Trupanion (TRUP) FY2025 results: revenue $1.4 billion, up 11.9% on the year
Trupanion, Inc. (TRUP) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 11.9% on the year before. Net income was $19 million, and diluted earnings per share $0.45. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.
Revenue
$1.4 billion
+11.9% on the year
FY2018FY2025
Operating margin
1.0%
-0.7% a year earlier
FY2018FY2025
Net income
$19 million
FY2018FY2025
Diluted EPS
$0.45
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Quarterly revenue grew 12%: Total revenue was $376.9 million, up from $337.3 million a year earlier. Subscription revenue was $261.4 million, up 15% over the same period.
Full-year net income replaced 2024 loss: Net income for 2025 was $19.4 million, or $0.45 per diluted share, against a 2024 net loss of $9.6 million. The year included a $7.8 million realized gain from a preferred stock exchange.
Full-year adjusted EBITDA rose: Adjusted EBITDA was $70.1 million for 2025, against $46.1 million in 2024. Fourth-quarter adjusted EBITDA was $21.8 million, compared with $19.4 million a year earlier.
Total adjusted margin rose to 10.6%: Total business adjusted operating income was 10.6% of revenue for 2025, against 8.9% in 2024. The fourth-quarter figure was 11.9%, against 10.6% a year earlier.
Subscription pets up 5%: Subscription enrolled pets reached 1,096,173 at December 31, 2025. That is 13,761 more than at September 30, 2025, and the count rose in each quarter of 2025.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
89.5
48.3
18.6
+85.3%
Capital expenditure
14.1
9.7
18.3
+45.4%
Free cash flow
75.4
38.6
0.4
+95.4%
Free cash flow margin
5.2%
3.0%
0.0%
Cash from investing
-95.9
-13.5
7.6
Cash from financing
-22.9
-4.0
59.1
Depreciation and amortisation
15.8
16.5
12.5
-3.8%
Share-based compensation
38.3
33.4
33.2
+14.6%
Buybacks
n/a
0.0
0.0
Diluted shares, weighted
44m
42m
41m
+3.3%
Shares outstanding at period end
43m
42m
42m
+2.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
384
323
304
+18.8%
Debt
112
129
129
-13.3%
Operating lease liabilities
13.4
0.4
n/a
+3,600.8%
Other liabilities
406
354
350
+14.6%
Total liabilities and equity
915
807
783
+13.4%
Fixed assets
105
102
104
+2.6%
Goodwill
39.4
37.0
43.7
+6.5%
Intangible assets
24.1
13.2
18.7
+82.9%
Investments
234
147
143
+58.5%
Cash and equivalents
138
160
148
-13.9%
Other assets
375
347
327
+8.1%
Total assets
915
807
783
+13.4%
10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.