TRUP earnings analysis
What we found in TRUP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $4.88
- Gross margin
- 16%
- Operating margin
- 1.25%
- Segment
- Subscription business
- Segment
- Other business
What they said about what is next.
Management's outlook is optimistic, building on prior performance, but no specific numeric guidance was provided.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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