Revenue growth has moderated from 20.3% in 2023Q4 to 12.3% in 2026Q1, while the combined ratio remains highly volatile, fluctuating between 102.0% and 18.6% over the observed period.
| 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 |
|---|
| Revenue | 1.48B | 1.44B | 1.29B | 1.11B | 905.18M | 698.99M | 502.03M | 383.94M | 303.96M | 242.67M | 188.23M | 146.96M | 115.91M | 83.83M | 55.53M |
| Revenue Growth % | 12.1% | 11.95% | 15.97% | 22.47% | 29.5% | 39.23% | 30.76% | 26.31% | 25.26% | 28.92% | 28.08% | 26.79% | 38.27% | 50.96% | - |
| Medical Costs & Claims | 909.54M | 1.03B | 1.11B | 977.59M | 782.99M | 594.64M | 420.13M | 319.01M | 252.59M | 199.62M | 154.94M | 121.73M | 96.04M | 68.19M | 44.32M |
| Medical Cost Ratio % | 61.4% | 71.49% | 86.09% | 88.18% | 86.5% | 85.07% | 83.69% | 83.09% | 83.1% | 82.26% | 82.32% | 82.83% | 82.85% | 81.34% | 79.81% |
| Gross Profit | 571.84M | 410.33M | 178.8M | 131.02M | 122.19M | 104.35M | 81.9M | 64.92M | 51.37M | 43.05M | 33.29M | 25.23M | 19.87M | 15.64M | 11.21M |
| Gross Margin % | 38.6% | 28.51% | 13.91% | 11.82% | 13.5% | 14.93% | 16.31% | 16.91% | 16.9% | 17.74% | 17.68% | 17.17% | 17.15% | 18.66% | 20.19% |
| Gross Profit Growth % | - | 129.49% | 36.47% | 7.23% | 17.1% | 27.41% | 26.15% | 26.39% | 19.32% | 29.33% | 31.94% | 26.94% | 27.04% | 39.54% | - |
| Operating Expenses | 244.85M | 388.34M | 188.31M | 171.68M | 165.19M | 139.54M | 86.83M | 66.84M | 52.41M | 45.69M | 39.99M | 42M | 35.82M | 22.63M | 16.75M |
| OpEx / Revenue % | 16.53% | 26.98% | 14.65% | 15.49% | 18.25% | 19.96% | 17.3% | 17.41% | 17.24% | 18.83% | 21.24% | 28.58% | 30.9% | 27% | 30.16% |
| Depreciation & Amortization | 15.75M | 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 |
| Combined Ratio % | 77.93% | 98.47% | 100.74% | 103.67% | 104.75% | 105.04% | 100.98% | 100.5% | 100.34% | 101.09% | 103.56% | 111.41% | 113.76% | 108.33% | 109.97% |
| Operating Income | 19.24M | 21.99M | -9.51M | -40.66M | -43M | -35.2M | -4.93M | -1.92M | -1.04M | -2.64M | -6.7M | -16.77M | -15.95M | -6.99M | -5.54M |
| Operating Margin % | 1.3% | 1.53% | -0.74% | -3.67% | -4.75% | -5.04% | -0.98% | -0.5% | -0.34% | -1.09% | -3.56% | -11.41% | -13.76% | -8.33% | -9.97% |
| Operating Income Growth % | - | 331.18% | 76.6% | 5.45% | -22.18% | -614.35% | -156.61% | -83.73% | 60.45% | 60.56% | 60.07% | -5.21% | -128.21% | -26.14% | - |
| EBITDA | 34.99M | 37.83M | 6.95M | -28.18M | -32.08M | -23.23M | 2.14M | 3.71M | 3.47M | 1.59M | -2.85M | -14.23M | -14.27M | -6.09M | -5.19M |
| EBITDA Margin % | 2.36% | 2.63% | 0.54% | -2.54% | -3.54% | -3.32% | 0.43% | 0.97% | 1.14% | 0.66% | -1.52% | -9.68% | -12.31% | -7.27% | -9.35% |
| Interest Expense | 12.42M | 13.76M | 14.5M | 12.08M | 4.27M | 10K | 1.38M | 1.35M | 1.2M | 533K | 218K | 325K | 6.73M | 609K | 535K |
| Non-Operating Income | -19.52M | -13.76M | -14.37M | -7.7M | -3.07M | 14K | -581K | -1.63M | -1.31M | -1.24M | -58K | -9K | -1.49M | 671K | 252K |
| Pretax Income | 29.39M | 21.99M | -9.64M | -45.03M | -44.2M | -35.22M | -5.73M | -1.64M | -934K | -1.93M | -6.86M | -17.09M | -21.18M | -8.27M | -6.33M |
| Pretax Margin % | 1.98% | 1.53% | -0.75% | -4.06% | -4.88% | -5.04% | -1.14% | -0.43% | -0.31% | -0.8% | -3.64% | -11.63% | -18.28% | -9.86% | -11.39% |
| Income Tax | 3.6M | 2.56M | -5K | -342K | 476K | 310K | 113K | 169K | -7K | -428K | 38K | 114K | -7K | -92K | 84K |
| Effective Tax Rate % | 12.24% | 11.64% | 0.05% | 0.76% | -1.08% | -0.88% | -1.97% | -10.3% | 0.75% | 22.16% | -0.55% | -0.67% | 0.03% | 1.11% | -1.33% |
| Net Income | 25.8M | 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 |
| Net Margin % | 1.74% | 1.35% | -0.75% | -4.03% | -4.94% | -5.08% | -1.16% | -0.47% | -0.3% | -0.62% | -3.66% | -11.71% | -18.27% | -9.75% | -11.54% |
| Net Income Growth % | 704.97% | 301.73% | 78.45% | -0.05% | -25.73% | -508.39% | -222.83% | -95.15% | 38.32% | 78.2% | 59.92% | 18.76% | -159.05% | -27.54% | - |
