Jun 2026 (Q2 FY26) — Aug 6, 2026
Radian Q2 FY26 — Strategic Transformation and Diversified Growth
Read the full callRadian (RDN) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Radian earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 575 | +92.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 116 | −18.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 14 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Combined Mortgage/Specialty (Inigo) segment-level financial reporting | provide full segment reporting and key drivers for both Inigo and the MI business starting with first-quarter 2026 results | Dec 2025 | The second quarter marked our first full quarter with Inigo and another important step for Radian as a global multiline specialty insurer. | Achieved |
| Radian Guaranty total dividends to Radian Group (full-year 2026) | at least $600 million | Sep 2025 | We have increased our previous guidance for expected dividends from Rating Guarantee to Radian Group and now expect at least $650 million of total dividends during 2026, including the $340 million paid through the first half of the year. | Revised Up |
| Full-year 2026 share repurchases | $200 million to $250 million, trending toward the upper end | Jun 2026 | I did provide guidance last quarter that we'd expect a range for the full year of between $200 million to $250 million. And so we're tracking very well, obviously, against that range. As we sit here today, based on the activity and what we've done so far, I would expect us to be more towards the upper end of that $200 million to $250 million range. | New |
1 of RADIAN GROUP INC's 30 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 27 more targets are in the full ledger.
Claimed
- Total revenues increased 93% year-over-year to $575 million, driven by the Specialty segment.
- Net earned premiums increased 116% year-over-year to $504 million, with Specialty accounting for 53%.
- Primary insurance in force reached a record $284 billion, up 3% year-over-year.
- Adjusted net operating earnings per share grew year-over-year to $1.14.
- Book value per share grew 8.5% year-over-year to $36.
- Increased expected dividends from Radian Guaranty to Radian Group to at least $650 million for 2026.
Qualified
- Specialty Insurance market conditions have become more competitive, with rates continuing to soften.
- Specialty segment combined ratio was 98% for Q2, elevated due to $30 million in reserves for Middle East developments and updated inflation assumptions.
- Expected lower underwriting margins in the Specialty business, with a combined ratio in the low 90s being more reflective of the current operating environment.
Price
$33.6 +0.57% · +$0.19
Performance −1.1% 1Y
1Y: $33.96 on 14 Oct 2025 → $33.6. High $39.71 (29 Jul 2026), low $30.61 (30 Sept 2026).
- Previous close
- $33.41
- 52-week range
- $30.61 – $39.71
- One year
- +0.33%
Overview
- Symbol
- RDN
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 14 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Combined Mortgage/Specialty (Inigo) segment-level financial reporting | provide full segment reporting and key drivers for both Inigo and the MI business starting with first-quarter 2026 results | Dec 2025 | The second quarter marked our first full quarter with Inigo and another important step for Radian as a global multiline specialty insurer. | Achieved |
| Radian Guaranty total dividends to Radian Group (full-year 2026) | at least $600 million | Sep 2025 | We have increased our previous guidance for expected dividends from Rating Guarantee to Radian Group and now expect at least $650 million of total dividends during 2026, including the $340 million paid through the first half of the year. | Revised Up |
| Full-year 2026 share repurchases | $200 million to $250 million, trending toward the upper end | Jun 2026 | I did provide guidance last quarter that we'd expect a range for the full year of between $200 million to $250 million. And so we're tracking very well, obviously, against that range. As we sit here today, based on the activity and what we've done so far, I would expect us to be more towards the upper end of that $200 million to $250 million range. | New |
Claimed
- Total revenues increased 93% year-over-year to $575 million, driven by the Specialty segment.
- Net earned premiums increased 116% year-over-year to $504 million, with Specialty accounting for 53%.
- Primary insurance in force reached a record $284 billion, up 3% year-over-year.
- Adjusted net operating earnings per share grew year-over-year to $1.14.
- Book value per share grew 8.5% year-over-year to $36.
- Increased expected dividends from Radian Guaranty to Radian Group to at least $650 million for 2026.
Qualified
- Specialty Insurance market conditions have become more competitive, with rates continuing to soften.
- Specialty segment combined ratio was 98% for Q2, elevated due to $30 million in reserves for Middle East developments and updated inflation assumptions.
- Expected lower underwriting margins in the Specialty business, with a combined ratio in the low 90s being more reflective of the current operating environment.
