The strong beat and raised guidance confirm accelerating growth momentum in the flood insurance MGA model. The CFO transition is orderly (non-disagreement, internal board appointment) but adds execution risk during the 10-K filing period. Watch the Q4 2026 earnings call for progress against the raised $204M target and any updates on the $100M buyback program announced in April 2026.
Price Chart
Executive Summary
Neptune Insurance Holdings reported a record Q3 2026 with revenue of $59.6M (+34% YoY) and net income of $17.3M (+50% YoY), both beating consensus. The company raised full-year 2026 revenue guidance to $204M and set initial 2027 guidance of $238M at 61%+ Adjusted EBITDA margins. Concurrently, CFO Jim Steiner resigned (effective after the 2026 10-K filing) and will be replaced by board member Cristian Melej, a non-disagreement departure that adds modest uncertainty to an otherwise strong operational quarter.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $59.6M (+34.3% YoY) beat consensus of $53.0M
- GAAP diluted EPS of $0.12 vs consensus $0.15; Adjusted diluted EPS of $0.17 beat consensus of $0.15 by 13.3%
- Net income of $17.3M (+49.9% YoY) — a record
- Adjusted EBITDA of $36.8M (+37.5% YoY) at a 61.7% margin
- Raised full-year 2026 revenue guidance to $204M at >61% Adjusted EBITDA margin
- Initial 2027 guidance: $238M revenue at 61% Adjusted EBITDA margin
- Debt reduced by $25M in Q3 to $215M; net leverage at 1.7x
- Operating cash flow of $69.3M YTD vs $38.9M in prior-year period
- CFO Jim Steiner resigned effective after 2026 10-K filing; no disagreement; will remain COO of subsidiary and board member
- Board member Cristian Melej appointed as new CFO; he resigned from all board committees
Financial Impact
Revenue beat consensus by ~$6.6M (12.5%); Adjusted diluted EPS beat consensus by $0.02 (13.3%); raised FY2026 guidance implies ~$204M revenue vs prior expectations
Risk Factors
- CFO transition creates temporary uncertainty; new CFO has no compensation terms finalized yet
- Below-average 2026 hurricane season cited as a residual headwind to new business
- Slow real estate market reducing selling opportunities
- Share-based compensation of $7.0M in Q3 ($32.0M LTM) is a significant GAAP expense
- Stockholders' deficit of $211.6M persists despite strong operations
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-066494 |
| Document: q32026-earningspresentat.htm | 0001628280-26-066494 |
| Document: np-20261020.htm | 0001628280-26-066494 |
| Document: 0001628280-26-066494-index-headers.html | 0001628280-26-066494 |
| Document: 0001628280-26-066494-index.html | 0001628280-26-066494 |
| Document: 0001628280-26-066494.txt | 0001628280-26-066494 |
| 8-K Data (Synthetic) | 0001628280-26-066494 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $28.39 | awaiting T+5 | — | $28.37 (−0.07%) |
Jul 31, 2026 12w ago | Insider Cluster | $31.63 $31.17 | ▲ +1.45% | ▲ +3.48% | $28.37 (+10.31%) |
Jul 29, 2026 12w ago | 144 | $31.66 $32.83 | ▼ −3.70% | ▼ −0.07% | $28.37 (+10.39%) |
May 19, 2026 22w ago | Insider Cluster | $27.78 $27.91 | ▼ −0.47% | ▲ +1.33% | $28.37 (−2.12%) |
May 14, 2026 23w ago | 424B4 | $28.00 $27.87 | ▲ +0.46% | ▲ +1.43% | $28.37 (−1.32%) |
May 14, 2026 23w ago | EFFECT | $27.46 $27.27 | ▲ +0.69% | ▼ −0.03% | $28.37 (−3.31%) |
May 11, 2026 24w ago | S-1 | $28.54 $27.22 | ▼ −4.63% | ▼ −4.70% | $28.37 (−0.60%) |
May 11, 2026 24w ago | DEFA14A | $28.54 $27.22 | ▼ −4.63% | ▼ −4.70% | $28.37 (−0.60%) |
Apr 22, 2026 26w ago | 8-K | $27.18 $25.91 | ▼ −4.67% | ▼ −6.15% | $28.37 (+4.38%) |
Apr 17, 2026 27w ago | DEFA14A | $27.66 $26.81 | ▼ −3.07% | ▼ −3.63% | $28.37 (+2.57%) |
US Market Status
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