TRUP on Nasdaq

Trupanion

American pet insurance provider

Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

Jan 1, 1999Founded1

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  • TickerTRUP on Nasdaq1
  • Industrypet insurance1
  • HeadquartersSeattle1
  • Websitetrupanion.com
  • Legal formDelaware corporation1
  • Incorporated inDE5
  • Business address6100 4Th Avenue South, Suite 400, Seattle, Wa 981085
  • Filer categoryLarge accelerated filer5
  • LEI549300J86GFKIDGMQP184
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 41366934

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Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

1.0%Operating margin7
11.9%Revenue growth, 20257
0.27×Debt to equity7
$75.4MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Subscription business brought in 69% of the revenue Trupanion broke down this way in fiscal 2025.

  1. Subscription business$989.3M769%up 16% from 2024
  2. Other Operating$450.0M731%up 5% from 2024
Business segments by year
Business segments202320242025
Subscription business$712.9M$856.5M$989.3M
Other Operating$395.7M$429.2M$450.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue84¢$1.2B
  • Other costs15¢$214.7M
  • Interest1¢$13.8M
  • Income tax0¢$2.6M

Out of $1.4B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending16¢$14.1M
  • Kept or used elsewhere84¢$75.4M

Out of $89.5M of cash from operations.7

Financial statements

Revenue8910117$1.4B in 2025+275% since 2019
0$500.0M$1.0B$1.5B2019: $383.9M$383.9M20192020: $502.0M$502.0M2020+31%2021: $699.0M$699.0M2021+39%2022: $905.2M$905.2M2022+29%2023: $1.1B$1.1B2023+22%2024: $1.3B$1.3B2024+16%2025: $1.4B$1.4B2025+12%
Operating income8910117$13.8M in 2025
-$60.0M-$40.0M-$20.0M0$20.0M2019: -$1.9M-$1.9M20192020: -$4.9M-$4.9M2020+157%2021: -$35.2M-$35.2M2021+614%2022: -$43.0M-$43.0M2022+22%2023: -$40.7M-$40.7M2023−5%2024: -$9.5M-$9.5M2024−77%2025: $13.8M$13.8M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenue$1.4B$1.3B$1.1B
Veterinary invoice expense$1.0B$949.1M$831.1M
Other cost of revenue$179.3M$157.7M$146.5M
Total cost of revenue$1.2B$1.1B$977.6M
Technology and development$37.8M$31.3M$21.4M
General and administrative$76.6M$63.7M$60.2M
New pet acquisition expense$85.4M$71.4M$77.4M
Goodwill, Impairment Loss$1.1M$5.3M$0
Depreciation and amortization$15.8M$16.5M$12.5M
Total operating expenses$216.9M$188.1M$171.5M
Loss from investment in joint venture-$305.0K-$182.0K-$219.0K
Operating income (loss)$13.8M-$9.5M-$40.7M
Interest expense$13.8M$14.5M$12.1M
Other (income), net-$21.9M-$14.4M-$7.7M
Income (loss) before income taxes$22.0M-$9.6M-$45.0M
Income tax expense (benefit)$2.6M-$5.0K-$342.0K
Net income (loss)$19.4M-$9.6M-$44.7M
Earnings Per Share, Basic$0.45-$0.23-$1.08
Earnings Per Share, Diluted$0.45-$0.23-$1.08
Weighted Average Number of Shares Outstanding, Basic43.0M shares42.2M shares41.4M shares
Weighted Average Number of Shares Outstanding, Diluted43.6M shares42.2M shares41.4M shares

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The story

Originally known as Vetinsurance, Trupanion was founded in Canada by current chairman Darryl Rawlings in 1999.

Trupanion raised $22 million in 2007 from investors including Maveron, RenaissanceRe, and a large private equity group. Subsequently, a Series B round was completed in 2008, followed by a $9 million Series C round of financing led by the Highland Consumer Fund in 2011.

