Third Quarter 2026
Filed Oct 20, 2026Neptune Insurance Holdings Inc. Reports Third Quarter 2026 Results
Third-quarter total revenues increased 34.3%, net income increased 49.9%, Adjusted EBITDA increased 37.5%, and Written Premium increased 31% to a record $132.7 million. Adjusted EBITDA margin expanded to 61.7% from 60.2%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Three Months Ended September 30, 2026 Total revenuesGAAP | $59.57M | – | 34.3 % |
| Three Months Ended September 30, 2026 Net incomeGAAP | $17.26M | – | 49.9 % |
| Three Months Ended September 30, 2026 Net income marginGAAP | 29.0 % | – | 3.1 pp |
| Three Months Ended September 30, 2026 Interest expense (net of interest income)GAAP | 3.25M | – | (37.9 %) |
| Three Months Ended September 30, 2026 Income tax expenseGAAP | 7.46M | – | 88.7 % |
| Three Months Ended September 30, 2026 Amortization expenseGAAP | 992K | – | 4.6 % |
| Three Months Ended September 30, 2026 Share-based compensationGAAP | 7.01M | – | NM |
| Three Months Ended September 30, 2026 Employer payroll taxes on equity awardsGAAP | 622K | – | NM |
| Three Months Ended September 30, 2026 Corporate transaction related expensesGAAP | 172K | – | NM |
| Three Months Ended September 30, 2026 One-time expensesGAAP | — | – | NM |
| Three Months Ended September 30, 2026 Adjusted EBITDAnon-GAAP | $36.76M | – | 37.5 % |
| Three Months Ended September 30, 2026 Adjusted EBITDA marginnon-GAAP | 61.7 % | – | 1.5 pp |
| Three Months Ended September 30, 2026 Basic earnings per shareGAAP | $ 0.13 | – | – |
| Three Months Ended September 30, 2026 Diluted earnings per shareGAAP | $ 0.12 | – | – |
| Three Months Ended September 30, 2026 Adjusted net incomenon-GAAP | $24.28M | – | 51.8 % |
| Three Months Ended September 30, 2026 Adjusted basic earnings per sharenon-GAAP | $ 0.18 | – | – |
| Three Months Ended September 30, 2026 Adjusted diluted earnings per sharenon-GAAP | $ 0.17 | – | – |
| Three Months Ended September 30, 2026 Adjusted basic EBITDA per sharenon-GAAP | $ 0.27 | – | – |
| Three Months Ended September 30, 2026 Adjusted diluted EBITDA per sharenon-GAAP | $ 0.25 | – | – |
| Three Months Ended September 30, 2026 Written Premiumother | $132.7M | – | 31% |
| Nine Months Ended September 30, 2026 Total revenuesGAAP | $153.2M | – | 32.3 % |
| Nine Months Ended September 30, 2026 Net incomeGAAP | 40.40M | – | 22.2 % |
| Nine Months Ended September 30, 2026 Net income marginGAAP | 26.4 % | – | (2.2) pp |
| Nine Months Ended September 30, 2026 Interest expense (net of interest income)GAAP | 9.98M | – | (23.8 %) |
| Nine Months Ended September 30, 2026 Income tax expenseGAAP | 17.57M | – | 53.4 % |
| Nine Months Ended September 30, 2026 Amortization expenseGAAP | 3.01M | – | 10.2 % |
| Nine Months Ended September 30, 2026 Share-based compensationGAAP | 20.83M | – | NM |
| Nine Months Ended September 30, 2026 Employer payroll taxes on equity awardsGAAP | 667K | – | NM |
| Nine Months Ended September 30, 2026 Corporate transaction related expensesGAAP | 239K | – | NM |
| Nine Months Ended September 30, 2026 One-time expensesGAAP | 74K | – | NM |
| Nine Months Ended September 30, 2026 Adjusted EBITDAnon-GAAP | $92.78M | – | 34.3 % |
| Nine Months Ended September 30, 2026 Adjusted EBITDA marginnon-GAAP | 60.5 % | – | 0.8 pp |
| Nine Months Ended September 30, 2026 Basic earnings per shareGAAP | $ 0.29 | – | – |
| Nine Months Ended September 30, 2026 Diluted earnings per shareGAAP | $ 0.28 | – | – |
| Nine Months Ended September 30, 2026 Adjusted net incomenon-GAAP | $60.29M | – | 44.9 % |
| Nine Months Ended September 30, 2026 Adjusted basic earnings per sharenon-GAAP | $ 0.44 | – | – |
| Nine Months Ended September 30, 2026 Adjusted diluted earnings per sharenon-GAAP | $ 0.41 | – | – |
| Nine Months Ended September 30, 2026 Adjusted basic EBITDA per sharenon-GAAP | $ 0.67 | – | – |
| Nine Months Ended September 30, 2026 Adjusted diluted EBITDA per sharenon-GAAP | $ 0.64 | – | – |
| Twelve Months Ended September 30, 2026 Total revenuesGAAP | $197.0M | – | 33.8 % |
| Twelve Months Ended September 30, 2026 Net incomeGAAP | 44.74M | – | 0.1 % |
| Twelve Months Ended September 30, 2026 Net income marginGAAP | 22.7 % | – | (7.6) pp |
| Twelve Months Ended September 30, 2026 Adjusted EBITDAnon-GAAP | $118.7M | – | 34.3 % |
| Twelve Months Ended September 30, 2026 Adjusted EBITDA marginnon-GAAP | 60.2 % | – | 0.2 pp |
| Twelve Months Ended September 30, 2026 Average number of employeesother | 60.8 | – | 4.8 % |
| Twelve Months Ended September 30, 2026 Revenue per employeeother | $3.24M | – | 27.7 % |
| Twelve Months Ended September 30, 2026 Adjusted EBITDA per employeenon-GAAP | $1.95M | – | 28.2 % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
What drove it
- Written Premium growth of 31% to a record $132.7 million.
