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Trupanion TRUP Subscription business — Claims expense non-cash

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ACGLThird party claims-made business — Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
260,900,000,000%+231,300,000,000pp

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:Claimsexpensenoncash.

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 non-cash?
Trupanion (TRUP) reported subscription business — claims expense non-cash of $577K in Q1 2026.
How has Trupanion's subscription business — claims expense non-cash changed year-over-year?
Trupanion's subscription business — claims expense non-cash decreased by 30.6% year-over-year, from $832K to $577K.
What is the long-term trend for Trupanion's subscription business — claims expense non-cash?
Over 4 years (2021 to 2025), Trupanion's subscription business — claims expense non-cash has grown at a -11.0% compound annual growth rate (CAGR), from $4.68M to $2.93M.
What does subscription business — claims expense non-cash mean?
Represents the portion of claims-related expenses that do not involve an immediate cash outflow, such as amortization of deferred acquisition costs or specific accounting adjustments. Distinguishing non-cash expenses from cash claims payments allows for a clearer view of the underlying operational cash flow. This helps investors isolate accounting-driven volatility from actual insurance underwriting performance.