TRUPANION, INC.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
TRUP$35.50-3.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
| Trupanion, Inc. Consolidated Statements of Operations(in thousands, except share data) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Revenue | $1,439,305 | $1,285,684 | $1,108,605 |
| Cost of revenue: | |||
| Veterinary invoice expense(1) | 1,028,975 | 949,148 | 831,055 |
| Other cost of revenue(1) | 179,319 | 157,738 | 146,534 |
| Total cost of revenue | 1,208,294 | 1,106,886 | 977,589 |
| Operating expenses: | |||
| Technology and development(1) | 37,848 | 31,255 | 21,403 |
| General and administrative(1) | 76,648 | 63,731 | 60,207 |
| New pet acquisition expense(1) | 85,408 | 71,379 | 77,372 |
| Goodwill impairment charges | 1,129 | 5,299 | — |
| Depreciation and amortization | 15,836 | 16,466 | 12,474 |
| Total operating expenses | 216,869 | 188,130 | 171,456 |
| Loss from investment in joint venture | (305) | (182) | (219) |
| Operating income (loss) | 13,837 | (9,514) | (40,659) |
| Interest expense | 13,759 | 14,498 | 12,077 |
| Other (income), net | (21,916) | (14,374) | (7,701) |
| Income (loss) before income taxes | 21,994 | (9,638) | (45,035) |
| Income tax expense (benefit) | 2,561 | (5) | (342) |
| Net income (loss) | $19,433 | $(9,633) | $(44,693) |
| Net income (loss) per share: | |||
| Basic | $0.45 | $(0.23) | $(1.08) |
| Diluted | $0.45 | $(0.23) | $(1.08) |
| Weighted average shares of common stock outstanding: | |||
| Basic | 42,958,654 | 42,158,773 | 41,436,882 |
| Diluted | 43,555,884 | 42,158,773 | 41,436,882 |
| (1)Includes stock-based compensation expense as follows: | |||
|---|---|---|---|
| Veterinary invoice expense | $2,841 | $3,460 | $3,667 |
| Other cost of revenue | 2,284 | 2,063 | 1,612 |
| Technology and development | 6,036 | 4,934 | 2,846 |
| General and administrative | 19,571 | 15,696 | 17,717 |
| New pet acquisition expense | 7,580 | 7,279 | 7,319 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.