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Tiptree (TIPT) earnings and revenue breakdown
Latest: Q3 2025 · 10-Q filed Oct 31, 2025 · Tiptree (TIPT) Q3 2025 earnings results →
Q3 2025 Revenue up 9% year over year to $540M · 3¢ of every $1 of revenue kept as net profit · operating margin -2.4%
Tiptree made $540M in Q3 2025 (+9% Y/Y). Operating margin -2.4%, net earnings $15.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 31, 2025.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $540.3M in Q3 2025, up 9% year over year and up 2% from the previous quarter.
Operating costs exceeded revenue by $12.9M, an operating margin of -2.4%. Total costs grew 21% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $6.4M, down 46% year over year. The effective tax rate was 59.2%. Non-operating items added $51.2M, 134% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $135.4M (up 121% year over year), 868% of net income including minority interests. Non-cash charges added back $5.3M of depreciation and amortization and $5.6M of share-based compensation. Working capital and other items added $109.0M. Capital expenditures of $2.1M left free cash flow of $133.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2025 | 10-Q | Oct 31, 2025 | $540M | +9% | -2.4% | $15.6M | $135M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $529M | -3% | -2.2% | $31.1M | $21.3M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $497M | -0.2% | -2.5% | $13.0M | −$33.3M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Tiptree
At Tiptree, our mission is to build long-term value by allocating capital to select small and middle market companies across industries. We have a significant track record investing in the insurance and credit-related financial sectors. With proprietary access and a flexible capital base, we seek to uncover compelling investment opportunities and support management teams in unlocking the full value potential of their businesses. This investment philosophy, executed by our experienced leadership, is our hallmark and has delivered consistent risk-adjusted returns to our stockholders since 2007.
In its own words, from its 10-K, filed Mar 9, 2026.
Tiptree against its Fire, Marine & Casualty Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +3%. Operating margin: -2.4% against the peers' median 15.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TIPT Tiptree | Q3 2025 | $540M | +9% | -2.4% |
| BRK-B Berkshire Hathaway | Q2 2026 | $101.8B | +10% | 15.5% |
| PGR Progressive | Q3 2026 | $23.2B | +3% | 14.0% |
| ALL Allstate | Q3 2026 | $17.3B | +0.5% | 15.1% |
| CB Chubb | Q3 2026 | $16.2B | +0.3% | 21.0% |
| TRV Travelers Companies | Q3 2026 | $12.4B | -0.5% | 19.1% |
| AIG American International Group | Q3 2026 | $7.4B | +17% | 15.0% |
| HIG Hartford Insurance Group | Q3 2026 | $7.2B | +4% | 21.9% |
| L Loews | Q3 2026 | $4.8B | +2% | 8.5% |
Source: Tiptree 10-Q on SEC EDGAR · CIK 1393726 · Fire, Marine & Casualty Insurance
13F: who owns TIPT and who is buying
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History
Every quarter: Q3 2025 results · Q2 2025 results · Q1 2025 results