RDN earnings analysis
What we found in RDN'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
Radian’s Q2 2026 revenue rose to $503.712 million, increasing 8.1% sequentially and 58.4% year over year, but diluted EPS fell to $0.85 from $0.89 in Q1 and missed the $1.36 consensus estimate. The filing provides no explicit quantitative guidance and states that there were no material changes to the risk factors in the 2025 Form 10-K. The Inigo acquisition adds integration, foreign-currency and reinsurer-credit considerations, although management said the new market risks were not material as of June 30, 2026.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue increased sequentially and year over year
- Second-quarter revenue was $503.712 million, up $37.712 million, or 8.1%, from $466 million in Q1 2026 and up $185.712 million, or 58.4%, from $318 million in Q2 2025.
- Revenue growth did not translate to EPS growth
- Diluted EPS was $0.85, down $0.04, or 4.5%, from $0.89 in Q1 2026 and down $0.17, or 16.7%, from $1.02 in Q2 2025; EPS was also $0.51 below the $1.36 consensus estimate.
- Share repurchases continued
- Radian repurchased 2,231,042 shares under publicly announced programs during Q2 2026 and had approximately $736 million of repurchase authority remaining as of June 30, 2026.
- Inigo acquisition expanded platform exposure
- The company completed the Inigo acquisition on February 2, 2026, adding foreign-currency and reinsurer-credit exposures that management said were not material as of June 30, 2026.
- Disclosure controls remained effective
- Disclosure controls were assessed as effective as of June 30, 2026, including by the CEO and interim CFO.
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.
- Acquisition control integration
- Management is still integrating Inigo’s processes, systems and control activities after the February 2, 2026 acquisition and expects to exclude Inigo from its annual internal-control assessment for the year ending December 31, 2026.
- New foreign exchange and credit risks
- Inigo introduced foreign-currency and reinsurer-credit risk exposures that did not previously exist for Radian; although described as not material as of June 30, 2026, they remain incremental risks.
- Investment-market exposure and earnings pressure
- The investment portfolio remains materially exposed to changes in interest rates and credit spreads, while Q2 EPS declined to $0.85 from $0.89 in Q1 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.85
What they said about what is next.
The filing does not provide explicit quantitative revenue or EPS guidance; no change to prior outlook was disclosed in the supplied text.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 8, 2026
- Radian Group Inc. reported Q1 2026 financial results showing revenue of $238.2 million, considerably below analyst expectations of $381.4 million, leading to an unexpected decline in revenue. However, the company posted…
- 10-K · February 20, 2026
- Radian’s 2025 results show a company in transition: core mortgage insurance operations remain steady while management accelerated strategic reshape (announced divestitures in Q3 2025) and pursued a transformational…
- 10-Q · November 6, 2025
- Radian’s 10-Q shows a strong balance sheet but operational change: management reclassified Mortgage Conduit, Title and Real Estate Services as held for sale and reiterated the Inigo acquisition plan. Total investments…
- 10-Q · November 7, 2024
- Radian reported Q3 results with diluted EPS of $1.03 (vs. $0.91 consensus) on revenue of $239,133,000 (vs. $240,830,000 consensus), a slight revenue miss (-0.7%) but an EPS beat (+13.2%). Balance sheet changes were…
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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