Trupanion revenue grows as total pet enrollment declines

Trupanion reported third-quarter 2026 net income of $9.3 million, up from $5.9 million a year earlier, as revenue increased 11% to $405.6 million.

Subscription revenue rose 14% to $287.9 million, with subscription enrollment increasing 6% to 1,145,160 pets. Total enrollment, including pets covered through its other business segment, declined 2% to 1,626,901.

Adjusted EBITDA increased to $20.8 million from $19.6 million. Operating cash flow reached $30.7 million, compared with $29.2 million a year earlier, while free cash flow rose to $28.5 million from $23.9 million.

CEO Margi Tooth said retention improved for the seventh consecutive quarter.

Trupanion also repurchased approximately 830,000 shares for $25 million during the quarter, leaving $75 million available under its repurchase authorization. It ended September with $396.8 million in cash and short-term investments and repaid $15 million under its revolving credit facility in October.

For the first nine months of 2026, revenue increased 11% to $1.18 billion, while net income rose to $21 million from $13.8 million.