MBI earnings analysis
What we found in MBI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
MBIA reported Q1 2026 revenue of $21M, missing consensus estimates of $24.9M. The gross margin was 55%, and EPS matched expectations at -$0.15. Management anticipates an improved revenue outlook for Q2 2026 with guidance of $25M to $30M, supported by better operational efficiency and lower LAE costs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Misses Estimates
- Revenue for Q1 2026 was $21M, below the consensus estimate of $24.9M.
- EPS Meets Expectations
- Reported EPS for the quarter was -$0.15, in line with analysts' expectations.
- Improved Operational Efficiency
- Gross margin improved to 55%, driven by operational improvements.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Low Revenue Growth
- Revenue growth is stagnating, with a 6.8% decrease from Q4 2025 ($28M) to Q1 2026 ($21M).
- Sustained GAAP Losses
- The company continues to report losses, with a diluted EPS of -$0.15.
- Potential LAE Variability
- Future performance may be impacted by variability in loss adjustment expenses (LAE), with past swings contributing significantly to results.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.15
- Gross margin
- 55%
What they said about what is next.
Management has raised revenue guidance for Q2 2026 to a range of $25M to $30M, suggesting improved prospects.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 26, 2026
- MBIA’s 2025 10-K reiterates that the company is running off its insured portfolios and is focused on maintaining holding-company liquidity, mitigating losses at National and MBIA Corp., and maximizing recoveries.…
- 10-Q · May 9, 2023
- MBIA reported Q1 2023 net revenues of $2.0 million and a net loss attributable to MBIA Inc. of $93.0 million (net income per share -$1.86), versus total revenues of $40.0 million and net loss $73.0 million in Q1 2022.…
- 10-Q · November 2, 2022
- MBIA Inc. reported a significant year-over-year increase in revenue for Q3 2022, totaling $24 million, compared to $72 million in Q3 2021—a decrease in trend. The company showed operational improvement with a narrower…
- 10-K · February 28, 2022
- MBIA describes a run-off strategy: preserve holding-company liquidity, remediate losses (notably Puerto Rico exposures) and maximize recoveries rather than write new business. As of December 31, 2021 the company had…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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