MTG earnings analysis
What we found in MTG'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
MGIC Investment Corporation reported Q1 2026 net income of $165.3 million or $0.76 per diluted share, surpassing the consensus EPS estimate of $0.74. Revenue totaled $235.4 million, which was below the estimated $302.9 million, indicating challenges in premium income. Despite the revenue miss, management remains optimistic with a solid return on equity of 13%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS Beats Expectations
- Reported diluted EPS was $0.76, exceeding the consensus estimate of $0.74.
- Solid Return on Equity
- Return on equity stood at 13%, indicating strong profitability.
- Strong Shareholder Returns
- The company continued its share buyback program, repurchasing over $352 million worth in January 2026 alone.
- High Investment Income
- Investment income was enhanced by a larger investment grade fixed income portfolio, although specific figures were not disclosed.
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.
- High Loss Ratio
- The company continues to report high loss ratios affecting profitability, particularly in the wake of an uncertain housing market.
- Persistency Challenges
- Persistency rates are impacting new business written, affecting future premiums.
- Competitive Market Pressures
- There is increasing competitive pressure which could lead to margin compression on premiums.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.76
What they said about what is next.
Management expressed a generally positive outlook but did not provide explicit numerical guidance.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 25, 2026
- MGIC reported full-year 2025 revenue of $1.2 billion and net income of $738 million (diluted EPS $3.14), while returning substantial capital to shareholders (approximately $915 million) and expanding its reinsurance…
- 10-Q · October 29, 2025
- MGIC reported Q3 2025 diluted EPS of $0.83 (up 8% from $0.77 in Q3 2024) on total revenue of $304,505,000. Net income decreased to $191,095,000 (down 4% YoY) as losses incurred swung to $10,928,000 from $(9,842,000) a…
- 10-Q · July 30, 2025
- MGIC reported Q2 2025 diluted EPS of $0.81 and net income of $192.5 million, with adjusted net operating income per diluted share of $0.82. Net income declined 6% year-over-year while adjusted operating income per share…
- 10-Q · April 30, 2025
- MGIC reported Q1 2025 diluted EPS of $0.75 (up from $0.64 in Q1 2024, +17%) and net income of $185.5 million (up $11.4 million, +7% YoY). Revenue was ~$306.2 million and adjusted net operating income was $185.2 million…
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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