Neptune Insurance Holdings reports record third-quarter revenue of $59.6 million

Neptune Insurance Holdings Inc. (NYSE: NP) reported third-quarter 2026 results that marked new highs for both revenue and profitability, with the company attributing the performance to record new business sales. The St. Petersburg, Florida-based parent company of Neptune Flood Incorporated released the figures on October 20, 2026, highlighting a 34% year-over-year increase in revenue to a record $59.6 million.

The growth in the top line translated into a 50% rise in net income, which reached a record $17.3 million for the period. This performance resulted in a net income margin of 29%. On a per-share basis, the company reported basic net income of $0.13 and diluted net income of $0.12 for both Class A and Class B common stock.

Management also emphasized improvements in non-GAAP metrics, noting that adjusted net income grew by 52% to a record $24.3 million. Adjusted EBITDA increased by 38% to a record $36.8 million, achieving a margin of 62%. The company stated that this adjusted EBITDA margin matches its record high to date. Per-share figures for adjusted net income were reported at $0.18 basic and $0.17 diluted, while adjusted EBITDA per share stood at $0.27 basic and $0.25 diluted.

Underwriting activity showed significant expansion, with written premium growing by 31% to a record $132.7 million. Neptune Insurance Holdings Inc. describes itself as a managing general agent offering residential and commercial flood insurance products through a nationwide network of agencies. The company operates without human underwriters, utilizing its proprietary Triton platform to streamline underwriting, pricing, and policy issuance.

Neptune management held a live conference call and webcast at 5:00 p.m. Eastern Time on Tuesday, October 20, 2026, to discuss the results. The company noted that the targets included in its earnings presentation and the statements made during the call represent its expectations and beliefs as of October 20, 2026. Neptune stated it undertakes no obligation to update these forward-looking statements or targets except as required by law.

The company uses non-GAAP financial measures, including adjusted EBITDA and adjusted net income, to supplement its GAAP financial statements. Adjusted EBITDA is defined as net income adjusted to exclude interest expense, income taxes, depreciation, amortization, share-based compensation, employer payroll taxes on equity awards, and other non-recurring items. The company argues that excluding employer payroll taxes on equity awards provides a clearer representation of operating performance because these costs depend on stock price at vesting or exercise rather than operating results.

Adjusted net income is derived from net income but excludes specific costs such as debt extinguishment losses, amortization, equity-related compensation and payroll taxes, transaction fees, one-time expenses, and their associated tax effects. The company cautions that these non-GAAP measures may differ from those used by other companies and should not be considered in isolation as a substitute for GAAP financial information.