TRUPANION (TRUP) Company Report

Free cash flow for the three months ended September 30, 2025, was $23,963 thousand.
The total number of subscription pets enrolled reached 1,082,412 at the end of Q3 2025.
The estimated internal rate of return (IRR) for Q3 2025 was 28%, with a quarterly average pet acquisition cost of $(290).
For Q4 2025, Trupanion projects revenue between $371 million and $377 million and adjusted operating income between $41 million and $44 million.
For Full Year 2025, the company forecasts revenue between $1.433 billion and $1.439 billion and adjusted operating income between $148 million and $151 million.

Nov 6, 2025, 9:30 PM

Trupanion Reports Strong Q3 2025 Results, Raises Full-Year Guidance, and Refinances Debt

TRUP

Earnings

Guidance Update

Debt Issuance

Trupanion reported strong Q3 2025 financial results, with total revenue of $366.9 million, up 12% year over year, and record subscription-adjusted operating income of $39.1 million, a 27% increase year over year.
The company achieved significant operational growth, adding over 16,000 net new pets in its subscription segment, a 45% increase year over year, and improving average monthly retention to 98.33%.
Trupanion updated its full-year 2025 guidance, raising the low end for total adjusted operating income to a range of $148 million - $151 million and narrowing total revenue guidance to $1.433 billion - $1.439 billion.
Subsequent to the quarter, the company refinanced its term loan with a new $120 million credit facility with PNC Bank, projected to save approximately $8-$9 million annually in interest.
A new partnership with BMO Insurance was announced, aiming to broaden access to Trupanion's core product in Canada.

Nov 6, 2025, 9:30 PM

Trupanion Reports Strong Q3 2025 Results and Secures New Credit Facility

TRUP

Earnings

Debt Issuance

Revenue Acceleration/Inflection

Trupanion reported total revenue of $366.9 million for the third quarter ended September 30, 2025, marking a 12% increase over the prior year, with net income of $5.9 million ($0.14 per basic share) and Adjusted EBITDA of $19.6 million.
For the first nine months of 2025, total revenue grew 12% to $1,062.5 million, and the company achieved net income of $13.8 million ($0.32 per basic share), a significant improvement from a net loss in the first nine months of 2024.
Subscription enrolled pets increased by 5% to 1,082,412 at September 30, 2025.
The company also secured a new three-year $120 million credit facility with PNC Bank, which features a lower interest rate and enhances financial flexibility.

Nov 6, 2025, 9:05 PM

Trupanion Reports Strong Q3 2025 Results and Secures New Credit Facility

TRUP

Earnings

Debt Issuance

Revenue Acceleration/Inflection

Trupanion reported strong financial results for Q3 2025, with total revenue of $366.9 million, a 12% increase compared to the third quarter of 2024, and net income of $5.9 million, or $0.13 per diluted share.
The company's Adjusted EBITDA reached $19.6 million in Q3 2025, and it generated $29.2 million in operating cash flow and $23.9 million in free cash flow.
On November 4, 2025, Trupanion secured a new three-year $120 million credit facility with PNC Bank, comprising a $100.0 million term loan and a $20.0 million revolving facility, which was used to repay the prior credit agreement and offers a lower interest rate.
Subscription enrolled pets increased by 5% to 1,082,412 at September 30, 2025.

Nov 6, 2025, 9:02 PM

Trupanion Highlights Strategic Growth and Raised 2025 Guidance

TRUP

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Trupanion has achieved 62 straight quarters of revenue growth and has raised its 2025 guidance for total revenue to 10.9% year-over-year, subscription revenue to $15,300,000, and adjusted operating income to 27.5%. The company also reported $61,000,000 of positive free cash flow in the last four quarters.
The company has significantly improved profitability, with profit per pet expected to reach nearly $12 from a low of $6, while maintaining a 71% loss ratio. Subscription adjusted operating income (AOI) experienced 54% year-over-year growth in 2024 and is projected to be around 30% in 2025.
Trupanion is increasing its acquisition spend in 2025 and 2026, with Q3 pet count expected to accelerate due to more growth from new pet ads. The company operates in a vast, underpenetrated market with only 4% penetration in the US, and has outlined a new strategic plan focusing on product, channels, and geography.
The company is overcapitalized and has deployed $38,000,000 from its insurance entity in the last two years to fuel growth, including through dividends.

Sep 17, 2025, 4:00 PM

Earnings Transcripts

Quarterly earnings call transcripts for TRUPANION.

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