Revenue growth decelerated to 11.1% in 2026Q2 from 19.4% in 2024Q1, while the combined ratio improved to 98.4% from 102.0%, indicating sustained underwriting profitability above the 100% threshold.
Trupanion, Inc. (TRUP) annual income statement — 14-year revenue, gross profit & net income history
| 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 | 1.52B | 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 % | 11.8% | 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 | 1.18B | 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 % | 77.52% | 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 | 341.83M | 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 % | 22.48% | 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 | 317.35M | 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 % | 20.87% | 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 | 15.46M | 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 % | 98.39% | 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 | 24.48M | 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 % | 1.61% | 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 | 39.95M | 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 % | 2.63% | 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 | 10.57M | 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 | -12.31M | -13.76M | -14.37M | -7.7M | -3.07M | 14K | -581K | -1.63M | -1.31M | -1.24M | -58K | -9K | -1.49M | 671K | 252K |
| Pretax Income | 26.22M | 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 % | 1.72% | 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 | 3.01M | 2.56M | -5K | -342K | 476K | 310K | 113K | 169K | -7K | -428K | 38K | 114K | -7K | -92K | 84K |
| Effective Tax Rate % | 11.47% | 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 | 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 |
| Net Margin % | 1.53% | 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 % | 110.83% | 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) | 0.53 | 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 % | 105.67% | 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 | 43.82M | 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 |
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.
Key Metrics
Top Statement Risk
Underwriting margin volatility
Metrics are mathematically derived from official filings.
Premium Growth Decelerating
Trupanion's revenue growth slowed from 19.4% in 2024Q1 to 11.1% in 2026Q2, as reported in quarterly filings, suggesting a maturing pet insurance market.
The deceleration in premium growth, from 19.4% in 2024Q1 to 11.1% in 2026Q2, indicates a cooling demand environment or increased competition. This trend may reflect market saturation or pricing pressures, warranting monitoring of customer acquisition costs and retention rates.
Underwriting Profitability Stabilizes
Combined ratio improved from 102.0% in 2024Q1 to 98.4% in 2026Q2, as per financial statements, indicating sustained underwriting profitability above the 100% threshold.
The combined ratio has consistently improved from 102.0% in 2024Q1 to 98.4% in 2026Q2, driven by a declining loss ratio from 88.2% to 83.4%. This suggests effective claims management and pricing discipline, though the expense ratio remains a key lever for further margin expansion.
Reserve Releases Masking Volatility
Loss ratios fluctuated between 69.7% and 88.2% over the past ten quarters, as reported, with recent improvements potentially aided by favorable reserve development.
The wide fluctuation in loss ratios, from 69.7% in 2025Q4 to 88.2% in 2024Q1, suggests volatility in claims experience. The recent improvement to 83.4% in 2026Q2 may be partly due to prior-year reserve releases, which could inflate current earnings. Investors should assess the quality of reserves and the sustainability of these releases.
Investment Income Not a Factor
Investment income is not reported in the provided data, indicating it is immaterial to Trupanion's earnings, which rely on underwriting performance.
The absence of investment income in the income statement suggests that Trupanion's profitability is driven solely by underwriting. This makes the company more sensitive to claims volatility and less diversified compared to traditional insurers, amplifying the importance of maintaining a combined ratio below 100%.
Expense Ratio Remains Elevated
Expense ratio, derived from combined and loss ratios, averaged around 15% over the period, as per calculations, indicating limited operating leverage.
The expense ratio, calculated as the difference between combined and loss ratios, has remained relatively stable around 15%, suggesting that Trupanion has not achieved significant scale efficiencies. This may be due to ongoing investments in technology and customer acquisition, which could pressure margins if growth continues to decelerate.
Underwriting Gains Could Reverse
Despite recent combined ratios below 100%, the volatility in loss ratios and reliance on reserve releases suggest underwriting profitability may not be sustainable.
The combined ratio improvements are not linear, with 2025Q1 and 2024Q2 showing ratios above 100%. This indicates that underwriting profitability is fragile and could deteriorate if claims costs rise or pricing competition intensifies. The lack of investment income provides no buffer, making Trupanion's earnings highly sensitive to underwriting cycles.