MBIA posted a -$43 million operating loss on $27 million of revenue in 2026Q2 with a 70.4% loss ratio, implying material non-claim expenses that the reported 2.6% combined ratio appears not to capture and warrants further investigation.
MBIA Inc. (MBI) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 105M | 80M | 42M | 7M | 154M | 159M | 282M | 281M | 159M | 405M | 289M | 854M | 1.26B | 1.15B | 2.39B | -1.58B | 834M | 2.69B | -856.6M | -283.86M | 2.7B | 2.3B | 2.07B | 1.47B | 618M | 1.14B | 1.06B | 444M | 912M | 766.1M | 630.9M |
| Revenue Growth % | 17.98% | 90.48% | 500% | -95.45% | -3.14% | -43.62% | 0.36% | 76.73% | -60.74% | 40.14% | -66.16% | -32.38% | 10.02% | -51.89% | 250.73% | -289.81% | -68.94% | 413.45% | -201.77% | -110.5% | 17.73% | 11.06% | 40.57% | 137.99% | -45.82% | 7.88% | 138.17% | -51.32% | 19.04% | 21.43% | 36.49% |
| Medical Costs & Claims | 128M | 68M | 188M | 182M | 46M | 356M | 540M | 253M | 83M | 706M | 260M | 173M | 177M | 163M | 100M | -17M | 291M | 946M | 1.32B | 967.22M | 146.9M | 150.85M | 149.29M | 134.91M | 109.36M | 99.08M | 87.27M | 235.15M | 69.28M | 53.57M | 45.33M |
| Medical Cost Ratio % | 121.9% | 85% | 447.62% | 2600% | 29.87% | 223.9% | 191.49% | 90.04% | 52.2% | 174.32% | 89.97% | 20.26% | 14.01% | 14.2% | 4.19% | 1.07% | 34.89% | 35.23% | -153.86% | -340.74% | 5.43% | 6.57% | 7.22% | 9.17% | 17.7% | 8.69% | 8.25% | 52.96% | 7.6% | 6.99% | 7.19% |
| Gross Profit | -23M | 12M | -146M | -175M | 108M | -197M | -258M | 28M | 76M | -301M | 29M | 681M | 1.09B | 985M | 2.29B | -1.57B | 543M | 1.74B | -2.17B | -1.25B | 2.56B | 2.15B | 1.92B | 1.34B | 508.64M | 1.04B | 970.19M | 208.85M | 842.72M | 712.53M | 585.57M |
| Gross Margin % | -21.9% | 15% | -347.62% | -2500% | 70.13% | -123.9% | -91.49% | 9.96% | 47.8% | -74.32% | 10.03% | 79.74% | 85.99% | 85.8% | 95.81% | 98.93% | 65.11% | 64.77% | 253.86% | 440.74% | 94.57% | 93.43% | 92.78% | 90.83% | 82.3% | 91.31% | 91.75% | 47.04% | 92.4% | 93.01% | 92.81% |
| Gross Profit Growth % | - | 108.22% | 16.57% | -262.04% | 154.82% | 23.64% | -1021.43% | -63.16% | 125.25% | -1137.93% | -95.74% | -37.29% | 10.25% | -56.91% | 245.98% | -388.4% | -68.78% | 179.97% | -73.82% | -148.94% | 19.16% | 11.83% | 43.59% | 162.64% | -51.17% | 7.37% | 364.55% | -75.22% | 18.27% | 21.68% | 36.08% |
| Operating Expenses | 140M | 193M | 295M | 309M | 256M | 248M | 320M | 385M | 372M | 360M | 368M | 392M | 445M | 569M | 688M | 673M | 638M | 522M | 1.55B | 1.81B | 1.42B | 1.13B | 747.28M | 173.9M | -279.36M | -864.08M | 287.19M | -154.15M | 360.72M | 19.93M | 19.37M |
| OpEx / Revenue % | 133.33% | 241.25% | 702.38% | 4414.29% | 166.23% | 155.97% | 113.48% | 137.01% | 233.96% | 88.89% | 127.34% | 45.9% | 35.23% | 49.56% | 28.83% | -42.51% | 76.5% | 19.44% | -181.27% | -639.26% | 52.65% | 49.13% | 36.14% | 11.82% | -45.2% | -75.75% | 27.16% | -34.72% | 39.55% | 2.6% | 3.07% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | -15M | -50M | 9.64M | 10.16M | 8.64M | 11.5M | 63.33M | 15.5M | 14.05M | 16.61M | -13.12M | 18.35M | -5.5M | -6.2M | -9.6M |
