Skip to content
Optionomics Free · No account needed

Earnings analysis · 10-Q

TRUP earnings analysis

Filed April 30, 2026 · Our reading of the company's report

The latest report

Trupanion, Inc. reported a strong first quarter in 2026, with total revenue increasing by 12% to $384.0 million. The subscription business revenue grew by 16%, driven by a rise in monthly average revenue per pet and an…

Read full summary

Trupanion, Inc. reported a strong first quarter in 2026, with total revenue increasing by 12% to $384.0 million. The subscription business revenue grew by 16%, driven by a rise in monthly average revenue per pet and an increase in the number of enrolled pets. The company achieved a net income of $4.88 million, a significant turnaround from a loss of $1.48 million in the same quarter last year.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $84 Operating expenses $15 Left as operating profit $1

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Reported figures

Earnings per share
$4.88
Segment
Subscription business
Segment
Other business

What stood out

  • Strong Revenue Growth

    Total revenue increased by 12% to $384 million, compared to $341.98 million in Q1 2025.

  • Subscription Segment Growth

    Revenue from the subscription business rose 16% to $269.45 million, aided by an 11% increase in monthly average revenue per pet.

  • Significant Turnaround

    Net income of $4.88 million in Q1 2026, a reversal from a loss of $1.48 million in Q1 2025.

  • Margin Improvement

    Gross margin improved, with cost of revenue as a percentage of revenue declining from 85% to 84%.

  • Increase in Pets Enrolled

    Total pets enrolled at the end of March 2026 stood at 1,637,665, compared to 1,667,637 a year earlier.

  • Decrease in Interest Expense

    Interest expense dropped 42% to $1.88 million, down from $3.21 million in the previous year.

What to watch

  • Declining Enrollment in Other Segment

    Revenue from the other business segment rose only 5%, reflecting diminishing programs particularly with Pets Best.

  • Increased Operating Expenses

    Total operating expenses increased by 9% to $56.7 million, driven largely by new pet acquisition costs.

  • Decline in Total Pets Enrolled

    Total pets enrolled decreased by 2% from 1,667,637 in Q1 2025 to 1,637,665 in Q1 2026.

Management's outlook

Management's outlook is optimistic, building on prior performance, but no specific numeric guidance was provided.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.