Trupanion Q4 Revenue Rises 12% to $376.9M as Net Income Hits $5.6M
Trupanion’s Q4 revenue climbed 12% year-on-year to $376.9 million with subscription revenue up 15% to $261.4 million, while net income rose to $5.6 million, or $0.13 per share. Full-year revenue reached $1.44 billion (+12%), adjusted EBITDA surged to $70.1 million and net income turned positive at $19.4 million.
1. Q4 Financial Highlights
In the fourth quarter, total revenue rose 12% to $376.9 million, with subscription revenue increasing 15% to $261.4 million. Net income was $5.6 million ($0.13 per share), adjusted EBITDA reached $21.8 million, operating cash flow was $29.3 million and free cash flow was $25.3 million.
2. Full-Year 2025 Results
For the full year, revenue climbed 12% to $1.44 billion and subscription revenue grew 16% to $989.3 million. Net income turned positive at $19.4 million ($0.45 per share) versus a 2024 loss, adjusted EBITDA rose to $70.1 million, operating cash flow was $89.5 million and free cash flow totaled $75.4 million.
3. Enrollment Trends and Capital Position
Total enrolled pets stood at 1.65 million at year-end, down 2% year-on-year, while subscription enrollments increased 5% to 1.10 million. The company held $370.7 million in cash and short-term investments with an additional $5.0 million available under its credit facility.