| Combined Ratio % | 255.24% | 326.25% | 1150% | 7014.29% | 196.1% | 379.87% | 304.96% | 227.05% | 286.16% | 263.21% | 217.3% | 66.16% | 49.25% | 63.76% | 33.03% | -41.44% | 111.39% | 54.67% | -335.14% | -979.99% | 58.08% | 55.7% | 43.36% | 21% | -27.51% | -67.06% | 35.41% | 18.24% | 47.15% | 9.59% | 10.26% |
| Operating Income | -163M | -181M | -441M | -484M | -148M | -445M | -578M | -357M | -296M | -661M | -339M | 289M | 641M | 416M | 1.6B | -2.24B | -95M | 1.22B | -3.73B | -3.07B | 1.13B | 1.02B | 1.17B | 1.16B | 788M | 1.91B | 683M | 363M | 482M | 692.6M | 566.2M |
| Operating Margin % | -155.24% | -226.25% | -1050% | -6914.29% | -96.1% | -279.87% | -204.96% | -127.05% | -186.16% | -163.21% | -117.3% | 33.84% | 50.75% | 36.24% | 66.97% | 141.44% | -11.39% | 45.33% | 435.14% | 1079.99% | 41.92% | 44.3% | 56.64% | 79% | 127.51% | 167.06% | 64.59% | 81.76% | 52.85% | 90.41% | 89.74% |
| Operating Income Growth % | - | 58.96% | 8.88% | -227.03% | 66.74% | 23.01% | -61.9% | -20.61% | 55.22% | -94.99% | -217.3% | -54.91% | 54.09% | -73.97% | 171.37% | -2256.84% | -107.81% | 132.65% | -21.58% | -370.52% | 11.41% | -13.14% | 0.77% | 47.46% | -58.65% | 179.03% | 88.15% | -24.69% | -30.41% | 22.32% | 64.1% |
| EBITDA | -19M | 16M | -232M | -273M | 32M | -264M | -350M | -74M | -3M | -389M | -117M | 527M | 890M | 697M | 1.94B | -2.24B | -110M | 1.17B | -3.72B | -3.06B | 1.14B | 1.03B | 1.23B | 1.18B | 802.05M | 1.92B | 669.88M | 381.35M | 476.5M | 686.4M | 556.6M |
| EBITDA Margin % | -18.1% | 20% | -552.38% | -3900% | 20.78% | -166.04% | -124.11% | -26.33% | -1.89% | -96.05% | -40.48% | 61.71% | 70.47% | 60.71% | 81.18% | 141.5% | -13.19% | 43.46% | 434.01% | 1076.42% | 42.24% | 44.8% | 59.7% | 80.06% | 129.78% | 168.52% | 63.35% | 85.89% | 52.25% | 89.6% | 88.22% |
| Interest Expense | 291M | 197M | 209M | 211M | 180M | 181M | 228M | 283M | 293M | 272M | 222M | 238M | 249M | 281M | 339M | 362M | 384M | 475M | 1.17B | 1.58B | 1.18B | 822.24M | 522M | 400M | 58.45M | 56.45M | 53.76M | 53.94M | 44.6M | 38.6M | 34.7M |
| Non-Operating Income | -190M | -197M | -209M | -211M | -180M | -181M | -228M | -283M | -293M | -272M | -222M | -238M | -249M | -281M | -339M | -362M | -384M | -475M | -1.17B | -1.58B | -1.18B | -822.24M | -522M | -400M | -63.03M | 1.06B | -53.76M | -78.82M | -44.6M | 654M | 531.5M |
| Pretax Income | -163M | -181M | -441M | -484M | -148M | -445M | -578M | -357M | -296M | -661M | -339M | 289M | 641M | 416M | 1.6B | -2.24B | -95M | 1.22B | -3.73B | -3.07B | 1.13B | 1.02B | 1.17B | 1.16B | 788M | 765M | 683M | 363M | 482M | 525.2M | 448.4M |
