Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).3Wikipedia text CC BY-SA 4.0
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue91011128$1.4B in 2025+275% since 2019Operating income91011128$13.8M in 2025
Revenue1415$392.9M in Q2 FY2026+2% since Q1 FY2026Operating income1415$6.4M in Q2 FY2026+34% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue
$1.4B
$1.3B
$1.1B
Veterinary invoice expense
$1.0B
$949.1M
$831.1M
Other cost of revenue
$179.3M
$157.7M
$146.5M
Total cost of revenue
$1.2B
$1.1B
$977.6M
Technology and development
$37.8M
$31.3M
$21.4M
General and administrative
$76.6M
$63.7M
$60.2M
New pet acquisition expense
$85.4M
$71.4M
$77.4M
Goodwill, Impairment Loss
$1.1M
$5.3M
$0
Depreciation and amortization
$15.8M
$16.5M
$12.5M
Total operating expenses
$216.9M
$188.1M
$171.5M
Loss from investment in joint venture
-$305.0K
-$182.0K
-$219.0K
Operating income (loss)
$13.8M
-$9.5M
-$40.7M
Interest expense
$13.8M
$14.5M
$12.1M
Other (income), net
-$21.9M
-$14.4M
-$7.7M
Income (loss) before income taxes
$22.0M
-$9.6M
-$45.0M
Income tax expense (benefit)
$2.6M
-$5.0K
-$342.0K
Net income (loss)
$19.4M
-$9.6M
-$44.7M
Earnings Per Share, Basic
$0.45
-$0.23
-$1.08
Earnings Per Share, Diluted
$0.45
-$0.23
-$1.08
Weighted Average Number of Shares Outstanding, Basic
43.0M shares
42.2M shares
41.4M shares
Weighted Average Number of Shares Outstanding, Diluted
43.6M shares
42.2M shares
41.4M shares
No quarter-by-quarter statement was filed.
Total assets1691011128$915.0M in 2025+256% since 2019Total liabilities1691011128$531.1M in 2025+341% since 2019Shareholders’ equity1011128$383.9M in 2025+181% since 2019Cash1691011128$138.0M in 2025+373% since 2019Long-term debt161011128$101.8M in 2025+290% since 2019
Total assets1415$930.8M in Q2 FY2026+2% since Q1 FY2025Total liabilities1415$521.1M in Q2 FY2026−2% since Q1 FY2025Shareholders’ equity1415$409.7M in Q2 FY2026+7% since Q1 FY2025Cash1415$149.4M in Q2 FY2026+8% since Q1 FY2025Long-term debt1415$96.9M in Q2 FY2026−5% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$138.0M
$160.3M
Short-term investments
$232.7M
$147.1M
Accounts and other receivables
$301.9M
$274.0M
Prepaid expenses and other assets
$18.4M
$15.9M
Total current assets
$691.1M
$597.3M
Restricted cash
$33.4M
$39.2M
Long-term investments
$983.0K
$373.0K
Property, equipment, and internal-use software, net
$104.8M
$102.2M
Intangible assets, net
$24.1M
$13.2M
Other long-term assets
$21.2M
$17.6M
Goodwill
$39.4M
$37.0M
Total assets
$915.0M
$806.9M
Accounts payable
$16.4M
$11.5M
Accrued liabilities and other current liabilities
$56.5M
$33.5M
Reserve for veterinary invoices
$55.9M
$51.6M
Deferred revenue
$270.9M
$251.6M
Long-Term Debt, Current Maturities
$10.0M
$1.4M
Total current liabilities
$409.8M
$349.6M
Long-Term Debt
$101.8M
$127.5M
Deferred tax liabilities
$1.5M
$1.9M
Other liabilities
$18.0M
$4.5M
Total liabilities
$531.1M
$483.6M
Common stock: $0.00001 par value per share
$0
$0
Preferred stock: $0.00001 par value per share
$0
$0
Additional paid-in capital
$604.8M
$568.3M
Accumulated other comprehensive income (loss)
$2.1M
-$2.6M
Accumulated deficit
-$206.5M
-$225.9M
Treasury stock, at cost
-$16.5M
-$16.5M
Total stockholders' equity
$383.9M
$323.3M
$303.7M
$305.3M
Total liabilities and stockholders equity
$915.0M
$806.9M
Common Stock, Shares Authorized
100.0M shares
100.0M shares
Preferred Stock, Shares Authorized
10.0M shares
10.0M shares
Common Stock, Par or Stated Value Per Share
$0.00
$0.00
Common Stock, Shares, Issued
44.4M shares
43.5M shares
Common Stock, Shares, Outstanding
43.4M shares
42.5M shares
Preferred Stock, Par or Stated Value Per Share
$0.00
$0.00
Preferred Stock, Shares Issued
0 shares
0 shares
Treasury Stock, Common, Shares
1.0M shares
1.0M shares
Allowance for Doubtful Accounts, Premiums and Other Receivables
$1.3M
$1.1M
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$138.0M
$160.3M
Short-term investments
$232.7M
$147.1M
Accounts and other receivables
$301.9M
$274.0M
Prepaid expenses and other assets
$18.4M
$15.9M
Total current assets
$691.1M
$597.3M
Restricted cash
$33.4M
$39.2M
Long-term investments
$983.0K
$373.0K
Property, equipment, and internal-use software, net
$104.8M
$102.2M
Intangible assets, net
$24.1M
$13.2M
Other long-term assets
$21.2M
