MBIHIGH SIGNALFINANCIAL10-K

MBIA's revenue grew substantially while net losses were meaningfully reduced, alongside debt reduction and continued share repurchases.

The substantial revenue growth combined with meaningful loss reduction suggests potential operational improvement at the bond insurer. However, the company remains unprofitable with continuing losses, indicating ongoing structural challenges in the business model that require monitoring.

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

MBIA's revenue grew substantially year-over-year while net losses were meaningfully reduced, representing a notable improvement in the company's financial trajectory. The company maintained capital return activities with increased share buybacks of $7 million. Despite these improvements, MBIA continues to report significant net losses, reflecting ongoing challenges in returning to sustained profitability.

FINANCIAL STATEMENT CHANGES
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.
Insurance in force, which includes all gross insured debt service, as of December 31, 2025 was $45.6 billion.
Average annual insured debt service on the portfolio as of December 31, 2025 was $3.5 billion.
public finance credits totaled $7.2 billion, representing 32.3% of National s total U.S.
had 20 insurance policies outstanding relating to liabilities issued by MBIA Inc.
s total policies in its insured portfolio are diversified among 109 credits.
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.
7.000% Debentures due 2025 and the Company repurchased $30 million par value outstanding of GFL MTNs.
Our payment obligations after a default vary by deal and by insurance type.
Our public finance insurance generally insures scheduled interest and principal.
Our structured finance policies generally insure (i) timely interest and ultimate principal; (ii) ultimate principal only at final maturity; or, (iii) payments upon settlement of individual collateral losses as they occur after any deductible or subordination has been exhausted.
As of December 31, 2024, National had $25.3 billion of insured gross par outstanding on U.S.
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