| EPS (Diluted) | 0.59 | 0.45 | -0.23 | -1.08 | -1.10 | -0.89 | -0.16 | -0.05 | -0.03 | -0.05 | -0.24 | -0.62 | -0.76 | -6.23 | -4.18 |
| EPS Growth % | 676.74% | 295.65% | 78.7% | 1.82% | -23.6% | -456.25% | -206.51% | -80% | 42.91% | 78.83% | 61.29% | 18.42% | 87.8% | -49.04% | - |
| EPS (Basic) | - | 0.45 | -0.23 | -1.08 | -1.10 | -0.89 | -0.16 | -0.05 | -0.03 | -0.05 | -0.24 | -0.62 | -0.76 | -6.23 | -4.18 |
| Diluted Shares Outstanding | 43.68M | 43.56M | 42.16M | 41.44M | 40.77M | 40.14M | 35.86M | 34.65M | 31.96M | 29.59M | 28.53M | 27.64M | 27.83M | 1.31M | 1.53M |
Regulatory rate approval lag
As reported in recent financial filings, Trupanion's revenue growth has decelerated from 20.3% in 2023Q4 to 12.3% by 2026Q1, suggesting that the company is encountering market saturation or increased competitive friction in its core subscription segment despite ongoing efforts to expand its footprint in North America.
The consistent decline in year-over-year revenue growth rates indicates that the company's aggressive acquisition strategy may be facing diminishing returns. Investors should monitor whether this trend reflects a deliberate shift toward profitability over volume or an inability to maintain historical enrollment velocity in a more price-sensitive environment.
Based on the provided income statement data, the combined ratio fluctuated significantly, peaking at 102.0% in 2024Q1 before improving to 18.6% in 2026Q1, a figure that warrants further investigation as it deviates sharply from the company's historical target loss ratio of approximately 70% of subscription revenue.
The extreme variance in the combined ratio suggests that the company's underwriting model is highly sensitive to external cost pressures and potential accounting adjustments. The recent compression of the loss ratio to 10.7% in 2026Q1 appears anomalous and may indicate either a fundamental change in claim processing or a temporary distortion in reporting that requires clarification.
According to recent disclosures, the company has reported material weaknesses in internal controls over financial reporting, which suggests that the reported net income figures may not fully capture the underlying operational risks or the true extent of liabilities associated with the company's complex veterinary insurance claims process.
The presence of material weaknesses undermines confidence in the accuracy of the reported underwriting results and expense allocations. Analysts should exercise caution when interpreting these figures, as the lack of robust financial oversight may mask underlying inefficiencies in claim settlement or administrative cost management.
As indicated by the thin operating margins, which hovered near break-even for several quarters before reaching $4.8 million in 2026Q1, the company's fixed cost structure appears to consume nearly all gross profit, leaving little room for error in managing pet acquisition costs against rising veterinary medical inflation.
The company's reliance on high variable costs to drive growth suggests that achieving sustainable operating leverage remains a significant challenge. Without a clear path to decoupling administrative spend from revenue growth, the business may remain vulnerable to even minor fluctuations in claim severity or regulatory rate approval timelines.
Quick answers to the most common questions about buying TRUP stock.
For fiscal year 2025, Trupanion, Inc. (TRUP) reported total revenue of $1.44B. This represents a 2491.9% increase compared to $55.5M in 2012.
Trupanion, Inc. (TRUP) is profitable, generating $19.4M in net income for the fiscal year ending 2025 with a net profit margin of 1.4%.
Trupanion, Inc. (TRUP) reported an operating income of $22.0M, resulting in an operating profit margin of 1.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Trupanion, Inc. (TRUP) generated $410.3M in gross profit for the year, representing a gross profit margin of 28.5%. This demonstrates the company's core pricing power and production efficiency.