$17.6M
Goodwill
$39.4M
$37.0M
Total assets
$915.0M
$806.9M
Accounts payable
$16.4M
$11.5M
Accrued liabilities and other current liabilities
$56.5M
$33.5M
Reserve for veterinary invoices
$55.9M
$51.6M
Deferred revenue
$270.9M
$251.6M
Long-Term Debt, Current Maturities
$10.0M
$1.4M
Total current liabilities
$409.8M
$349.6M
Long-Term Debt
$101.8M
$127.5M
Deferred tax liabilities
$1.5M
$1.9M
Other liabilities
$18.0M
$4.5M
Total liabilities
$531.1M
$483.6M
Common stock: $0.00001 par value per share
$0
$0
Preferred stock: $0.00001 par value per share
$0
$0
Additional paid-in capital
$604.8M
$568.3M
Accumulated other comprehensive income (loss)
$2.1M
-$2.6M
Accumulated deficit
-$206.5M
-$225.9M
Treasury stock, at cost
-$16.5M
-$16.5M
Total stockholders' equity
$383.9M
$323.3M
$303.7M
$305.3M
Total liabilities and stockholders equity
$915.0M
$806.9M
Common Stock, Shares Authorized
100.0M shares
100.0M shares
Preferred Stock, Shares Authorized
10.0M shares
10.0M shares
Common Stock, Par or Stated Value Per Share
$0.00
$0.00
Common Stock, Shares, Issued
44.4M shares
43.5M shares
Common Stock, Shares, Outstanding
43.4M shares
42.5M shares
Preferred Stock, Par or Stated Value Per Share
$0.00
$0.00
Preferred Stock, Shares Issued
0 shares
0 shares
Treasury Stock, Common, Shares
1.0M shares
1.0M shares
Allowance for Doubtful Accounts, Premiums and Other Receivables
$1.3M
$1.1M
Cash from operations91011128$89.5M in 2025+454% since 2019Capital spending91011128$14.1M in 2025+163% since 2019Free cash flow91011128$75.4M in 2025+599% since 2019Share buybacks1112$0 in 2024
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net loss
$19.4M
-$9.6M
-$44.7M
Depreciation and amortization
$15.8M
$16.5M
$12.5M
Stock-based compensation expense
$38.3M
$33.4M
$33.2M
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer
-$7.8M
$0
$0
Goodwill, Impairment Loss
$1.1M
$5.3M
$0
Other, net
$2.1M
-$1.7M
$1.3M
Accounts and other receivables
-$27.2M
-$6.7M
-$35.4M
Prepaid expenses and other assets
-$1.2M
$3.2M
-$1.9M
Accounts payable, accrued liabilities, and other liabilities
$26.0M
$2.1M
$1.6M
Reserve for veterinary invoices
$4.1M
-$11.3M
$19.5M
Deferred revenue
$18.7M
$17.2M
$32.6M
Net cash provided by operating activities
$89.5M
$48.3M
$18.6M
Purchases of investment securities
-$256.0M
-$133.5M
-$165.9M
Maturities and sales of investment securities
$172.6M
$127.7M
$190.3M
Purchases of property, equipment, and internal-use software
-$14.1M
-$9.7M
-$18.3M
Other
$1.7M
$2.1M
$1.6M
Net cash provided by (used in) investing activities
-$95.9M
-$13.5M
$7.6M
Proceeds from exercise of stock options
$1.7M
$752.0K
$2.7M
Shares withheld to satisfy tax withholding
-$3.7M
-$2.5M
-$1.5M
Proceeds from debt financing, net of financing fees
$114.2M
$0
$60.1M
Repayment of debt financing
-$134.4M
-$1.4M
-$1.7M
Other
-$614.0K
-$840.0K
-$378.0K
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation, Total
-$22.9M
-$4.0M
$59.1M
Net change in cash, cash equivalents, and restricted cash
-$28.1M
$29.0M
$85.8M
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation
$1.2M
-$1.9M
$424.0K
Interest paid
$13.1M
$13.2M
$12.1M
Purchases of property, equipment, and internal-use software included in accounts payable and accrued liabilities
$129.0K
$534.0K
$887.0K
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability
Trupanion sits at the top of its group. 23 entities, 9 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Trupanion
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Trupanion, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
Tarmac DLTFM LtdFiled SCHEDULE 13G/A on Trupanion, latest Feb 25, 2026 (3 filings since Sep 21, 2023)
Trupanion Administration Canada, Inc. Subsidiary · Canada
Trupanion Alberta Holding Company, ULC Subsidiary · Canada
Trupanion Canadian Shareholders Ltd. Subsidiary · Canada
Trupanion Managers USA, Inc. Subsidiary · United States
Wyndham Insurance Company (SAC), Ltd. Subsidiary · Bermuda
ZPIC Insurance Company Subsidiary · United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Trupanion reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our principal executive offices are located at 6100 4th Avenue South, Seattle, Washington. We purchased the building in August 2018 and occupy 99,828 square feet.
