What is MBIA's operating income?

MBIA's total operating income in 2025 was $28 million, based on the following breakdown: Total Gross Profit: $80 million Total Operating Expenses: $52 million

MBIA (MBI) Financials

$4.66 +0.05 (+0.98%)

Closing price 09/11/2026 03:58 PM Eastern

Extended Trading

$4.64 -0.01 (-0.21%)

As of 09/11/2026 07:30 PM Eastern

Compare

Annual Income Statements for MBIA

This table shows MBIA's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	582	-96	-1,179	-201	-273	-578	-445	-195	-491	-447	-177
Consolidated Net Income / (Loss)	180	-338	-1,605	-296	-359	-578	-445	-203	-487	-444	-183
Net Income / (Loss) Continuing Operations	582	-96	-1,179	-201	-273	-578	-445	-149	-484	-441	-181
Total Pre-Tax Income	289	-339	-661	-296	-357	-578	-445	-148	-484	-441	-181
Total Operating Income	557	-123	-250	-107	-163	-426	-324	-148	-262	-215	28
Total Gross Profit	853	294	433	162	280	282	189	154	7.00	42	80
Total Revenue	853	294	433	162	280	282	189	154	7.00	42	80
Operating Revenue	853	294	433	162	280	282	189	154	7.00	42	80
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	296	417	683	269	443	708	513	302	269	257	52
Selling, General & Admin Expense	0.00	-	-	-	-	-	-	-	87	69	68
Amortization Expense	50	-	-	-	-	-	-	-	5.00	4.00	4.00
Other Operating Expenses / (Income)	246	417	683	269	443	708	513	302	177	184	-20
Total Other Income / (Expense), net	134	26	15	-94	-108	-152	-119	-85	-211	-247	-224
Interest Expense	439	222	272	293	283	228	181	-	211	209	197
Interest & Investment Income	-27	183	181	160	148	76	62	-	4.00	-42	-29
Other Income / (Expense), net	600	65	106	39	27	-	-	-	-4.00	4.00	2.00
Income Tax Expense	109	-1.00	944	0.00	2.00	0.00	0.00	1.00	0.00	0.00	0.00
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	0.00	0.00	-54	-3.00	-3.00	-2.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	0.00	0.00	-8.00	4.00	3.00	-6.00
Basic Earnings per Share	$1.06	($2.54)	($13.50)	($3.33)	($4.43)	($9.78)	($8.99)	($3.92)	($10.18)	($9.43)	($3.58)
Weighted Average Basic Shares Outstanding	163.94M	133.00M	118.93M	89.01M	81.01M	59.07M	49.47M	49.80M	48.21M	47.44M	49.28M
Diluted Earnings per Share	$1.06	($2.54)	($13.50)	($3.33)	($4.43)	($9.78)	($8.99)	($3.92)	($10.18)	($9.43)	($3.58)
Weighted Average Diluted Shares Outstanding	164.87M	133.00M	118.93M	89.01M	81.01M	59.07M	49.47M	49.80M	48.21M	47.44M	49.28M
Weighted Average Basic & Diluted Shares Outstanding	136.60M	134.40M	88.76M	89.62M	76.46M	53.73M	54.60M	54.84M	50.93M	50.97M	50.51M

This table shows MBIA's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-139	-111	-254	-56	-51	-62	-56	-8.00	-	-42	-43
Consolidated Net Income / (Loss)	-140	-86	-255	-52	-51	-62	-56	-8.00	-57	-42	-43
Net Income / (Loss) Continuing Operations	-138	-87	-253	-51	-50	-62	-56	-7.00	-56	-41	-43
Total Pre-Tax Income	-138	-87	-253	-51	-50	-62	-56	-7.00	-56	-41	-43
Total Operating Income	14	-87	-253	3.00	-129	-62	-56	45	49	-41	-43
Total Gross Profit	-31	13	-37	29	-21	14	23	15	28	24	27
Total Revenue	-31	13	-37	29	-21	14	23	15	28	24	27
Operating Revenue	-31	13	-37	29	-19	14	23	15	28	24	27
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	-45	100	216	26	108	76	79	-30	-21	65	70
Other Operating Expenses / (Income)	-137	100	216	11	110	76	79	-50	-54	65	70
Total Other Income / (Expense), net	-134	-25	0.00	-54	91	0.00	0.00	-52	-69	0.00	0.00
Income Tax Expense	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Net Income / (Loss) Discontinued Operations	-2.00	1.00	-2.00	-1.00	-1.00	0.00	0.00	-1.00	-1.00	-1.00	0.00
Basic Earnings per Share	($2.92)	($1.84)	($5.34)	($1.18)	($1.07)	($1.28)	($1.12)	($0.17)	($1.01)	($0.80)	($0.91)
Weighted Average Basic Shares Outstanding	48.21M	46.82M	47.50M	47.67M	47.44M	48.35M	49.54M	49.60M	49.28M	49.80M	50.20M
Diluted Earnings per Share	($2.92)	($1.84)	($5.34)	($1.18)	($1.07)	($1.28)	($1.12)	($0.17)	($1.01)	($0.80)	($0.91)
Weighted Average Diluted Shares Outstanding	48.21M	46.82M	47.50M	47.67M	47.44M	48.35M	49.54M	49.60M	49.28M	49.80M	50.20M
Weighted Average Basic & Diluted Shares Outstanding	50.93M	51.28M	51.03M	51.03M	50.97M	50.37M	50.49M	50.49M	50.51M	50.93M	51.02M

