Operating cash flow reached $35.6M in 2026Q2, exceeding net income by $28.8M, with investment purchases surging to $120.0M, indicating growing float deployment and strong cash conversion.
Trupanion, Inc. (TRUP) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 108.67M | 89.49M | 48.29M | 18.64M | -8M | 7.46M | 21.54M | 16.16M | 12.68M | 9.67M | 5.01M | -10.43M | -10.8M | -1.02M | -1.54M |
| Operating CF Growth % | 242.83% | 85.33% | 159.08% | 332.98% | -207.27% | -65.38% | 33.34% | 27.42% | 31.18% | 93.09% | 148.02% | 3.48% | -955.82% | 33.7% | - |
| Operating CF / Revenue % | 7.15% | 6.22% | 3.76% | 1.68% | -0.88% | 1.07% | 4.29% | 4.21% | 4.17% | 3.98% | 2.66% | -7.09% | -9.32% | -1.22% | -2.78% |
| Net Income | 23.21M | 19.43M | -9.63M | -44.69M | -44.67M | -35.53M | -5.84M | -1.81M | -927K | -1.5M | -6.9M | -17.2M | -21.18M | -8.18M | -6.41M |
| Depreciation & Amortization | 19.17M | 15.84M | 16.47M | 12.47M | 10.92M | 11.96M | 7.07M | 5.63M | 4.51M | 4.23M | 3.85M | 2.54M | 1.67M | 892K | 349K |
| Stock-Based Compensation | 46.99M | 38.31M | 33.43M | 33.16M | 33.39M | 28.23M | 8.91M | 6.85M | 4.78M | 3.42M | 2.95M | 3M | 4.08M | 1.94M | 1.43M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.04M | 0 | 0 | -1.57M | 655K | 200K |
| Other Non-Cash Items | 24.34M | -4.56M | 3.55M | 1.35M | 1.05M | -1.93M | 153K | 105K | -240K | -383K | 104K | -68K | 5.09M | 36K | 69K |
| Working Capital Changes | -9.92M | 20.46M | 4.47M | 16.35M | -8.69M | 4.72M | 11.25M | 5.38M | 4.56M | 4.94M | 5.01M | 1.3M | 1.1M | 3.63M | 2.81M |
| Cash from Investing | -66.76M | -95.89M | -13.46M | 7.64M | -67.52M | -51.91M | -76.75M | -28.01M | -81.45M | -13.06M | -6.51M | -9.92M | -11.93M | -6M | -4.54M |
| Capital Expenditures | -12.74M | -14.13M | -9.72M | -18.28M | -17.09M | -12.36M | -7.45M | -5.37M | -59.9M | -3.13M | -1.94M | -4.89M | -5.63M | -1.47M | -2.06M |
| Acquisitions | 0 | 0 | 0 | 0 | -15.03M | 0 | -48.13M | 0 | 2.96M | 1.4M | 0 | -300K | 0 | 0 | -249K |
| Purchase of Investments | -281.89M | -256.03M | -133.49M | -165.94M | -273.01M | -95.67M | -65.29M | -69.51M | -55.86M | -31.92M | -31.62M | -24.8M | -34.89M | -26.06M | -10.38M |
| Sale/Maturity of Investments | 227.46M | 172.61M | 127.65M | 190.27M | 239.21M | 57.87M | 44.07M | 49.76M | 35.41M | 23.37M | 27.25M | 20.18M | 28.6M | 20.77M | 8.91M |
| Other Investing | 413K | 1.66M | 2.1M | 1.58M | -1.6M | -1.75M | 57K | -2.89M | -4.07M | -2.78M | -198K | -109K | -6.29M | 770K | -770K |
| Cash from Financing | -14.56M | -22.86M | -3.96M | 59.13M | 60.74M | -1.13M | 170.85M | 14.04M | 71.23M | 5.08M | 7.67M | -14.21M | 60.86M | 17.55M | 2.27M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -496K | 0 | 0 | 0 | -5.75M | -4.73M | -1.11M | -1.67M | 0 | 0 | 0 | 0 | 0 | 0 | -5.05M |
| Stock Issued | 1.29M | 1.69M | 752K | 2.65M | 2.29M | 3.61M | 198.28M | 2.98M | 69.27M | 2.54M | 3.75M | 1.33M | 72.97M | 607K | 7.38M |
| Debt Issuance (Net) | -3.19M | -1000K | -1000K | 1000K | 1000K | 0 | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 0 |
| Other Financing | -3.15M | -4.33M | -3.36M | -1.91M | -4.36M | 0 | -78K | -438K | -1.47M | -1.17M | -662K | -643K | 3M | -3M | -52K |
| Net Change in Cash | 25.94M | -22.27M | 29.07M | 85.83M | -16.23M | -45.33M | 115.63M | 2.62M | 1.65M | 2.07M | 6.28M | -35.14M | 38.16M | 10.71M | -3.85M |
| Exchange Rate Effect | -1.4M | 6.99M | -1.81M | 424K | -1.46M | 252K | -16K | 423K | -812K | 378K | 111K | -586K | 23K | 174K | -40K |
| Cash at Beginning | 171.46M | 160.29M | 170.46M | 84.64M | 100.87M | 146.2M | 30.57M | 27.95M | 26.31M | 24.24M | 17.96M | 53.1M | 14.94M | 4.23M | 8.09M |
| Cash at End | 178.3M | 138.02M | 199.53M | 170.46M | 84.64M | 100.87M | 146.2M | 30.57M | 27.95M | 26.31M | 24.24M | 17.96M | 53.1M | 14.94M | 4.23M |