Originally known as Vetinsurance, Trupanion was founded in Canada by current chairman Darryl Rawlings in 1999.
Trupanion raised $22 million in 2007 from investors including Maveron, RenaissanceRe, and a large private equity group. Subsequently, a Series B round was completed in 2008, followed by a $9 million Series C round of financing led by the Highland Consumer Fund in 2011.
In 2014, Trupanion went public, raising $71 million during its initial public offering (IPO). The company continued its growth trajectory, culminating in October 2020 with the completion of a Private Investment in Public Equity (PIPE) funding round amounting to $200 million. By the end of the 2020 fiscal year, Trupanion reported revenue of $502 million.
Feb 19, 2025Reported quarterly or annual results77
Oct 30, 2024Reported quarterly or annual results79
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
775 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 40 major events, 604 insider forms, 30 large holders, 81 other. The latest 20:
162 open-market trades by officers, directors and large owners since October 2021: 4 buys and 158 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 13, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Trupanion names in Item 1A of its 10-K filed Feb 13, 2026: 55 risks under these headings, as written.17
Risks Related to Our Business and Industry
We have incurred significant cumulative net losses since our inception and may not be able to achieve or maintain profitability in the future.
We may not maintain our current rate of revenue growth.
We base our decisions regarding new pet acquisition expenditures primarily on the projected internal rate of return on marketing spend. Our estimates and assumptions may not accurately reflect our future results - we may over, or underspend on new pet acquisition, and we may not be able to recover our pet acquisition costs or generate profits from these investments.
The prices of our subscriptions are based on assumptions and estimates. If our actual experience differs from the assumptions and estimates used in pricing our subscriptions or if we are unable to obtain any necessary regulatory approval for our pricing, our revenue and financial condition could be adversely affected.
If we are unable to grow our member base and maintain high member retention rates, our growth prospects and revenue will be adversely affected.
We rely significantly on Territory Partners, veterinarians and other third parties, including strategic partners, to generate leads.
Territory Partners are independent contractors and, as such, may pose additional risks to our business.
Our use of capital may be constrained by minimum capital requirements or contractual obligations.
We operate in a competitive market which could adversely affect our prospects, operating results and financial condition.
Our actual veterinary invoice expense may exceed our current reserve established for veterinary invoices and may adversely affect our operating results and financial condition.
As more veterinary hospitals install and use our patented proprietary software, the number of veterinary invoices we receive, and our associated expenses, are likely to increase.
The other 44 risks
Our business depends on our ability to maintain and scale the infrastructure necessary to operate our technology platform and could be adversely affected by a system failure, security breach, loss of data or cyberattack.
Our business increasingly depends on online technologies and platforms, including Internet affiliate sites, partner channels, generative AI, and social media, to attract potential new members to visit our websites. As our dependency on these online technologies and platforms increases and if the methods for members to obtain information about us are modified, our new member growth could decline, and our business and operating results could be harmed.
Our success depends in part on our ability to review, process, and pay veterinary invoices timely and accurately.
We may not identify fraudulent or improperly inflated veterinary invoices.
If we are unable to maintain and enhance our brand recognition and reputation, our business and operating results will be harmed.
We have in the past, and may in the future identify material weaknesses in our internal controls which, if not remediated appropriately or timely, could result in an inability to effectively and timely complete our financial statements, which may result in a loss of investor confidence and an adverse impact to our stock price.
