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Trupanion TRUP Subscription business — Claims Expense

Other segment segments

Other Segments
$90.02M+13.6%

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Other financials

Income statement

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Revenue$384.0M+12.3%
Gross profit$61.5M+20.3%
Operating income$4.8M+424%
Net income$4.9M+429%
EPS (diluted)$0.11+467%

Balance sheet

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Cash & equivalents$182.9M-11.2%
Total debt$109.3M-15.2%
Total equity$394.8M+18.3%
Total assets$921.6M+10.1%

Cash flow

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Operating cash flow$14.6M-8.6%
CapEx$847.0K-56.1%
Free cash flow$13.7M-2.1%

Valuation

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Market cap$1.04B-56.4%
Enterprise value$968.57M-58.1%
P/E40.4×
P/S0.7×-1.1×

Profitability

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Gross margin16.3%+1.6pp
Operating margin1.4%+1.1pp
Net margin1.7%
FCF margin5.1%+1.0pp

Returns & leverage

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Return on equity7.1%
Debt / equity0.3×-0.1×
Current ratio1.7×0.0×

Where this comes from

Reported directly by Trupanion in its filing.

Tagged under the XBRL concept trup:ClaimsExpense.

The official record: Trupanion’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Trupanion's subscription business — claims expense?
Trupanion (TRUP) reported subscription business — claims expense of $191.41M in Q1 2026.
How has Trupanion's subscription business — claims expense changed year-over-year?
Trupanion's subscription business — claims expense increased by 13.8% year-over-year, from $168.18M to $191.41M.
What is the long-term trend for Trupanion's subscription business — claims expense?
Over 4 years (2021 to 2025), Trupanion's subscription business — claims expense has grown at a 18.4% compound annual growth rate (CAGR), from $356.45M to $700.15M.
What does subscription business — claims expense mean?
Represents the total costs incurred by the insurance segment for veterinary invoice payments and related claims adjustment expenses. This metric reflects the core underwriting risk and the cost of fulfilling policyholder obligations for the subscription product line.