10-Q · July 27, 2026
Neptune delivered a strong Q2, with revenue of $55.872 million growing 32.8% year over year and 47.8% sequentially, while GAAP diluted EPS rose to $0.11 from $0.05 in Q1. The quarter combined policy and written-premium…
Earnings analysis · 10-Q
NP earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Neptune delivered strong revenue growth to $59.567 million and exceeded revenue and adjusted EPS consensus, while adjusted EBITDA rose 37.5% to $36.760 million. However, GAAP diluted EPS was $0.12 versus the $0.15…
Read full summary
Neptune delivered strong revenue growth to $59.567 million and exceeded revenue and adjusted EPS consensus, while adjusted EBITDA rose 37.5% to $36.760 million. However, GAAP diluted EPS was $0.12 versus the $0.15 estimate, and the filing provides no quantitative forward guidance. Liquidity and interest-rate exposure are material, with $215.0 million of revolver borrowings, $45.0 million of remaining capacity, and a $2.2 million annual pre-tax sensitivity to a 1% rate change.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.12
What stood out
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Revenue growth and consensus beat
Revenue was $59.567 million, up approximately 6.4% from $56.0 million in the prior quarter and approximately 35.4% from $44.0 million in Q3 2025. Revenue also exceeded the $56.075 million consensus estimate by 6.23%.
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Adjusted EPS beat, GAAP EPS lagged
Adjusted diluted EPS was $0.17 versus the $0.15 consensus estimate, a 13.33% beat. GAAP diluted EPS was $0.12, below consensus, reflecting a difference between adjusted and GAAP results.
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Adjusted EBITDA growth
Adjusted EBITDA increased 37.5% to $36.760 million, with adjusted EBITDA margin of 61.7%, according to the quarterly earnings disclosures.
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Controls remained effective
Disclosure controls and procedures were effective at a reasonable assurance level as of September 30, 2026, and management reported no changes in internal control that materially affected, or were reasonably likely to materially affect, financial reporting.
What to watch
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High revolver utilization
The company had $215.0 million outstanding under its revolving credit facility and only $45.0 million of available capacity as of September 30, 2026, creating refinancing and liquidity sensitivity.
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Interest-rate exposure
Revolving borrowings accrue interest tied to SOFR; a hypothetical immediate 1% change in borrowing rates would have a $2.2 million annual pre-tax effect on the condensed consolidated financial statements.
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Cyclical insurance market
Results remain exposed to insurance-market cyclicality, including changes in underwriting capacity, loss ratios, premium rates, regulatory responses, and natural disasters; the company stated that there were no material changes to the risk factors in its Annual Report on Form 10-K.
Management's outlook
The 10-Q provides no quantitative revenue or EPS guidance; no change to prior outlook can be assessed.
Earlier filings 3
10-Q · April 29, 2026
Neptune Insurance Holdings reported strong Q1 2026 results with revenue of $37.8 million, a 29% year-over-year increase, and EPS of $0.09, surpassing expectations. However, GAAP net income decreased by 26% to $7.3…
10-K · February 26, 2026
Neptune (NP) presents a high-growth, highly profitable MGA model driven by proprietary AI/ML underwriting (Triton) and a large capacity/distribution network. For the year ended December 31, 2025, Neptune reported…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.