Filing Flows › Trupanion (TRUP) › Q4 2025
Trupanion (TRUP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Trupanion (TRUP) reported revenue of $377M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +3% from the quarter before. Operating margin was 1.9%, net earnings $5.6M (1.5% of revenue).
Trupanion, Q4 2025: revenue $377M (+12% year over year), operating margin 1.9%, net earnings $5.6M, operating cash flow $29.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $377M | +3% | +12% |
| Operating profit | $7.1M | +22% | 21× |
| Net earnings | $5.6M | -4% | +240% |
| Operating cash flow | $29.3M | +0.1% | +23% |
| Free cash flow | $25.3M | — | +16% |
What changed
Revenue was $376.9M in Q4 2025, up 12% year over year and up 3% from the previous quarter. Subscription business was the largest line at 69% of revenue.
Operating profit was $7.1M, a 1.9% margin (up 1.8 points year over year). Of the extra revenue versus a year earlier, 17% reached operating profit, above the 0% margin then. Total costs grew 10% against revenue growth of 12%. The fastest-growing cost line was Sales & marketing (+26%). Net earnings were $5.6M, up 240% year over year. The effective tax rate was 10.5%.
Operating cash flow was $29.3M (up 23% year over year), 520% 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 added $10.1M. After purchases of property and equipment ($3.9M), free cash flow as the company reports it was $25.3M.
Questions
What was Trupanion's revenue in the fourth quarter 2025?
Trupanion (TRUP) reported revenue of $377M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +3% from the quarter before.
Was Trupanion profitable in the fourth quarter 2025?
Operating profit was $7.1M (1.9% of revenue) and net earnings $5.6M.
Source: Trupanion 10-K on SEC EDGAR.