This table details how cash moves in and out of MBIA's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-260	-262	-41	134	-197	-794	-261	-399	-469	-467	-215
Net Cash From Operating Activities	250	-149	-652	-319	-368	-390	511	-737	-694	-622	-161
Net Cash From Continuing Operating Activities	250	-92	-1,072	-341	-422	-172	257	-739	-687	-615	-161
Net Income / (Loss) Continuing Operations	180	-338	-1,605	-296	-359	0.00	-445	-149	-484	-441	-181
Consolidated Net Income / (Loss)	180	-338	-1,605	-296	-359	-	-445	-203	-487	-444	-183
Non-Cash Adjustments To Reconcile Net Income	1.00	163	-494	-162	-169	-327	591	-469	-202	-182	26
Changes in Operating Assets and Liabilities, net	69	83	1,027	117	106	155	111	-67	-1.00	8.00	-4.00
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	0.00	2.00	-7.00	-7.00	0.00
Net Cash From Investing Activities	848	2,424	1,202	1,206	1,267	1,738	-61	623	767	287	25
Net Cash From Continuing Investing Activities	848	2,424	1,202	1,206	1,267	643	-61	611	778	268	25
Purchase of Property, Plant & Equipment	-3.00	-1.00	-1.00	-1.00	0.00	0.00	-1.00	0.00	0.00	0.00	0.00
Purchase of Investments	-2,523	-2,904	-2,138	-2,478	-2,389	-1,328	-1,435	-1,167	-481	-325	-473
Sale and/or Maturity of Investments	3,320	5,026	3,342	3,692	3,586	1,955	1,375	1,778	1,259	593	498
Other Investing Activities, net	54	303	-1.00	-7.00	70	16	0.00	0.00	0.00	0.00	0.00
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	0.00	10	-9.00	19	0.00
Net Cash From Financing Activities	-1,015	-2,535	-589	-752	-1,096	-1,265	-457	-285	-542	-132	-79
Net Cash From Continuing Financing Activities	-1,015	-2,535	-589	-752	-1,096	-1,265	-457	-285	-547	-123	-79
Repayment of Debt	-735	-2,444	-604	-720	-1,005	-1,077	-89	-157	-27	-68	-61
Repurchase of Common Equity	-304	-110	-330	-44	-106	-200	-1.00	-3.00	-38	-4.00	-7.00
Payment of Dividends	0.00	0.00	-	-	-	-	0.00	0.00	-409	0.00	0.00
Issuance of Debt	24	19	345	12	15	12	-367	-125	-73	-51	-11
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	0.00	0.00	5.00	-9.00	0.00
Cash Income Taxes Paid	9.00	5.00	4.00	1.00	-11	-13	0.00	1.00	0.00	0.00	0.00

This table details how cash moves in and out of MBIA's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-109	-61	-195	222	-433	-107	57	-103	-62	0.00	-36
Net Cash From Operating Activities	-144	-123	-263	207	-443	-124	-48	85	-74	-33	-86
Net Cash From Continuing Operating Activities	-144	-123	-263	354	-583	-124	-48	85	-74	-31	-87
Net Income / (Loss) Continuing Operations	-138	-87	-253	-51	-50	-62	-56	-7.00	-56	-41	-43
Consolidated Net Income / (Loss)	-139	-86	-255	-52	-51	-62	-56	-8.00	-57	-42	-43
Non-Cash Adjustments To Reconcile Net Income	-16	-30	-10	226	-368	-43	1.00	90	-22	-20	-16
Changes in Operating Assets and Liabilities, net	10	-7.00	1.00	179	-165	-19	7.00	2.00	6.00	31	-28
Net Cash From Investing Activities	460	133	120	29	5.00	32	106	-172	59	37	50
Net Cash From Continuing Investing Activities	462	135	118	-130	145	30	108	-172	59	33	52
Purchase of Investments	-60	-99	-77	-75	-73	-148	-47	-183	-95	-98	-87
Sale and/or Maturity of Investments	520	233	193	84	83	179	153	9.00	157	132	135
Other Investing Activities, net	2.00	1.00	2.00	-139	140	-1.00	2.00	2.00	-3.00	-1.00	4.00
Net Cash From Financing Activities	-425	-73	-50	-14	5.00	-13	-3.00	-16	-47	-3.00	-1.00
Net Cash From Continuing Financing Activities	-425	-73	-50	-6.00	6.00	-13	-3.00	-16	-47	-3.00	-1.00
Repayment of Debt	-13	-37	-27	-61	57	0.00	-1.00	-15	-45	-2.00	2.00
Issuance of Debt	-	-34	-21	-	-51	-6.00	-2.00	-1.00	-2.00	0.00	-3.00

This table presents MBIA's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	14,836	11,137	9,095	8,107	7,284	5,751	4,696	3,375	2,606	2,168	2,013
Total Current Assets	5,900	2,546	1,926	1,170	973	176	160	66	107	87	71
Cash & Equivalents	522	211	146	280	83	176	160	66	107	87	71
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	11,613	9,505	8,053	6,936	6,311	5,584	4,536	3,309	2,496	2,081	1,942
Long-Term Investments	7,282	5,888	4,831	4,228	3,545	2,813	2,853	2,723	1,950	1,655	1,675
Noncurrent Note & Lease Receivables	2,084	1,475	2,048	468	385	336	255	238	181	161	155
Other Noncurrent Operating Assets	1,308	1,172	1,174	2,240	2,381	2,435	1,428	268	292	254	104
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	0.00	80	73	11	8.00
Total Liabilities & Shareholders' Equity	14,836	11,137	9,095	8,107	7,284	5,751	4,696	3,375	2,606	2,168	2,013
Total Liabilities	11,095	7,898	7,670	6,975	6,445	5,602	4,996	4,251	4,253	4,244	4,243
Total Current Liabilities	875	840	1,241	1,164	1,076	1,205	894	494	487	526	454
Other Current Liabilities	516	541	979	965	901	990	894	439	473	526	454
Total Noncurrent Liabilities	10,220	7,058	6,429	5,811	5,369	4,397	4,102	3,757	3,766	3,718	3,789
Long-Term Debt	7,956	5,122	5,175	4,715	4,447	3,562	2,622	3,103	3,163	2,784	2,875
Noncurrent Deferred Revenue	1,591	958	752	587	482	405	322	266	232	199	172
Other Noncurrent Operating Liabilities	673	632	502	509	440	430	1,158	327	307	728	736
Other Noncurrent Nonoperating Liabilities	0.00	346	0.00	-	-	-	0.00	61	64	7.00	6.00
Commitments & Contingencies	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,741	3,239	1,425	1,132	839	149	-300	-876	-1,647	-2,076	-2,230
Total Preferred & Common Equity	3,729	3,227	1,413	1,119	826	136	-313	-882	-1,657	-2,089	-2,237
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,729	3,227	1,413	1,119	826	136	-313	-882	-1,657	-2,089	-2,237
Common Stock	3,420	3,444	3,455	3,309	3,282	3,245	3,214	3,208	2,798	2,775	2,733
Retained Earnings	3,038	2,700	1,095	966	607	-13	-458	-653	-1,144	-1,591	-1,768
Treasury Stock	-2,668	-2,789	-3,118	-3,000	-3,061	-3,211	-3,169	-3,154	-3,172	-3,145	-3,107
Accumulated Other Comprehensive Income / (Loss)	-61	-128	-19	-156	-2.00	115	100	-283	-139	-128	-95
Noncontrolling Interest	12	12	12	13	13	13	13	6.00	10	13	7.00