The full ledger
Open RADIAN GROUP INC’s full ledger
A free account opens 5 company ledgers a month. All 30 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
Radian earnings calls (RDN)
Financials
What the filings say
Net profit, year on year: −18% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 313 | 293 | 295 | 299 | 303 | 301 | 466 | 575 |
| Expenses | 99 | 127 | 96 | 106 | 104 | 99 | 293 | 424 |
| Interest | 22 | 23 | 16 | 17 | 17 | 17 | 21 | 22 |
| Profit before tax | 214 | 189 | 199 | 193 | 199 | 201 | 174 | 151 |
| Tax rate | 22.3% | 21.6% | 23.5% | 19.9% | 23.1% | 21.0% | 25.4% | 21.6% |
| Net profit | 152 | 148 | 145 | 142 | 141 | 155 | 124 | 116 |
| EPS ($ per share) | 1 | 0.99 | 0.99 | 1.03 | 1.04 | 1.13 | 0.90 | 0.85 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | — | — |
| Reserves | 1,720 | 2,390 | 2,685 | 3,181 | 3,787 | 4,244 | 4,695 | 5,132 |
| Total liabilities | 2,826 | 2,760 | 3,664 | 3,580 | 3,144 | 3,196 | 4,066 | 3,341 |
| Fixed assets | 37 | 88 | 80 | 75 | 71 | 64 | 23 | 17 |
| Total assets | 6,315 | 6,808 | 7,948 | 7,839 | 7,064 | 7,594 | 8,690 | 8,122 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 678 | 694 | 658 | 557 | 388 | 529 | -664 | 120 |
| Cash from investing | -689 | -302 | -883 | -2 | -5 | -301 | 328 | 127 |
| Cash from financing | 22 | -403 | 223 | -497 | -479 | -265 | 357 | -243 |
| Net cash flow | 11 | -11 | -2 | 58 | -96 | -36 | 21 | 4 |
| Capital expenditure | — | — | — | -13 | -18 | -9 | -2 | -4 |
| Free cash flow | — | — | — | 545 | 371 | 521 | -665 | 116 |
RDN revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Specialty Segment Operating | — | — | — | — | — | — | 39% | 51% | — |
| Mortgage Segment Operating | — | — | — | — | — | — | 63% | 51% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
90 filings between Oct 28, 2025 and Sep 14, 2026.
Open market
decisions to buy or sellPurchases
$5.77M
2 purchases by 1 insider
Sales
$5.01M
15 sales by 8 insiders
53% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 51
- Option exercise — converted options into shares
- 21
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 code l.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Weinbach Michael S | $5.77M | — | Jun 2, 2026 |
| Hoffman Edward J | — | $2.97M | Jul 14, 2026 |
| Thornberry Richard G | — | $664.7K | Oct 28, 2025 |
| Ray Eric | — | $496.9K | Dec 2, 2025 |
| CULANG HOWARD BERNARD | — | $311.0K | May 27, 2026 |
| Bartholomew Meghan | — | $280.8K | Sep 14, 2026 |
| Spiegel Noel Joseph | — | $174.9K | May 26, 2026 |
| Leyden Margaret Anne | — | $71.6K | May 29, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 14, 2026 | Bartholomew Meghan Sr EVP Co-Head Radian Guaranty | Sale 10b5-1 plan | 7,812 | $280.8K |
| Jul 14, 2026 | Hoffman Edward J Sr EVP, General Counsel | Sale 10b5-1 plan | 20,000 | $780.0K |
| Jun 3, 2026 | Bartholomew Meghan Sr. EVP, Co-Head of MI | Sale | 1 | $33 |
| Jun 3, 2026 | Conner Brad L. Director | Sale | 1,200 | $40.7K |
| Jun 2, 2026 | Weinbach Michael S Chief Executive Officer- Elect | Purchase | 49,513 | $1.69M |
| Jun 1, 2026 | Weinbach Michael S Chief Executive Officer- Elect | Purchase | 120,487 | $4.08M |
| May 29, 2026 | Leyden Margaret Anne Director | Sale | 2,070 | $71.6K |
| May 27, 2026 | CULANG HOWARD BERNARD Director | Sale | 3,612 | $130.0K |
| May 26, 2026 | CULANG HOWARD BERNARD Director | Sale | 5,000 | $181.0K |
| May 26, 2026 | Spiegel Noel Joseph Director | Sale | 4,834 | $174.9K |
