Neptune Insurance Holdings Inc., the parent company of Neptune Flood Incorporated, has reported total revenues of $43.8 million for the fourth quarter of 2025, a 39% increase compared to $31.5 million in the same period a year earlier.
In Q4’25, written premium amounted to $100.3 million, a 41% increase compared to Q4’24.
Net income for the quarter decreased 63% to $4.3 million from $11.6 million, at a 10% margin, including $4.6 million of IPO-related expenses. Meanwhile, the company’s adjusted net income increased 25% to $15.3 million from $12.3 million.
Adjusted EBITDA grew 34% to $25.9 million from $19.3 million, at a 59% margin.
Total operating expenses stood at $30.4 million, representing a 132.1% increase from $11.6 million.
For full year 2025, total revenues were $159.6 million, up 34% from $119.3 million in 2024.
Written premium for the year increased 34% to $367.3 million.
Neptune’s net income rose 8% to $37.4 million from $34.6 million, at a 23% margin, including $13.1 million of IPO-related expenses. Adjusted net income grew 38% to $56.9 million from $41.4 million.
Adjusted EBITDA increased 32% to $95 million from $72.1 million, at a 60% margin.
Total operating expenses increased 74.2% to $88.6 million from $50.9 million.
In October 2025, Neptune announced the pricing of its IPO for the sale of 18,421,053 shares of its Class A common stock at $20 per share.
