TRUPANION, INC.TRUP

TRUPANION, INC. Segments Disclosure

10-KFiled Feb 13, 20262 min read
Segments
The Company has two reporting segments: subscription business and other business. The subscription business segment generates revenue primarily from subscription payments related to the Company's direct-to-consumer products. The other business segment generates revenue from other product offerings, primarily by underwriting policies on behalf of third parties with whom the Company has a business-to-business relationship. The other business segment has, and targets, a lower margin profile than the Company's subscription business segment. The Company does not undertake marketing efforts for these policies and has a business-to-business relationship with these third-parties.
The Company's chief operating decision maker is its Chief Executive Officer. The chief operating decision maker reviews revenue and operating income (loss) to evaluate segment performance. Revenue, veterinary invoice expense, other cost of revenue, new pet acquisition expenses and goodwill impairment charges are generally directly attributed to each segment. Other operating expenses, such as technology and development expense, general and administrative expense, and depreciation and amortization, are generally allocated proportionately based on revenue in each segment. Interest and other expenses and income taxes are not allocated to the segments, nor included in the measure of segment profit or loss. The Company does not analyze discrete segment balance sheet information related to long-term assets.
Operating income (loss) of the Company’s segments was as follows (in thousands):
Year Ended December 31,
202520242023
Subscription business:
Revenue$989,338 $856,521 $712,906 
Veterinary invoice expense700,154 624,428 543,196 
Other cost of revenue90,726 82,423 70,490 
Technology and development26,016 20,822 13,765 
General and administrative52,686 42,457 36,256 
New pet acquisition expense85,269 71,240 77,172 
Goodwill impairment charges1,129 5,299 — 
Depreciation and amortization10,885 10,970 8,021 
Subscription business operating income (loss)22,473 (1,118)(35,994)
Other business:
Revenue449,967 429,163 395,699 
Veterinary invoice expense328,821 324,720 287,859 
Other cost of revenue88,593 75,315 76,044 
Technology and development11,832 10,433 7,638 
General and administrative23,962 21,274 23,951 
New pet acquisition expense139 139 200 
Depreciation and amortization4,951 5,496 4,453 
Other business operating loss(8,331)(8,214)(4,446)
Loss from investment in joint venture(305)(182)(219)
Total operating income (loss)13,837 (9,514)(40,659)
Interest expense13,759 14,498 12,077 
Other (income), net(21,916)(14,374)(7,701)
Income (loss) before income taxes$21,994 $(9,638)$(45,035)
The following table presents the Company’s revenue by geographic region of the member (in thousands):
 Year Ended December 31,
 202520242023
United States$1,197,807 $1,073,150 $935,312 
Canada and other241,498 212,534 173,293 
Total revenue$1,439,305 $1,285,684 $1,108,605 
Substantially all of the Company’s long-lived assets were located in the United States as of December 31, 2025 and 2024.
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Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 27, 2025
2023Feb 27, 2024
2022Feb 16, 2023
2021Feb 17, 2022
2020Feb 12, 2021
2019Feb 14, 2020
2018Feb 14, 2019
2017Feb 14, 2018
2016Feb 15, 2017
2015Feb 17, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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