Filing Flows › Financials › Trupanion (TRUP)
Trupanion (TRUP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Trupanion (TRUP) Q3 2026 earnings results →
Q3 2026 Revenue up 10% year over year to $406M · 2¢ of every $1 of revenue kept as net profit · operating margin 2.4%
Trupanion made $406M in Q3 2026 (+10% Y/Y): Subscription business $288M, Other Segments $118M. Operating margin 2.4%, net earnings $9.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $405.6M in Q3 2026, up 11% year over year and up 3% from the previous quarter. Subscription business was the largest line at 71% of revenue. Subscription business added $35.2M year over year (up 14%), 91% of the total change.
Operating profit was $9.5M, a 2.4% margin (up 0.8 points year over year). Of the extra revenue versus Q3 2025, 10% reached operating profit, above the 2% margin then. Total costs grew 10% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $9.3M, up 58% year over year. The effective tax rate was 9.4%.
Operating cash flow was $30.7M (up 5% year over year), 331% of net earnings. Non-cash charges added back $3.8M of depreciation and amortization and $8.1M of share-based compensation. Working capital and other items added $9.6M. After purchases of property, equipment, and internal-use software ($2.2M), free cash flow as the company reports it was $28.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $406M | +10% | 2.4% | $9.3M | $30.7M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $393M | +11% | 1.6% | $6.8M | $21.0M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $384M | +12% | 1.2% | $4.9M | $14.6M |
| Q4 2025 | 10-K | Feb 13, 2026 | $377M | +12% | 1.9% | $5.6M | $29.3M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $367M | +12% | 1.6% | $5.9M | $29.2M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $354M | +12% | 0.7% | $9.4M | $15.0M |
| Q1 2025 | 10-Q | May 1, 2025 | $342M | +12% | -0.4% | −$1.5M | $16.0M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Trupanion
We provide medical insurance for cats and dogs in the United States, Canada, and certain countries in Continental Europe. Through our data-driven, vertically-integrated approach, we develop and offer high-value medical insurance products, priced to take into account each pet’s unique characteristics and coverage level. Our growing and loyal membership base provides us with highly predictable and recurring revenue. We operate in two reporting segments: subscription business and other business. We generate revenue in our subscription business segment primarily through insurance premiums, which we refer to as subscription payments, from direct-to-consumer products.
In its own words, from its 10-K, filed Feb 13, 2026.
Trupanion against its Hospital & Medical Service Plans peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +6%. Operating margin: 2.4% against the peers' median 2.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TRUP Trupanion | Q3 2026 | $406M | +10% | 2.4% |
| UNH UnitedHealth Group | Q3 2026 | $112.7B | -0.4% | 5.8% |
| CI Cigna | Q3 2026 | $73.7B | +6% | 3.3% |
| ELV Elevance Health | Q3 2026 | $51.4B | +1% | 2.5% |
| CNC Centene | Q3 2026 | $50.6B | +2% | -0.6% |
| HUM Humana | Q3 2026 | $41.2B | +26% | 0.2% |
| MOH Molina Healthcare | Q3 2026 | $11.1B | -3% | 1.0% |
| OSCR Oscar Health | Q3 2026 | $5.1B | +72% | 3.5% |
| ALHC Alignment Healthcare | Q3 2026 | $1.4B | +37% | -0.3% |
Source: Trupanion 10-Q on SEC EDGAR · CIK 1371285 · Hospital & Medical Service Plans
Guidance and outlook
13F: who owns TRUP and who is buying
More on TRUP
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results