NMI Holdings, Inc. (NMIH) Earnings
NMI Holdings, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $1.28. NMIH has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +3.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $1.22 | $1.28 | +4.9% | $155M | +0.5% |
| Jul 29, 2025 | $1.16 | $1.22 | +5.2% | $174M | -1.8% |
| Feb 6, 2025 | $1.11 | $1.07 | -3.6% | $167M | -1.4% |
| Apr 30, 2024 | $0.99 | $1.08 | +9.1% | $156M | +14.3% |
| Feb 14, 2024 | $0.96 | $1.01 | +5.2% | $151M | +12.2% |
| Nov 1, 2023 | $0.92 | $1.00 | +8.7% | $148M | +13.2% |
| Aug 1, 2023 | $0.86 | $0.95 | +10.5% | $143M | +12.9% |
| May 2, 2023 | $0.82 | $0.88 | +7.3% | $137M | +7.9% |
| Feb 14, 2023 | $0.84 | $0.86 | +2.4% | $133M | +9.0% |
| Nov 1, 2022 | $0.81 | $0.90 | +11.1% | $131M | +5.3% |
| Aug 2, 2022 | $0.76 | $0.86 | +13.2% | $133M | +11.2% |
| May 4, 2022 | $0.74 | $0.77 | +4.1% | $128M | +9.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- National MI delivered standout operating performance, continued growth in insured portfolio, and strong financial results in Q1. - Generated $12.3 billion of NIW volume and ended with $222.3 billion of primary insurance in force. - Total revenue was a record $183.5 million, adjusted net income $99.4 million, and adjusted return on equity 15.2%. - Macro environment and housing market resilient, lender customers and borrowers rely on them for down payment support. - High-quality insured portfolio with strong credit performance, consistent growth in insured book, and disciplined expense and capital management. - Encouraged by continued discipline in private MI market with rigorous underwriting standards and balanced pricing environment.
Segment performance
In the first quarter, National MI generated $12.3 billion of NIW volume and ended the period with a record $222.3 billion of high quality, high performing primary insurance in force. Total revenue was a record $183.5 million, adjusted net income was $99.4 million or $1.28 per diluted share, and adjusted return on equity was 15.2%. Net premiums earned in the first quarter were a record 154.8 million. Investment income was $28.6 million. Underwriting and operating expenses were $30.6 million with an expense ratio of 19.8%. Claims expense in the first quarter was 20.7 million. Shareholder's equity as of March 31st was $2.6 billion, book value per share was $34.57, and $198 million of repurchase capacity remained under the existing program.
Risks & headwinds
- Macro risks remain, need to be proactive with pricing, risk selection, and reinsurance decisioning. - Labor market showing some signs of strain, consumer confidence down, conflict in Middle East adds new dimension. - Higher energy prices could impact consumers, but no notable impact expected on default activity or claims experience from this specifically.
Analyst Q&A
Q: What was the default per new notice this quarter versus last quarter?
A: 14,200, broadly consistent with 14,500 last quarter.
Q: Delinquency rate in first quarter vs fourth quarter?
A: Broadly encouraged by credit performance, natural normalization in experience, seasonality and other factors at play.
Q: Loss severity trended up, anything to call out?
A: Law of small numbers, reflects growth and seasoning of book, small pool of claims.
Q: Impact of macro environment on quarter volume?
A: Confidence and interest rates play role, first quarter strong for purchase and refinancing, rates sell-off affected refinancing.
Q: Competition and NIW?
A: NIW up 33% year on year, competitive environment constructive, balance of year expected to be similar to 2025.
Q: Expenses pattern?
A: Modest increase in absolute dollars, disciplined about minimizing increases, invest in people, systems, etc.
Q: Credit losses, in-period losses up?
A: Combination of factors including default composition, mark-to-market LTV, larger loan sizes.
Q: NIW down quarter over quarter?
A: No significant market share moves, bulk transaction skew headline, MIW up 33% year on year in line with market growth.
Q: Profit commission trending lower?
A: Function of normalizing credit defaults