Trupanion (TRUP) Q4 2025 Earnings Call Transcript

Trupanion reported a strong Q4 2025 with total revenue up 12% year-over-year to $376.9 million, and subscription revenue up 15% to $261.4 million. The company saw a 5% increase in total subscription pets to over 1,096,000. Adjusted operating income for the subscription business grew 23% to $43.1 million, with a record margin of 16.5%. While the pet acquisition cost increased, the company achieved a positive net income of $5.6 million, or $0.13 per share, and generated $25.3 million in free cash flow.