In 2014, Trupanion went public, raising $71 million during its initial public offering (IPO). The company continued its growth trajectory, culminating in October 2020 with the completion of a Private Investment in Public Equity (PIPE) funding round amounting to $200 million. By the end of the 2020 fiscal year, Trupanion reported revenue of $502 million.

From Wikipedia’s article on Trupanion, shared under CC BY-SA 4.0.6

Leadership

Who has led Trupanion, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Darryl Rawlings2014–2024
  2. Margaret Tooth2024–now

President

  1. Darryl Rawlings2014–2021
  2. Margaret Tooth2021–2024
  3. Tricia Plouf2021–2022

Chief financial officer

  1. Michael O. Banks2014–2015
  2. Tricia Plouf2016–2021
  3. Andrew D. Wolff2021–2023
  4. Fawwad Qureshi2023–now

Chief operating officer

  1. Ian Moffat2016–2018
  2. Tricia Plouf2022–2023
  3. John R. Gallagher2025–now
200020052010201520202025
Board members and other officers (39)

Former names

  • TRUPANION INC.Mar 3, 2014 to May 2, 20185
  • VETINSURANCE INTERNATIONAL INCJul 24, 2006 to Nov 9, 20115

Timeline

  1. Aug 20, 2024New chief executive Margaret Tooth becomes CEO16
  2. Jul 17, 2014New chief executive Darryl Rawlings becomes CEO17
  3. Jan 1, 1999Founded Founded1

Filings

775 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 40 major events, 604 insider forms, 30 large holders, 81 other. The latest 20:

  1. Oct 13, 20264 EDGAR
  2. Oct 9, 2026144 EDGAR
  3. Sep 30, 20264 EDGAR
  4. Sep 28, 2026144 EDGAR
  5. Sep 15, 20264 EDGAR
  6. Sep 11, 2026144 EDGAR
  7. Sep 1, 20264 EDGAR
  8. Aug 28, 2026144 EDGAR
  9. Aug 26, 2026144 EDGAR
  10. Aug 26, 20264 EDGAR
  11. Aug 26, 20264 EDGAR
  12. Aug 26, 20264 EDGAR
  13. Aug 26, 20264 EDGAR
  14. Aug 26, 20264 EDGAR
  15. Aug 26, 20264 EDGAR
  16. Aug 26, 20264 EDGAR
  17. Aug 26, 20264 EDGAR
  18. Aug 26, 20264 EDGAR
  19. Aug 26, 20264 EDGAR
  20. Aug 13, 20264 EDGAR

The 775 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

162 open-market trades by officers, directors and large owners since October 2021: 4 buys and 158 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 28, 2026GALLAGHER JOHN RChief Operating OfficerSale431$22.92$9.9KForm 4
Sep 11, 2026Tooth MargaretCEOSale1,000$25.00$25.0KForm 4
Aug 28, 2026GALLAGHER JOHN RChief Operating OfficerSale3,604$29.70$107.0KForm 4
Aug 26, 2026Qureshi FawwadChief Financial OfficerSale6,111$30.01$183.4KForm 4
Aug 25, 2026Tooth MargaretCEOSale491$31.84$15.6KForm 4
Aug 11, 2026Tooth MargaretCEOSale978$29.05$28.4KForm 4
Jul 28, 2026GALLAGHER JOHN RChief Operating OfficerSale431$25.08$10.8KForm 4
Jun 29, 2026GALLAGHER JOHN RChief Operating OfficerSale431$25.35$10.9KForm 4
Jun 5, 2026WEINRAUCH STEVEEVP, North Am & Vet StrategySale6,674$22.00$146.8KForm 4
May 28, 2026GALLAGHER JOHN RChief Operating OfficerSale3,603$21.69$78.1KForm 4
May 27, 2026Qureshi FawwadChief Financial OfficerSale6,177$22.18$137.0KForm 4
May 25, 2026Tooth MargaretCEOSale491$21.86$10.7KForm 4
Apr 28, 2026GALLAGHER JOHN RChief Operating OfficerSale431$27.47$11.8KForm 4
Mar 30, 2026GALLAGHER JOHN RChief Operating OfficerSale430$25.47$11.0KForm 4
Mar 4, 2026DREYER EMILYChief Revenue OfficerSale7,792$28.15$219.3KForm 4
Feb 27, 2026Qureshi FawwadChief Financial OfficerSale2,837$26.46$75.1KForm 4
Feb 27, 2026GALLAGHER JOHN RChief Operating OfficerSale5,283$26.52$140.1KForm 4
Feb 25, 2026Qureshi FawwadChief Financial OfficerSale4,645$25.61$119.0KForm 4
Feb 25, 2026WEINRAUCH STEVEEVP, North Am & Vet StrategySale85$26.70$2.3KForm 4
Jan 28, 2026GALLAGHER JOHN RChief Operating OfficerSale430$31.67$13.6KForm 4