This table presents MBIA's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	2,990	2,488	2,304	2,230	2,132	2,134	2,060	1,979	1,979
Total Current Assets	74	137	197	74	63	167	69	72	117
Cash & Equivalents	74	137	197	74	63	167	69	72	117
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	2,913	2,348	2,105	2,155	2,068	1,966	1,991	1,906	1,861
Long-Term Investments	2,367	1,825	1,634	1,688	1,639	1,546	1,727	1,645	1,606
Noncurrent Note & Lease Receivables	183	181	172	168	163	162	158	154	151
Other Noncurrent Operating Assets	289	268	228	287	255	247	96	107	104
Other Noncurrent Nonoperating Assets	74	74	71	12	11	11	10	0.00	0.00
Total Liabilities & Shareholders' Equity	2,990	2,488	2,304	2,230	2,132	2,134	2,060	1,979	1,979
Total Liabilities	4,218	4,211	4,289	4,218	4,245	4,299	4,227	4,257	4,297
Total Current Liabilities	484	485	586	532	527	536	454	437	445
Other Current Liabilities	450	470	577	524	521	526	443	437	445
Total Noncurrent Liabilities	3,734	3,726	3,703	3,686	3,718	3,763	3,773	3,820	3,852
Long-Term Debt	3,122	3,133	3,132	3,183	3,260	3,300	3,348	3,382	3,420
Noncurrent Deferred Revenue	240	224	216	208	192	186	178	166	160
Other Noncurrent Operating Liabilities	307	305	291	288	259	270	240	272	272
Other Noncurrent Nonoperating Liabilities	65	64	64	7.00	7.00	7.00	7.00	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1,228	-1,723	-1,985	-1,988	-2,113	-2,165	-2,167	-2,278	-2,318
Total Preferred & Common Equity	-1,239	-1,733	-1,994	-2,001	-2,126	-2,178	-2,180	-2,283	-2,326
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-1,239	-1,733	-1,994	-2,001	-2,126	-2,178	-2,180	-2,283	-2,326
Common Stock	3,202	2,769	2,766	2,766	2,743	2,736	2,736	2,703	2,699
Retained Earnings	-1,006	-1,230	-1,484	-1,540	-1,653	-1,709	-1,717	-1,808	-1,854
Treasury Stock	-3,172	-3,141	-3,139	-3,139	-3,117	-3,109	-3,110	-3,075	-3,071
Accumulated Other Comprehensive Income / (Loss)	-263	-131	-137	-88	-99	-96	-89	-103	-100
Noncontrolling Interest	11	10	9.00	13	13	13	13	5.00	8.00

