Filing Flows › Trupanion (TRUP) › Q2 2025
Trupanion (TRUP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Trupanion (TRUP) reported revenue of $354M for the second quarter 2025 (Q2 2025), +12% from a year earlier and +3% from the quarter before. Operating margin was 0.7%, net earnings $9.4M (2.7% of revenue).
Trupanion, Q2 2025: revenue $354M (+12% year over year), operating margin 0.7%, net earnings $9.4M, operating cash flow $15.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $354M | +3% | +12% |
| Operating profit | $2.3M | — | — |
| Net earnings | $9.4M | — | — |
| Operating cash flow | $15.0M | -6% | +119% |
| Free cash flow | $12.0M | — | +203% |
What changed
Revenue was $353.6M in Q2 2025, up 12% year over year and up 3% from the previous quarter. Subscription business was the largest line at 68% of revenue. Subscription business added $33.5M year over year (up 16%), 87% of the total change.
Operating profit was $2.3M, a 0.7% margin (up 2.4 points year over year). Total costs grew 10% against revenue growth of 12%. The fastest-growing cost line was General & admin (+32%). Net earnings were $9.4M. The effective tax rate was 10.7%. Non-operating items added $8.2M, 78% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $15.0M (up 119% year over year), 160% of net earnings. Non-cash charges added back $4.0M of depreciation and amortization and $9.5M of share-based compensation. Working capital and other items used $7.8M. After purchases of property, equipment, and internal-use software ($3.0M), free cash flow as the company reports it was $12.0M.
Questions
What was Trupanion's revenue in the second quarter 2025?
Trupanion (TRUP) reported revenue of $354M for the second quarter 2025 (Q2 2025), +12% from a year earlier and +3% from the quarter before.
Was Trupanion profitable in the second quarter 2025?
Operating profit was $2.3M (0.7% of revenue) and net earnings $9.4M.
Source: Trupanion 10-Q on SEC EDGAR.