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Trupanion cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$28.5M in Q3 2026 · $86.7M over twelve months

Operating cash flow$30.7M
Capital spending−$2.2M
Free cash flow+$28.5M
Cash / net income3.3×

Analysis

In Q3 2026, Trupanion generated $30.7M of operating cash flow and spent $2.2M on capital projects, leaving free cash flow of $28.5M. That is $4.5M more than in Q3 2025 ($23.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $95.6M; the largest uses were other investing ($37.1M), other financing ($37.0M), capital spending ($8.8M); besides operations, cash came from shares issued ($1.1M); the cash balance rose by $10.6M.

Operating cash flow was $30.7M against net income of $9.3M — 3.3× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$8.1M, payables +$6.5M, receivables +$5.5M.

Free cash flow

Trupanion: free cash flow by quarterTrupanion: free cash flow by quarter$21.8MQ4 2024$14.0MQ1 2025$12.0MQ2 2025$23.9MQ3 2025$25.3MQ4 2025$13.7MQ1 2026$19.2MQ2 2026$28.5MQ3 2026
Operating cash flow less capital spending.
Trupanion: operating cash flow against capital spendingTrupanion: operating cash flow against capital spendingOperating cash flowCapital spending$23.7M$1.9MQ4 2024$16.0M$1.9MQ1 2025$15.0M$3.0MQ2 2025$29.2M$5.3MQ3 2025$29.3M$3.9MQ4 2025$14.6M$847KQ1 2026$21.0M$1.8MQ2 2026$30.7M$2.2MQ3 2026
Latest (Q3 2026): Operating cash flow $30.7M, Capital spending $2.2M.

Capital allocation, year by year

Trupanion: where the cash came from (up) and went (down), by fiscal yearTrupanion: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $7.5MFY2021: Shares issued $3.6MFY2021: Capital spending −$12.4M$11.1MFY2021FY2022: Operating cash flow −$8.0MFY2022: Net borrowing −$571KFY2022: Shares issued $2.3MFY2022: Capital spending −$17.1MFY2022: Acquisitions −$15.0MFY2022: Buybacks −$5.8M$2.3MFY2022FY2023: Operating cash flow $18.6MFY2023: Net borrowing −$1.7MFY2023: Shares issued $2.7MFY2023: Capital spending −$18.3M$21.3MFY2023FY2024: Operating cash flow $48.3MFY2024: Net borrowing −$1.4MFY2024: Shares issued $752KFY2024: Capital spending −$9.7M$49.0MFY2024FY2025: Operating cash flow $89.5MFY2025: Net borrowing −$134MFY2025: Shares issued $1.7MFY2025: Capital spending −$14.1M$91.2MFY2025
Over these 5 years operating cash flow totalled $156M; the largest uses were net borrowing ($138M) and capital spending ($71.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$397M
Debt$102M
Net cash$295M
Due within a year$10.0M

Trupanion funds itself: free cash flow was $86.7M over the last twelve months, and $397M of cash and investments stands against $102M of debt ($10.0M due within a year, 39.7× covered by cash).

Trupanion: debt maturities by year (FY2025)Trupanion: debt maturities by year (FY2025)$10.0MYear 2$10.0MYear 3$92.5MYear 4
Principal due in each year as disclosed in the annual report, against $397M of cash and investments now.

Where the cash came from and went

Trupanion: sources (+) and uses (−) of cash, Q3 2026Trupanion: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$30.7MOther financing−$25.0MCash drawn (+) / kept (−)−$21.2MOther investing$20.9MNet borrowing (+) / repaid (−)−$2.5MCapital spending−$2.2MTaxes on employees’ shares−$677KShares issued$120KExchange rates−$84K
Trupanion: sources (+) and uses (−) of cash, TTM to Q3 2026Trupanion: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$95.6MOther investing−$37.1MOther financing−$37.0MCash drawn (+) / kept (−)−$10.6MCapital spending−$8.8MTaxes on employees’ shares−$2.5MShares issued$1.1MExchange rates−$595K

From profit to cash

Trupanion: net income to operating cash flow, Q3 2026Trupanion: net income to operating cash flow, Q3 2026Net income$9.3MDepreciation & amortization$3.8MStock-based pay$8.1MReceivables$5.5MPayables$6.5MPrepaid and other assets−$1.3MOperating cash flow$30.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$30.7M−$2.2M−$2.5M$120K−$21.2M$28.5M
Q2 2026$21.0M−$1.8M−$2.5M$408K$4.6M$19.2M
Q1 2026$14.6M−$847K−$2.5M$260K−$11.4M$13.7M
Q4 2025$29.3M−$3.9M—$287K$17.5M$25.3M
Q3 2025$29.2M−$5.3M−$188K$80K−$24.4M$23.9M
Q2 2025$15.0M−$3.0M−$14.9M$303K$41.5M$12.0M
Q1 2025$16.0M−$1.9M−$338K$1.0M−$6.5M$14.0M
Q4 2024$23.7M−$1.9M—$23K−$38.6M$21.8M

Trupanion: income statement and cash flow

Trupanion, Q3 2026: revenue $406M (+10% year over year), operating margin 2.4%. The chart follows the revenue to costs, profit and cash.

Trupanion: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.