Revenue growth remains stable at 1.7% as of 2026Q1, while underwriting discipline is evidenced by a combined ratio that has fluctuated between 21.4% and 32.6% over the last ten quarters.
| Revenue | 1.24B | 1.23B | 1.2B | 1.15B | 1.09B | 1.12B | 1.11B | 978.85M | 841.1M |
| Revenue Growth % | 1.84% | 2.37% | 4.18% | 5.37% | -2.26% | 1.24% | 13.04% | 16.38% | - |
| Medical Costs & Claims | 184.63M | 109.53M | 261.63M | 250.31M | 145.13M | 371.63M | 615.8M | 260.68M | 0 |
| Medical Cost Ratio % | 14.89% | 8.9% | 21.77% | 21.7% | 13.25% | 33.18% | 55.65% | 26.63% | 0% |
| Gross Profit | 742.95M | 1.12B | 940.31M | 903.38M | 949.75M | 748.55M | 490.66M | 718.17M | 841.1M |
| Gross Margin % | 59.93% | 91.1% | 78.23% | 78.3% | 86.75% | 66.82% | 44.35% | 73.37% | 100% |
| Gross Profit Growth % | - | 19.2% | 4.09% | -4.88% | 26.88% | 52.56% | -31.68% | -14.62% | - |
| Operating Expenses | 142.57M | 262.02M | 62.24M | 51.87M | 51.53M | 53.34M | 18.24M | 0 | 191.02M |
| OpEx / Revenue % | 11.5% | 21.3% | 5.18% | 4.5% | 4.71% | 4.76% | 1.65% | 0% | 22.71% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -613.67M |
| Combined Ratio % | 26.39% | 30.2% | 26.95% | 26.19% | 17.96% | 37.94% | 57.3% | 26.63% | 22.71% |
| Operating Income | 860.8M | 858.84M | 878.06M | 851.51M | 898.22M | 695.22M | 472.42M | 718.17M | 613.67M |
| Operating Margin % | 69.44% | 69.8% | 73.05% | 73.81% | 82.04% | 62.06% | 42.7% | 73.37% | 72.96% |
| Operating Income Growth % | - | -2.19% | 3.12% | -5.2% | 29.2% | 47.16% | -34.22% | 17.03% | - |
| EBITDA | 898.45M | 908.79M | 929.22M | 903.38M | 949.92M | 746.23M | 490.66M | 718.17M | 0 |
| EBITDA Margin % | 72.48% | 73.86% | 77.31% | 78.3% | 86.76% | 66.62% | 44.35% | 73.37% | 0% |
| Interest Expense | 50.03M | 49.95M | 51.16M | 51.87M | 51.7M | 51.01M | 18.24M | 0 | 0 |
| Non-Operating Income | -37.66M | -49.95M | -51.16M | -51.87M | -51.7M | -51.01M | -18.24M | 0 | 227.43M |
| Pretax Income | 860.8M | 858.84M | 878.06M | 851.51M | 898.22M | 695.22M | 472.42M | 718.17M | 613.67M |
| Pretax Margin % | 69.44% | 69.8% | 73.05% | 73.81% | 82.04% | 62.06% | 42.7% | 73.37% | 72.96% |
| Income Tax | 184.56M | 184.59M | 189.99M | 186M | 194.06M | 148.53M | 102M | 155.83M | 129.81M |
| Effective Tax Rate % | 21.44% | 21.49% | 21.64% | 21.84% | 21.61% | 21.36% | 21.59% | 21.7% | 21.15% |
| Net Income | 676.24M | 674.24M | 688.07M | 665.51M | 704.16M | 546.68M | 370.42M | 677.63M | 483.86M |
| Net Margin % | 54.55% | 54.8% | 57.25% | 57.69% | 64.31% | 48.8% | 33.48% | 69.23% | 57.53% |
| Net Income Growth % | -2.4% | -2.01% | 3.39% | -5.49% | 28.8% | 47.58% | -45.34% | 40.05% | - |
| EPS (Diluted) | 4.74 | 4.52 | 4.37 | 4.11 | 4.31 | 3.36 | 2.27 | 3.45 | 2.97 |
| EPS Growth % | 3.83% | 3.43% | 6.33% | -4.64% | 28.27% | 48.02% | -34.2% | 16.16% | - |
| EPS (Basic) | - | 4.54 | 4.40 | 4.14 | 4.32 | 3.36 | 2.27 | 3.45 | 2.97 |
| Diluted Shares Outstanding | 142.63M | 149.32M | 157.55M | 161.85M | 163.29M | 162.88M | 162.84M | 162.84M | 162.84M |
Housing market cyclicality
As reported in recent financial statements, Enact Holdings maintained a stable revenue trajectory with 1.7% growth in 2026Q1, reflecting the persistent nature of its existing insurance-in-force portfolio despite broader mortgage origination headwinds that have constrained new business volume across the specialty insurance sector.
The modest revenue growth suggests that the company is benefiting from the 'locked-in' effect where high interest rates discourage refinancing, thereby extending the duration of existing premium streams. Investors should monitor whether this persistency can offset potential declines in new insurance written if the housing market experiences a sustained downturn.
Based on the provided quarterly data, Enact Holdings demonstrated robust underwriting discipline, with the combined ratio fluctuating between 21.4% and 32.6% over the last ten quarters, indicating that the company continues to generate significant underwriting profit even during periods of elevated loss activity.
The exceptionally low combined ratio suggests that the company's risk-based pricing engine is effectively capturing credit risk while maintaining a lean expense structure. The recent 2026Q1 reporting of zero claims indicates a potential anomaly or a highly favorable shift in delinquency trends that warrants further investigation into the sustainability of such low loss ratios.
According to the historical income statement data, the company's loss ratio has exhibited significant quarterly variance, ranging from 5.7% in 2025Q4 to 28.5% in 2025Q3, which suggests that periodic reserve adjustments may be significantly impacting the reported quarterly net income figures.
The sharp swings in loss ratios imply that management's estimation of future claims is subject to material revisions, which may mask the true underlying profitability of the current book. Analysts should be cautious in extrapolating recent low-loss quarters, as these may reflect favorable prior-year development rather than a permanent improvement in credit quality.
As evidenced by the company's consistent operating income levels, which remained above $200 million in nearly every quarter since 2023Q4, Enact Holdings appears to leverage its proprietary data infrastructure to maintain high margins despite the inherent cyclicality of the mortgage insurance industry.
The company's ability to sustain high operating margins suggests that its fixed-cost base is well-aligned with its revenue-generating capacity. This operational leverage appears to be a key differentiator, allowing the firm to remain profitable even when claims activity increases, provided that the premium base remains stable.
Quick answers to the most common questions about buying ACT stock.
For fiscal year 2025, Enact Holdings, Inc. (ACT) reported total revenue of $1.23B. This represents a 46.3% increase compared to $841.1M in 2018.
Enact Holdings, Inc. (ACT) is profitable, generating $674.2M in net income for the fiscal year ending 2025 with a net profit margin of 54.8%.
Enact Holdings, Inc. (ACT) reported an operating income of $858.8M, resulting in an operating profit margin of 69.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Enact Holdings, Inc. (ACT) generated $1.12B in gross profit for the year, representing a gross profit margin of 91.1%. This demonstrates the company's core pricing power and production efficiency.