Short answer
TRUPANION, INC. (TRUP) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $1.4B (+11.9% year over year) and net income of $19M.
- Top risk flagged: Regulatory risk: potential disallowance or delay of subscription price increases by state insurance regulators impacting revenue
FY2025 key financial metrics · XBRL
- Revenue
- $1.4B
- +11.9% YoY
- Net income
- $19M
- +301.7% YoY
- Operating margin
- 1.0%
- +1.7 pp YoY
- EPS (diluted)
- $0.45
- +295.7% YoY
- ROE
- 5.1%
- +8.0 pp YoY
- Operating cash flow
- $89M
- +85.3% YoY
Source: XBRL data from the TRUPANION, INC. (TRUP) FY2025 10-K on SEC EDGAR. USD.
TRUPANION, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: vertically-integrated medical insurance for cats and dogs with data-driven, subscription-based pricing personalized to each pet
- New emphasis on "Powered by Trupanion" third-party marketed products and expansion of low/medium revenue products Furkin and PHI Direct in Canada
- Strategic focus on increasing veterinary hospital leads, member referrals, conversion rates, and automating veterinary invoice payments using AI to reduce costs
- Employee count 1,121 as of Dec 31, 2025, with 159 field Territory Partners; revenue growth CAGR 28% from $19.1M in 2010 to $989.3M in 2025
- Patent portfolio expanded with 13 issued and 23 pending patents covering veterinary software, claims automation, pet tracking, and pet food technology
Management Discussion & Analysis
- Revenue $1.0B subscription segment, with monthly average revenue per pet $80.79 in 2025 vs $72.98 in 2024
- Subscription cost of paying veterinary invoices 70.5% of subscription revenue in 2025 vs 72.5% in 2024
- Subscription pets enrolled 1,096,173 in 2025, up 5.2% YoY from 1,041,212 in 2024; other segment pets declined
- New pet acquisition cost $77.9M (7.9% subscription revenue) in 2025 vs $64.4M (7.5%) in 2024; fixed expenses 5.8% of revenue
- Management targets pet acquisition return on investment; expects continued decline in other segment from Pets Best relationship
Risk Factors
- Regulatory risk: potential disallowance or delay of subscription price increases by state insurance regulators impacting revenue
- Macroeconomic threat: inflation and rising interest rates potentially reducing consumer ability or willingness to pay for subscriptions
- Operational vulnerability: reliance on independent Territory Partners critical for lead generation, with risk of termination or misclassification causing legal and financial exposures
- Competitive risk: established insurers and new large entrants increasing pet acquisition costs and challenging market share
- Financial risk: accumulated deficit $206.5M as of Dec 31, 2025, with uncertainty in recovering $85.4M spent on new pet acquisition in 2025
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