Trupanion reported its financial results for the fourth quarter (Q4) and full year (FY) ended December 31, 2025. In Q4 2025, total revenue reached USD 376.9 million, an increase of 12%. Subscription business revenue for the period was USD 261.4 million, up 15%. Net income for Q4 was USD 5.6 million, or USD 0.13 per basic and diluted share. Adjusted EBITDA stood at USD 21.8 million, and operating cash flow was USD 29.3 million, with free cash flow at USD 25.3 million. For the full year 2025, Trupanion recorded total revenue of USD 1.44 billion, up 12%. Subscription business revenue was USD 989.3 million, an increase of 16%. Net income for the year was USD 19.4 million, or USD 0.45 per basic and diluted share. Adjusted EBITDA was not specified for the full year. Net income included a realized gain of USD 7.8 million from the exchange of a preferred stock investment for intellectual property. As of December 31, 2025, total enrolled pets, including those from other business segments, stood at 1,647,565, a decrease of 2%. Subscription enrolled pets were 1,096,173, up 5%. Management highlighted achieving a 15% annual margin target and noted four consecutive quarters of higher retention and accelerating gross pet adds. The company reported delivering more than USD 500 million in discretionary profit since 2021, growing at a 22% compound annual growth rate, with over USD 150 million generated in 2025. Trupanion indicated a strategic focus on reinvesting record profits to drive business growth and retention.
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