Trupanion Tops $1B Subscription Revenue, Guides 2026 Sales to $1.55B–$1.58B
Trupanion's 2025 subscription revenue reached $1 billion as total revenue rose 12% to $1.4 billion, driving net income of $19.4 million versus a $9.6 million loss in 2024. Q4 subscription revenue grew 15% to $261.4 million with 98.34% retention, and 2026 revenue is forecast at $1.55–$1.582 billion.
1. 2025 Financial Results
Trupanion delivered $1 billion in subscription revenue for 2025 and grew total revenue 12% to $1.4 billion. The company swung to a $19.4 million net profit from a $9.6 million loss in 2024, driven by pricing adjustments and improved per-pet margins.
2. Q4 Operational Highlights
In Q4, subscription revenue climbed 15% to $261.4 million while average monthly retention reached 98.34%. Subscription pets rose 5% to nearly 1.1 million, offsetting a 2% decline in total enrolled pets due to lower-margin segments.
3. 2026 Outlook and Strategic Initiatives
Management projects 2026 revenue of $1.55–$1.582 billion and about 19% growth in adjusted operating income, backed by pricing discipline and expense management. New lower-priced products are planned to address pet owner budget constraints amid rising veterinary costs.