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Trupanion TRUP Subscription business — Claims Expense

Other segment segments

Other Segments
$84.67M+2.4%

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Other financials

Income statement

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Revenue$392.9M+11.1%
Gross profit$65.1M+18.8%
Operating income$6.4M+176%
Net income$6.8M-27.4%
EPS (diluted)$0.16-27.3%

Balance sheet

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Cash & equivalents$178.3M+8.4%
Total debt$106.9M-6.6%
Total equity$409.7M+15.3%
Total assets$930.8M+9.8%

Cash flow

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Operating cash flow$21.0M+39.7%
CapEx$1.8M-38.7%
Free cash flow$19.2M+59.0%

Valuation

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Market cap$1.18B-44.4%
Enterprise value$1.11B-46.4%
P/E51×
P/S0.8×-0.8×

Profitability

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Gross margin16.6%+1.2pp
Operating margin1.6%+1.4pp
Net margin1.5%
FCF margin5.4%+0.9pp

Returns & leverage

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Return on equity6.1%
Debt / equity0.3×-0.1×
Current ratio1.8×+0.1×

Where this comes from

Reported directly by Trupanion in its filing.

Tagged under the XBRL concept trup:ClaimsExpense.

The source filing: Trupanion’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 5:02 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001371285-26-000172
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Subscription business:
Revenue$276,690$242,156$546,144$475,220
Veterinary invoice expense194,803172,874386,217341,055
Other cost of revenue25,45122,61450,48944,278
Technology and development8,9815,88116,90311,381
General and administrative13,74813,78227,15127,339
New pet acquisition expense22,79019,76845,37340,280
Depreciation and amortization2,5862,7145,1875,297

Item 1. Financial Statements

FAQ

What is Trupanion's subscription business — claims expense?
Trupanion (TRUP) reported subscription business — claims expense of $194.8M in Q2 2026.
How has Trupanion's subscription business — claims expense changed year-over-year?
Trupanion's subscription business — claims expense increased by 12.7% year-over-year, from $172.87M to $194.8M.
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.

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