This table displays calculated financial ratios and metrics derived from MBIA's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-32.83%	-65.53%	47.28%	-62.59%	72.84%	0.71%	-32.98%	-18.52%	-95.45%	1,300.00%	90.48%
EBITDA Growth	-60.50%	-104.81%	-148.28%	52.78%	-100.00%	-213.24%	23.94%	54.32%	-76.35%	42.19%	116.43%
EBIT Growth	-61.59%	-105.01%	-148.28%	52.78%	-103.23%	-213.24%	23.94%	54.32%	-79.73%	42.19%	114.22%
NOPAT Growth	-59.29%	-124.82%	-103.25%	170.39%	12.48%	-161.35%	23.94%	54.32%	-77.03%	56.77%	113.02%
Net Income Growth	-68.37%	-287.78%	-374.85%	81.56%	-42.57%	-61.00%	23.01%	54.38%	-139.90%	8.83%	58.78%
EPS Growth	-61.59%	-339.62%	-431.50%	75.33%	-33.03%	-120.77%	8.08%	56.40%	-159.69%	7.37%	62.04%
Operating Cash Flow Growth	347.52%	-159.60%	-337.58%	106.27%	-30.72%	-5.98%	231.03%	-244.23%	5.83%	10.37%	74.12%
Free Cash Flow Firm Growth	-91.31%	-113.28%	0.00%	-17.05%	-507.08%	26.55%	568.19%	-119.05%	36.56%	75.29%	-211.16%
Invested Capital Growth	13.79%	-4.19%	342.12%	-69.16%	45.75%	0.32%	-173.04%	23.88%	-2.47%	-9.83%	39.21%
Revenue Q/Q Growth	10.64%	-54.77%	252.03%	-63.27%	25.00%	36.23%	-28.68%	23.20%	-92.55%	55.56%	-10.11%
EBITDA Q/Q Growth	-30.19%	-106.87%	72.41%	-119.60%	-164.76%	35.84%	2.99%	23.71%	26.48%	-52.05%	127.20%
EBIT Q/Q Growth	-33.08%	-106.87%	72.41%	-119.60%	-164.76%	35.84%	2.99%	23.71%	25.07%	-52.05%	124.00%
NOPAT Q/Q Growth	19.15%	-291.11%	54.04%	-216.30%	-528.95%	15.64%	2.99%	23.71%	26.20%	-13.70%	122.40%
Net Income Q/Q Growth	52.54%	-4,325.00%	12.39%	9.20%	-136.18%	18.71%	-19.95%	31.88%	-19.66%	16.70%	-3.39%
EPS Q/Q Growth	53.62%	-25,500.00%	6.83%	21.83%	-151.70%	3.74%	-9.10%	34.45%	-22.50%	16.40%	1.65%
Operating Cash Flow Q/Q Growth	55.28%	-361.40%	8.81%	-13.12%	20.92%	-14.37%	43.14%	-352.40%	51.37%	-453.41%	69.62%
Free Cash Flow Firm Q/Q Growth	129.49%	-102.22%	135.67%	0.00%	0.00%	-130.80%	213.94%	-115.50%	86.99%	-1.61%	-751.43%
Invested Capital Q/Q Growth	4.02%	154.45%	253.64%	-32.17%	149.38%	-2.07%	-344.17%	66.83%	-2.67%	-4.78%	-3.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	200.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	141.50%	-19.73%	-33.26%	-41.98%	-35.32%	-151.06%	-171.43%	-96.10%	-3,728.57%	-528.57%	42.50%
Operating Margin	65.30%	-41.84%	-57.74%	-66.05%	-58.21%	-151.06%	-171.43%	-96.10%	-3,742.86%	-395.24%	35.00%
EBIT Margin	135.64%	-19.73%	-33.26%	-7.07%	-48.57%	-151.06%	-171.43%	-96.10%	-3,800.00%	-528.57%	37.50%
Profit (Net Income) Margin	21.10%	-114.97%	-370.67%	-182.72%	-128.21%	-204.96%	-235.45%	-131.82%	-6,957.14%	-1,057.14%	-228.75%
Tax Burden Percent	62.28%	99.71%	0.00%	0.00%	201.12%	100.00%	100.00%	137.16%	100.62%	100.68%	101.11%
Interest Burden Percent	24.98%	584.48%	0.00%	870.59%	0.00%	135.68%	137.35%	100.00%	181.95%	198.65%	-603.33%
Effective Tax Rate	37.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	23.81%	-5.67%	-14.14%	27.37%	18.27%	-31.57%	-177.88%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	30.80%	7.11%	116.51%	225.19%	235.24%	-93.68%	-285.37%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-19.13%	-4.01%	-54.68%	-14.00%	-44.15%	-85.43%	767.29%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	4.68%	-9.68%	-68.83%	-23.15%	0.00%	-117.00%	589.40%	34.52%	38.60%	23.85%	8.50%
Cash Return on Invested Capital (CROIC)	10.91%	-1.39%	26.02%	0.00%	-101.85%	-31.89%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	7.44%	-0.45%	-1.42%	-0.79%	-1.77%	-6.54%	-6.20%	-3.67%	-8.89%	-9.30%	1.44%
Return on Assets (ROA)	1.16%	-2.60%	-15.87%	-3.44%	-9.33%	-8.87%	-8.52%	-5.03%	-16.28%	-18.60%	-8.75%
Return on Common Equity (ROCE)	4.66%	-9.65%	-68.47%	-22.93%	0.00%	-113.93%	690.89%	35.08%	38.85%	24.00%	8.54%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.25%	0.00%
Net Operating Profit after Tax (NOPAT)	347	-86	-175	-75	-114	-298	-227	-104	-183	-116	20
NOPAT Margin	40.67%	-29.29%	-40.42%	-46.23%	-40.75%	-105.74%	-120.00%	-67.27%	-2,620.00%	-276.67%	24.50%
Net Nonoperating Expense Percent (NNEP)	-6.99%	-12.78%	0.00%	0.00%	0.00%	62.11%	107.49%	-484.88%	41.65%	25.29%	15.37%
Return On Investment Capital (ROIC_SIMPLE)	2.88%	-0.99%	-2.55%	-1.24%	-2.09%	-7.60%	-9.77%	-4.54%	-11.99%	-10.07%	1.75%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,242.86%	0.00%	85.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.70%	141.84%	157.74%	166.05%	316.43%	251.06%	271.43%	196.10%	3,842.86%	495.24%	65.00%
Earnings before Interest and Taxes (EBIT)	1,157	-58	-144	-68	-136	-426	-324	-148	-266	-222	30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,207	-58	-144	-68	-136	-426	-324	-148	-261	-222	34
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.12	0.20	0.21	0.32	0.39	1.14	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.12	0.20	0.21	0.32	0.39	1.14	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.51	2.16	0.68	2.18	1.16	0.55	1.98	2.00	44.71	7.85	4.52
Price to Earnings (P/E)	0.74	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	130.72%	0.00%	0.00%
Earnings Yield	134.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	1.39	1.01	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	1.58	3.39	0.00	4.43	206.14	43.61	24.62
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	57.93
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	65.65
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	100.49
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.22	1.67	7.63	0.00	11.02	25.35	-8.74	-3.61	-1.93	-1.56	-1.50
Long-Term Debt to Equity	2.13	1.58	7.26	0.00	0.00	23.91	-8.74	-3.54	-1.92	-1.55	-1.50
Financial Leverage	-0.62	-0.56	0.17	-0.72	0.00	0.91	-2.69	0.03	-0.58	-0.70	-0.61
Leverage Ratio	4.05	3.72	4.34	13.45	16.49	13.19	-69.19	-6.86	-2.37	-1.28	-0.97
