TRUPANION, INC. (TRUP) FY2025 10-K Annual Report
TRUPANION, INC. (TRUP) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
TRUPANION, INC. FY2025 10-K Analysis
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
TRUPANION, INC. FY2025 Key Financial MetricsXBRL
Revenue
$1.4B
▲ +11.9% YoY
Net Income
$19M
▲ +301.7% YoY
Operating Margin
1.0%
▲ +170bp YoY
Net Margin
1.4%
▲ +210bp YoY
ROE
5.1%
▲ +804bp YoY
Total Assets
$915M
▲ +13.4% YoY
EPS (Diluted)
$0.45
▲ +295.7% YoY
Operating Cash Flow
$89M
▲ +85.3% YoY
Source: XBRL data from TRUPANION, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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