| May 15, 2026 | Bartholomew Meghan Sr. EVP, Co-Head of MI | Option exercise | 706 | $0 |
| May 15, 2026 | Bartholomew Meghan Sr. EVP, Co-Head of MI | Option exercise | 747 | $0 |
| May 15, 2026 | Bartholomew Meghan Sr. EVP, Co-Head of MI | Tax withheld | 2,532 | $93.5K |
| May 15, 2026 | Bartholomew Meghan Sr. EVP, Co-Head of MI | Option exercise | 6,525 | $0 |
| May 15, 2026 | Bartholomew Meghan Sr. EVP, Co-Head of MI | Option exercise | 920 | $0 |
| May 15, 2026 | Hoffman Edward J Sr EVP, General Counsel | Option exercise | 5,443 | $0 |
| May 15, 2026 | Hoffman Edward J Sr EVP, General Counsel | Option exercise | 5,537 | $0 |
| May 15, 2026 | Hoffman Edward J Sr EVP, General Counsel | Option exercise | 6,294 | $0 |
| May 15, 2026 | Keleher Stephen Sr. EVP, Co-Head of MI | Tax withheld | 5,973 | $220.6K |
| May 15, 2026 | Keleher Stephen Sr. EVP, Co-Head of MI | Option exercise | 1,513 | $0 |
| May 15, 2026 | Keleher Stephen Sr. EVP, Co-Head of MI | Option exercise | 1,490 | $0 |
| May 15, 2026 | Leyden Margaret Anne Director | Option exercise | 4,837 | $0 |
| May 15, 2026 | HESS DEBRA ANN Director | Option exercise | 4,837 | $0 |
| May 15, 2026 | Mumford Lisa Director | Option exercise | 4,837 | $0 |
| May 15, 2026 | Keleher Stephen Sr. EVP, Co-Head of MI | Option exercise | 1,837 | $0 |
| May 15, 2026 | Hoffman Edward J Sr EVP, General Counsel | Option exercise | 63,251 | $0 |
| May 15, 2026 | Ray Eric Sr. EVP, Chief Digital Officer | Option exercise | 1,310 | $0 |
| May 15, 2026 | Keleher Stephen Sr. EVP, Co-Head of MI | Option exercise | 13,050 | $0 |
| May 15, 2026 | Ray Eric Sr. EVP, Chief Digital Officer | Option exercise | 3,833 | $0 |
| May 15, 2026 | Hoffman Edward J Sr EVP, General Counsel | Option exercise | 1,838 | $0 |
| May 15, 2026 | Ray Eric Sr. EVP, Chief Digital Officer | Option exercise | 51,865 | $0 |
| May 15, 2026 | Serio Gregory Director | Tax withheld | 5 | $185 |
| May 15, 2026 | Serio Gregory Director | Option exercise | 4,837 | $0 |
| May 15, 2026 | Quigley Robert Sr. EVP, CAO | Tax withheld | 8,052 | $297.4K |
| May 15, 2026 | Quigley Robert Sr. EVP, CAO | Option exercise | 468 | $0 |
| May 15, 2026 | Quigley Robert Sr. EVP, CAO | Option exercise | 1,413 | $0 |
| May 15, 2026 | Rhoads Jed Director | Tax withheld | 5 | $185 |
| May 15, 2026 | Kobell Daniel Sr. EVP, Interim CFO | Option exercise | 1,413 | $0 |
| May 15, 2026 | Quigley Robert Sr. EVP, CAO | Option exercise | 1,387 | $0 |
| May 15, 2026 | Ray Eric Sr. EVP, Chief Digital Officer | Option exercise | 4,720 | $0 |
| May 15, 2026 | Quigley Robert Sr. EVP, CAO | Option exercise | 1,574 | $0 |
| May 15, 2026 | Ray Eric Sr. EVP, Chief Digital Officer | Option exercise | 3,630 | $0 |
| May 15, 2026 | Quigley Robert Sr. EVP, CAO | Option exercise | 13,805 | $0 |
| May 15, 2026 | Ray Eric Sr. EVP, Chief Digital Officer | Tax withheld | 25,297 | $934.2K |
| May 15, 2026 | Spiegel Noel Joseph Director | Option exercise | 4,837 | $0 |
| May 15, 2026 | Spiegel Noel Joseph Director | Tax withheld | 3 | $111 |
| May 15, 2026 | Hoffman Edward J Sr EVP, General Counsel | Tax withheld | 34,568 | $1.28M |
| May 15, 2026 | HESS DEBRA ANN Director | Tax withheld | 4 | $148 |
| May 15, 2026 | Rhoads Jed Director | Option exercise | 4,837 | $0 |
| May 15, 2026 | Mumford Lisa Director | Tax withheld | 4 | $148 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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