Compound Leverage Factor	1.01	21.75	0.00	0.00	52.78	17.90	-95.02	-6.86	-4.31	-2.55	5.86
Debt to Total Capital	68.97%	62.60%	158.47%	0.00%	169.27%	96.20%	112.92%	138.39%	207.65%	279.90%	299.64%
Short-Term Debt to Total Capital	2.98%	3.45%	3.82%	0.00%	6.41%	5.48%	0.00%	2.41%	0.92%	0.52%	0.00%
Long-Term Debt to Total Capital	65.99%	59.15%	150.99%	0.00%	0.00%	90.73%	112.92%	135.98%	206.73%	279.38%	299.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.10%	0.14%	0.38%	0.00%	0.52%	0.33%	0.56%	0.26%	0.65%	1.13%	0.63%
Common Equity to Total Capital	30.93%	37.26%	44.81%	0.00%	0.00%	3.46%	-13.48%	-38.65%	-108.30%	-181.02%	-200.27%
Debt to EBITDA	6.89	-93.47	-37.76	-72.26	26.77	-8.87	-8.09	-21.34	-12.17	-14.55	98.44
Net Debt to EBITDA	-4.03	42.38	9.17	14.24	1.35	-1.85	1.21	-2.49	-4.29	-6.71	47.09
Long-Term Debt to EBITDA	6.59	-88.31	-35.94	-69.34	28.06	-8.36	-8.09	-20.97	-12.12	-14.52	98.44
Debt to NOPAT	23.97	-62.96	0.00	-65.61	-16.70	-12.67	-11.56	-30.48	-17.32	-27.80	170.77
Net Debt to NOPAT	-14.03	28.55	7.54	12.92	-0.08	-2.64	1.72	-3.56	-6.11	-12.81	81.68
Long-Term Debt to NOPAT	22.93	-59.49	0.00	-62.95	-15.16	-11.95	-11.56	-29.95	-17.25	-27.75	170.77
Altman Z-Score	1.03	0.58	0.60	0.00	0.00	-0.40	-0.47	-0.48	-1.08	-1.55	-1.32
Noncontrolling Interest Sharing Ratio	0.43%	0.34%	70.22%	1.96%	0.00%	2.63%	-17.22%	-1.62%	-0.63%	-0.62%	-0.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.74	3.03	1.55	0.00	0.00	0.15	0.18	0.13	0.22	0.16	0.16
Quick Ratio	6.74	2.37	3.10	0.00	1.81	0.15	0.18	0.13	0.22	0.16	0.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	159	-21	322	267	-410	-301	1,410	-269	-170	-63	-387
Operating Cash Flow to CapEx	8,333.33%	-14,900.00%	-65,200.00%	-31,900.00%	0.00%	0.00%	51,100.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.36	-0.10	1.18	0.91	-2.86	-1.32	7.79	0.00	-0.81	-0.30	-1.97
Operating Cash Flow to Interest Expense	0.57	-0.67	-2.40	-1.09	-2.60	-1.71	2.82	0.00	-3.29	-2.98	-0.82
Operating Cash Flow Less CapEx to Interest Expense	0.56	-0.68	-2.40	-2.18	-1.30	-1.71	2.82	0.00	-3.29	-2.98	-0.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.02	0.04	0.02	0.04	0.04	0.04	0.04	0.00	0.02	0.04
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,551	1,486	989	647	943	946	-691	-526	-539	-592	-631
Invested Capital Turnover	0.59	0.19	0.35	0.97	0.72	0.30	1.48	-0.25	-0.01	-0.07	-0.10
Increase / (Decrease) in Invested Capital	188	-65	-497	-342	296	3.00	-1,637	165	-13	-53	407
Enterprise Value (EV)	-4,423	-1,812	-1,015	676	442	956	-3.25	683	1,443	1,832	1,970
Market Capitalization	432	634	293	1,147	325	155	375	308	313	330	362
Book Value per Share	$24.38	$23.77	$15.40	$12.34	$10.32	$2.52	($5.75)	($16.07)	($32.40)	($40.94)	($44.30)
Tangible Book Value per Share	$24.38	$23.77	$15.40	$12.34	$10.32	$2.52	($5.75)	($16.07)	($32.40)	($40.94)	($44.30)
Total Capital	12,056	8,660	6,862	6,046	5,461	3,926	2,322	2,282	1,530	1,154	1,117
Total Debt	8,315	5,421	5,437	4,914	4,622	3,777	2,622	3,158	3,177	3,230	3,347
Total Long-Term Debt	7,956	5,122	5,175	4,715	4,447	3,562	2,622	3,103	3,163	3,224	3,347
Net Debt	-4,867	-2,458	-1,320	-484	104	788	-391	369	1,120	1,489	1,601
Capital Expenditures (CapEx)	3.00	1.00	1.00	1.00	0.00	0.00	1.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-516	14	-979	-965	-901	-990	-894	-439	-473	-526	-454
Debt-free Net Working Capital (DFNWC)	5,384	2,005	947	205	72	-814	-734	-373	-366	-439	-383
Net Working Capital (NWC)	5,025	1,706	685	6.00	-103	-1,029	-734	-428	-380	-445	-383
Net Nonoperating Expense (NNE)	167	252	1,430	221	245	280	218	99	304	328	203
Net Nonoperating Obligations (NNO)	-2,190	-1,753	-436	-485	104	797	-391	350	1,108	1,484	1,599
Total Depreciation and Amortization (D&A)	50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.00	0.00	4.00
Debt-free, Cash-free Net Working Capital to Revenue	-60.49%	4.76%	-226.10%	-595.68%	-321.79%	-351.06%	-473.02%	-285.06%	-6,757.14%	-1,252.38%	-567.50%
Debt-free Net Working Capital to Revenue	631.18%	681.97%	218.71%	276.18%	25.71%	-288.65%	-388.36%	-242.21%	-5,228.57%	-1,045.24%	-478.75%
Net Working Capital to Revenue	589.10%	580.27%	158.20%	3.70%	-36.79%	-364.89%	-388.36%	-277.92%	-5,428.57%	-1,059.52%	-478.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.06	($2.54)	($13.50)	($3.33)	($4.43)	($9.78)	($8.99)	($3.92)	($10.18)	($9.43)	($3.58)
Adjusted Weighted Average Basic Shares Outstanding	163.94M	133.00M	118.93M	89.01M	81.01M	59.07M	49.47M	49.80M	48.21M	47.44M	49.28M
Adjusted Diluted Earnings per Share	$1.06	($2.54)	($13.50)	($3.33)	($4.43)	($9.78)	($8.99)	($3.92)	($10.18)	($9.43)	($3.58)
Adjusted Weighted Average Diluted Shares Outstanding	164.87M	133.00M	118.93M	89.01M	81.01M	59.07M	49.47M	49.80M	48.21M	47.44M	49.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	136.60M	134.40M	88.76M	89.62M	76.46M	53.73M	54.60M	54.84M	50.93M	50.97M	50.51M
Normalized Net Operating Profit after Tax (NOPAT)	347	-86	-175	-75	-114	-298	-227	-104	-183	-116	20
Normalized NOPAT Margin	40.67%	-29.29%	-40.42%	-46.23%	12.50%	-105.74%	-120.00%	-67.27%	-2,620.00%	-276.67%	24.50%
Pre Tax Income Margin	33.88%	-115.31%	-152.66%	-182.72%	-203.78%	-204.96%	-235.45%	-96.10%	-6,914.29%	-1,050.00%	-226.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.64	-0.26	-0.53	-0.23	-0.48	-1.87	-1.79	0.00	-1.26	-1.06	0.15
NOPAT to Interest Expense	0.79	-0.39	-0.64	-0.26	0.83	-1.31	-1.25	0.00	-0.87	-0.56	0.10
EBIT Less CapEx to Interest Expense	2.63	-0.27	-0.53	-0.24	-0.23	-1.87	-1.80	0.00	-1.26	-1.06	0.15
NOPAT Less CapEx to Interest Expense	0.78	-0.39	-0.65	0.48	0.83	-1.31	-1.26	0.00	-0.87	-0.56	0.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-83.98%	0.00%	0.00%
Augmented Payout Ratio	168.89%	-32.54%	-20.56%	-14.86%	-59.05%	-34.60%	-0.22%	-1.48%	-91.79%	-0.90%	-3.83%

