Trupanion Inc
F:TPW

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Trupanion Inc Logo
Trupanion Inc
F:TPW
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Price: 19.2 EUR -0.52% Market Closed
Market Cap: €806.5m

Trupanion Inc
Investor Relations

Trupanion sells medical insurance for cats and dogs. Pet owners buy its policies to help cover unexpected veterinary bills, and the company focuses on accident-and-illness coverage rather than general pet services. Its business is built around a simple promise: pay part of the vet cost when a covered pet gets sick or injured. The company makes money mainly from recurring policy premiums. It sells directly to pet owners and also reaches customers through veterinarians, breeders, and other referral partners. Trupanion’s system is built to pay veterinarians directly at checkout when possible, which makes the claims process easier for both pet owners and clinics. What makes Trupanion different is that it sits in a very specific corner of the insurance market. It does not sell broad household insurance or many types of financial products; it focuses on pet medical coverage and the software and payment network that support it. That makes it both an insurer and a service provider in the veterinary care chain.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
Apr 30, 2026
AI Summary
Q1 2026

Profitability: Trupanion posted more than $40 million of adjusted operating income in Q1, up 29% year over year, and said it remains on track for $180 million for the full year.

Revenue: Total revenue was $384 million, up 12% year over year, with subscription revenue of $269.5 million up 16% and above the high end of expectations.

New strategy: Management is broadening the core product with more price-point flexibility and plans to launch a new digital-first product later this year.

Guidance: Full-year 2026 guidance was narrowed and reaffirmed, with revenue now expected at $1.556 billion to $1.581 billion and adjusted operating income at $173 million to $187 million.

Operational strength: Retention improved, automation rose to 62%, and free cash flow stayed positive at $13.7 million.

Investor focus: The company is moving away from its blended internal rate of return disclosure and said adjusted operating income is now the better way to judge the business.

Key Financials
Adjusted operating income
$40.2 million
Total revenue
$384 million
Subscription revenue
$269.5 million
Monthly average revenue per pet
$85.79
Subscription pets
1,106,000
Retention
98.35%
Cost of paying veterinary invoices
$190.9 million
Value proposition
70.8%
Fixed expenses
5.8% of revenue
Variable expenses
9.1% of revenue
Subscription adjusted operating margin
14.2%
Other business revenue
$114.6 million
Net income
$4.9 million
Earnings per share
$0.11
Operating cash flow
$14.6 million
Capital expenditures
$0.8 million
Free cash flow
$13.7 million
Cash and short-term investments
$383.7 million
Total debt
$109.3 million
Pet acquisition cost
$315 per pet
Pets added
approximately 64,700
Pet acquisition investment
$21.2 million
Stock-based compensation expense
$8.8 million
Development costs
$1.7 million
Automation rate
62%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Fawwad Qureshi
Chief Finance Officer
No Bio Available
Mr. John Gallagher
Chief Operating Officer
No Bio Available
Dr. Steve Weinrauch BVMS, MRCVS
Executive Vice President of North America & Veterinary Strategy
No Bio Available
Mr. Wei Li
Senior VP of Finance & Corporate Controller
No Bio Available
Ms. Brenna McGibney
Chief Administrative Officer
No Bio Available
Ms. Laura Bainbridge
Head of Investor Relations
No Bio Available
Mr. Christopher John Kearns
Chief Legal Officer
No Bio Available
Ms. Bradley Lamb
Head of Conversion
No Bio Available
Ms. Emily Dreyer
Senior Vice President of Channel Growth
No Bio Available
Mr. Shawn McWashington
Head of Corporate Group Benefits
No Bio Available

Contacts

Address
WASHINGTON
Seattle
6100 4th Ave S Ste 200
Contacts
+18887332685.0
trupanion.com
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