Neptune Insurance (NP) financial statements
Neptune Insurance reported revenue of $160M in fiscal 2025, up 37.1% a year over 2 years.
Net income was $37M and the operating margin 44.5%, against 53.5% in 2023.
Free cash flow was $48M.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Neptune Insurance's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $85M | $119M | $160M |
| Selling, general and admin | $7M | $8M | $10M |
| Operating income | $45M | $68M | $71M |
| Interest expense | $21M | $18M | $18M |
| Pre-tax income | $24M | $46M | $54M |
| Income tax | $6M | $12M | $16M |
| Net income | $18M | $35M | $37M |
| EPS (diluted) | $0.10 | $0.16 | -$0.26 |
| Diluted shares | 94M | 93M | 105M |
| Operating margin | 53.5% | 57.4% | 44.5% |
| Net margin | 21.1% | 29.0% | 23.4% |
Balance sheet
Fiscal years, from Neptune Insurance's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $24M | $7M | $8M |
| Receivables | — | $4M | $5M |
| Total current assets | — | $35M | $52M |
| Goodwill | — | $4M | $4M |
| Total assets | — | $48M | $65M |
| Total current liabilities | — | $49M | $53M |
| Long-term debt | — | $125M | $0 |
| Total liabilities | — | $174M | $293M |
| Shareholders' equity | -$388M | -$366M | -$227M |
| Net debt | -$24M | $127M | -$8M |
Cash flow
Fiscal years, from Neptune Insurance's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $19M | $50M | $52M |
| Capital spending | $4M | $4M | $4M |
| Free cash flow | $15M | $46M | $48M |
| Stock-based compensation | $41,000 | $296,000 | $11M |
| Free cash flow margin | 17.2% | 38.7% | 29.9% |
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Open NP in InvestinglyQuestions
What was Neptune Insurance's revenue in 2025?
$160M in fiscal 2025, from its 10-K filing.
How much free cash flow does Neptune Insurance generate?
$48M in fiscal 2025 (operating cash flow minus capital spending).
From Neptune Insurance's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.