MBIA narrows FY 2025 GAAP net loss to $177M from $447M; Adjusted net income turns positive $23M

MBIA INC

2025-FY EPS reported -$3.58 revenue$80,000,000

Full-year GAAP net loss of $177M ($3.58/sh) vs $447M ($9.43/sh); Adjusted net income of $23M ($0.46/sh) vs adjusted loss of $184M.
Improvement driven by National's PREPA loss benefit of $33M vs $191M loss in 2024, including custodial receipt sale above estimated recovery.
Q4 2025 GAAP net loss of $51M ($1.01/sh) flat YoY; Adjusted net loss improved to $12M ($0.24/sh) from $22M ($0.48/sh).
National paid $63M as-of-right dividend to MBIA Inc. in Q4; MBIA Inc. repaid $45M of 7.00% debentures on maturity Dec 15, 2025.
National statutory capital $0.9B, claims-paying resources $1.4B, insured leverage ratio improved to 24:1 from 28:1.

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