If we fail to effectively manage our growth, our business, operating results and financial condition may suffer.
Emerging claim and coverage issues may adversely affect our business.
Our operating results may vary, which could make period-to-period comparisons less meaningful, and make our future results difficult to predict.
Changes in the economy may affect consumer spending on our subscription and this may negatively impact our business, operating results and financial condition.
We depend on key personnel to operate our business and, if we are unable to retain, attract and integrate qualified personnel, our ability to develop and successfully grow our business could be harmed.
We may continue to create, invest in or acquire businesses, products and technologies, which could divert our management’s attention, result in additional dilution to our stockholders, otherwise disrupt our operations or harm our operating results.
We may not realize the benefits of our current and planned strategic relationships.
Our business and financial condition is subject to risks related to our writing of policies for unaffiliated third parties, including Pets Best.
If the transition of our underwriting activity in Canada to our underwriting subsidiary GPIC from Accelerant, a third-party underwriter, is delayed or unsuccessful, our business, operating results and financial condition may be harmed.
We have international operations and are subject to a number of risks associated with international expansion and operations.
Changes in foreign exchange rates may adversely affect our revenue and operating results.
Owning multiple insurance subsidiaries may harm our results of operations.
We may require additional capital to meet our risk-based capital requirements, pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances. If capital is not available to us at any time, our business, operating results and financial condition may be harmed.
If our security measures are breached and unauthorized access is obtained to our data, including our members’ data, we may lose our competitive advantage, our systems may be perceived as not being secure, we may incur third-party liability, and/or be subject to regulatory action.
We are subject to a number of risks related to accepting automatic fund transfers and credit card and debit card payments.
We may face unexpected costs as a result of owning our own headquarters office building.
Failure to adequately protect our intellectual property could substantially harm our business and operating results.
Assertions by third parties of infringement or other violation by us of their intellectual property rights could result in significant costs and substantially harm our business and operating results.
The outcome of litigation or regulatory proceedings could subject us to significant monetary damages, restrict our ability to conduct our business, harm our reputation and otherwise negatively impact our business.
Our substantial indebtedness could adversely affect our financial condition and prevent us from fulfilling our obligations.
Covenants in our PNC Facility may restrict our operations, and if we do not effectively manage our business to comply with these covenants, our financial condition could be adversely affected.
We may have additional tax liabilities.
Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
Risks Related to Compliance with Laws and Regulations
Our business is heavily regulated, and if we fail to comply with the numerous applicable laws and regulations our business and operating results could be harmed.
New laws may be adopted that may adversely affect our operating results and financial condition.
Failure to comply with federal, state and provincial laws and regulations relating to privacy and security of personal information, and civil liabilities relating to breaches of privacy and security of personal information, could create liabilities for us, damage our reputation and harm our business.
Law and regulations of the Internet, email and texting could adversely affect our business.
Regulations that require individuals or entities that sell insurance or process claims to be licensed may be interpreted to apply to our business more broadly than we expect them to, which could require us to modify our business practices, create liabilities, damage our reputation, and harm our business.
We are subject to numerous laws and regulations in multiple jurisdictions, and ongoing compliance may be challenging for us.
We may be affected by mandatory participation in plans that could result in contributions from insurance subsidiaries we own.
Our segregated accounts in Bermuda with Wyndham Insurance Company (SAC) Limited, could be adversely impacted by regulatory compliance of an unaffiliated third party.
Our accounting is complex and relies upon estimates or judgments relating to our critical accounting policies. If our accounting is erroneous or based on assumptions that change or prove to be incorrect, our operating results could fall below the expectations of securities analysts and investors, resulting in a decline in our stock price.
Risks Related to Ownership of Our Common Stock
Our actual operating results may differ significantly from our guidance.
Future securities issuances could result in significant dilution to our stockholders and impair the market price of our common stock.
The market price of our common stock has been and is likely to continue to be volatile, and you may be unable to sell your shares at or above the price at which you purchased them.
We do not intend to pay dividends on our common stock and, therefore, any returns will be limited to the value of our stock.
Concentrated ownership of our common stock could limit your ability to influence the outcome of matters subject to stockholder approval. This concentration may also create a risk of sudden changes in our common stock price.
Provisions in our restated certificate of incorporation, restated bylaws and Delaware law might discourage, delay or prevent a change in control of our company or changes in our management and, therefore, depress the market price of our common stock.
Legal proceedings
Information with respect to this item may be found in Note 8 of Item 8, “Financial Statements and Supplementary Data”, under the caption, “Legal Proceedings” which information is incorporated herein by reference.
