First Take 2Q26 Earnings: Record Quarter in Key Metrics, But Against High Expectations

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First Take 2Q26 Earnings: Record Quarter in Key Metrics, But Against High Expectations

Update

July 21, 2026 09:17 PM GMT

Morgan Stanley & Co. LLCMNeptune Insurance Holdings, Inc. | North America Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Bob.Huang@morganstanley.comSiddhant Shah +1 212 761-6136

Research Associate

Sid.Shah@morganstanley.com +1 212 761-2603

Record Quarter in Key Metrics, Jie Cheng

Jie.Cheng1@morganstanley.com +1 212 761-3878

But Against High Expectations Daniel Lee, ACAS

Daniel.Lee4@morganstanley.com +1 212 761-0219

AlphaSignals Earnings Reaction

Neptune Insurance Holdings, Inc. (NP.N, NP UN)

Unchanged Modest upside Modest revision higher

Insurance - Property & Casualty | United States of

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS America

Source: Company data, Morgan Stanley Research Stock Rating Equal-weight

Industry View Attractive

Price target $29.00

Strongest quarter yet: The company posted record results across every key metric, Shr price, close (Jul 21, 2026) $30.34

from revenue to EPS. Ending the story there would overlook the momentum's Mkt cap, curr (mm) $4,422

52-Week Range $34.49-14.89

magnitude. Revenue rose 33%, supported by record new business sales and strong

renewals. adj. EBITDA and adj. income before taxes also impressed, with a solid adj.

EBITDA margin from operating leverage, improved efficiency, and other factors.

Looking ahead, the company is leveraging its technology for new product and

capability deployments. While we believe the future is bright for Neptune,

expectations already captured most of the stellar results, in our view. As the

company executes on its goals, we expect it to further improve its trajectory.

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