MGIC INVESTMENT CORP
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
MTG$28.17-1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| MGIC Investment Corporation and Subsidiaries | ||||
|---|---|---|---|---|
| Consolidated Statements of Cash Flows | ||||
| Years Ended December 31, | ||||
| (In thousands) · 2025 · 2024 · 2023 | ||||
| Cash flows from operating activities: | ||||
| Net income | $738,347 | $762,994 | $712,949 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation and other amortization | 6,949 | 18,436 | 35,230 | |
| Deferred tax expense (benefit) | 19,221 | 2,432 | 1,065 | |
| Equity compensation | 24,432 | 31,324 | 31,607 | |
| Net (gains) losses on investments and other financial instruments | (334) | 9,846 | 14,141 | |
| Change in certain assets and liabilities: | ||||
| Accrued investment income | 3,055 | (2,290) | (3,596) | |
| Reinsurance recoverable on loss reserves | (17,774) | (13,979) | (5,062) | |
| Reinsurance recoverable on paid losses | (189) | 5,699 | 8,185 | |
| Premiums receivable | (648) | 963 | (499) | |
| Deferred insurance policy acquisition costs | 3,317 | 2,897 | 4,471 | |
| Loss reserves | 12,222 | (42,717) | (52,609) | |
| Unearned premiums | (27,334) | (37,419) | (37,510) | |
| Current income taxes | 93,164 | 16,274 | (4,143) | |
| Other, net | (1,630) | (29,428) | 8,733 | (1) |
| Net cash provided by (used in) operating activities | 852,798 | 725,032 | 712,962 | |
| Cash flows from investing activities: | ||||
| Purchases of investments | (1,621,324) | (1,555,624) | (1,469,540) | |
| Proceeds from sales of investments | 110,930 | 45,087 | 376,598 | |
| Proceeds from maturity of fixed income securities | 1,739,793 | 1,369,706 | 913,415 | |
| Proceeds from sale of property and equipment | — | — | 2,336 | |
| Additions to property and equipment | (1,025) | (1,174) | (1,999) | |
| Net cash provided by (used in) investing activities | 228,374 | (142,005) | (179,190) | |
| Cash flows from financing activities: | ||||
| Conversion / purchase of convertible junior subordinated debentures | — | — | (28,637) | |
| Repurchase of common stock | (788,645) | (569,478) | (337,182) | |
| Dividends paid | (132,491) | (130,500) | (122,965) | |
| Payment of withholding taxes related to share-based compensation net share settlement | (19,149) | (19,066) | (7,257) | |
| Net cash provided by (used in) financing activities | (940,285) | (719,044) | (496,041) | |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 140,887 | (136,017) | 37,731 | |
| Cash and cash equivalents and restricted cash and cash equivalents at beginning of year | 234,627 | 370,644 | 332,913 | |
| Cash and cash equivalents and restricted cash and cash equivalents at end of year | $375,514 | $234,627 | $370,644 | |
(1) Certain reclassifications have been made to conform to current year presentation
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