0001371285-26-000018
SEC filingTrupanion, Inc. reported strong financial performance for the fiscal year ended December 31, 2025, with total revenue reaching $1.44 billion. The company achieved a net income of $19.4 million, a significant improvement driven by robust revenue growth and controlled operating expenses. Operating income stood at $13.8 million, supported by $21.9 million in net other income which offset interest expenses of $13.8 million. Gross profit totaled $230 million, resulting in a gross margin of approximately 16.0%. The company demonstrated solid cash generation capabilities, with net cash provided by operating activities totaling $89.5 million. However, the balance sheet reflects an accumulated deficit of $206.5 million, indicating a history of prior losses despite the current year's profitability. Total assets increased to $915.0 million, supported by a healthy liquidity position comprising $138.0 million in cash and $232.7 million in short-term investments. The company managed its capital structure effectively, maintaining total stockholders' equity of $383.9 million while navigating debt repayments of $134.4 million during the period.
Trupanion, Inc. delivered a solid financial performance for the fiscal year ending December 31, 2025. The company reported total revenue of $1.44 billion against a total cost of revenue of $1.21 billion, resulting in a gross profit of approximately $230 million. Operating income for the period was $13.8 million, reflecting operational efficiency. Net income settled at $19.4 million, aided by $21.9 million in other income, net, which significantly contributed to the bottom line. The company reported basic and diluted earnings per share of $0.00, likely due to rounding given the share count of 43 million. This profitability marks a notable achievement in the company's financial trajectory.
Revenue for the fiscal year totaled $1.44 billion. The primary cost associated with this revenue was the veterinary invoice expense, which amounted to $1.03 billion, representing the largest component of the cost of revenue. Other cost of revenue was recorded at $179.3 million. The document does not provide a specific breakdown of revenue by geography or product segment, nor does it offer comparative figures to the prior year to assess growth rates. Consequently, the analysis is limited to the absolute figures reported in the XBRL data.
The company achieved a gross margin of approximately 16.0%, calculated from a gross profit of $230 million on $1.44 billion revenue. The operating margin was 1.0%, derived from an operating income of $13.8 million. Total operating expenses were $216.9 million, including $85.4 million in new pet acquisition expenses and $76.6 million in general and administrative costs. Stock-based compensation expense of $38.3 million also represented a significant non-cash operating cost impacting profitability metrics.
Trupanion generated $89.5 million in net cash from operating activities. After accounting for $14.1 million in purchases of property, equipment, and internal-use software, the implied free cash flow was approximately $75.4 million. The balance sheet shows total assets of $915.0 million, including $138.0 million in cash and $232.7 million in short-term investments. Total liabilities were $531.1 million, with long-term debt of $101.8 million and current maturities of $10.0 million. Total stockholders' equity was $383.9 million.
The provided XBRL financial data and document content do not contain specific forward-looking statements, management guidance, or strategic priorities regarding future periods. The filing date was February 13, 2026. Without explicit text from the MD&A or other sections regarding future expectations, risk factors, or strategic initiatives, an outlook analysis cannot be constructed from the available source information.