MBIA Q3 2026 net loss widens to $24 million
MBIA will host a webcast and conference call on November 5, 2026, at 8:30 a.m. ET, followed by a question-and-answer session.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
MBIA Inc. reported a consolidated GAAP net loss of $24 million, or $(0.49) per share, for the third quarter of 2026, compared with a net loss of $8 million, or $(0.17) per share, in 2025. Its non-GAAP adjusted result was a $3 million loss, or $(0.06) per diluted share, versus adjusted net income of $51 million, or $(1.03) per diluted share. MBIA attributed the quarterly GAAP variance mainly to a smaller losses and loss adjustment expenses benefit. National recorded an expense versus a year-earlier benefit, largely related to its PREPA exposure; MBIA Corp. recorded a benefit primarily related to first-lien RMBS affected by higher interest rates.
For the nine months ended September 30, 2026, consolidated GAAP net loss was $110 million, compared with $126 million in 2025; adjusted results were a net loss of $18 million versus adjusted net income of $35 million. As of September 30, 2026, MBIA Inc. reported $335 million of liquidity. National had $974 million of statutory capital and $1.4 billion in claims-paying resources; gross par outstanding was $19.7 billion after its insured portfolio declined by $1.1 billion during the quarter. Its leverage ratio was 20 to 1, compared with 24 to 1 at year-end 2025.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month GAAP net loss narrowed to $110 million from $126 million.
Negative
- Major pointAdjusted quarterly results shifted to a $3 million loss from $51 million income.
- Moderate pointThird-quarter GAAP net loss widened to $24 million from $8 million.
Filing Explained
MBIA reports no share purchases in the third quarter and
8-K Event Classification
Key Figures
Key Terms
losses and loss adjustment expenses (LAE) financial
first-lien RMBS financial
Claims-paying Resources (CPR) financial
Leverage Ratio financial
Earnings Snapshot
FAQ
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What was MBI's third-quarter 2026 net loss?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
The following information, including Exhibit 99.1 to this Form 8-K, is being furnished, not filed, pursuant to Item 2.02 - Results of Operations and Financial Condition of Form 8-K.
On November 4, 2026, MBIA Inc. (“MBIA”) issued a press release announcing that the Registrant’s results of operations for the quarter ended September 30, 2026 were available via a financial results report on the Registrant’s website at https://investor.mbia.com/investor-relations/financial-information/default.aspx. A copy of the financial results report is attached as Exhibit 99.1 to this Form 8-K and is incorporated with reference to Item 2.02 as if fully set forth herein.
Item 7.01 Regulation FD Disclosure.
The following information is being furnished, not filed, pursuant to Item 7.01 - Regulation FD Disclosure of Form 8-K. Information contained on MBIA’s website is not incorporated by reference into this Current Report on Form 8-K.
On November 4, 2026, MBIA will post on its website, www.mbia.com, under the section “Investor Relations – Financial Information – Operating Supplements,” a Quarterly Operating Supplement for the third quarter of 2026 and under the section “Investor Relations – Financial Information – Statutory Statements,” 2026 Quarterly Statements for the third quarter of 2026 for each of MBIA Insurance Corporation and National Public Finance Guarantee Corporation. MBIA will also post on its website, under the section “Insured Portfolio,” the Company’s insured portfolios as of September 30, 2026. The information will be posted as “National Public Finance Guarantee Corporation’s Insured Portfolio,” “MBIA Corp.’s Non-U.S. Public Finance Insured Portfolio" and “MBIA Corp.’s Structured Finance Insured Portfolio.”
On or about November 5, 2026, MBIA will also post on its website, www.mbia.com, under the section “Investor Relations – Investor Inquiries / FAQs,” updated Investor Inquiries/FAQs.
Item 9.01 Financial Statements and Exhibits.
