Mgic Investment Corp (MTG) · Nov 4, 2026 · Earnings

MGIC Investment earnings beat, but delinquencies and losses rise

Beat — Diluted EPS $0.85 vs ~$0.81 consensus

MGIC Investment earnings beat Q3 EPS expectations, while rising delinquencies, loss costs and weaker persistency temper the result.

MGIC is a private mortgage insurer growing its insured mortgage portfolio while managing rising credit stress in the U.S. housing book. Its business is heavily tied to low-down-payment loans and the GSE mortgage market, with persistency and delinquencies driving the earnings profile.

The quarter beat the earnings bar, but not cleanly. Diluted EPS was $0.85 versus published consensus of roughly $0.81, while revenue of $299.1 million was essentially in line with the roughly $298.7 million expectation. The EPS beat was helped by a sharply lower share count, not by stronger underlying profit: adjusted operating income fell to $174.7 million from $190.8 million a year earlier.

	Q3 2026	Q3 2025	Consensus
Diluted EPS (Income Statement)	$0.85	$0.83	~$0.81
Adjusted operating EPS (Operating income reconciliation)	$0.85	$0.83
Total revenues (Income Statement)	$299.1M	$304.5M	~$298.7M
Net losses incurred (Income Statement)	$23.9M	$10.9M
Loss ratio (Summary Financial Metrics)	10.0%	4.5%
Primary IIF delinquency rate (Summary Financial Metrics)	2.52%	2.32%

Credit trends are the main drag on the result. Primary delinquency inventory rose to 27,814 loans from 25,747 a year earlier, and the loss ratio more than doubled to 10.0%. Current-quarter losses were $58 million before $34 million of favorable prior-period development, leaving net losses incurred at $23.9 million. That is still manageable for a well-capitalized insurer, but it shows the book is becoming more expensive to run. 〔0〕

The portfolio is still expanding, but the earnings engine is softening. Insurance in force grew to $307.3 billion from $300.8 billion, and year-to-date new insurance written reached $49.3 billion versus $43.1 billion. However, annual persistency fell to 82.5% from 85.0%, while net premium yield declined to 31.2 basis points from 32.3 basis points. That combination means MGIC is adding volume, but retaining less premium and earning less on each dollar of insurance in force.

The reinsurance amendment is a modest offset. MGIC said the quota-share cede rate will fall from 25% to 23.98% effective December 31, 2026, allowing it to retain slightly more premium and risk. 〔1〕 The change is helpful, but it is too small to outweigh the quarter's deterioration in delinquencies and loss costs.

Capital remains a strength rather than a new catalyst. PMIERs excess increased to $2.8 billion from $2.5 billion a year earlier, while the risk-to-capital ratio remained 9.6:1. That gives MGIC room to absorb higher claims and continue writing business, but it does not change the underlying direction of the quarter.

Bottom line: MGIC beat a modest EPS expectation, but the quality of the beat was mixed because credit costs rose and persistency weakened. The business is still growing and well-capitalized, yet this filing adds evidence of gradual underwriting pressure rather than a cleaner acceleration in earnings.

What to watch next

Q3 earnings call, November 5, 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

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MGIC Investment earnings beat, but delinquencies and losses rise

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