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MBIA (MBI) investor relations material

MBIA Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Feb, 2026

Executive summary

  • Reported lower consolidated GAAP net loss for full year 2025 ($177M) compared to 2024 ($447M), driven by lower expenses and higher revenues, mainly due to favorable developments in PREPA exposure and portfolio runoff.

  • Fourth quarter 2025 GAAP net loss remained flat at $51M year-over-year, but adjusted net loss improved to $12M from $22M in Q4 2024, reflecting lower losses and loss adjustment expenses (LAE) at National.

  • National recorded a benefit from losses and LAE in 2025, primarily from the sale of PREPA bankruptcy claims at favorable prices and revised loss estimates.

  • Strategic options, including a potential sale of the company or its components, remain under consideration, with decisions guided by shareholder value.

  • Released full year and Q4 2025 financial results, available on company and SEC websites.

Financial highlights

  • Full year 2025 consolidated GAAP net loss: $177M ($-3.58/share) vs. $447M ($-9.43/share) in 2024.

  • Q4 2025 consolidated GAAP net loss: $51M ($-1.01/share), unchanged from Q4 2024.

  • Full year 2025 adjusted net income: $23M ($0.46/share) vs. adjusted net loss of $184M ($-3.90/share) in 2024.

  • Book value per share as of Dec 31, 2025: negative $44.27, down $3.28 from prior year.

  • National statutory net income for 2025: $88M vs. net loss of $133M in 2024.

Outlook and guidance

  • Ongoing focus on resolving remaining PREPA exposure, with limited progress due to unresolved legal and board issues.

  • Special dividend potential is under continuous review, with improved circumstances increasing likelihood, but subject to regulatory approval and portfolio runoff.

  • Strategic review continues, with all options open, including sale of the company or its parts, depending on shareholder value.

Oversight Board member resolution update.
Special dividend gating items and timeline.
Strategic process: whole company vs. National sale?
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Frequently asked questions

MBIA Inc. provides financial guarantee insurance and related services to the public and private sectors. The company operates through its subsidiaries, offering credit enhancement for municipal bonds, structured finance securities, and other financial obligations. MBIA’s products are designed to reduce credit risk for issuers and investors, facilitating access to capital markets and supporting financial stability. The company is headquartered in Purchase, New York, and its shares are listed on the NYSE.

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