- Record new business sales.
- The Company stated that it had not completed any relevant acquisitions or divestitures as of the date of the press release and earnings presentation.
- Organic revenue and organic revenue growth reflect total revenue and total revenue growth, respectively, as determined in accordance with GAAP.
Concerns
- Share-based compensation was 7,009 (In thousands) for the three months ended September 30, 2026, compared with 111 (In thousands) in the prior-year period.
- Income tax expense was 7,459 (In thousands) for the three months ended September 30, 2026, compared with 3,952 (In thousands) in the prior-year period.
- Nine-month net income margin was 26.4 %, compared with 28.6 % for the nine months ended September 30, 2025.
- Twelve-month net income margin was 22.7 %, compared with 30.3 % for the twelve months ended September 30, 2025.
What to watch
- Whether total revenue and Written Premium continue to grow at the rates reported for the third quarter.
- Adjusted EBITDA margin, which was 61.7 % in the third quarter and matched the Company's record high to date in the highlights.
- Share-based compensation and employer payroll taxes on equity awards.
- The relationship between GAAP net income margin and Adjusted EBITDA margin.
Analysis
Neptune reported a strong third quarter, with total revenues of $ 59,567 (In thousands), up 34.3 %, and net income of $ 17,256 (In thousands), up 49.9 %. The company also reported Written Premium growth of 31% to a record $132.7 million and record new business sales. Management stated that organic revenue and organic revenue growth were the same as GAAP total revenue and total revenue growth because it had not completed relevant acquisitions or divestitures.
Profitability remained high. Third-quarter net income margin was 29.0 %, versus 25.9 % in the prior-year period, while Adjusted EBITDA was $ 36,760 (In thousands), up 37.5 %, and Adjusted EBITDA margin was 61.7 %, versus 60.2 %. Adjusted net income rose 51.8 % to $ 24,276 (In thousands). Adjusted diluted earnings per share were $ 0.17, compared with $ 0.11 in the prior-year quarter.
The nine-month results also showed broad growth, with total revenues of $ 153,234 (In thousands), up 32.3 %, and Adjusted EBITDA of $ 92,782 (In thousands), up 34.3 %. Nine-month net income rose 22.2 % to 40,401 (In thousands), but net income margin was 26.4 %, compared with 28.6 % in the prior-year period. The period included share-based compensation of 20,832 (In thousands), compared with 299 (In thousands) a year earlier, and income tax expense of 17,575 (In thousands), up 53.4 %.
The twelve-month presentation showed total revenues of $ 197,001 (In thousands), up 33.8 %, and Adjusted EBITDA of $ 118,692 (In thousands), up 34.3 %. Adjusted EBITDA margin was 60.2 %, compared with 60.0 %. Net income was 44,743 (In thousands), up 0.1 %, and net income margin was 22.7 %, compared with 30.3 %, reflecting the difference between the GAAP and adjusted earnings trends presented in the filing.
The filing did not provide financial guidance, capital-return figures, cash balances, debt balances, operating cash flow, free cash flow, gross margin, operating income, or segment revenue. Accordingly, the principal reported items to monitor are continuation of Written Premium and revenue growth, the durability of the 61.7 % third-quarter Adjusted EBITDA margin, and the level of equity-related compensation and payroll-tax expenses.
Not in the filing
stated, not guessed- Forward financial guidance
- Prior guidance for comparison
- Segment revenue and segment profitability
- Gross margin
- Operating income or loss
- Operating expenses
- Cash and cash equivalents
- Debt balance
- Operating cash flow
- Free cash flow
- Share repurchases
- Dividends
- Capital-return program details
- Quarter-over-quarter comparisons
- Named executive quotes
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.