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Operating Expense Breakdown
Details core costs such as claims, veterinary expenses, and administrative costs, providing insight into how efficiently Trupanion manages its operations and allocates resources.A 2023 reclassification shifted traditional Sales & Marketing into New Pet Acquisition Expense, so the apparent S&M drop masks sustained—and growing—customer acquisition spend; New Pet Acquisition Expense is now the largest variable lever and has risen alongside management’s stated decision to redeploy AOI into disciplined pet adds even as average CAC is climbing. Tech & Development has also meaningfully ramped, supporting product expansion and automation that improved per‑pet economics, while G&A stepped up with scale—a deliberate reinvestment strategy that boosts LTV but could pressure near‑term cash flow if acquisition efficiency or vet/adoption trends weaken.
Date | Sales and Marketing | General and Administrative | Depreciation and Amortization | Technology and Development | New Pet Acquisition Expense |
|---|---|---|---|---|---|
Jun 30, 2026 | $0.00 | $19.52M | $3.67M | $12.75M | $22.80M |
Mar 31, 2026 | $0.00 | $19.10M | $3.71M | $11.29M | $22.61M |
Dec 31, 2025 | $0.00 | $18.32M | $4.03M | $11.30M | $23.10M |
Sep 30, 2025 | $0.00 | $18.31M | $4.05M | $9.89M | $21.95M |
Jun 30, 2025 | $0.00 | $20.12M | $3.96M | $8.59M | $19.84M |
Mar 31, 2025 | $0.00 | $19.89M | $3.79M | $8.07M | $20.52M |
Dec 31, 2024 | $0.00 | $16.83M | $3.92M | $8.17M | $18.35M |
Sep 30, 2024 | $0.00 | $16.98M | $4.38M | $7.93M | $18.31M |
Jun 30, 2024 | $0.00 | $15.25M | $4.38M | $8.19M | $17.87M |
Mar 31, 2024 | $0.00 | $14.67M | $3.79M | $6.96M | $16.84M |