TRUPANION, INC.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
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Parent Company Financials
| Trupanion, Inc.Condensed Statements of Operations and Comprehensive Income (Loss)(Parent Company Only, in thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Expenses: | |||
| Veterinary invoice expense | $394 | $290 | $253 |
| Other cost of revenue | 458 | 347 | 240 |
| Technology and development | 264 | 1,934 | 1,507 |
| General and administrative | 4,532 | 3,915 | 5,345 |
| New pet acquisition expense | 3,088 | 1,422 | 806 |
| Depreciation and amortization | 1,042 | 941 | 494 |
| Total expenses | 9,778 | 8,849 | 8,645 |
| Loss from investment in joint venture | (324) | (192) | (237) |
| Operating loss | (10,102) | (9,041) | (8,882) |
| Interest expense | 13,599 | 14,345 | 11,998 |
| Other (income), net | (63,294) | (16,303) | (14,442) |
| Income (loss) before income taxes and loss in undistributed earnings of subsidiaries | 39,593 | (7,083) | (6,438) |
| Income tax (benefit) | (18,973) | (18,939) | (15,766) |
| Loss in undistributed earnings of subsidiaries | (39,133) | (21,489) | (54,021) |
| Net income (loss) | $19,433 | $(9,633) | $(44,693) |
| Other comprehensive income (loss), net of taxes: | |||
| Other comprehensive income (loss) of subsidiaries | 4,709 | (3,015) | 6,704 |
| Other comprehensive income (loss) | 4,709 | (3,015) | 6,704 |
| Comprehensive income (loss) | $24,142 | $(12,648) | $(37,989) |
| Trupanion, Inc.Condensed Balance Sheets(Parent Company Only)(In thousands, except share data) | ||
|---|---|---|
| December 31, | ||
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $13,850 | $11,951 |
| Accounts and other receivables | 6 | 1,194 |
| Prepaid expenses and other assets | 96 | 815 |
| Total current assets | 13,952 | 13,960 |
| Restricted cash | 27,115 | 25,406 |
| Property, equipment, and internal-use software, net | 4,134 | 4,180 |
| Intangible assets, net | 5,818 | 5,869 |
| Other long-term assets | 2,491 | 12,415 |
| Advances to and investments in subsidiaries | 444,341 | 392,898 |
| Total assets | $497,851 | $454,728 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable, accrued liabilities, and other current liabilities | $1,075 | $1,488 |
| Long-term debt - current portion | 10,000 | 1,350 |
| Total current liabilities | 11,075 | 2,838 |
| Long-term debt | 101,784 | 127,537 |
| Deferred tax liabilities | 1,056 | 1,057 |
| Other liabilities | — | 28 |
| Total liabilities | 113,915 | 131,460 |
| Stockholders’ equity: | ||
| Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 44,430,267 and 43,402,081 shares issued and outstanding at December 31, 2025 and 43,516,631 and 42,488,445 shares issued and outstanding at December 31, 2024 | — | — |
| Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding | — | — |
| Additional paid-in capital | 604,828 | 568,302 |
| Accumulated other comprehensive income (loss) | 2,097 | (2,612) |
| Accumulated deficit | (206,455) | (225,888) |
| Treasury stock, at cost: 1,028,186 shares at December 31, 2025 and 2024 | (16,534) | (16,534) |
| Total stockholders’ equity | 383,936 | 323,268 |
| Total liabilities and stockholders’ equity | $497,851 | $454,728 |
| Trupanion, Inc.Condensed Statements of Cash Flows(Parent Company Only, 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: | |||
| (Income) loss attributable to investments in subsidiaries | (14,729) | 8,707 | 39,184 |
| Realized gain on preferred stock investment | (7,783) | — | — |
| Dividends from subsidiaries | 53,862 | 12,782 | 14,837 |
| Depreciation and amortization | 1,042 | 941 | 494 |
| Stock-based compensation expense | 8,109 | 6,178 | 4,575 |
| Other, net | 3,040 | (395) | 4,200 |
| Changes in operating assets and liabilities | 1,968 | 507 | 6,194 |
| Net cash provided by operating activities | 64,942 | 19,087 | 24,791 |
| Investing activities | |||
| Purchases of property, equipment, and internal-use software | (945) | (1,201) | (172) |
| Advances to and investments in subsidiaries | (39,687) | (13,526) | (87,198) |
| Other | 1,546 | 2,157 | 1,586 |
| Net cash used in investing activities | (39,086) | (12,570) | (85,784) |
| Financing activities | |||
| Proceeds from debt financing, net of financing fees | 114,208 | — | 59,972 |
| Repayment of debt financing | (134,438) | (1,350) | (1,225) |
| Proceeds from exercise of stock options | 1,694 | 752 | 2,655 |
| Shares withheld to satisfy tax withholding | (3,712) | (2,519) | (1,536) |
| Net cash (used in) provided by financing activities | (22,248) | (3,117) | 59,866 |
| Net change in cash, cash equivalents, and restricted cash | 3,608 | 3,400 | (1,127) |
| Cash, cash equivalents, and restricted cash at beginning of period | 37,357 | 33,957 | 35,084 |
| Cash, cash equivalents, and restricted cash at end of period | $40,965 | $37,357 | $33,957 |
- Organization and Presentation
The accompanying condensed financial statements present the financial position, results of operations and cash flows for Trupanion, Inc. These condensed unconsolidated financial statements should be read in conjunction with the consolidated financial statements of Trupanion, Inc. and its subsidiaries and the notes thereto (the Consolidated Financial Statements). Investments in subsidiaries are accounted for using the equity method of accounting. Trupanion, Inc. received cash dividends from subsidiaries of $53.9 million, $12.8 million and $14.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. These cash dividends were recorded within Trupanion, Inc.'s other income and were eliminated within the consolidated financial statements of Trupanion, Inc.
Additional information about Trupanion, Inc.’s accounting policies pertaining to intangible assets, commitments and contingencies, stock-based compensation, stockholders’ equity, and income taxes are set forth in Notes 4, 8, 12, 13, and 17, respectively, to the Consolidated Financial Statements.
Compensation expense related to stock-based transactions, including employee and non-employee stock option awards, and restricted stock units is measured and recognized in the financial statements based on fair value. Effective January 1, 2023, we entered into an intercompany agreement with a non-insurance subsidiary whereby stock-based compensation costs are allocated to this entity. Stock-based compensation expenses of $30.2 million and $27.3 million were included within equity (loss) in undistributed earnings of subsidiaries within the Condensed Statements of Operations and Comprehensive Loss and in advances to and investments in subsidiaries in the Condensed Balance Sheets for the years ended December 31, 2025 and 2024, respectively. There was no impact to net income (loss) as a result of this intercompany agreement.
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