Trupanion (TRUP) Q2 2026 earnings summary

Executive summary

• Revenue grew 11% year-over-year to $392.9 million in Q2 2026, driven by a 14% increase in subscription revenue and a 4% increase in other business revenue.

• Net income for Q2 2026 was $6.8 million ($0.16 per share), down from $9.4 million ($0.22 per share) in Q2 2025, primarily due to lower other income and higher expenses.

• Adjusted operating income grew 24% year-over-year, with strong net pet adds and improved retention.

• Lifetime value per enrolled pet increased 25% year-over-year, supporting continued investment in acquisition channels.

• Authorized a $100 million share repurchase program and received approval for a $44 million extraordinary dividend from a subsidiary.

Financial highlights

• Total revenue for Q2 was $392.9 million, up 11% year-over-year; subscription revenue was $276.7 million, up 14%.

• Net income was $6.8 million ($0.16 per share), compared to $9.4 million ($0.22 per share) last year, which included a $7.8 million one-time gain.

• Adjusted operating income reached $43.3 million, up 24% year-over-year.

• Free cash flow was $19.2 million, up from $12 million last year; operating cash flow was $21 million.

• Cash and short-term investments totaled $398.5 million at June 30, 2026; total debt was $106.9 million, down $7.6 million year-over-year.

Outlook and guidance

• Full-year 2026 revenue expected between $1.584 billion and $1.601 billion; subscription revenue between $1.124 billion and $1.133 billion.

• Adjusted operating income guidance narrowed to $176–$184 million, representing 19% year-over-year growth at midpoint.

• Q3 2026 revenue expected between $399 million and $405 million; subscription revenue $284–$287 million.

• Q3 adjusted operating income expected between $44 million and $47 million.

• Management remains focused on margin growth, disciplined capital investment, and improving new enrollment economics.