Neptune Insurance Holdings (NP) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Neptune Insurance Holdings published the results on October 20, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Neptune Insurance Holdings reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Neptune completed its IPO on October 2, 2025. In Q3 2025 its redeemable convertible preferred stock was still outstanding, so year-ago GAAP EPS reflects preferred accretion and allocations and a smaller common share count. Neptune reports in thousands; figures here are in millions.

Source: Neptune Insurance Holdings Q3 2026 results, October 20, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Neptune Insurance Holdings splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Neptune Insurance Holdings's Commission income revenue was $45.9 million in Q3 2026, up 35% from $33.9 million in Q3 2025, 77% of total revenue.
• Neptune Insurance Holdings's Fee income revenue was $13.7 million in Q3 2026, up 31% from $10.4 million in Q3 2025, 23% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Neptune gives its targets in the earnings presentation filed with the release (Exhibit 99.2), not in the release text.

In its Q3 2026 release, Neptune Insurance Holdings said:

“Based on the strength of our Q3 performance, we are raising our full-year 2026 revenue expectations to $204 million at an Adjusted EBITDA margin in excess of 61%.”

“We are also setting initial 2027 full-year guidance of $238 million at an Adjusted EBITDA margin of 61%.”

Source: Neptune Q3 2026 earnings presentation, Oct 20, 2026.

This is the company's own guidance as of Oct 20, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the NP forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted earnings per share, each as first reported in that quarter's release. Q3 2025 predates Neptune's October 2025 IPO and was reported in its first release as a public company.

We do not hold a confirmed date for Neptune Insurance Holdings's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 20, 2026

Neptune Insurance Holdings' total revenues were $59.6 million in Q3 2026, up 34% from $44.4 million. Neptune is a managing general agent: it underwrites and issues flood and other policies on behalf of insurers and reinsurers it calls capacity providers, which bear the balance sheet insurance risk and handle claims. Its revenue is commission income from those programs ($45.9 million, up 35.4%) and policy fee income ($13.7 million, up 30.7%). (Neptune Insurance Holdings Q3 2026 release, Oct 20, 2026; Neptune Insurance Holdings Form 10-K, 2025, Feb 26, 2026; Neptune Insurance Holdings Form 10-Q, Q3 2026, Oct 22, 2026)

Neptune's 10-Q attributes the commission increase primarily to growth in written premium and a higher average ceding commission, and the fee increase to more new business at a roughly stable average policy fee. Written premium in Q3 2026 was $132.7 million, up 31%. Neptune's presentation lists continued growth of the renewal portfolio, record new business sales and agent adoption driven in part by NFIP uncertainty as positives, and a slow real estate market and a below-average 2026 Atlantic hurricane season as drags. (Neptune Insurance Holdings Form 10-Q, Q3 2026, Oct 22, 2026; Neptune Insurance Holdings Q3 2026 release, Oct 20, 2026; Neptune Q3 2026 earnings presentation (Exhibit 99.2), Oct 20, 2026)

Neptune's main competitor is the government-run National Flood Insurance Program (NFIP), which holds the majority of the US flood market. Its policies are sold mostly through independent agents and brokers, who were responsible for over 96% of policies in force at the end of 2025. At September 30, 2026 premium in force was $450 million, up 32%, across more than 336,000 policies, up 29%, and Neptune worked with 45 capacity providers across 8 programs and 11 products. (Neptune Insurance Holdings Form 10-K, 2025, Feb 26, 2026; Neptune Q3 2026 earnings presentation (Exhibit 99.2), Oct 20, 2026)

The business is small in headcount. Over the twelve months to September 30, 2026 Neptune averaged 60.8 employees, and revenue per employee was $3.2 million, up 27.7%. Revenue retention over the same period was 89%, and the lifetime written loss ratio on its policies was 19.5% as of June 30, 2026. (Neptune Insurance Holdings Q3 2026 release, Oct 20, 2026; Neptune Q3 2026 earnings presentation (Exhibit 99.2), Oct 20, 2026)

Neptune Insurance Holdings' GAAP diluted EPS was $0.12 in Q3 2026, against $0.06 a year earlier, on net income of $17.3 million, up 49.9% from $11.5 million. Its adjusted diluted EPS was $0.17, against $0.11, on adjusted net income of $24.3 million. (Neptune Insurance Holdings Q3 2026 release, Oct 20, 2026)

The largest adjustment is share-based compensation, $7.0 million in Q3 2026 against $111 thousand a year earlier, when Neptune was still private. Adjusted net income also excludes $992 thousand of amortization, $622 thousand of employer payroll taxes on equity awards and $172 thousand of corporate transaction expenses (against $5.0 million in Q3 2025), and then applies an adjusted tax rate of 27.6%. GAAP income tax expense was $7.5 million against $4.0 million, while net interest expense fell to $3.3 million from $5.2 million as Neptune paid down debt. (Neptune Insurance Holdings Q3 2026 release, Oct 20, 2026; Neptune Q3 2026 earnings presentation (Exhibit 99.2), Oct 20, 2026)

The year-over-year EPS comparison is affected by the IPO. In Q3 2025 earnings available to common holders were reduced by $3.6 million of preferred stock accretion and $2.5 million of allocations to participating preferred stock, and diluted weighted average shares were 97,262,548; in Q3 2026 they were 146,390,991. In the first nine months of 2026 Neptune repurchased and retired 1,219,140 Class A shares for $31.9 million. (Neptune Insurance Holdings Q3 2026 release, Oct 20, 2026; Neptune Insurance Holdings Form 10-Q, Q3 2026, Oct 22, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Neptune Insurance Holdings gives annual targets in the earnings presentation filed with its release. With Q3 2026 it raised its full-year 2026 revenue expectation to $204 million at an adjusted EBITDA margin in excess of 61%, and set initial 2027 guidance of $238 million at a 61% margin. It does not reconcile the margin outlook to net income margin. Revenue for the first nine months of 2026 was $153.2 million. (Neptune Q3 2026 earnings presentation (Exhibit 99.2), Oct 20, 2026; Neptune Insurance Holdings Q3 2026 release, Oct 20, 2026)

Q3 2026 adjusted EBITDA was $36.8 million, a 61.7% margin, against $26.7 million and 60.2% a year earlier. Neptune repaid $25.0 million of revolver principal in the quarter, leaving $215.0 million of debt outstanding and a total net leverage ratio of 1.7x. (Neptune Insurance Holdings Q3 2026 release, Oct 20, 2026; Neptune Q3 2026 earnings presentation (Exhibit 99.2), Oct 20, 2026)

A consensus figure is the average of the models published by the analysts who cover Neptune Insurance Holdings, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Neptune Insurance Holdings's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning NP is on is NP a buy or a sell?, what analysts expect next is on the NP forecast, and what the company does is on the Neptune Insurance Holdings (NP) stock page.

Every number on this page can be traced to a document Neptune Insurance Holdings published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.