Radian (RDN) financial statements
Radian reported revenue of $1.2B in fiscal 2025, down 0.4% a year over 9 years.
Net income was $583M and the operating margin 66.1%, against 39.1% in 2016.
Free cash flow was $116M, and the company returned $146M in dividends and $432M in net buybacks.
The diluted share count fell 39% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Radian's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.2B | $1.3B | $1.5B | $1.4B | $1.3B | $1.2B | $1.2B | $1.2B | $1.2B |
| Cost of revenue | $114M | $105M | $98M | $108M | $86M | $104M | $82M | $38M | $38M | — |
| Gross profit | $1.1B | $1.1B | $1.2B | $1.4B | $1.4B | $1.2B | $1.1B | $1.1B | $1.2B | — |
| Operating income | $484M | $347M | $684M | $849M | $479M | $765M | $953M | $864M | $846M | $791M |
| Interest expense | $81M | $63M | $61M | $56M | $71M | $84M | $84M | $86M | $88M | $68M |
| Pre-tax income | $484M | $347M | $684M | $849M | $479M | $765M | $953M | $864M | $846M | $791M |
| Income tax | $175M | $226M | $78M | $177M | $86M | $164M | $210M | $188M | $185M | $173M |
| Net income | $308M | $121M | $606M | $672M | $394M | $601M | $743M | $603M | $604M | $583M |
| EPS (diluted) | $1.37 | $0.55 | $2.77 | $3.20 | $2.00 | $3.16 | $4.35 | $3.77 | $3.92 | $4.14 |
| Diluted shares | 229M | 220M | 219M | 210M | 197M | 190M | 171M | 160M | 154M | 141M |
| Gross margin | 90.8% | 91.4% | 92.3% | 92.9% | 94.0% | 92.2% | 93.1% | 96.7% | 96.8% | — |
| Operating margin | 39.1% | 28.4% | 53.7% | 55.6% | 33.3% | 57.5% | 80.0% | 73.4% | 70.1% | 66.1% |
| Net margin | 24.9% | 9.9% | 47.6% | 44.0% | 27.4% | 45.2% | 62.4% | 51.2% | 50.1% | 48.7% |
Balance sheet
Fiscal years, from Radian's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $52M | $81M | $95M | $93M | $88M | $151M | $56M | $19M | $19M | $25M |
| Receivables | — | — | — | $364M | $268M | — | — | — | — | — |
| Property, plant and equipment | $71M | $38M | $37M | $88M | $80M | $75M | $71M | $64M | $23M | $17M |
| Goodwill | — | — | — | — | $10M | $10M | $10M | $0 | $0 | — |
| Total assets | $5.9B | $5.9B | $6.3B | $6.8B | $7.9B | $7.8B | $7.1B | $7.6B | $8.7B | $8.1B |
| Total liabilities | $3.0B | $2.9B | $2.8B | $2.8B | $3.7B | $3.6B | $3.1B | $3.2B | $4.1B | $3.3B |
| Shareholders' equity | $2.9B | $3.0B | $3.5B | $4.0B | $4.3B | $4.3B | $3.9B | $4.4B | $4.6B | $4.8B |
| Net debt | -$52M | -$81M | -$95M | -$93M | -$88M | -$151M | -$56M | -$19M | -$19M | -$25M |
Cash flow
Fiscal years, from Radian's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $382M | $361M | $678M | $694M | $658M | $557M | $388M | $529M | -$664M | $120M |
| Capital spending | — | — | — | — | — | $13M | $18M | $9M | $2M | $4M |
| Free cash flow | — | — | — | — | — | $545M | $371M | $521M | -$665M | $116M |
| Stock-based compensation | $16M | $13M | $18M | $21M | $19M | $28M | $38M | $41M | $38M | $45M |
| Dividends paid | $2M | $2M | $2M | $2M | $97M | $103M | $135M | $146M | $152M | $146M |
| Share buybacks (net) | -$100M | -$6,000 | -$50M | -$300M | -$226M | -$399M | -$400M | -$133M | -$225M | -$432M |
| Net borrowing | -$445M | -$594M | $0 | -$611M | $0 | $0 | — | — | — | — |
| Free cash flow margin | — | — | — | — | — | 40.9% | 31.1% | 44.2% | -55.1% | 9.7% |
| Dividends per share | $0.01 | $0.01 | $0.01 | $0.01 | $0.50 | $0.54 | $0.79 | $0.91 | $0.99 | $1.03 |
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Open RDN in InvestinglyQuestions
What was Radian's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Radian generate?
$116M in fiscal 2025 (operating cash flow minus capital spending).
From Radian's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.