All 162 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,441,008$134.8M0.0%−2,112
Capital World Investors3,840,269$95.1M0.0%+58,630
Aflac Inc3,636,364$90.1M97.2%No change
Vanguard Portfolio Management LLC1,801,498$44.6M0.0%+38,921
Polar Capital Holdings Plc1,750,000$43.3M0.1%+125,000
Vanguard Capital Management LLC1,486,377$36.8M0.0%+33,221
State Street Corp1,365,662$33.8M0.0%+48,219
Fmr LLC1,040,565$25.8M0.0%−314,001
Morgan Stanley901,215$22.3M0.0%+203,343
Geode Capital Management, LLC875,839$21.7M0.0%−2,231
Greenlea Lane Capital Management, LLC776,490$19.2M5.3%No change
Bank Of America Corp /de/575,764$14.3M0.0%−14,975
Marshall Wace, Llp561,333$13.9M0.0%−132,822
Kopion Asset Management, LLC522,999$13.0M8.2%+123,308
Goldman Sachs Group Inc491,871$12.2M0.0%+133,393
Qube Research & Technologies Ltd406,217$10.1M0.0%+59,911
Clearbridge Investments, LLC395,906$9.8M0.0%−45,566
Dimensional Fund Advisors LP380,610$9.4M0.0%−321,476
Northern Trust Corp372,420$9.2M0.0%+15,772
Tudor Investment Corp Et Al356,697$8.8M0.0%+41,470
Charles Schwab Investment Management Inc327,005$8.1M0.0%+8,854
Hosking Partners LLP299,096$7.4M0.2%−3,910
Jpmorgan Chase & Co285,654$7.3M0.0%+180,983
Renaissancere Holdings Ltd263,000$6.5M1.5%No change
Vanguard Fiduciary Trust Co242,720$6.0M0.0%+3,312

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

8 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Dec 10, 2021Bradley Scott SchneiderDemocratic, HouseExchange$50,001 - $100,000Report
Dec 10, 2021Bradley Scott SchneiderDemocratic, HousePartial sale$50,001 - $100,000+144.7%Report
Dec 7, 2021Bradley Scott SchneiderDemocratic, HouseSale$15,001 - $50,000+146.9%Report
Jul 16, 2021Marie Newman, HouseSale$1,001 - $15,000+152.5%Report
Feb 8, 2021Bradley Scott SchneiderDemocratic, HousePartial sale$50,001 - $100,000+175.2%Report
Dec 17, 2020Bradley Scott SchneiderDemocratic, HousePartial sale$100,001 - $250,000+183.2%Report
Dec 17, 2020Bradley Scott SchneiderDemocratic, HousePartial sale$100,001 - $250,000+183.2%Report
Aug 12, 2020Bradley Scott SchneiderDemocratic, HousePartial sale$250,001 - $500,000+182.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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