TRUP · Trupanion, Inc.

Trupanion delivered a strong Q1 2026 with total revenue reaching $384.0 million, up 12% from Q1 2025, driven primarily by 16% growth in subscription business revenue to $269.5 million, reflecting 5% expansion in subscription enrolled pets to 1,105,783. Despite a 2% decline in total enrolled pets to 1,637,665, the company achieved GAAP profitability with net income of $4.9 million ($0.11 per diluted share), a significant turnaround from a $1.5 million loss in the prior year quarter. Adjusted EBITDA improved to $17.4 million from $12.2 million, underscoring operational leverage. CEO Margi Tooth highlighted the widening gap in veterinary care costs and Trupanion's positioning through disciplined investments in offerings and competitive strengths to drive compounding growth and value for stakeholders. Cost of revenue rose to $322.6 million but gross margins held as subscription costs increased proportionally. Operating expenses grew modestly to $56.7 million, with new pet acquisition expense up to $22.6 million supporting enrollment momentum. Balance sheet remains solid with $383.7 million in cash and short-term investments, supporting $13.7 million in free cash flow. Operating cash flow of $14.6 million was slightly below prior year but sufficient for investments and debt reduction. No forward guidance was provided in the release.