Trupanion, Inc.
trupanion.comWhat Do They Do?
Sells medical insurance for cats and dogs to pet owners in the United States, Canada, and certain countries in Continental Europe.
10-K for FY2025, filed Feb 13, 2026We provide medical insurance for cats and dogs in the United States, Canada, and certain countries in Continental Europe. Through our…View ↗
How Do They Make Money?
Pet owners pay insurance premiums for subscription coverage, which Trupanion earns over the policy term; it also earns premiums from policies it underwrites for third parties over their policy terms.
10-K for FY2025, filed Feb 13, 2026We operate in two reporting segments: subscription business and other business. We generate revenue in our subscription business segment…View ↗
Our other business segment generates revenue from other product offerings, primarily by underwriting policies on behalf of third parties…View ↗
Revenue RecognitionView ↗
Revenue is recognized pro-rata over the term of the customer contracts. The Company generates revenue primarily from subscription payments…View ↗
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10-K for FY2025, filed Feb 13, 2026
FY2025 revenue by reportable segment ↗
$1.4B
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10-K for FY2025, filed Feb 13, 2026
$1.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Subscription business
Recurring
10-K for FY2025, filed Feb 13, 2026 |
69%
FY2022: 66%
|
Subscription business, FY2025
$989.3M Sources
|
Recurring |
|
Other Operating Segment
Recurring
10-K for FY2025, filed Feb 13, 2026 |
31%
FY2022: 34%
|
Other Operating Segment, FY2025
$450M Sources
|
Recurring |
Who Are Their Customers?
Pet owners can enroll through the website or contact center, often after referrals from veterinarians or existing members; third parties market some products, while business customers use Trupanion to underwrite policies.
10-K for FY2025, filed Feb 13, 2026We generate leads for our subscription business segment from a diverse set of member acquisition channels, which we then seek to convert…View ↗
We operate in two reporting segments: subscription business and other business. We generate revenue in our subscription business segment…View ↗
Our other business segment generates revenue from other product offerings, primarily by underwriting policies on behalf of third parties…View ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
Growing. Revenue grew 2.1x in 4 years, from $699M in FY2021 to $1.4B in FY2025, about 20% a year.
Broader subscription distribution
The older report describes subscription sales primarily as direct to consumer; the latest also describes pet insurance marketed by third parties and additional branded products in Canada, Germany and Switzerland.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 13, 2026We operate in two business segments: subscription business and other business. We generate revenue in our subscription business segment…View ↗
We operate in two reporting segments: subscription business and other business. We generate revenue in our subscription business segment…View ↗
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