MBIA Inc. reported its full‑year and fourth‑quarter 2025 financial results, posting the data on February 26, 2026. The company held a webcast and conference call on February 27 to discuss the figures.
Revenue for the quarter reached $28 million, a 366.7% surprise over the consensus estimate of $6 million. The strong top‑line performance was driven by higher underwriting activity in the company’s core guarantee‑insurance segments, offsetting a decline in legacy exposure from the PREPA portfolio.
GAAP net loss for the quarter was $1.01 per share, missing the analyst estimate of –$0.05. The adjusted net loss of $0.24 per share also fell short of the consensus estimate of –$0.1162, reflecting the impact of one‑time restructuring charges and the continued cost of servicing the PREPA exposure.
On a full‑year basis, MBIA posted a GAAP net loss of $177 million, or –$3.58 per share, a substantial improvement from the $447 million loss, or –$9.43 per share, reported in 2024. Non‑GAAP adjusted net income rose to $23 million, or $0.46 per share, compared with an adjusted loss of $184 million, or –$0.48 per share, in 2024, indicating progress in turning the legacy portfolio toward profitability.
During the call, CFO Joseph Schachinger noted that as the PREPA portfolio runs off and exposure declines, the likelihood and amount of potential special dividends increase. He emphasized that the company remains focused on managing legacy exposure while pursuing growth in its core guarantee‑insurance business.
Market reaction to the results was muted. Investors appeared to weigh the revenue beat against the widened GAAP loss, awaiting further guidance on how the company plans to navigate the remaining PREPA exposure and sustain profitability in the coming quarters.
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