EarningsQ2 2026 Earnings Report
MX:TRUP Q2 2026 EPS Results
Actual EPS$2.71
Consensus EPS$1.91
Beat/MissBeat by +$0.79
One Year Ago EPS$3.72
MX:TRUP Q2 2026 Revenue Results
Actual Revenue$6.65B
Expected Revenue$6.59B
Beat/MissBeat by +$54.41M
YoY Revenue Growth+11.14%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:TRUP Upcoming Earnings
Trupanion's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:TRUP Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong top-line and operating income growth, improved unit economics (25% LTV increase), accelerating net pet adds and healthy free cash flow, alongside disciplined capital allocation actions including a $100M share repurchase program and dividends unlocked from insurance entities. Offsetting risks include persistent double-digit veterinary inflation that pressures member economics, a modest decline in the value-proposition metric, rising pet acquisition cost, a year-over-year decline in net income due in part to prior-year one-time items, and a planned partner termination with Pets Best. Overall, operational momentum and cash generation appear to outweigh the manageable industry and partner challenges.Company Guidance
Revenue Growth
Total revenue of $392.9M in Q2, up 11% year-over-year; subscription revenue $276.7M, up 14% year-over-year.
Adjusted Operating Income Expansion
Total adjusted operating income $43.3M, up 24% year-over-year; subscription AOI $41.4M (96% of total), up 24% year-over-year; subscription adjusted operating margin improved to 15.0% from 13.8% (≈120 bps improvement).
Strong Pet Growth and Acquisition Momentum
Added ~18,800 net subscription pets in the quarter (net pet growth up 39% year-over-year); total subscription pets 1,125,000, up 5% year-over-year; gross pet adds accelerated ~9% year-over-year, with core product adds ~10%.
Improved Unit Economics and Lifetime Value
Lifetime value of an enrolled pet increased 25% during the quarter, indicating stronger long-term economics of new enrollments.
Pricing and ARPU Expansion
Total monthly average revenue per pet $87.44, up 9% versus prior year, reflecting pricing that incorporates veterinary inflation and product changes.
Operational Efficiency and Margin Discipline
Variable expenses declined to 9.0% of subscription revenue (from 9.1%); fixed expenses declined to 5.8% (from 6.0%); combined fixed + variable improved to 14.8% from 15.1% (≈30 bps improvement).
Cash Generation and Capital Deployment
Q2 free cash flow $19.2M (up from $12M prior year); operating cash flow $21M; free cash flow over last four quarters $82.2M; ended quarter with $398.5M cash and short-term investments and reduced debt to $106.9M (down $7.6M YoY).
Capital Returns and Balance-Sheet Actions
Received NYDFS approval to dividend $44M from insurance entity; unlocked ~ $130M of excess capital from insurance entities over 3 years; authorized $100M share repurchase program to be used opportunistically.
Product and Distribution Enhancements
Expanded deductible and coinsurance options rolling out across North America (≈50% rolled out so far), improving accessibility and aiding web conversion; digital offering on track for launch in the first half of the current strategic plan.
MX:TRUP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed