TRUPANION, INC.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
TRUP$34.26-3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Trupanion, Inc. Consolidated Statements of Cash Flows(in thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net income (loss) | $19,433 | $(9,633) | $(44,693) |
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
| Depreciation and amortization | 15,836 | 16,466 | 12,474 |
| Stock-based compensation expense | 38,312 | 33,432 | 33,161 |
| Realized gain on nonmonetary exchange of preferred stock investment | (7,783) | — | — |
| Goodwill impairment charges | 1,129 | 5,299 | — |
| Other, net | 2,097 | (1,748) | 1,347 |
| Changes in operating assets and liabilities: | |||
| Accounts and other receivables | (27,211) | (6,717) | (35,440) |
| Prepaid expenses and other assets | (1,166) | 3,215 | (1,907) |
| Accounts payable, accrued liabilities, and other liabilities | 26,029 | 2,084 | 1,644 |
| Reserve for veterinary invoices | 4,133 | (11,310) | 19,485 |
| Deferred revenue | 18,679 | 17,199 | 32,567 |
| Net cash provided by operating activities | 89,488 | 48,287 | 18,638 |
| Investing activities | |||
| Purchases of investment securities | (256,031) | (133,493) | (165,936) |
| Maturities and sales of investment securities | 172,609 | 127,653 | 190,270 |
| Purchases of property, equipment, and internal-use software | (14,129) | (9,716) | (18,280) |
| Other | 1,664 | 2,099 | 1,585 |
| Net cash provided by (used in) investing activities | (95,887) | (13,457) | 7,639 |
| Financing activities | |||
| Proceeds from debt financing, net of financing fees | 114,208 | — | 60,102 |
| Repayment of debt financing | (134,438) | (1,350) | (1,717) |
| Proceeds from exercise of stock options | 1,694 | 752 | 2,655 |
| Shares withheld to satisfy tax withholding | (3,712) | (2,519) | (1,536) |
| Other | (614) | (840) | (378) |
| Net cash provided by (used in) financing activities | (22,862) | (3,957) | 59,126 |
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net | 1,189 | (1,877) | 424 |
| Net change in cash, cash equivalents, and restricted cash | (28,072) | 28,996 | 85,827 |
| Cash, cash equivalents, and restricted cash at beginning of period | 199,530 | 170,464 | 84,637 |
| Cash, cash equivalents, and restricted cash at end of period | $171,458 | $199,530 | $170,464 |
| Supplemental disclosures | |||
| Interest paid | $13,085 | $13,191 | $12,100 |
| Noncash investing and financing activities: | |||
| Purchases of property, equipment, and internal-use software included in accounts payable and accrued liabilities | 129 | 534 | 887 |
| Right-of-use asset obtained in exchange for lease liability | 14,452 | — | — |
| Purchase of intellectual property in exchange for preferred stock investment | 14,783 | — | — |
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