This table displays calculated financial ratios and metrics derived from MBIA's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	51,139,497.00	51,139,497.00	51,276,529.00	51,028,154.00	-	50,971,033.00	50,371,259.00	50,488,741.00	-	50,511,149.00	50,934,039.00
DEI Adjusted Shares Outstanding	51,139,497.00	51,139,497.00	51,276,529.00	51,028,154.00	-	50,971,033.00	50,371,259.00	50,488,741.00	-	50,511,149.00	50,934,039.00
DEI Earnings Per Adjusted Shares Outstanding	-2.72	-2.17	-4.95	-1.10	-	-1.22	-1.11	-0.16	-	-0.83	-0.84
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-155.36%	550.00%	-232.14%	262.50%	40.00%	7.69%	162.16%	-48.28%	-24.32%	71.43%	17.39%
EBITDA Growth	117.72%	-58.18%	-301.59%	104.76%	112.04%	28.74%	98.42%	600.00%	-59.84%	33.87%	23.21%
EBIT Growth	117.72%	-58.18%	-301.59%	104.17%	112.04%	28.74%	98.02%	685.71%	-59.84%	33.87%	23.21%
NOPAT Growth	117.72%	-58.18%	-377.36%	101.79%	-19.44%	28.74%	98.42%	1,400.00%	-59.84%	33.87%	23.21%
Net Income Growth	-133.33%	0.00%	-240.00%	72.04%	63.57%	27.91%	78.04%	84.62%	-11.76%	32.26%	23.21%
EPS Growth	-178.10%	1.08%	-265.75%	70.05%	63.36%	30.43%	79.03%	85.59%	5.61%	37.50%	18.75%
Operating Cash Flow Growth	83.58%	-241.67%	-526.19%	143.86%	-207.64%	-0.81%	81.75%	-58.94%	83.30%	73.39%	-40.98%
Free Cash Flow Firm Growth	110.35%	-571.41%	-97.50%	103.57%	40.42%	93.29%	-278.09%	74.58%	-163.77%	179.44%	112.58%
Invested Capital Growth	-2.47%	48.88%	-54.40%	-7.62%	-9.83%	-0.73%	16.23%	-7.43%	39.21%	-10.83%	-8.55%
Revenue Q/Q Growth	-487.50%	141.94%	-384.62%	178.38%	-163.64%	-62.16%	64.29%	-34.78%	86.67%	-14.29%	12.50%
EBITDA Q/Q Growth	108.33%	58.17%	-190.80%	103.16%	550.00%	-150.82%	93.55%	1,500.00%	-12.50%	-183.67%	-4.88%
EBIT Q/Q Growth	108.33%	58.17%	-190.80%	102.77%	1,200.00%	-150.82%	91.94%	1,200.00%	-10.91%	-183.67%	-4.88%
NOPAT Q/Q Growth	108.33%	58.17%	-190.80%	101.19%	-2,250.00%	-150.82%	93.55%	1,225.00%	8.89%	-183.67%	-4.88%
Net Income Q/Q Growth	24.73%	38.57%	-196.51%	79.61%	1.92%	-21.57%	9.68%	85.71%	-612.50%	26.32%	-2.38%
EPS Q/Q Growth	25.89%	36.99%	-190.22%	77.90%	9.32%	-19.63%	12.50%	84.82%	-494.12%	20.79%	-13.75%
Operating Cash Flow Q/Q Growth	69.49%	14.58%	-113.82%	178.71%	-218.71%	72.01%	61.29%	277.08%	-187.06%	55.41%	-160.61%
Free Cash Flow Firm Q/Q Growth	101.93%	-342.61%	110.89%	-34.12%	-184.39%	-106.74%	-188.83%	164.59%	-607.07%	108.40%	-39.62%
Invested Capital Q/Q Growth	-2.67%	-2.04%	-24.36%	17.40%	-4.78%	46.63%	-3.43%	-5.93%	-3.95%	2.69%	-1.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	100.00%	0.00%	100.00%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	0.00%	-669.23%	0.00%	27.59%	0.00%	-442.86%	-17.39%	373.33%	175.00%	-170.83%	-159.26%
Operating Margin	0.00%	-669.23%	0.00%	10.34%	0.00%	-442.86%	-17.39%	300.00%	175.00%	-170.83%	-159.26%
EBIT Margin	0.00%	-669.23%	0.00%	24.14%	0.00%	-442.86%	-21.74%	366.67%	175.00%	-170.83%	-159.26%
Profit (Net Income) Margin	0.00%	-661.54%	0.00%	-179.31%	0.00%	-442.86%	-243.48%	-53.33%	-203.57%	-175.00%	-159.26%
Tax Burden Percent	101.45%	98.85%	100.79%	101.96%	102.00%	100.00%	100.00%	114.29%	101.79%	102.44%	100.00%
Interest Burden Percent	-985.71%	100.00%	100.00%	-728.57%	-384.62%	100.00%	1,120.00%	-12.73%	-114.29%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	38.60%	37.15%	44.87%	33.15%	23.85%	21.90%	10.65%	8.52%	8.50%	7.42%	6.69%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-4.15%	0.00%	0.00%	0.00%	-8.24%	-1.01%	15.21%	6.70%	-7.48%	-7.28%
Return on Assets (ROA)	0.00%	-4.10%	0.00%	0.00%	0.00%	-8.24%	-11.30%	-2.21%	-7.79%	-7.66%	-7.28%
Return on Common Equity (ROCE)	38.85%	37.47%	45.19%	33.39%	24.00%	22.03%	10.71%	8.57%	8.54%	7.45%	6.72%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	9.80	-61	-177	2.10	-90	-43	-2.80	32	34	-29	-30
NOPAT Margin	0.00%	-468.46%	0.00%	7.24%	0.00%	-310.00%	-12.17%	210.00%	122.50%	-119.58%	-111.48%
Net Nonoperating Expense Percent (NNEP)	20.55%	5.04%	8.44%	5.09%	-3.03%	1.36%	3.68%	2.65%	6.92%	0.83%	0.78%
Return On Investment Capital (ROIC_SIMPLE)	0.64%	-4.27%	-15.32%	0.17%	-7.83%	-3.76%	-0.24%	2.64%	3.07%	-2.60%	-2.73%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	48.28%	0.00%	0.00%	78.26%	126.67%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	769.23%	0.00%	89.66%	0.00%	542.86%	117.39%	-200.00%	-75.00%	270.83%	259.26%
Earnings before Interest and Taxes (EBIT)	14	-87	-253	7.00	13	-62	-5.00	55	49	-41	-43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	-87	-253	8.00	13	-62	-4.00	56	49	-41	-43
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	44.71	19.21	0.00	0.00	7.85	5.90	2.12	4.23	4.52	3.32	3.53
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	130.72%	118.34%	145.72%	224.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	206.14	85.65	0.00	0.00	43.61	42.58	17.75	21.93	24.62	21.87	21.67
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	57.93	40.17	32.86
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	65.65	40.17	32.86
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	100.49	57.39	46.94
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.88	22.05
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.93	-1.83	-1.58	-1.61	-1.56	-1.55	-1.53	-1.55	-1.50	-1.48	-1.48
Long-Term Debt to Equity	-1.92	-1.82	-1.58	-1.60	-1.55	-1.54	-1.52	-1.55	-1.50	-1.48	-1.48
Financial Leverage	-0.58	-0.38	-0.62	-0.66	-0.70	-0.71	-0.70	-0.72	-0.61	-0.73	-0.73
Leverage Ratio	-2.37	-2.21	-1.87	-1.62	-1.28	-1.20	-1.07	-1.03	-0.97	-0.94	-0.92
Compound Leverage Factor	23.37	-2.21	-1.87	11.83	4.93	-1.20	-11.98	0.13	1.11	-0.94	-0.92
