NMI Holdings, Inc. (NMIH) Income Statement
NMIH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNMIH revenue and net income
Where NMIH's revenue goes
2025Each bar shows an amount and its share of revenue. NMIH kept 55.1% of revenue as net income.
NMIH profit margins
NMIH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.4% | +10.4% | +10.1% | +28.9% |
| Gross profit | +4.7% | +7.1% | +11.6% | +28.0% |
| Operating income | +7.9% | +9.8% | +18.0% | — |
| Net income | +8.0% | +9.9% | +17.8% | — |
| EPS (diluted) | +9.1% | +13.1% | +17.3% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NMIH quarterly EPS vs estimates
NMI beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $1.29).
NMIH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $705.6M | $651.0M | $579.0M | $524.5M | $485.6M | $436.2M | $370.1M | $273.6M | $178.6M | $121.9M |
| Cost of revenue | $57.6M | $32.3M | $23.4M | −$2.5M | $14.8M | $62.1M | $14.8M | $5.7M | $6.0M | $2.4M |
| Gross profit | $647.9M | $618.7M | $555.6M | $527.0M | $470.8M | $374.1M | $355.4M | $267.9M | $172.7M | $119.5M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | — | $117.5M | $142.3M | $131.6M | $2.2M | $270,000 | $617,000 | $93.2M |
| Total operating expenses | $148.1M | $155.3M | $142.9M | $149.7M | $174.1M | $156.0M | $138.7M | $131.9M | $119.9M | $108.1M |
| Operating income | $499.8M | $463.4M | $412.7M | $377.3M | $296.7M | $218.1M | $216.7M | $136.0M | $52.8M | $11.5M |
| Interest income | $3.9M | $5.0M | $2.3M | $400,000 | — | — | $12.1M | $15.0M | $13.5M | $14.8M |
| Interest expense | $28.5M | $36.9M | $32.2M | $32.2M | $31.8M | $24.4M | $12.1M | $15.0M | $13.5M | $14.8M |
| Income before taxes | $499.8M | $463.4M | $412.7M | $377.3M | $296.7M | $218.1M | $216.7M | $136.0M | $52.8M | $11.5M |
| Income taxes | $110.9M | $103.3M | $90.6M | $84.4M | $65.6M | $46.5M | $44.7M | $28.0M | $30.7M | −$52.5M |
| Net income | $388.9M | $360.1M | $322.1M | $292.9M | $231.1M | $171.6M | $172.0M | $107.9M | $22.1M | $64.0M |
| EBITDA | $539.5M | $512.2M | $456.5M | $421.3M | $339.8M | $252.4M | $238.0M | $158.8M | $73.0M | $32.0M |
| EPS (diluted) | $4.91 | $4.50 | $3.84 | $3.39 | $2.73 | $2.21 | $2.61 | $1.66 | $0.61 | $0.18 |
| Gross margin | 91.8% | 95.0% | 96.0% | 100.5% | 96.9% | 85.8% | 96.0% | 97.9% | 96.7% | 98.0% |
| Operating margin | 70.8% | 71.2% | 71.3% | 71.9% | 61.1% | 50.0% | 58.5% | 49.7% | 29.6% | 9.4% |
| Net margin | 55.1% | 55.3% | 55.6% | 55.8% | 47.6% | 39.3% | 46.5% | 39.4% | 12.3% | 52.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $187.9M | $183.5M | $180.5M | $178.7M | $173.8M | $173.2M | $166.5M | $166.1M | $162.1M | $156.3M | $151.4M | $148.2M |
| Cost of revenue | $13.1M | $20.7M | $21.2M | $18.7M | $13.6M | $4.6M | $17.4M | $10.5M | $470,000 | $3.8M | $8.4M | $5.1M |
| Gross profit | $187.9M | $162.8M | $159.3M | $160.0M | $160.2M | $168.7M | $149.1M | $155.6M | $161.7M | $152.4M | $143.0M | $143.1M |
| Total operating expenses | $50.9M | $37.9M | $38.2M | $36.3M | $36.6M | $37.3M | $38.2M | $36.2M | $43.0M | $37.9M | $37.8M | $35.8M |
| Operating income | $136.9M | $124.9M | $121.1M | $123.7M | $123.6M | $131.4M | $110.9M | $119.3M | $118.6M | $114.6M | $105.2M | $107.3M |
| Interest income | $800,000 | $900,000 | $1.0M | $900,000 | $1.1M | $900,000 | — | — | $1.8M | — | — | — |
| Interest expense | $7.1M | $7.1M | $7.1M | $7.1M | $7.1M | $7.1M | $7.1M | $7.1M | $14.7M | $8.0M | $8.1M | $8.1M |
| Income before taxes | $136.9M | $124.9M | $121.1M | $123.7M | $123.6M | $131.4M | $110.9M | $119.3M | $118.6M | $114.6M | $105.2M | $107.3M |
| Income taxes | $31.2M | $25.6M | $26.9M | $27.7M | $27.4M | $28.8M | $24.7M | $26.5M | $26.6M | $25.5M | $21.8M | $23.3M |
| Net income | $105.8M | $99.3M | $94.2M | $96.0M | $96.2M | $102.6M | $86.2M | $92.8M | $92.1M | $89.0M | $83.4M | $84.0M |
| EBITDA | $146.5M | $134.5M | $131.0M | $133.6M | $133.6M | $141.4M | $120.9M | $129.4M | $136.3M | $125.6M | $116.3M | $118.2M |
| EPS (diluted) | $1.38 | $1.28 | $1.20 | $1.21 | $1.22 | $1.28 | $1.07 | $1.15 | $1.20 | $1.08 | $1.01 | $1.00 |
| Gross margin | 100.0% | 88.7% | 88.3% | 89.5% | 92.2% | 97.3% | 89.5% | 93.7% | 99.7% | 97.5% | 94.4% | 96.6% |
| Operating margin | 72.9% | 68.1% | 67.1% | 69.2% | 71.1% | 75.8% | 66.6% | 71.8% | 73.2% | 73.3% | 69.5% | 72.4% |
| Net margin | 56.3% | 54.1% | 52.2% | 53.7% | 55.3% | 59.2% | 51.8% | 55.9% | 56.8% | 57.0% | 55.1% | 56.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NMIH's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NMIH financial results
In fiscal year 2025 (ended December 31, 2025), NMI reported revenue of $705.6 million, up 8.4% from the year before. It had net income of $388.9 million (up 8.0%), a net profit margin of 55.1%. Diluted earnings per share came to $4.91. Over five years revenue grew at an average rate of 10.1% a year.
See the NMIH stock overview for the latest quote and news, or the NMIH chart for price history and technical indicators.
NMIH income statement FAQ
What is NMI's annual revenue?
NMI reported total revenue of $705.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.4% from $651.0 million the previous year.
Is NMI profitable?
Yes. NMI reported net income of $388.9 million in fiscal 2025, a net profit margin of 55.1%; its operating margin was 70.8%.
What is NMI's gross margin?
NMI's gross margin was 91.8% in fiscal 2025: for every $100 of revenue, NMI kept $92 after the direct cost of its products and services.
How fast is NMI growing?
Revenue grew 10.1% a year on average over the last five fiscal years, from $436.2 million to $705.6 million.
What are NMI's earnings per share?
NMI earned $4.91 per diluted share in fiscal 2025, compared with $4.50 a year earlier.
When will NMI report its next earnings?
NMI is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does NMI's fiscal year end?
NMI's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.