Trupanion Inc

TRUP

Equity

ISIN null / Valor 24738737

NASDAQ (2026-04-17)

USD 28.20+1.62%

Trupanion Inc
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About company

Trupanion Inc, established in 2000, specializes in providing medical insurance plans for cats and dogs through a direct-to-consumer, subscription-based model. Operating in the United States, Canada, and Puerto Rico, the company offers comprehensive coverage that helps pet owners manage veterinary expenses by reimbursing eligible medical costs. Trupanion utilizes technology and data analytics to enhance the insurance process, aiming to deliver efficient and reliable services within the pet insurance market. By focusing on customer-centric solutions, Trupanion serves as a key player in ensuring pets receive necessary medical care without the financial burden on their owners.

Summarized from source with an LLMView SourceSector: Healthcare

Revenue

Total revenue for Q4 2025 was $376.9 million, up 12% year-over-year. Subscription revenue in Q4 was $261.4 million, up 15% y/y. For the full year 2025, total revenue was $1,439.3 million (+12%) and subscription revenue was $989.3 million (+16%).

Profitability & non-GAAP results

Q4 net income was $5.6 million ($0.13 per basic and diluted share) versus $1.7 million in Q4 2024. Adjusted EBITDA for Q4 was $21.8 million (vs. $19.4M a year ago). For FY2025, net income was $19.4 million ($0.45/share) versus a $9.6 million loss in 2024, and adjusted EBITDA was $70.1 million (vs. $46.1M in 2024).

Cash flow & liquidity

Q4 operating cash flow was $29.3 million and free cash flow was $25.3 million (Q4 2024: $23.7M and $21.8M). Full-year operating cash flow was $89.5 million and free cash flow $75.4 million. At December 31, 2025, the company held $370.7 million in cash and short-term investments (including $50.0M outside the insurance entities) and had $5.0M available under its credit facility.

Enrollment, retention & unit economics

Total enrolled pets at December 31, 2025 were 1,647,565 (down 2% y/y). Subscription enrolled pets grew to 1,096,173 (up 5% y/y). Q4 operating metrics: monthly average revenue per pet $83.56, average pet acquisition cost (PAC) $320, and average monthly retention 98.34%.

Margins & segment operating performance

Q4 subscription adjusted operating income was $43.1M, representing a 16.5% margin on subscription revenue (up from 15.3% a year earlier). Total business adjusted operating income for Q4 was $45.0M (11.9% margin).

Management commentary / strategic context

Management highlighted delivery of over $500M in discretionary profit since 2021 and achieving a 15% annual margin target in 2025 while reinvesting record profits to drive higher retention and accelerating gross pet adds, positioning the company for its next strategic plan.

Summarized from source with an LLMView Source

Key figures

-18.8%1Y

-21.7%3Y

-65.3%5Y

Performance

46.7%1Y

70.7%3Y

72.7%5Y

Volatility