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.…
Earnings analysis · 10-Q
MBI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.15
- Gross margin
- 55%
What stood out
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Revenue Misses Estimates
Revenue for Q1 2026 was $21M, below the consensus estimate of $24.9M.
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EPS Meets Expectations
Reported EPS for the quarter was -$0.15, in line with analysts' expectations.
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Improved Operational Efficiency
Gross margin improved to 55%, driven by operational improvements.
What to watch
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Low Revenue Growth
Revenue growth is stagnating, with a 6.8% decrease from Q4 2025 ($28M) to Q1 2026 ($21M).
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Sustained GAAP Losses
The company continues to report losses, with a diluted EPS of -$0.15.
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Potential LAE Variability
Future performance may be impacted by variability in loss adjustment expenses (LAE), with past swings contributing significantly to results.
Management's outlook
Management has raised revenue guidance for Q2 2026 to a range of $25M to $30M, suggesting improved prospects.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.