Debt to Total Capital	207.65%	220.91%	271.71%	265.25%	279.90%	283.26%	289.08%	281.80%	299.64%	306.34%	310.34%
Short-Term Debt to Total Capital	0.92%	1.05%	0.78%	0.67%	0.52%	0.52%	0.87%	0.92%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	206.73%	219.86%	270.93%	264.59%	279.38%	282.74%	288.21%	280.87%	299.64%	306.34%	310.34%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.65%	0.70%	0.78%	1.08%	1.13%	1.13%	1.14%	1.09%	0.63%	0.45%	0.73%
Common Equity to Total Capital	-108.30%	-121.61%	-172.49%	-166.33%	-181.02%	-184.39%	-190.22%	-182.89%	-200.27%	-206.79%	-211.07%
Debt to EBITDA	-12.17	-6.10	-4.39	-5.86	-14.55	-17.19	-19.82	-26.87	98.44	69.02	55.16
Net Debt to EBITDA	-4.29	-2.30	-1.83	-2.62	-6.71	-8.23	-9.56	-12.50	47.09	33.98	27.37
Long-Term Debt to EBITDA	-12.12	-6.07	-4.37	-5.84	-14.52	-17.16	-19.76	-26.78	98.44	69.02	55.16
Debt to NOPAT	-17.32	-8.72	-6.27	-8.36	-27.80	-24.56	-28.31	-38.39	170.77	98.60	78.80
Net Debt to NOPAT	-6.11	-3.28	-2.61	-3.75	-12.81	-11.76	-13.66	-17.86	81.68	48.54	39.10
Long-Term Debt to NOPAT	-17.25	-8.67	-6.25	-8.34	-27.75	-24.51	-28.23	-38.26	170.77	98.60	78.80
Altman Z-Score	-0.73	-0.92	-1.45	-1.19	-1.19	-1.39	-1.26	-1.21	-1.29	-1.48	-1.49
Noncontrolling Interest Sharing Ratio	-0.63%	-0.88%	-0.71%	-0.75%	-0.62%	-0.60%	-0.53%	-0.63%	-0.46%	-0.41%	-0.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.22	0.28	0.34	0.14	0.16	0.12	0.31	0.15	0.16	0.16	0.26
Quick Ratio	0.22	0.28	0.34	0.14	0.16	0.12	0.31	0.15	0.16	0.16	0.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	23	-587	64	42	-37	-39	-114	74	-373	31	19
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.42	0.00	0.00	0.79	-0.73	0.00	-2.32	1.47	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-2.67	0.00	0.00	3.91	-8.69	0.00	-0.98	1.70	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-2.67	0.00	0.00	3.91	-8.69	0.00	-0.98	1.70	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.01	0.00	0.00	0.02	0.02	0.05	0.04	0.04	0.04	0.05
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-539	-550	-684	-565	-592	-554	-573	-607	-631	-614	-622
Invested Capital Turnover	-0.01	-0.02	0.00	0.00	-0.07	-0.08	-0.16	-0.15	-0.10	-0.15	-0.16
Increase / (Decrease) in Invested Capital	-13	526	-241	-40	-53	-4.00	111	-42	407	-60	-49
Enterprise Value (EV)	1,443	1,542	1,601	1,624	1,832	1,831	1,829	1,952	1,970	1,969	2,037
Market Capitalization	313	346	282	182	330	254	219	376	362	299	332
Book Value per Share	($32.40)	($37.01)	($38.89)	($39.21)	($40.94)	($41.71)	($43.24)	($43.18)	($44.30)	($45.20)	($45.67)
Tangible Book Value per Share	($32.40)	($37.01)	($38.89)	($39.21)	($40.94)	($41.71)	($43.24)	($43.18)	($44.30)	($45.20)	($45.67)
Total Capital	1,530	1,425	1,156	1,203	1,154	1,153	1,145	1,192	1,117	1,104	1,102
Total Debt	3,177	3,148	3,141	3,191	3,230	3,266	3,310	3,359	3,347	3,382	3,420
Total Long-Term Debt	3,163	3,133	3,132	3,183	3,224	3,260	3,300	3,348	3,347	3,382	3,420
Net Debt	1,120	1,186	1,310	1,429	1,489	1,564	1,597	1,563	1,601	1,665	1,697
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-473	-470	-577	-524	-526	-521	-526	-443	-454	-437	-445
Debt-free Net Working Capital (DFNWC)	-366	-333	-380	-450	-439	-458	-359	-374	-383	-365	-328
Net Working Capital (NWC)	-380	-348	-389	-458	-445	-464	-369	-385	-383	-365	-328
Net Nonoperating Expense (NNE)	150	25	78	54	-39	19	53	40	91	13	13
Net Nonoperating Obligations (NNO)	1,108	1,173	1,301	1,423	1,484	1,559	1,592	1,560	1,599	1,664	1,696
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	1.00	0.00	0.00	1.00	1.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	-6,757.14%	-2,611.11%	0.00%	0.00%	-1,252.38%	-1,211.63%	-510.68%	-497.75%	-567.50%	-485.56%	-473.40%
Debt-free Net Working Capital to Revenue	-5,228.57%	-1,850.00%	0.00%	0.00%	-1,045.24%	-1,065.12%	-348.54%	-420.22%	-478.75%	-405.56%	-348.94%
Net Working Capital to Revenue	-5,428.57%	-1,933.33%	0.00%	0.00%	-1,059.52%	-1,079.07%	-358.25%	-432.58%	-478.75%	-405.56%	-348.94%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.92)	($1.84)	($5.34)	($1.18)	($1.07)	($1.28)	($1.12)	($0.17)	($1.01)	($0.80)	($0.91)
Adjusted Weighted Average Basic Shares Outstanding	48.21M	46.82M	47.50M	47.67M	47.44M	48.35M	49.54M	49.60M	49.28M	49.80M	50.20M
Adjusted Diluted Earnings per Share	($2.92)	($1.84)	($5.34)	($1.18)	($1.07)	($1.28)	($1.12)	($0.17)	($1.01)	($0.80)	($0.91)
Adjusted Weighted Average Diluted Shares Outstanding	48.21M	46.82M	47.50M	47.67M	47.44M	48.35M	49.54M	49.60M	49.28M	49.80M	50.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.93M	51.28M	51.03M	51.03M	50.97M	50.37M	50.49M	50.49M	50.51M	50.93M	51.02M
Normalized Net Operating Profit after Tax (NOPAT)	9.80	-61	-177	2.10	-90	-43	-2.80	32	34	-29	-30
Normalized NOPAT Margin	0.00%	-468.46%	0.00%	7.24%	0.00%	-310.00%	-12.17%	210.00%	122.50%	-119.58%	-111.48%
Pre Tax Income Margin	0.00%	-669.23%	0.00%	-175.86%	0.00%	-442.86%	-243.48%	-46.67%	-200.00%	-170.83%	-159.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.26	0.00	0.00	0.13	0.25	0.00	-0.10	1.10	0.00	0.00	0.00
NOPAT to Interest Expense	0.18	0.00	0.00	0.04	-1.77	0.00	-0.06	0.63	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.26	0.00	0.00	0.13	0.25	0.00	-0.10	1.10	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.18	0.00	0.00	0.04	-1.77	0.00	-0.06	0.63	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-83.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-91.79%	-7.39%	-2.10%	-1.31%	-0.90%	-2.14%	-3.17%	-3.95%	-3.83%	-0.61%	-0.67%

