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Sep 30, 2025
Trupanion Q3 2025 Earnings Report
Trupanion reported strong third quarter 2025 results with record quarterly profitability and accelerating subscription pet growth.
Key Takeaways
Trupanion, Inc. announced strong financial results for the third quarter ended September 30, 2025, with total revenue increasing by 12% and net income significantly rising compared to the same period last year. The company achieved record quarterly profitability and continued to accelerate subscription pet growth for the third consecutive quarter, supported by a new credit facility.
Total revenue for Q3 2025 reached $366.9 million, marking a 12% increase from Q3 2024.
Net income for the quarter was $5.9 million, or $0.14 per basic share, a substantial improvement from $1.4 million in Q3 2024.
Adjusted EBITDA grew to $19.6 million, up from $14.5 million in the third quarter of 2024.
Operating cash flow was $29.2 million and free cash flow was $23.9 million, demonstrating strong cash generation.
Revenue by Segment
Forward Guidance
Trupanion expects continued sustainable growth and expansion of access to care, supported by a strong financial foundation and disciplined operational model. The new credit facility provides additional flexibility for strategic investments.
Positive Outlook
- The new lower-cost credit facility enhances financial flexibility and long-term growth capacity.
- Disciplined model continues to generate meaningful cash flow, positioning for future investments.
- Commitment to expanding reach across North America and beyond, increasing access to high-quality medical care for pets.
- Focus on sustainable growth and expanding access to care.
- Strong financial foundation provides flexibility to invest where it matters most.
Challenges Ahead
- Ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods.
- Ability to keep growing membership base and revenue.
- Accuracy of assumptions used in determining appropriate member acquisition expenditures, and severity and frequency of claims.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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