Trupanion, Inc. announced its financial results for the second quarter ended June 30, 2025, reporting total revenue of $314.8 million, an increase of 16% year-over-year. The subscription business segment's revenue grew 20% year-over-year to $208.6 million.
The company achieved a net income of $9.4 million, or $0.22 per share, for the quarter. Total subscription pets increased 8% year-over-year to 1,020,000 pets as of June 30, with average monthly revenue per pet (ARPU) growing by 11.4% to $71.72.
The subscription business maintained a value proposition of 74.1%, reflecting a 290 basis point improvement over the prior year period. Adjusted operating income grew 48% year-over-year, and the subscription-adjusted operating margin expanded by 280 basis points to 11%. Trupanion generated $4 million in free cash flow and acquired 64,300 new pets at an estimated internal rate of return of 37%.
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