Radian Group Inc (RDN) · Nov 5, 2026 · Earnings

Radian earnings beat on EPS, but revenue misses estimates

Beat — Adjusted EPS $1.44 vs ~$1.27 consensus

Radian earnings beat on adjusted EPS as Inigo drives specialty growth, but revenue misses consensus and mortgage metrics soften.

Radian is in the middle of a deliberate shift from a primarily mortgage insurer into a global multi-line specialty insurer, with Inigo as the centerpiece of that diversification strategy. Its stated plan was to integrate Inigo while expanding specialty insurance and reinsurance alongside the mortgage business.

The quarter beat on the metric that matters most for earnings, but not across the board. Adjusted diluted operating EPS was $1.44 versus a published consensus of roughly $1.27, while revenue of $624 million trailed consensus near $661 million. The EPS outperformance reflects real operating profit, but the revenue shortfall means this is not a clean top-line beat.

Metric	Q3 2026	Q3 2025	Consensus
Total revenues (Key Financial Highlights)	$624M	$303M	~$661M
Adjusted diluted operating EPS (Key Financial Highlights)	$1.44	$1.15	~$1.27
Mortgage adjusted pretax income (Segment information — Mortgage)	$206M	$225M
Specialty adjusted pretax income (Segment information — Specialty)	$86M	N/A
Specialty combined ratio (Selected Key Segment Ratios)	80.4%	N/A

Inigo is already making the diversification story visible, but the quality of the quarter is mixed. Specialty generated $86 million of adjusted pretax income and an 80.4% combined ratio, a profitable underwriting result. The filing says, “Specialty segment Combined Ratio of 80%.” 〔0〕 However, the result benefited from a benign catastrophe quarter and $43 million of favorable prior-year reserve development, so part of the strength was unusually favorable rather than purely recurring execution.

The legacy mortgage franchise remains profitable but is losing momentum at the margin. Mortgage adjusted pretax income fell to $206 million from $225 million a year earlier, new insurance written declined 5% year over year, and the combined ratio worsened to 36.6% from 27.0%. Insurance in force still reached a record $286 billion, but defaults rose to 2.68% from 2.42% a year earlier. The filing reports, “New Insurance Written of $15 billion, a decrease of 5% year-over-year.”

Capital returns are supporting per-share results while liquidity has become leaner. Radian repurchased $379 million of stock year to date, equal to 8% of shares outstanding, helping amplify earnings per share. But available holding-company liquidity fell to $376 million from $995 million a year earlier, even though the company retained $500 million of undrawn revolver capacity. That is manageable in the filing, but it leaves less standalone liquidity cushion than last year.

The broader strategic transition is progressing, not yet fully proven. Specialty now contributes 57% of net premiums earned, while the mortgage business is still the steadier profit engine and the specialty result is exposed to catastrophe volatility and reserve development. The filing also says, “Total revenue more than doubled year-over-year with the addition of Inigo.” 〔1〕

Bottom line: This is a modestly encouraging earnings report, not a clean operational re-rating: EPS beat because Specialty performed well and buybacks helped, but revenue missed, mortgage trends softened, and some Specialty upside came from unusually favorable claims conditions. Only modestly positive versus expectations because the filing advances the Inigo strategy without fully removing execution risk.**

What to watch next

Q3 earnings call, November 5 at 9 a.m. ET

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

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Radian earnings beat on EPS, but revenue misses estimates

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