERs required assets by $3.1 billion (~52%). Executed an excess-of-loss transaction providing up to $168 million of protection on eligible 2027 NIW, and maintains a multi-pronged program (quota share, XOL, ILN) for capital diversification.

Favorable Reserve Development

Recorded $43 million of favorable loss reserve development in the quarter driven primarily by better-than-expected cure activity on delinquency notices received in 2025.

Expense Discipline and Guidance

Underwriting and other expenses were $46 million in the quarter (down from $52 million YoY). Management now expects full-year operating expenses toward the low end of the $190–$200 million range.

Capital Return Activity

Repurchased 6.6 million shares for $177 million in Q2; prior four-quarter repurchases totaled $746 million and dividends totaled $135 million. Management targets share repurchases approximately equal to net income in this environment.

Investment Income and Portfolio Yield

Investment income totaled $59 million in Q2 with a book yield of ~4%; reinvestment rates continued to exceed the book yield.

MX:MTG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 04, 2026	2026 (Q3)	14.64 / -	15.019	―
Jul 29, 2026	2026 (Q2)	13.81 / 15.74	14.838	6.10% (+0.90)
Apr 29, 2026	2026 (Q1)	13.46 / 13.75	13.571	1.33% (+0.18)
Feb 02, 2026	2025 (Q4)	13.63 / 13.57	13.029	4.17% (+0.54)
Oct 29, 2025	2025 (Q3)	13.34 / 15.02	13.933	7.79% (+1.09)
Jul 30, 2025	2025 (Q2)	13.06 / 14.84	13.933	6.49% (+0.90)
Apr 30, 2025	2025 (Q1)	12.41 / 13.57	11.762	15.38% (+1.81)
Feb 03, 2025	2024 (Q4)	12.05 / 13.03	12.124	7.46% (+0.90)
Nov 04, 2024	2024 (Q3)	12.02 / 13.93	11.581	20.31% (+2.35)
Jul 31, 2024	2024 (Q2)	11.51 / 13.93	12.305	13.24% (+1.63)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed