Trupanion (TRUP) Q3 2026 Earnings Report
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MX:TRUP Q3 2026 EPS Results
- Actual EPS
- MXN 3.93
- Consensus EPS
- MXN 3.05
- Beat/Miss
- Beat by +MXN 0.88
- One Year Ago EPS
- MXN 2.43
MX:TRUP Q3 2026 Revenue Results
- Actual Revenue
- MXN 7.60B
- Expected Revenue
- MXN 7.54B
- Beat/Miss
- Beat by +MXN 57.57M
- YoY Revenue Growth
- +10.54%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
MX:TRUP Upcoming Earnings
Trupanion's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:TRUP Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with record adjusted operating income and free cash flow, continued growth in pets and retention, improved acquisition efficiency, expanding technology and AI capabilities, and an increased full-year outlook. The company also acknowledged lower subscription value proposition, elevated double-digit cost inflation, higher fixed expenses, the planned Pets Best runoff, and limited near-term Landspath revenue, but these challenges were outweighed by the reported operating momentum and financial performance.
Company Guidance
For the full year of 2026, Trupanion expects total revenue in the range of $1.59 billion to $1.597 billion, subscription revenue between $1.131 billion and $1.133 billion, and total adjusted operating income between $179 million and $182 million, or 19% year over year growth at the midpoint; for the fourth quarter of 2026, total revenue is expected in the range of $407 million to $414 million, subscription revenue between $297 million and $299 million, representing approximately 14% year over year growth at the midpoint, and total adjusted operating income in the range of $48 million to $51 million, representing approximately 10% growth year over year at the midpoint, with projections using a 72% conversion rate; management expects continuous double-digit inflation in 2027, said pricing assumes that, and anticipates average member increase to continue to ease off in 2027.
- Record Adjusted Operating IncomeThird-quarter adjusted operating income exceeded $47 million, an all-time high and a 15% increase from the prior-year period. Subscription adjusted operating income reached an all-time high of $45.4 million, up 16% year over year, with a 15.8% adjusted operating margin versus 15.5%.
- Strong Revenue GrowthTotal revenue was $405.6 million, up 11% year over year. Subscription revenue was $287.9 million, up 14%, while total monthly average revenue per pet was $88.95, up 8%.
- Subscription Pet and New Pet GrowthSubscription pets increased 6% year over year to 1.145 million as of September 30, including approximately 66 thousand pets in Europe. The company added more than 20.5 thousand net new pets in the quarter, with net new pets up 28% from Q3 of last year.
- Improved RetentionAverage monthly retention for the trailing 12 months was 98.38%, up 5 basis points from Q3 of last year and representing the seventh consecutive quarter of year-over-year improvement. Management said both cohorts above and below 20% rate increases improved during the quarter.
- Higher Conversion and More Efficient AcquisitionWeb conversion strengthened during the quarter following improvements to the online enrollment journey and the rollout of expanded deductible and coinsurance options. Acquisition spend per pet declined modestly, with average pet acquisition cost falling to $279 from $290 in the prior-year period, while management cited a 4% year-over-year efficiency improvement.
- Gross Adds Beginning to Contribute More to RevenueGross adds increased 13.8% year over year, the highest increase since 2023. Management said revenue growth is becoming more balanced between pricing and gross adds, with pricing increases still the larger contributor but the lowest since 2023.
- Technology, Automation, and AI ProgressClaims automation increased from under 15% in 2020 to over 65% today. The company added the most veterinary clinics using its software in a quarter in nearly five years, and management said its software can approve claims and pay veterinarians in seconds. Technology, automation, and AI investments were also credited with improving conversion, member support efficiency, and the member experience.
- Expanded Product FlexibilityExpanded deductible and coinsurance options are now implemented across all of Canada and approximately 90% of the United States, or available to 90% of pet parents across North America. Management said the options are helping consumers understand coverage and select plans that fit their budgets.
- Record Lifetime Value and Contribution Per PetLifetime value and contribution per pet reached their highest levels in company history during the third quarter. Management also said lifetime value and margin per pet continued to grow through the first nine months of the year.