Financials Breakdown Chart

Key Financial Trends

MBIA’s latest quarter shows a mixed picture: improving revenue and a strong investing contribution were not enough to offset continued operating losses and a highly leveraged balance sheet. For Q1 2026, the company posted $24 million in revenue but still reported a $42 million net loss. Cash was essentially flat during the quarter, helped by investment activity, while operating cash flow remained negative.

Revenue improved year over year. Q1 2026 operating revenue rose to $24 million from $14 million in Q1 2025.
Investing activities generated positive cash. Net cash from investing activities was $37 million in Q1 2026, supported by $132 million of investment sales and maturities.
Cash balance remains meaningful. MBIA ended Q1 2026 with $72 million in cash and equivalents, up from $63 million a year earlier.
Quarterly operating losses were smaller than last year. The company’s net loss narrowed to $42 million from $62 million in Q1 2025.
Shares outstanding were relatively stable. Weighted average diluted shares were 49.8 million, close to prior quarters.
Operating cash flow was still negative. Q1 2026 operating cash flow was $(33) million, though this was better than the much deeper outflows seen in some prior periods.
Interest costs remain significant. Cash interest paid was $8 million in the quarter.
Operating expenses still overwhelmed revenue. Q1 2026 operating expenses were $65 million versus $24 million of revenue, producing a $41 million operating loss.
The company is still losing money. Q1 2026 basic and diluted EPS were both $(0.80).
Leverage remains very high. MBIA carried $3.38 billion of long-term debt versus just $72 million of cash, leaving the balance sheet heavily debt-dependent.

Longer-term trend: MBIA’s results have been volatile, but the broader pattern over the last four years is clear. Revenue has generally hovered in the low tens of millions per quarter, while losses have been driven by large operating expense and other expense items. The company has also relied on investment portfolio activity and debt management to support cash flow, rather than consistent operating profitability.

Balance sheet snapshot: Total assets were $2.0 billion at the end of Q1 2026, while total liabilities were $4.3 billion. Common equity remained deeply negative at $(2.28) billion, underscoring the financial strain on the company.

Bottom line: MBIA showed some improvement in revenue and quarter-over-quarter losses, but it is still not producing sustainable operating earnings or positive operating cash flow. The stock likely remains a high-risk turnaround story, with the heavy debt load and negative equity profile still the biggest concerns.

09/12/26 05:55 PM ETAI Generated. May Contain Errors.

MBIA Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MBIA's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

MBIA's net income appears to be on a downward trend, with a most recent value of -$183 million in 2025, falling from $180 million in 2015. The previous period was -$444 million in 2024. See where experts think MBIA is headed by visiting MBIA's forecast page.

MBIA's total operating income in 2025 was $28 million, based on the following breakdown:

Total Gross Profit: $80 million
Total Operating Expenses: $52 million

Over the last 10 years, MBIA's total revenue changed from $853 million in 2015 to $80 million in 2025, a change of -90.6%.

MBIA's total liabilities were at $4.24 billion at the end of 2025, a 0.0% decrease from 2024, and a 61.8% decrease since 2015.

In the past 10 years, MBIA's cash and equivalents has ranged from $66 million in 2022 to $522 million in 2015, and is currently $71 million as of their latest financial filing in 2025.

Over the last 10 years, MBIA's book value per share changed from 24.38 in 2015 to -44.30 in 2025, a change of -281.7%.

Related Companies

Financial statements for NYSE:MBI last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

MBIA (MBI) Financials

Financials Breakdown Chart

Key Financial Trends

MBIA Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

MBIA (MBI) Financials

Annual Income Statements for MBIA

Quarterly Income Statements for MBIA

Annual Cash Flow Statements for MBIA

Quarterly Cash Flow Statements for MBIA

Annual Balance Sheets for MBIA

Quarterly Balance Sheets for MBIA

Annual Metrics And Ratios for MBIA

Quarterly Metrics And Ratios for MBIA

Financials Breakdown Chart

Key Financial Trends

MBIA Financials - Frequently Asked Questions

When does MBIA's financial year end?

How has MBIA's net income changed over the last 10 years?

What is MBIA's operating income?

How has MBIA's revenue changed over the last 10 years?

How much debt does MBIA have?

How much cash does MBIA have?

How has MBIA's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools