Trupanion, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, total revenue reached $337.3 million, a 14% increase year-over-year, with subscription revenue growing 19% to $227.8 million. The company reported a net income of $1.7 million, or $0.04 per share, for the quarter.
Full year 2024 highlights included total revenue of $1.285 billion, up 16% year-over-year, and subscription revenue of $856.5 million, a 20% increase. Adjusted operating income for the full year grew nearly 40% to a record $114 million, and the company generated an all-time high of $38.6 million in free cash flow.
Trupanion achieved its highest quarterly subscription adjusted operating margin in history during Q4 2024, more than doubling its margin from an early 2023 low. The company also announced it is on track to remediate two material weaknesses identified in its 2024 audit. For 2025, Trupanion expects full-year total revenue between $1.379 billion and $1.414 billion, with subscription revenue projected between $961 million and $984 million.
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