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Trupanion (TRUP) investor relations material
Trupanion Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 delivered record profitability and strong financial performance, with subscription-adjusted operating income and margin at all-time highs, driven by disciplined execution and investment in retention and pet acquisition.
Subscription revenue reached $252.7 million, continuing a multi-year upward trend, and total subscription pets enrolled increased to 1,082,412, reflecting ongoing expansion in North America and Europe.
Net pet adds in the subscription segment accelerated for the third consecutive quarter, up 45% year-over-year, with over 16,000 net new pets added.
Strategic focus on retention, margin stabilization, and aggressive investment positions the business for continued growth into 2026.
Subscription business remains the primary revenue driver, accounting for 69% of total revenue in Q3.
Financial highlights
Q3 2025 total revenue was $366.9 million, up 12% year-over-year; subscription revenue grew 15% to $252.7 million.
Net income for Q3 2025 was $5.9 million ($0.14 per basic share), up from $1.4 million ($0.03 per share) in Q3 2024.
Free cash flow for Q3 2025 was $23.96 million, up from $13.38 million a year ago; cash and short-term investments totaled $348.5 million at quarter end.
Adjusted EBITDA for Q3 2025 was $19.6 million, up from $14.5 million in Q3 2024.
Operating cash flow for Q3 2025 was $29.2 million; net cash provided by operating activities was $29.24 million.
Outlook and guidance
Full-year 2025 revenue guidance updated to $1.433–$1.439 billion; subscription revenue expected at $986–$989 million (15% growth at midpoint).
Adjusted operating income for 2025 guided to $148–$151 million, representing 31% year-over-year growth at midpoint.
Q4 2025 revenue expected at $371–$377 million; subscription revenue at $258–$261 million (14% growth at midpoint).
Management expects continued growth in subscription revenue, with a focus on disciplined pet acquisition spending and maintaining strong retention rates.
Guidance reflects stable margin expectations and continued investment in growth.
Future capital deployment post-debt refinance?
Role of new partnerships in pet growth acceleration?
2026 pricing strategy given vet inflation trends?
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Q4 202518 Feb, 2026
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Frequently asked questions
Trupanion, Inc. provides medical insurance for cats and dogs throughout the United States and Canada. Trupanion is an enrolled agent of American Pet Insurance Company, offering disease and accident coverage with no payout limits per incident, per year, or over the lifetime of the pet. It also offers an enrollment option for pre-existing conditions to individuals seeking coverage in certain states and a $0 deductible option for dogs and cats.
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