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Neptune Insurance Holdings (NP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · Neptune Insurance Holdings (NP) Q3 2026 earnings results →
Q3 2026 Revenue up 34% year over year to $59.6M · 29¢ of every $1 of revenue kept as net profit · operating margin 46.9%
Neptune Insurance Holdings made $59.6M in Q3 2026 (+34% Y/Y): Commission income $45.9M, Fee income $13.7M. Operating margin 46.9%, net earnings $17.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.
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What changed this quarter
Revenue was $59.6M in Q3 2026, up 34% year over year and up 7% from the previous quarter. Commission income was the largest line at 77% of revenue. Commission income added $12.0M year over year (up 35%), 79% of the total change.
Operating profit was $28.0M, a 46.9% margin (up 0.3 points year over year). Of the extra revenue versus Q3 2025, 48% reached operating profit, above the 47% margin then. Total costs grew 34% against revenue growth of 34%. The fastest-growing cost line was Other operating costs (+66%). Net earnings were $17.3M, up 50% year over year. The effective tax rate was 30.2%.
Operating cash flow was $25.9M (up 62% year over year), 150% of net earnings. Non-cash charges added back $7.0M of share-based compensation. Working capital and other items added $1.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 22, 2026 | $59.6M | +34% | 46.9% | $17.3M | $25.9M |
| Q2 2026 | 10-Q | Jul 27, 2026 | $55.9M | +33% | 47.5% | $15.8M | $26.7M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $37.8M | +29% | 35.6% | $7.3M | $16.7M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $44.4M | +31% | 46.7% | $11.5M | $16.0M |
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About Neptune Insurance Holdings
Neptune is a leading, high-growth, highly profitable, data-driven MGA that is revolutionizing the way homeowners and businesses protect against the growing risks of flooding. We offer a range of easy-to-purchase residential and commercial insurance products - including primary flood insurance, excess flood insurance, and parametric earthquake insurance - distributed through a nationwide network of agencies. Neptune does not take any balance sheet insurance risk or have claims handling responsibility relating to the policies we sell. We underwrite and administer the issuance of insurance policies on behalf of a diverse panel of insurance and reinsurance companies, whom we refer to as capacity providers, that manage both this risk and the associated claims handling.
In its own words, from its 10-K, filed Feb 26, 2026.
Neptune Insurance Holdings against its Insurance Agents, Brokers & Service peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +34% against the peers' median +8%. Operating margin: 46.9% against the peers' median 18.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NP Neptune Insurance Holdings | Q3 2026 | $59.6M | +34% | 46.9% |
| MRSH Marsh & McLennan Companies | Q3 2026 | $6.9B | +8% | 17.7% |
| AON Aon | Q3 2026 | $4.1B | +3% | 19.7% |
| AJG Arthur J. Gallagher | Q3 2026 | $4.0B | +18% | 13.0% |
| EQH Equitable Holdings | Q3 2026 | $3.9B | +168% | 35.8% |
| WTW Willis Towers Watson | Q3 2026 | $2.5B | +8% | 17.4% |
| BRO Brown & Brown | Q3 FY27 | $1.7B | +7% | 18.6% |
| ERIE Erie Indemnity | Q3 2026 | $1.1B | +0.3% | 19.4% |
| RYAN Ryan Specialty Holdings | Q3 2026 | $790M | +5% | 17.8% |
Source: Neptune Insurance Holdings 10-Q on SEC EDGAR · CIK 2067129 · Insurance Agents, Brokers & Service
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q3 2025 results