Want to see NMIH full AI Analyst Report?
EarningsQ2 2026 Earnings Report
NMIH Q2 2026 EPS Results
Actual EPS$1.38
Consensus EPS$1.28
Beat/MissBeat by +$0.10
One Year Ago EPS$1.22
NMIH Q2 2026 Revenue Results
Actual Revenue$187.89M
Expected Revenue$156.26M
Beat/MissBeat by +$31.63M
YoY Revenue Growth+8.12%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
NMIH Upcoming Earnings
NMI Holdings's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
NMIH Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call reported multiple record operational and financial achievements — including record revenue, adjusted net income, NIW, and insurance in force — alongside improving expense efficiency, strong investment income, robust capital metrics, and continued buybacks. The primary negatives were modest: a small decline in 12-month persistency, expected seasonal increases in defaults later in the year, and localized housing pressure in some markets. Management emphasized proactive risk management (pricing, selection, reinsurance) and balance-sheet strength, signaling confidence in their runway. Overall, positive operational momentum and strong capital positions materially outweigh the manageable headwinds mentioned.Company Guidance
Record revenue and profitability
Total revenue was a record $187.9 million (up 2.4% vs Q1 and up 8.1% YoY). Adjusted net income was a record $106.0 million, or $1.38 per diluted share (up 7% vs Q1 and up 10% YoY). Adjusted diluted EPS was $1.38 (up 8% vs Q1 and up 14% YoY). Return on equity was 15.9%.
Strong new business and insured in force growth
Generated $16.0 billion of new insurance written (NIW) in Q2 and ended the period with a record $227.1 billion of primary insurance in force. The company also surpassed $500 billion of insurance ever written during the quarter.
Net premiums and yields remained robust
Net premiums earned were a record $157.5 million (versus $154.8 million in Q1 and $149.1 million in Q2 2025). Net yield was steady at 28 bps quarter-over-quarter and core yield (ex reinsurance cost and cancellation earnings) remained stable at 34 bps.
Improving expense efficiency
Underwriting and operating expenses were $30.5 million (slightly below Q1's $30.6 million). The expense ratio improved to 19.4% from 19.8% in Q1.
Credit performance and claims improvement
Default count modestly decreased to 8,020 (from 8,044 at March 31). Default rate was 1.16% at quarter end. Claims expense declined to $13.1 million in Q2 from $20.7 million in Q1, reflecting favorable credit trends and reserve development.
Investment income and balance sheet strength
Investment income grew to $30.3 million (from $28.6 million in Q1 and $24.9 million in Q2 2025). Shareholders' equity was $2.7 billion with book value per share of $35.89; book value per share excluding net unrealized gains/losses was $36.88 (up 4% vs Q1 and 15% YoY).
Capital returns and buyback progress
Repurchased $31.4 million of common stock in Q2 (827,000 shares at $37.99 avg). Since program start in 2022, repurchases total $408 million (13.6 million shares retired, ~16% of outstanding). $167 million of repurchase capacity remains.
Strong regulatory liquidity and excess capital
At quarter end, total available assets under PMIERs were $3.7 billion vs $2.1 billion of risk-based required assets, leaving $1.6 billion of excess available assets.
NMIH Earnings History
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