Trupanion, Inc. Earnings Recaps
Q2 2026
Aug 7, 2026
Trupanion’s shares jumped 14.2% following results that demonstrated clear acceleration in pet acquisition and improving unit economics, boosting investor confidence in growth and profitability prospects.
Key takeaways
- Net subscription pets added in the quarter increased 39% year-over-year to approximately 18,800, driven by initiatives enhancing the enrollment experience and pet acquisition investments.
- Subscription adjusted operating income grew 24% year-over-year, supporting the company’s target of $180 million total adjusted operating income in 2026.
- Average monthly revenue per pet rose 9% year-over-year to $87.44, reflecting pricing discipline and product enhancements including expanded deductible and coinsurance options.
- Retention remained strong and improved marginally to 98.37% over the trailing 12 months.
- The lifetime value of new enrolled pets increased 25%, indicating better alignment of acquisition costs with long-term economics despite a slight decline in value proposition (cost of paying vet invoices) to 70.2%.
Q3 2025
Nov 8, 2025
Trupanion reported strong third-quarter 2025 results, marked by a 45% year-over-year increase in net pet additions and record subscription adjusted operating income of $39 million, reflecting successful retention strategies and robust revenue growth.
Key takeaways
- Subscription revenue increased 15% year-over-year to $252.7 million, contributing to a total revenue growth of 12% to $366.9 million.
- Net pet additions reached 16,000 in the quarter, marking the highest growth in seven quarters, with total subscription pets surpassing 1.08 million.
- Adjusted operating margin for subscription business expanded to a record 15.5%, driven by improved efficiencies in fixed and variable expenses.
- Average monthly retention improved slightly to 98.33%, underscoring strong member loyalty amidst a challenging veterinary care landscape.
- Trupanion continues to invest aggressively in brand visibility and customer support initiatives to strengthen its market position.