10-Q · April 30, 2026
Tiptree Inc. reported $0 in revenue for Q1 2026, a significant decline from $0.4 million in Q1 2025. The company managed to post diluted EPS of $0.34, an increase from $0.13 in the previous year, led by strong…
Earnings analysis · 10-Q
TIPT earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
Tiptree's Q2 reported earnings were dominated by the Fortegra sale: diluted EPS increased to $10.30 from $0.39, including a $372.2 million after-tax disposal gain. The remaining continuing business generated no revenue…
Read full summary
Tiptree's Q2 reported earnings were dominated by the Fortegra sale: diluted EPS increased to $10.30 from $0.39, including a $372.2 million after-tax disposal gain. The remaining continuing business generated no revenue and a $6.4 million net loss, though lower expenses and higher Treasury interest income improved the pre-tax loss to $5.1 million from $12.5 million. The sales transformed liquidity, lifting cash and equivalents to $946.9 million, but also created a $204.8 million current tax payable expected largely before September 30, 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $10.3
What stood out
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Fortegra disposal drove $10.30 EPS
Diluted EPS rose to $10.30 from $0.39 in Q2 2025, driven primarily by a $372.2 million after-tax gain on the May 29 Fortegra sale; discontinued operations contributed $395.7 million of net income.
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Corporate loss narrowed on lower costs
Continuing-operations pre-tax loss narrowed by $7.3 million year over year to $5.1 million, as quarterly expenses fell 24.3% to $9.1 million and other income increased to $3.9 million from $0.9 million.
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Disposals substantially increased liquidity
Cash and cash equivalents rose $916.1 million from year-end to $946.9 million, while marketable securities increased from $21.7 million to $158.2 million following the Fortegra and Reliance dispositions.
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Book value increased sharply
Stockholders' equity increased to $907.1 million at June 30, 2026 from $752.4 million at December 31, 2025; book value per share reached $24.34, up 82.6% from $13.33 a year earlier.
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Capital returns continued
The company repurchased 304,070 shares in June at an average $17.50 per share; $14.7 million remained under the $20.0 million repurchase authorization.
What to watch
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Ongoing business remains loss-making
The reported $10.30 diluted EPS was largely nonrecurring: continuing operations recorded a $6.4 million net loss, while discontinued operations supplied $395.7 million of net income, including the $372.2 million Fortegra-sale gain.
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Revenue base was sold and is now absent
Following the sales of Fortegra and Reliance, continuing-operations revenue was $0.0 million in Q2 2026, down from $0.1 million a year earlier; Fortegra and Reliance produced only $341.6 million and $5.5 million, respectively, before their sales during the quarter.
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Large near-term sale-related tax payment
A $204.8 million current tax payable was established in connection with the Fortegra sale, and management expects the majority to be paid before September 30, 2026.
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Continuing operations consumed cash
Cash used in continuing operating activities increased to $18.4 million for the first six months of 2026 from $13.7 million in the prior-year period; capex was not separately disclosed, so free cash flow cannot be calculated from the filing.
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No formal risk-factor update despite reshaping
Item 1A states there were no material changes to risk factors from the 2025 10-K; however, total assets declined from $6.84 billion to $1.13 billion after the divestitures, materially changing the operating asset base.
Management's outlook
The 10-Q provides no quantitative revenue or EPS guidance. Management stated that $946.9 million of cash and equivalents, $158.2 million of marketable securities, and operating cash flow are expected to provide sufficient capital for general corporate needs over the next several years.
Earlier filings 4
10-K · March 9, 2026
Tiptree’s 2025 10-K centers on the announced sales of its two largest operating businesses — Fortegra (insurance) and Reliance (mortgage) — which are now classified as held for sale and discontinued operations. The…
10-Q · October 31, 2025
Tiptree reported Q3 revenue of $540,302,000 (Q3 2025) versus $494,362,000 in Q3 2024, driven by higher earned premiums and sizable net realized/unrealized gains. Operating margin compressed to 9.1% from 12.0% in the…
10-K · March 3, 2025
Tiptree positions itself as a capital allocator focused on insurance (Fortegra) and credit-related businesses, emphasizing long-term, owner-oriented capital deployment and disciplined underwriting. Fortegra reported…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.