TRUP
Trupanion, Inc.36.40
-0.34-0.93%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Lower-price products and Landspath details
Q&A surfaced plans to broaden Trupanion's core offering with lower price points for some and launch a new branded product in the 36-month plan, targeting budget-pressed pet parents amid rising vet costs. Landspath details emerged as a vet-sold, portion-control food bundling with insurance, passing health benefits as savings to boost retention and LTV. Retention strengthened across cohorts, with first-year pets offering upside; IRR fell to 23% on ad aggression, yet LTV climbed 35% YoY. Guidance drivers: pricing eases, adds accelerate, expenses leverage. Management stayed bullish. IRR dipped, but bets pay off long-term.
Key Stats
Market Cap
1.57BP/E (TTM)
101.11Basic EPS (TTM)
0.36Dividend Yield
0%Recent Filings
10-K
FY2025 results
Trupanion drove FY2025 revenue to $1.44B, up 12% y/y, with subscription business surging 16% to $989M on 5% pet growth to 1.1M members and 11% higher monthly revenue per pet to $81. Q4 accelerated: subscription pets hit 1.1M (up q/q from 1.08M), revenue per pet climbed to $84 (from $82), PAC rose to $320 (from $290), yet retention ticked up to 98.34%. Subscription margins expanded to 69% veterinary payout (from 72%), fixed expenses held steady at 6% of revenue. Q4 delivered $7M operating income. Liquidity strong at $371M ($321M insurance). No dividends or buybacks; Pets Best run-off continues. Regulatory scrutiny on insurance subsidiaries risks quarterly capital flows.
8-K
Q4 revenue up 12%, profitable
Trupanion posted Q4 revenue of $376.9M, up 12% year-over-year, with subscription revenue jumping 15% to $261.4M on 5% pet growth to 1,096,173. Net income hit $5.6M versus $1.7M last year; full-year revenue rose 12% to $1.4B, flipping to $19.4M profit. Subscription retention ticked up to 98.34%. Adjusted EBITDA not fully reconciled in 8-K.
8-K
New $120M credit facility
Trupanion inked a $120M credit facility with PNC Bank on November 4, 2025—$100M term loan and $20M revolver maturing 2028 at SOFR plus 2.75%—borrowing $115M to retire its prior agreement. Q3 revenue hit $366.9M, up 12% YoY, with subscription revenue surging 15% to $252.7M and net income $5.9M. Cash flow strengthens balance sheet. Covenants bind flexibility.
10-Q
Q3 FY2025 results
Trupanion posted Q3 revenue of $366.9M, up 12% y/y, with subscription segment at $252.7M (15% y/y) fueled by 10% higher monthly average revenue per pet and more pet months. Operating income hit $5.9M versus $1.7M y/y, diluted EPS $0.13 (reconciles to 43.6M shares). Cash from operations YTD $60.2M; quarter-end cash plus short-term investments $348.5M, term debt $114.5M (9.15% rate, refinanced November with PNC $120M facility at SOFR+2.75%). Swapped Baystride stock for IP, booking $7.8M gain. Debt service eats cash flow.
8-K
Powell joins Trupanion board
Trupanion appointed Bradley S. Powell, ex-CFO of Expeditors International, to its board on October 29, 2025, tapping his accounting expertise and public company track record. Powell, 65, led Expeditors' finances for 17 years and guided Eden Bioscience's 2000 IPO. He serves as independent director until the 2026 annual meeting. Financial discipline bolsters scaling efforts.
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