MBIMEDIUM SIGNALFINANCIAL10-K

MBIA achieved a significant operational turnaround with operating cash flow swinging from negative $176M to positive $38M and revenue nearly doubling to $80M.

The dramatic improvement in operating cash flow generation and substantial revenue growth suggests MBIA's core insurance business is stabilizing after previous difficulties. However, the company remains unprofitable with net losses of $177M, indicating ongoing challenges in achieving full financial recovery.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

MBIA demonstrated strong operational improvement with revenue growing 90.5% to $80M and operating cash flow turning positive with a remarkable $214M swing from -$176M to +$38M. While net losses improved significantly from -$447M to -$177M, the company remains unprofitable, and increased share buybacks of $7M suggest management confidence in the recovery trajectory despite ongoing losses.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+121.6%
-$176.0M→$38.0M

Operating cash flow surged 121.6% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
+90.5%
$42.0M→$80.0M

Strong top-line growth of 90.5% — accelerating demand or successful expansion into new markets.

Share Buybacks
Cash Flow
+75%
$4.0M→$7.0M

Share repurchases increased 75% — management returning capital, signals confidence in intrinsic value.

Net Income
P&L
+60.4%
-$447.0M→-$177.0M

Net income grew 60.4% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
As of February 19, 2026, 50,511,149 shares of Common Stock, par value $1 per share, were outstanding.
Business (continued) As of December 31, 2025, $705 million of unsecured debt, issued from our corporate segment, which includes MBIA Inc.
While the Company repurchased no unsecured debt in 2025, $45 million of MBIA Inc.
As of December 31, 2025, National had $22.3 billion of insured gross par outstanding on U.S.
public finance obligations covering 1,137 policies and diversified among 782 credits, which we define as any insured obligations secured by the same revenue source.
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REMOVED
As of February 20, 2025, 50,971,033 shares of Common Stock, par value $1 per share, were outstanding.
Exhibits, Financial Statement Schedules 122 Signatures 126 Schedule I 127 Schedule II 128 Schedule IV 133 FORWARD-LOOKING AND CAUTIONARY STATEMENTS This annual report of MBIA Inc., together with its consolidated subsidiaries, (collectively, MBIA , the Company , we , us or our ) 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.
Business (continued) As of December 31, 2024, $718 million of unsecured debt, issued from our corporate segment, which includes MBIA Inc.
6.625% Debentures due 2028, $4 million principal amount of MBIA Inc.
7.150% Debentures due 2027, $0.6 million principal amount of MBIA Inc.
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