Trupanion, Inc. returned to profitability in 2025, with higher revenue and earnings compared with the previous year.
For the year ended December 31, 2025, the company posted net income of $19.4 million, compared with a net loss of $9.6 million in 2024. Total revenue rose 12% to $1.44 billion, as subscription revenue increased 16% to $989.3 million. Results for 2025 included a $7.8 million gain related to the exchange of a preferred stock investment for intellectual property.
In the fourth quarter, revenue increased 12% to $376.9 million. Net income for the quarter was $5.6 million, up from $1.7 million in the same period of 2024.
As of December 31, 2025, Trupanion had 1,647,565 total enrolled pets, down 2% from a year earlier. Subscription enrolled pets increased 5% to 1,096,173.
“Since 2021, we’ve delivered more than $500 million in discretionary profit, growing at a 22% CAGR, including over $150 million last year alone. In 2025, we achieved our 15% annual margin target, while increasing subscription revenue and reinvesting record profits to drive four straight quarters of higher retention and accelerating gross pet adds. We’re poised to advance confidently into our next strategic plan,” CEO Margi Tooth said.
At year-end, the company held $370.7 million in cash and short-term investments, including $50.0 million held outside its insurance entities, and had an additional $5.0 million available under its credit facility.
By comparison, Spot Pet Insurance said it has surpassed one million customers nationwide, a smaller overall base than Trupanion’s total enrolled pets.
Since launching, Spot said it has reimbursed more than $450 million in eligible veterinary expenses. In 2025, the company processed an average of 630 claims per day, or about 16,594 per month, with an average reimbursement turnaround time of 3.28 days. Its largest single reimbursement reached $45,013, while the highest lifetime payout to a single customer totaled $226,545.