| Pretax Margin % | -155.24% | -226.25% | -1050% | -6914.29% | -96.1% | -279.87% | -204.96% | -127.05% | -186.16% | -163.21% | -117.3% | 33.84% | 50.75% | 36.24% | 66.97% | 141.44% | -11.39% | 45.33% | 435.14% | 1079.99% | 41.92% | 44.3% | 56.64% | 79% | 127.51% | 67.06% | 64.59% | 81.76% | 52.85% | 68.56% | 71.07% |
| Income Tax | -3M | 0 | 0 | 0 | 1M | 0 | 0 | 2M | 0 | 944M | -1M | 109M | 72M | 166M | 364M | -920M | -148M | 583M | -1.05B | -1.14B | 320.08M | 304.19M | 317.19M | 335.06M | 205.76M | 207.83M | 186.22M | 67.35M | 132.3M | 119.6M | 100.7M |
| Effective Tax Rate % | 1.84% | 0% | 0% | 0% | -0.68% | 0% | 0% | -0.56% | 0% | -142.81% | 0.29% | 37.72% | 11.23% | 39.9% | 22.78% | 41.09% | 155.79% | 47.9% | 28.3% | 37.31% | 28.24% | 29.9% | 27.09% | 28.83% | 26.11% | 27.17% | 27.27% | 18.55% | 27.45% | 22.77% | 22.46% |
| Net Income | -161M | -177M | -444M | -487M | -203M | -445M | -578M | -359M | -296M | -1.6B | -338M | 180M | 569M | 250M | 1.23B | -1.32B | 53M | 634M | -2.67B | -1.92B | 819.29M | 710.99M | 843M | 825M | 585M | 570M | 525M | 315M | 386M | 405.6M | 347.7M |
| Net Margin % | -153.33% | -221.25% | -1057.14% | -6957.14% | -131.82% | -279.87% | -204.96% | -127.76% | -186.16% | -396.3% | -116.96% | 21.08% | 45.05% | 21.78% | 51.72% | 83.32% | 6.35% | 23.61% | 312.01% | 677.07% | 30.31% | 30.96% | 40.77% | 56.09% | 94.66% | 49.97% | 49.65% | 70.95% | 42.32% | 52.94% | 55.11% |
| Net Income Growth % | 7.47% | 60.14% | 8.83% | -139.9% | 54.38% | 23.01% | -61% | -21.28% | 81.56% | -374.85% | -287.78% | -68.37% | 127.6% | -79.74% | 193.56% | -2588.68% | -91.64% | 123.72% | -39.06% | -334.59% | 15.23% | -15.66% | 2.18% | 41.03% | 2.63% | 8.57% | 66.67% | -18.39% | -4.83% | 16.65% | 28.1% |
| EPS (Diluted) | -3.20 | -3.59 | -9.42 | -10.19 | -3.92 | -8.99 | -9.78 | -4.43 | -3.33 | -13.50 | -2.54 | 1.06 | 2.76 | 1.29 | 6.33 | -6.85 | 0.26 | 2.99 | -12.11 | -15.17 | 5.99 | 5.18 | 5.82 | 5.69 | 3.96 | 3.81 | 3.53 | 2.09 | 2.57 | 1.83 | 0.80 |
| EPS Growth % | 9.52% | 61.89% | 7.56% | -159.95% | 56.4% | 8.08% | -120.77% | -33.03% | 75.33% | -431.5% | -339.62% | -61.59% | 113.95% | -79.62% | 192.41% | -2734.62% | -91.3% | 124.69% | 20.17% | -353.26% | 15.64% | -11% | 2.28% | 43.69% | 3.94% | 7.93% | 68.9% | -18.68% | 40.44% | 128.75% | -62.62% |
| EPS (Basic) | - | -3.59 | -9.42 | -10.19 | -3.92 | -8.99 | -9.78 | -4.43 | -3.33 | -13.50 | -2.54 | 1.06 | 2.94 | 1.30 | 6.36 | -6.85 | 0.26 | 2.99 | -12.11 | -15.17 | 6.17 | 5.30 | 5.94 | 5.75 | 3.99 | 3.84 | 3.55 | 2.11 | 2.60 | 1.86 | 0.82 |
| Diluted Shares Outstanding | 50.26M | 49.28M | 47.44M | 48.21M | 49.8M | 49.47M | 59.07M | 81.01M | 89.01M | 118.93M | 133M | 164.87M | 190.9M | 190.31M | 189.9M | 192.51M | 203.02M | 208.16M | 220.79M | 126.67M | 136.69M | 137.22M | 144.85M | 144.99M | 147.73M | 149.61M | 148.73M | 150.72M | 150.19M | 134.12M | 129.82M |
Quick answers to the most common questions about buying MBI stock.
