Trupanion posts quarterly profit with revenue growth of 12%

Trupanion Inc. (NASDAQ: TRUP) reported net income of $5.9 million for the third quarter ended September 30, 2025, compared to $1.4 million in the same period last year. The pet insurance provider generated total revenue of $366.9 million, marking a 12% increase from the prior year quarter.

The company's subscription business revenue rose 15% to $252.7 million, while subscription enrolled pets increased 5% to 1,082,412 as of September 30, 2025. Total enrolled pets across all business segments reached 1,654,414, representing a 2% decrease year-over-year.

Monthly average revenue per pet in the subscription business climbed to $82.01, up from $74.27 in the third quarter of 2024. The company maintained an average monthly retention rate of 98.33% for the nine-month period.

Adjusted EBITDA increased to $19.6 million from $14.5 million in the prior year quarter. Operating cash flow reached $29.2 million and free cash flow totaled $23.9 million, compared to $15.3 million and $13.4 million respectively in the third quarter of 2024.

For the nine-month period, Trupanion achieved net income of $13.8 million versus a net loss of $11.3 million in 2024. Total revenue for the nine months grew 12% to $1.06 billion.

The company announced a new three-year $120 million credit facility with PNC Bank, which replaced its prior credit facility at a lower interest rate. Trupanion held $348.5 million in cash and short-term investments at quarter end, with an additional $15.0 million available under the credit facility.

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