v3.26.1
Capital Stock
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Capital Stock

14. Capital Stock

Shares of Common Stock

The following table provides the changes in common stock outstanding for each of the periods indicated.

 

Common stock outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(In thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Common stock outstanding at beginning of period

 

 

134,845

 

 

 

141,220

 

 

 

135,498

 

 

 

147,569

 

Shares repurchased under share repurchase program

 

 

(2,231

)

 

 

(6,957

)

 

 

(3,687

)

 

 

(13,417

)

Issuance of common stock due to Inigo acquisition

 

 

—

 

 

 

—

 

 

 

646

 

 

 

—

 

Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes

 

 

942

 

 

 

1,132

 

 

 

1,099

 

 

 

1,243

 

Common stock outstanding at end of period

 

 

133,556

 

 

 

135,395

 

 

 

133,556

 

 

 

135,395

 

 

Share Repurchase Activity

From time to time, Radian Group’s board of directors approves and authorizes the Company to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian generally executes its share repurchases pursuant to trading plans under Rule 10b5-1 of the Exchange Act (“Rule 10b5-1”), which permits the Company to repurchase shares during periods when it may otherwise be precluded from doing so. During the first six months of 2026, Radian had two share repurchase authorizations in effect, one of which is still outstanding, as further discussed below.

The first share repurchase authorization commenced in January 2023 with a scheduled expiration date of June 2026 and authorized the Company to repurchase shares up to an aggregate amount of $900 million, excluding commissions. In April 2026, purchase authority under this authorization was exhausted.

In May 2025, Radian Group’s board of directors authorized a second repurchase authorization to purchase shares up to an additional $750 million of the Company’s common stock, excluding commissions. Repurchases under this authorization commenced in April 2026 after the first authorization was exhausted. This authorization is scheduled to expire in December 2027.

During the three and six months ended June 30, 2026, the Company purchased 2.2 million and 3.7 million shares, respectively, at an average price of $34.28 and $34.31 per share, respectively, including commissions, pursuant to its share repurchase program. As of June 30, 2026, purchase authority of up to $736 million was available under the second authorization.

During July 2026, the Company purchased 1.3 million shares of its common stock under its share repurchase program at an average price of $38.29 per share, including commissions. After giving effect to these repurchases, purchase authority of up to $686 million remained available for repurchase under the second authorization.

The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. Unless otherwise noted, all dollar amounts presented in this report related to our share repurchases and our share repurchase authorizations exclude such excise taxes, to the extent applicable.

Dividends and Dividend Equivalents

The following table presents the amount of dividends declared and paid, on a per share basis, for each quarter and annual period as indicated.

 

Dividends declared and paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

 

2025

 

Quarter ended

 

 

 

 

 

 

March 31

 

$

0.255

 

 

$

0.255

 

June 30

 

 

0.255

 

 

 

0.255

 

September 30

 

N/A

 

 

 

0.255

 

December 31

 

N/A

 

 

 

0.255

 

Total annual dividends per share declared and paid

 

$

0.510

 

 

$

1.020

 

 

N/A – Not applicable

Dividend equivalents are accrued on RSUs when dividends are declared on the Company’s common stock and are typically paid upon vesting of the shares. See Note 17 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for information about our dividend equivalents on RSU awards.