Trupanion Inc

Latest Results (05.07.2026):

Trupanion, Inc. reported results for the first quarter of 2026 (Q1 2026). Total revenue rose to $384.0 million (up 12% year-over-year) and the company returned to GAAP profitability with net income of $4.9 million ($0.11 per share). Subscription momentum strengthened (subscription revenue +16% and subscription enrolled pets +5%), adjusted EBITDA improved to $17.4 million, and the company maintains a strong liquidity position with about $383.7 million in cash and short-term investments.

Revenue & top-line growth

Total revenue was $384.0 million in Q1 2026, a 12% increase versus Q1 2025. Subscription revenue was $269.5 million, up 16% year-over-year.

Profitability

GAAP net income was $4.9 million ($0.11 per basic and diluted share) versus a loss of $1.5 million in Q1 2025. Adjusted EBITDA was $17.4 million (vs. $12.2 million in Q1 2025).

Enrollment & operating metrics

Total enrolled pets were 1,637,665 at March 31, 2026 (down 2% YoY). Subscription enrolled pets were 1,105,783 (up 5% YoY). Monthly average revenue per pet was $85.79 (vs. $77.53 a year earlier); average pet acquisition cost (PAC) was $315 (vs. $267); average monthly retention ≈ 98.35%.

Margins & segment performance

Subscription cost of paying veterinary invoices was 70.8% of subscription revenue (improved from 71.8% a year ago). Subscription adjusted operating income margin was 14.2% (up from 12.9% in Q1 2025).

Cash flow & liquidity

Operating cash flow was $14.6 million and free cash flow was $13.7 million for Q1 2026 (slightly below the prior year). Cash and short-term investments totaled ~$383.7 million, with an additional $5.0 million available under the credit facility.

Balance sheet & leverage

At March 31, 2026 long-term debt totaled $99.3 million with a $10.0 million current portion (total debt ≈ $109.3 million). Stockholders’ equity was $394.8 million.

Management commentary & outlook items

Management emphasized disciplined investment to expand offerings and competitive positioning, citing strong compounding growth in discretionary profit and continued focus on product and technology investments. A conference call/webcast was scheduled on April 30, 2026 to discuss results.