Trupanion, Inc. · NASDAQ:TRUP
Trupanion — Q4 2025 Earnings Presentation
10 slides from Trupanion's earnings presentation, Feb 12, 2026
Slide 1: Quarterly Earnings Supplement Q4 2025
Quarterly Earnings Supplement Q4 2025
Slide 2: Total Subscription Revenue Growth
$261.4 2025 $252.7 $242.2 $233.1 $227.8 2024 $219.0 $208.6 $201.1 $191.5 2023 $182.9 $173.3 $165.2 $158.6 Miscellaneous Revenue 2022 $152.4 $145.8 Total Subscription Revenue Growth $139.8 $134.1 2021 $127.1 $120.4 $113.3 $106.4 2020 $99.4 $92.5 $89.5 Revenue from New Subscription Pets $86.6 2019 $82
Slide 3: Subscription Revenue By Cohort
Subscription Revenue By Cohort $280.0 $260.0 ($ in millions) $240.0 $220.0 $200.0 $180.0 $160.0 $140.0 $120.0 $100.0 $80.0 $60.0 $40.0 $20.0 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Pre-2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 4: Product Offerings
Product Offerings Subscription Segment Other Business Segment Other Subscription Other Subscription Trupanion Core Products Products North America Pets Best North America Europe PetExpert* PHI Direct (Czechia, Slovakia, Belgium, Poland) Veteran Affairs Service Dog Program Furkin Smart Paws (Germany,
Slide 5: Subscription Pet Count
Subscription Pet Count Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Gross new pets 65,220 68,111 62,740 63,661 60,162 Year-over-year Growth +8.4% +3.6% -2.5% -5.3% -9.8% Core Trupanion 55,481 57,671 53,186 53,611 51,331 Other Subscription North America 5,631 5,845 5,569 6,018 5,309 Other Subscription Eur
Slide 6: Estimated Internal Rates of Return
Estimated Internal Rates of Return Q4 2025 Quarterly average revenue per new pet $73.88 Estimated profit per pet per month based on a trailing $9.23 X 61.0 months = $563 (Lifetime value of a pet, including fixed expenses) 3-year margin (12.5% margin) Year 0 1 2 3 4 5 Months* 6 12 12 12 12 7.0 61.0 E
Slide 7: Free Cash Flow
Free Cash Flow The following table reflects the reconciliation of cash provided by operating activities to free cash flow (in thousands): Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net cash provided by operating activities $29,263 $23,701 $89,488 $48,287 Purchases of
Slide 8: Outlook
Outlook Q1 2026 Full Year 2026 Revenue $376M-$382M $1.550B-$1.582B Subscription revenue $265M-$268M $1.117B-$1.137B Adjusted operating income $38M-$41M $173M-$187M CAD FX Rate 73% 73%
Slide 9: Definitions – Estimated IRR
Definitions – Estimated IRR • Average revenue per new pet. Average revenue per new pet is calculated from total premium for all new pets enrolled for the period divided by the total number of new subscription pet months in the period. Total new subscription pet months in a period represents the sum
Slide 10: Disclaimers
Disclaimers Forward-Looking Statements Average All information under the heading “Outlook” in this Quarterly Earnings Supplement is a forward-looking statement. Such statements are subject to risks and uncertainties that could cause actual results to differ materially, including: the ability to achi