Trupanion Q4 revenue rises 12% to $376.9 million; net income $5.6 million
Trupanion reported fourth-quarter and full-year 2025 results on February 12, 2026. Fourth-quarter total revenue rose 12% to $376.9 million, and net income was $5.6 million, or $0.13 per diluted share, compared with $1.7 million, or $0.04, a year earlier. Full-year 2025 net income was $19.4 million, or $0.45 per share, versus a net loss of $9.6 million in 2024, though that result includes a $7.8 million realized gain from exchanging a preferred stock investment for intellectual property.
Key points
- Q4 2025 adjusted EBITDA was $21.8 million, compared with $19.4 million in Q4 2024.
- Full-year 2025 total revenue was $1,439.3 million, up 12%; subscription revenue was $989.3 million, up 16%.
- Total enrolled pets fell 2% to 1,647,565 at December 31, 2025, while subscription enrolled pets rose 5% to 1,096,173.
- Q4 2025 operating cash flow was $29.3 million and free cash flow was $25.3 million; the company held $370.7 million in cash and short-term investments at year-end.
The filing
Written by AI on Nov 8, 2026, 6:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 12, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.