99.1 Third Quarter 2026 Financial Results issued by MBIA Inc., dated November 4, 2026.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MBIA Inc. |
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/s/ William J. Rizzo |
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Exhibit 99.1
MBIA Inc. Third Quarter 2026 Financial Results
November 4, 2026
MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $24 million, or $(0.49) per share, for the third quarter of 2026 compared to a consolidated GAAP net loss of $8 million, or $(0.17) per share, for the third quarter of 2025. The unfavorable variance in net loss was primarily due to a reduced consolidated losses and loss adjustment expenses (LAE) benefit in 2026 versus 2025. National Public Finance Guarantee Corporation (National), reported a losses and LAE expense in the third quarter of 2026 versus a benefit in the third quarter of 2025, where the losses and LAE changes for both periods were largely due to National's Puerto Rico Electric Power Authority (PREPA) exposure. MBIA Insurance Corp. (MBIA Corp.) reported a losses and LAE benefit in the third quarter of 2026 primarily due to its first-lien RMBS exposure, which was impacted by higher interest rates, versus an expense in 2025.
The Company also reported an Adjusted Net Loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $3 million or $(0.06) per diluted share for the third quarter of 2026 compared with an Adjusted Net Income of $51 million or $(1.03) per diluted share for the third quarter of 2025. The unfavorable variance of Adjusted Net Loss/Income was primarily due to the unfavorable variance of losses and LAE at National, largely due to its PREPA exposure.
Adjusted Net Income (Loss) provides investors with views of the Company’s operating results that management uses in measuring financial performance. Reconciliations of Adjusted Net Income (Loss) to net income, calculated in accordance with GAAP, are also attached.
Year -to-Date Results
The Company recorded a consolidated GAAP net loss of $110 million, or $(2.20) per diluted common share, for the nine months ended September 30, 2026 compared with a consolidated GAAP net loss of $126 million, or $(2.57) per diluted common share, for the first nine months of 2025. The lower net loss was due to several factors, including a favorable variance of losses and LAE at MBIA Corp., primarily due to changes in risk-free rates on its RMBS exposures; 2026 foreign exchange gains versus 2025 foreign exchange losses for the Corporate Segment primarily associated with the revaluation of MBIA Global Funding LLC euro-denominated medium term notes, driven by changes in foreign exchange rates; and lower net losses on financial instruments at fair value and foreign exchange at MBIA Corp. primarily related to a favorable variance of valuation losses related to the Zohar CDOs; partially offset by the unfavorable variance of losses and LAE for National, primarily related to its PREPA exposure.
The Company’s non-GAAP Adjusted Net Loss for the nine months ended September 30, 2026 was $18 million or $(0.36) per diluted share compared with an Adjusted Net Income of $35 million or $0.70 per diluted share for the first nine months of 2025. The adverse Adjusted Net Loss development was primarily due to the unfavorable variance of losses and LAE at National, largely due to its PREPA exposure.
MBIA Inc.
As of September 30, 2026, MBIA Inc.’s liquidity position totaled $335 million, consisting of cash and cash equivalents and liquid invested assets.
There were no purchases of MBIA Inc. shares during the third quarter of 2026. As of October 31, 2026, there was $71 million of remaining capacity under the Company’s share repurchase authorization and 51.0 million of the Company’s common shares outstanding.
National Public Finance Guarantee Corporation
National had statutory capital of $974 million and claims-paying resources totaling $1.4 billion as of September 30, 2026. National’s total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of $1.2 billion as of September 30, 2026. National’s insured portfolio declined by $1.1 billion during the quarter, ending the quarter with $19.7 billion of gross par outstanding. National ended the quarter with a leverage ratio of gross par to statutory capital of 20 to 1, compared to 24 to 1 at year-end 2025.
MBIA Insurance Corporation
The statutory capital of MBIA Insurance Corporation was $102 million and claims-paying resources totaled $335 million as of September 30, 2026. MBIA Insurance Corporation’s total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of $146 million as of September 30, 2026.
Conference Call
The Company will host a webcast and conference call for investors tomorrow, November 5, at 8:30 AM (ET) to discuss its third quarter 2026 financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session.
