Neptune Insurance Holdings Inc. (NP) Earnings
Neptune Insurance Holdings Inc. is expected to report next earnings on July 22, 2026 (in NaN days), with a consensus EPS estimate of $0.14. NP has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +18.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.09 | $0.09 | -0.9% | $38M | +1.9% |
| Feb 18, 2026 | $0.10 | $0.11 | +11.5% | $44M | +11.0% |
| Nov 12, 2025 | $0.11 | $0.11 | -0.7% | $44M | +4.3% |
| May 4, 2022 | $0.38 | $0.63 | +65.8% | $285M | +18.1% |
| Feb 16, 2022 | $0.54 | $0.45 | -16.7% | $264M | +6.2% |
| Nov 2, 2021 | $0.43 | $0.38 | -11.6% | $268M | +4.8% |
| Aug 4, 2021 | $0.64 | $0.65 | +1.6% | $269M | +0.0% |
| May 5, 2021 | $0.75 | $1.04 | +38.7% | $227M | +7.2% |
| Feb 17, 2021 | $0.50 | $0.87 | +74.0% | $207M | +3.6% |
| Nov 3, 2020 | $0.26 | $0.55 | +111.5% | $191M | +3.8% |
| May 8, 2020 | $0.90 | $1.12 | +24.4% | $234M | +24.4% |
| Feb 18, 2020 | $0.80 | $0.87 | +8.7% | $214M | +8.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Trevor emphasized the power of AI at Neptune, starting with hiring engineers in 2018 with a focus on technology over humans. Atlas Plus, an agentic assistant, was launched in beta, with strong early feedback. The company's proprietary data is a key advantage, processing tens of millions of quotes and over a million policies. • Matt discussed technology advancements: Atlas+ as an AI layer in the platform, Neptune application in ChatGPT for property owners, and Proteus, an AI software developer helping engineers focus on critical work. Also, program renewals increased a program's size and added new reinsurers, and distribution growth with over 45,000 agents signing up for direct access. • Jim highlighted the strong first quarter execution with revenue growth, high retention, sustained profitability. Adjusted EBITDA margin in Q1 was 57.1% but full-year margins are expected in 60%-61% range. The model is asset-light, tracking employee metrics as key indicators. The balance sheet was strengthened with a revolving credit facility, and capital allocation focuses on the platform, share buybacks, and RSU-related stock retirement.
Guidance
• For full year 2026, revenue is expected to be $195 million and adjusted EBITDA margin between 60-61%. • The first quarter's strong performance increased confidence in the outlook, and the revenue guidance increase is based on current trends. The margin guidance remains in the 60-61% range, with the first quarter's lower margin due to seasonality and audit costs being a timing dynamic.
Segment performance
In the first quarter of 2026, Neptune had revenue of $37.8 million, a 29% year-over-year increase. Net income was $7.3 million with adjusted net income of $13.4 million. Adjusted EBITDA was $21.6 million, a 26% growth. Written premium was $86.7 million, driving 32% year-over-year premium growth. Premium in force reached approximately $389 million at quarter end. On a trailing 12-month basis, revenue per employee was 2.8 million and adjusted EBITDA per employee was 1.7 million, both record levels. Neptune operates as an asset-light MGA with no balance sheet risk.
Risks & headwinds
• Risks related to forward-looking statements and their potential divergence from actual results due to uncertainties. • Uncertainties around government policy and weather-related activity, such as the impact of storm seasons on business performance. • Competition in the flood insurance market, with potential new startups facing challenges during major storms. • The slow real estate market, which can impact new business sales in the flood insurance sector.
Analyst Q&A
Q: Rob Cox asked about Atlas, its current impact and near-term expectations.
A: Atlas Plus is a chat interface helping agents with various tasks, with live impact and exciting upcoming upgrades.
Q: Rob Cox followed up on guidance, revenue increase reason and margin timing.
A: Revenue increase is due to current trends, margin first quarter lower due to seasonality and audit costs but full-year expected in 60-61%.
Q: Josh Shankar asked about Milton Helene comparisons and Neptune's role in other markets.
A: Milton Helene comparisons not impacting future, Neptune running beta test on earthquakes.
Q: Gregory Peters asked about competition and real estate market impact.
A: Neptune sees competition not impacting business, real estate market uptick would be a tailwind.
Q: David Motemaden asked about policy retention, FEMA Advisory Council.
A: Policy retention stable, no new info on FEMA Advisory Council but prepared for capacity changes.
Q: Tommy McJoy asked about loss ratio, ChatGPT product.
A: Loss ratio to be announced end of second quarter, ChatGPT product has no counterparty compensation owed.
Q: Andrew Kligerman asked about FEMA, ChatGPT distribution.
A: No new FEMA info, ChatGPT direct binding not possible currently.
Q: Pablo Simpson asked about new business growth trend, impact of agents pivoting.
A: New business growth strong, agents pivoting to sell more helps Neptune as flood is ancillary product.
Q: Yaron Kumar asked about hurricane season impact on guidance, capital deployment.
A: Guidance not assuming extremely active season, capital deployment includes share buybacks and RSU tax settlement.
Q: Cave Montazeri asked about debt framework, in-house vs third-party technology.
A: Target debt to EBITDA below 2.5 times, core functionality built in-house, ancillary software may be purchased externally.