- Record Profitability and Cash FlowNet income was $9.3 million, or $0.21 per basic and diluted share, compared with $5.9 million, or $0.14 per basic and $0.13 per diluted share, in the prior-year period. This was the sixth consecutive quarter of positive net income. Free cash flow was an all-time-high $28.5 million versus $23.9 million last year and marked the tenth consecutive quarter of positive free cash flow.
- Year-to-Date Financial MomentumThrough nine months, the company generated more than $130 million of adjusted operating income, up 22% from the prior-year period, and added nearly 50 thousand net subscription pets.
- Raised and Narrowed 2026 OutlookFull-year 2026 total revenue guidance is $1.59 billion to $1.597 billion. Subscription revenue guidance was narrowed to $1.131 billion to $1.133 billion, with the midpoint representing 14% year-over-year growth. Total adjusted operating income guidance is $179 million to $182 million, representing 19% year-over-year growth at the midpoint. Fourth-quarter guidance is $407 million to $414 million of total revenue and $48 million to $51 million of adjusted operating income, with approximately 14% and 10% year-over-year growth at the respective midpoints.
- Share Repurchases and Balance Sheet FlexibilityThe company repurchased approximately 830 thousand shares for approximately $25 million during the quarter under its $100 million authorization. It ended the quarter with $396.8 million of cash and short-term investments, reduced total debt by $10.1 million year over year to $104.5 million, and subsequently repaid $15 million of borrowings. The company said $18.5 million remained available under its credit facility and that there was no pressing need to draw on it.
- New Digital Product on TrackThe next-generation digital offering remains on track to launch by the midpoint of the strategic plan next summer. Management said the deductible and coinsurance rollout confirmed meaningful demand from pet parents seeking Trupanion protection at a more accessible starting point, and that this learning is shaping branding and pricing for the new product.
- Landspath Reached Trial MilestoneThe Landspath pet food initiative began limited trials during the quarter and remains on track for a potential market launch around the middle of next year. The company said the initiative is intended to improve pet health, deepen member loyalty, provide revenue to veterinary partners, and reinforce veterinary relationships.
- Brand and Category ExpansionThe company announced a partnership with television personality and music executive Simon Cowell, who selected Trupanion for his four dogs and is helping explain the company's product features. Management also highlighted partnerships with Seattle Reign FC and animal welfare organizations. The company estimates there are more than 180 million pets in the United States and Canada, with only a little over 7 million pet parents having insurance and fewer than 5% of pets insured.
- Positive Early AI Search PositioningManagement said Trupanion ranks well in agentic search and that its investments in AI and large language model-related capabilities are being tested as a potential lead and conversion channel. The company said this channel highlights its value proposition, pricing transparency, service levels, and direct veterinarian payment model.
- Other Business Segment GrowthOther business revenue was $117.7 million, up 3% year over year, and the segment generated $1.6 million of adjusted operating income.
MX:TRUP Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 17, 2027 | 2026 (Q4) | 3.97- | 2.43 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 3.053.93 | 2.43 | 61.54% (+1.50) | |
| Aug 05, 2026 | 2026 (Q2) | 2.123.00 | 4.12 | -27.27% (-1.12) | |
| Apr 30, 2026 | 2026 (Q1) | 1.502.06 | -0.56 | 466.67% (+2.62) | |
| Feb 12, 2026 | 2025 (Q4) | 3.032.43 | 0.75 | 225.00% (+1.69) | |
| Nov 06, 2025 | 2025 (Q3) | 1.372.43 | 0.56 | 333.33% (+1.87) | |
| Aug 07, 2025 | 2025 (Q2) | -0.564.12 | -2.62 | 257.14% (+6.74) | |
| May 01, 2025 | 2025 (Q1) | -0.86-0.56 | -3 | 81.25% (+2.43) | |
| Feb 19, 2025 | 2024 (Q4) | 1.460.75 | -0.94 | 180.00% (+1.69) | |
| Oct 30, 2024 | 2024 (Q3) | -1.090.56 | -1.87 | 130.00% (+2.43) |
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