The dial-in number for the call is (800) 343-4849 in the U.S. and (203) 518-9848 from outside the U.S. The conference call code is MBIAQ326. A live webcast of the conference call will also be accessible on www.mbia.com.
A replay of the conference call will become available approximately two hours after the completion of the call and will remain available until 11:59 p.m. on November 12 by dialing (800) 723-0549 in the U.S. or (402) 220-2657 from outside the U.S. In addition, a recorded replay of the call will become available on the Company's website approximately two hours after the completion of the call.
Forward-Looking Statements
This release includes statements that are not historical or current facts and are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "believe", "anticipate," "project," "plan," "expect," "estimate," "intend," "will," "will likely result," "looking forward," or "will continue," and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other factors, the possibility that MBIA Inc. or National will experience increased credit losses or impairments on public finance obligations issued by state, local and territorial governments and finance authorities that are experiencing unprecedented fiscal stress; the possibility that loss reserve estimates are not adequate to cover potential claims; MBIA Inc.'s or National's ability to fully implement their strategic plan; and changes in general economic and competitive conditions. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying MBIA Inc.'s or National's forward-looking statements are discussed under the "Risk Factors" section in MBIA Inc.'s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which may be updated or amended in MBIA Inc.'s subsequent filings with the Securities and Exchange Commission. MBIA Inc. and National caution readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. National and MBIA Inc. undertake no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved.
MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com.
Explanation of Non-GAAP Financial Measures
The following are explanations of why the Company believes that the non-GAAP financial measures used in this press release, which serve to supplement GAAP information, are meaningful to investors.
Adjusted Net Income (Loss): Adjusted Net Income (Loss) is a useful measurement of performance because it measures income from the Company excluding its international and structured finance insurance segment,
comprising the results of MBIA Corp. which given its capital structure and business prospects, we do not expect its financial performance to have a material impact on MBIA Inc. Also excluded from Adjusted Net Income (Loss) are investment portfolio realized gains and losses, gains and losses on financial instruments at fair value and foreign exchange, and realized gains and losses on extinguishment of debt. Adjusted Net Income (Loss) eliminates the tax provision (benefit) as a result of a full valuation allowance against the Company's net deferred tax asset. Trends in the underlying profitability of the Company's businesses can be more clearly identified without the fluctuating effects of the excluded items previously noted. Adjusted Net Income (Loss) as defined by the Company does not include all revenues and expenses required by GAAP. Adjusted Net Income (Loss) is not a substitute for and should not be viewed in isolation from GAAP net income.
Adjusted Net Income (Loss) per share represents that amount of Adjusted Net Income (Loss) allocated to each fully diluted weighted-average common share outstanding for the measurement period.
MBIA management further adjusts Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share by removing the impact of our U.S. public finance insurance segment VIE consolidations. GAAP requires the Company to consolidate certain VIEs that have issued debt obligations insured by the Company. However, since the Company does not own such VIEs, management uses certain measures that remove the impact of VIE consolidations for our U.S. public finance insurance segment in order to reflect financial exposure limited to its financial guaranty contracts.
Claims-paying Resources (CPR): CPR is a key measure of the resources available to National and MBIA Corp. to pay claims under their respective insurance policies. CPR consists of total financial resources and reserves calculated on a statutory basis. CPR has been a common measure used by financial guarantee insurance companies to report and compare resources and continues to be used by MBIA's management to evaluate changes in such resources. The Company has provided CPR to allow investors and analysts to evaluate National and MBIA Corp. using the same measure that MBIA's management uses to evaluate their resources to pay claims under their respective insurance policies. There is no directly comparable GAAP measure.
Leverage Ratio: Gross Par Outstanding divided by Statutory Capital (Policyholders' Surplus plus Contingency Reserve).
Contacts
MBIA Inc.
Greg Diamond, 914-765-3190
Managing Director, Head of Investor and Media Relations
greg.diamond@mbia.com
Please see the financial results tables in this quarter's Operating Supplement, which is available at https://investor.mbia.com/investor-relations/financialinformation/default.aspx.