Filing Flows › Trupanion (TRUP) › Q3 2025
Trupanion (TRUP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Trupanion (TRUP) reported revenue of $367M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +4% from the quarter before. Operating margin was 1.6%, net earnings $5.9M (1.6% of revenue).
Trupanion, Q3 2025: revenue $367M (+12% year over year), operating margin 1.6%, net earnings $5.9M, operating cash flow $29.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $367M | +4% | +12% |
| Operating profit | $5.9M | +153% | +236% |
| Net earnings | $5.9M | -38% | +312% |
| Operating cash flow | $29.2M | +95% | +91% |
| Free cash flow | $23.9M | — | +79% |
What changed
Revenue was $366.9M in Q3 2025, up 12% year over year and up 4% from the previous quarter. Subscription business was the largest line at 69% of revenue. Subscription business added $33.7M year over year (up 15%), 85% of the total change.
Operating profit was $5.9M, a 1.6% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, above the 1% margin then. Total costs grew 11% against revenue growth of 12%. The fastest-growing cost line was Sales & marketing (+20%). Net earnings were $5.9M, up 312% year over year. The effective tax rate was 11.0%.
Operating cash flow was $29.2M (up 91% year over year), 498% of net earnings. Non-cash charges added back $4.1M of depreciation and amortization and $9.5M of share-based compensation. Working capital and other items added $9.8M. After purchases of property, equipment, and internal-use software ($5.3M), free cash flow as the company reports it was $23.9M.
Questions
What was Trupanion's revenue in the third quarter 2025?
Trupanion (TRUP) reported revenue of $367M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +4% from the quarter before.
Was Trupanion profitable in the third quarter 2025?
Operating profit was $5.9M (1.6% of revenue) and net earnings $5.9M.
Source: Trupanion 10-Q on SEC EDGAR.