Trupanion (TRUP) financial statements
Trupanion reported revenue of $1.4B in fiscal 2025, up 25.4% a year over 9 years.
Net income was $19M and the operating margin 1.0%, against -3.6% in 2016.
Free cash flow was $75M.
The diluted share count rose 53% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Trupanion's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $188M | $243M | $304M | $384M | $502M | $699M | $905M | $1.1B | $1.3B | $1.4B |
| Cost of revenue | — | — | $253M | $319M | $420M | $595M | $783M | $978M | $1.1B | $1.2B |
| Gross profit | $33M | $43M | $51M | $65M | $82M | $104M | $122M | $131M | $179M | $231M |
| Selling, general and admin | $30M | $36M | $42M | $54M | $70M | $111M | $129M | $138M | $135M | $162M |
| Operating income | -$7M | -$3M | -$1M | -$2M | -$5M | -$35M | -$43M | -$41M | -$10M | $14M |
| Interest expense | $218,000 | $533,000 | $1M | $1M | $1M | $10,000 | $4M | $12M | $14M | $14M |
| Pre-tax income | -$7M | -$2M | -$934,000 | -$2M | -$6M | -$35M | -$44M | -$45M | -$10M | $22M |
| Income tax | $38,000 | -$428,000 | -$7,000 | $169,000 | $113,000 | $310,000 | $476,000 | -$342,000 | -$5,000 | $3M |
| Net income | -$7M | -$2M | -$927,000 | -$2M | -$6M | -$36M | -$45M | -$45M | -$10M | $19M |
| EPS (diluted) | -$0.24 | -$0.05 | -$0.03 | -$0.05 | -$0.16 | -$0.89 | -$1.10 | -$1.08 | -$0.23 | $0.45 |
| Diluted shares | 29M | 30M | 32M | 35M | 36M | 40M | 41M | 41M | 42M | 44M |
| Gross margin | 17.7% | 17.7% | 16.9% | 16.9% | 16.3% | 14.9% | 13.5% | 11.8% | 13.9% | 16.1% |
| Operating margin | -3.6% | -1.1% | -0.3% | -0.5% | -1.0% | -5.0% | -4.8% | -3.7% | -0.7% | 1.0% |
| Net margin | -3.7% | -0.6% | -0.3% | -0.5% | -1.2% | -5.1% | -4.9% | -4.0% | -0.7% | 1.4% |
Balance sheet
Fiscal years, from Trupanion's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $53M | $63M | $81M | $99M | $230M | $213M | $222M | $277M | $307M | $371M |
| Total current assets | $65M | $87M | $118M | $159M | $337M | $391M | $469M | $562M | $597M | $691M |
| Property, plant and equipment | $8M | $8M | $70M | $70M | $73M | $78M | $91M | $104M | $102M | $105M |
| Goodwill | — | — | — | $0 | $33M | $33M | $42M | $44M | $37M | $39M |
| Total assets | $82M | $106M | $208M | $257M | $498M | $563M | $672M | $783M | $807M | $915M |
| Total current liabilities | $30M | $46M | $63M | $92M | $150M | $224M | $290M | $344M | $350M | $410M |
| Long-term debt | $5M | $9M | $13M | $26M | $0 | $0 | $68M | $128M | $128M | $102M |
| Total liabilities | $38M | $57M | $78M | $120M | $158M | $230M | $366M | $479M | $484M | $531M |
| Shareholders' equity | $45M | $48M | $129M | $137M | $340M | $332M | $305M | $304M | $323M | $384M |
| Net debt | -$19M | -$16M | -$14M | -$3M | -$140M | -$87M | $4M | -$19M | -$31M | -$26M |
Cash flow
Fiscal years, from Trupanion's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5M | $10M | $13M | $16M | $22M | $7M | -$8M | $19M | $48M | $89M |
| Capital spending | $2M | $3M | $57M | $5M | $7M | $12M | $17M | $18M | $10M | $14M |
| Free cash flow | $3M | $7M | -$44M | $11M | $14M | -$5M | -$25M | $358,000 | $39M | $75M |
| Stock-based compensation | $3M | $3M | $5M | $7M | $9M | $28M | $33M | $33M | $33M | $38M |
| Share buybacks (net) | — | — | — | — | — | $0 | -$6M | $0 | $0 | — |
| Net borrowing | $0 | $0 | -$10M | $0 | -$32M | $0 | -$571,000 | -$2M | -$1M | -$134M |
| Free cash flow margin | 1.6% | 2.7% | -14.6% | 2.8% | 2.8% | -0.7% | -2.8% | 0.0% | 3.0% | 5.2% |
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Open TRUP in InvestinglyQuestions
What was Trupanion's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Trupanion generate?
$75M in fiscal 2025 (operating cash flow minus capital spending).
From Trupanion's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.