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Dec 31, 2025
Trupanion Q4 2025 Earnings Report
Trupanion reported its fourth quarter and full year 2025 financial results, showing growth in total revenue and subscription business revenue, alongside an increase in net income and adjusted EBITDA.
Key Takeaways
Trupanion delivered a strong performance in Q4 2025, with total revenue increasing by 12% and subscription business revenue growing by 15% compared to Q4 2024. The company achieved its 15% annual margin target and reported significant increases in net income and adjusted EBITDA, driven by higher retention and accelerating gross pet adds.
Total revenue for Q4 2025 reached $376.9 million, marking a 12% increase from the same period in 2024.
Subscription business revenue grew by 15% to $261.4 million in Q4 2025.
Net income for Q4 2025 was $5.6 million, or $0.13 per basic and diluted share, a substantial increase from $1.7 million in Q4 2024.
Adjusted EBITDA for Q4 2025 was $21.8 million, up from $19.4 million in Q4 2024.
Revenue by Segment
Forward Guidance
Trupanion is confident in its ability to advance into its next strategic plan, building on its strong performance in 2025, which included achieving its annual margin target and accelerating gross pet adds.
Positive Outlook
- Delivered over $500 million in discretionary profit since 2021, growing at a 22% CAGR.
- Achieved 15% annual margin target in 2025.
- Increased subscription revenue and reinvested record profits.
- Drove four straight quarters of higher retention.
- Accelerated gross pet adds.
Challenges Ahead
- The company did not provide specific negative forward guidance in the report.
- The company did not provide specific negative forward guidance in the report.
- The company did not provide specific negative forward guidance in the report.
- The company did not provide specific negative forward guidance in the report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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