For fiscal year 2025, MBIA Inc. (MBI) reported total revenue of $80.0M. This represents a 87.3% decline compared to $630.9M in 1996.
MBIA Inc. (MBI) reported a net loss of $177.0M for the fiscal year ending 2025.
MBIA Inc. (MBI) reported an operating income of $-181.0M, resulting in an operating profit margin of -226.3%. This margin reflects the operational efficiency of the business before interest and taxes.
MBIA Inc. (MBI) generated $12.0M in gross profit for the year, representing a gross profit margin of 15.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent unprofitable underwriting
Metrics are mathematically derived from official filings.
Revenue Whipsawed by episodic guarantee calls
MBIA's revenue trajectory shows extreme quarter-to-quarter volatility, swinging from a reported -$37 million in 2024Q2 to $28 million in 2025Q4 before settling at $27 million in 2026Q2, with growth rates ranging from -48.3% to +162.2%, per MBIA's quarterly income statement disclosures.
The revenue base never stabilizes across any four-quarter window, which for a financial guaranty carrier suggests periodic premium adjustments and claim-linked revenue reversals rather than a compounding franchise. The 162.2% surge in 2025Q2 followed by a 48.3% contraction the next quarter implies the top line is event-driven, making trend extrapolation unreliable and leaving investors dependent on unpredictable call and settlement timing.
Combined Ratio Data Demands Scrutiny
Reported combined ratios swing from 146.7% in 2025Q3 to 2.6% in 2026Q2, yet the 2026Q2 figure sits far below that same quarter's 70.4% loss ratio, an internal inconsistency in MBIA's disclosed metrics that warrants further investigation before any underwriting profitability read-through.
A combined ratio below the loss ratio is not economically coherent under standard construction, so either the expense component is being netted against recoveries or the disclosed fields are non-comparable across periods. Until that reconciliation is clear, the apparent swing from deep underwriting loss to nominal profitability should not be read as a genuine turnaround, and investors should treat the margin trend as unverified.
Reserve Releases Flatter Loss Experience
Negative claims of -$49 million in 2025Q3 and -$3 million in 2026Q1 indicate material prior-year reserve releases, offsetting a $99 million claims load in 2025Q4 that exceeded that quarter's $28 million of total revenue, according to MBIA's reported quarterly statements.
The alternation between large positive claims and outright negative claims implies current earnings are being shaped substantially by reserve re-estimation on legacy guaranty books rather than by current-period risk selection. Because releases can mask deterioration in remaining reserves, the quality of the low loss ratios reported in several quarters warrants closer examination of undiscounted reserve adequacy disclosures.
2024Q2 Loss Defines the Baseline
MBIA's 2024Q2 stands apart with -$37 million of revenue, $143 million of claims, and a -$253 million operating loss producing -$5.35 diluted EPS, a single quarter whose magnitude exceeds the combined operating losses of the six most recent periods, per MBIA's income statement filings.
That quarter appears to represent a concentrated reserve strengthening or settlement event, and it resets the baseline against which subsequent 'improvement' is measured. Excluding it, operating losses still run -$7 million to -$62 million per quarter, so the post-event period looks less like a recovery and more like a narrower but continuing loss run-rate.
Operating Losses Outrun Claims Costs
In 2026Q2, MBIA reported $19 million of claims against $27 million of revenue yet still posted a -$43 million operating loss, implying material non-claim expenses that the disclosed combined ratio of 2.6% appears not to capture, based on MBIA's reported figures.
If operating expenses of that scale are recurring, underwriting profitability as presented may overstate true economics, since the combined ratio does not reconcile to the operating loss line. With investment income shown as unavailable across all ten quarters, there is no disclosed offset to verify how the carrier funds these gaps, so reported earnings quality should be treated as unproven until the expense bridge is clarified.