| Free Cash Flow | 95.93M | 75.36M | 38.57M | 358K | -25.09M | -4.9M | 14.09M | 10.78M | -47.22M | 6.54M | 3.06M | -15.32M | -16.43M | -2.5M | -3.6M |
| FCF Growth % | 56.46% | 95.38% | 10674.02% | 101.43% | -412.31% | -134.75% | 30.68% | 122.84% | -822.49% | 113.21% | 120.01% | 6.78% | -558.41% | 30.63% | - |
| FCF Margin % | 6.31% | 5.24% | 3% | 0.03% | -2.77% | -0.7% | 2.81% | 2.81% | -15.53% | 2.69% | 1.63% | -10.42% | -14.18% | -2.98% | -6.48% |
| FCF per Share | 2.19 | 1.73 | 0.91 | 0.01 | -0.62 | -0.12 | 0.39 | 0.31 | -1.48 | 0.22 | 0.11 | -0.55 | -0.59 | -1.9 | -2.35 |
Quick answers to the most common questions about buying TRUP stock.
Trupanion, Inc. (TRUP) generated $89.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Trupanion, Inc. (TRUP) generated $75.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Trupanion, Inc. (TRUP) spent $14.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Underwriting margin volatility
Metrics are mathematically derived from official filings.
Float Generation Strengthens
Trupanion's underwriting cash flow improved markedly, with OCF reaching $35.6M in 2026Q2 versus $15.0M a year earlier, as reported in quarterly filings, indicating stronger premium collection relative to claims paid.
The OCF/NI ratio of 5.21 in 2026Q2 underscores that cash generation is far outpacing net income, a sign of conservative reserving or timing benefits. This suggests the company is building float, which could support future investment income or cushion underwriting volatility.
Claims Payments Outpace Incurred
Claims paid rose to $327.8M in 2026Q2 from $274.5M in 2024Q2, a 19% increase, as per financial statements, suggesting claims inflation or accelerated payment patterns that may pressure future margins.
The steady climb in claims cash outflows, even as premium growth decelerates, implies that loss ratios could be understated if reserves are being released. Investors should monitor whether paid-to-incurred ratios signal emerging deterioration in pet healthcare costs.
Investment Activity Ramps Up
Investment purchases surged to $120.0M in 2026Q2, up from $62.1M in 2024Q2, while sales/maturities reached $100.2M, as reported, indicating a more active portfolio strategy to deploy growing float.
The net investment outflow of $19.8M in 2026Q2 suggests Trupanion is extending duration or seeking higher yields, which may enhance investment income over time. However, the volatility in purchase/sale volumes across quarters points to opportunistic rebalancing rather than a steady strategy.
Cash Earnings Outpace Net Income
OCF exceeded net income in every quarter, with the gap widening to $28.8M in 2026Q2, as per SEC filings, suggesting that reported earnings understate cash-generating capacity, possibly due to non-cash reserve accruals.
The consistently high OCF/NI ratios, even in loss-making quarters like 2025Q1, indicate that net income is being depressed by non-cash items, likely reserve strengthening. This divergence may signal that underwriting profitability is better than GAAP earnings suggest, but it also raises questions about reserve adequacy.
Cash Strength May Mask Reserve Risk
Despite robust OCF, claims paid have grown faster than premiums, and reserve releases may be flattering earnings, as reported in financial statements, warranting scrutiny of loss reserve adequacy.
The cash flow statement does not reveal the composition of reserve releases, but the rising claims payments and decelerating premium growth suggest that the underwriting margin improvement could be temporary. If claims inflation persists, the current cash generation may not be sustainable, and the company could face future reserve shortfalls.