Trupanion Announces Fourth Quarter and Full Year 2025 Earnings Release and Conference Call

Check out the companies making headlines yesterday:

Baldwin Insurance Group : Insurance distribution company Baldwin Insurance Group rose by 3.6% on Wednesday after the company announced it had acquired Obie, an insurance platform for landlords and real estate investors. See our full article here.

Omnicom Group : Global advertising giant Omnicom Group rose by 3.9% on Wednesday after BNP Paribas Exane adjusted its price target on the company to $120 from $115. See our full article here.

Broadcom : Fabless chip and software maker Broadcom fell by 4.6% on Wednesday after a flurry of negative news, including reports of a Chinese directive against U.S. software, a multi-billion dollar debt offering, and significant insider stock sales, weighed on the stock. See our full article here.

Bank of America : Financial services giant Bank of America fell by 4.6% on Wednesday after the company reported fourth-quarter earnings that topped analyst expectations, but broader concerns about potential government regulation of the banking sector weighed on the stock. See our full article here.

Trupanion : Pet insurance provider Trupanion fell by 3.7% on Wednesday after Cantor Fitzgerald lowered its price target on the stock. See our full article here.

What Happened?

Shares of pet insurance provider Trupanion fell 3.7% in the afternoon session after Cantor Fitzgerald lowered its price target on the stock. 

Analyst Ryan Tunis adjusted the price target downward by 16%, from $50.00 to $42.00, while maintaining a "Neutral" rating on the shares. A lower price target, even without a formal rating downgrade, often suggests that an analyst has a more cautious view of a stock's potential for growth in the near term. This adjustment reflected a less optimistic outlook on the company's future stock performance, which appeared to weigh on investor sentiment.

After the initial drop the shares shed some of the losses and close the day $34.04, down 3.8% from previous close.

What Is The Market Telling Us

Trupanion’s shares are quite volatile and have had 16 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was about 1 month ago when the stock gained 5.2% on the news that a positive outlook for the accident and health insurance industry suggested companies in the space were positioned for growth. 

The sector was expected to benefit from an increase in underwriting exposure, or the number of policies sold. While the industry had seen soft pricing in previous quarters, a rise in smaller claims was viewed as a factor that could help pricing improve. The increasing use of technology in operations also helped insurers function more smoothly.

Trupanion is down 8.6% since the beginning of the year, and at $34.01 per share, it is trading 39.8% below its 52-week high of $56.45 from June 2025. Investors who bought $1,000 worth of Trupanion’s shares 5 years ago would now be looking at an investment worth $279.53.

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at property & casualty insurance stocks, starting with Essent Group .

Property & Casualty (P&C) insurers protect individuals and businesses against financial loss from damage to property or from legal liability. This is a cyclical industry, and the sector benefits when there is 'hard market', characterized by strong premium rate increases that outpace loss and cost inflation, resulting in robust underwriting margins. The opposite is true in a 'soft market'. Interest rates also matter, as they determine the yields earned on fixed-income portfolios. On the other hand, P&C insurers face a major secular headwind from the increasing frequency and severity of catastrophe losses due to climate change. Furthermore, the liability side of the business is pressured by 'social inflation'—the trend of rising litigation costs and larger jury awards.

The 33 property & casualty insurance stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 14.9%.

In light of this news, share prices of the companies have held steady as they are up 2.6% on average since the latest earnings results.

Essent Group

Serving as a crucial bridge between homebuyers and the American dream of homeownership, Essent Group provides private mortgage insurance and title services that enable lenders to offer home loans with down payments of less than 20%.

Essent Group reported revenues of $311.8 million, down 1.5% year on year. This print fell short of analysts’ expectations by 1.6%. Overall, it was a softer quarter for the company with a significant miss of analysts’ EPS and revenue estimates.

“We are pleased with our third quarter results, which again demonstrate the strength and resilience of our business model,” said Mark A. Casale, Chairman and Chief Executive Officer.

Interestingly, the stock is up 2.5% since reporting and currently trades at $62.31.

Read our full report on Essent Group here, it’s free.

Best Q3: Root

Pioneering a data-driven approach that rewards good driving habits, Root is a technology-driven auto insurance company that uses mobile apps to acquire customers and data science to price policies based on individual driving behavior.

Root reported revenues of $387.8 million, up 26.9% year on year, outperforming analysts’ expectations by 4.5%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ net premiums earned estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 11.5% since reporting. It currently trades at $79.21.

Weakest Q3: Progressive

Starting as a small auto insurance company in 1937 with a pioneering focus on high-risk drivers, Progressive is a major auto, property, and commercial insurance provider that offers policies through independent agents, online platforms, and over the phone.

Progressive reported revenues of $22.51 billion, up 14.2% year on year, in line with analysts’ expectations. It was a softer quarter as it posted a significant miss of analysts’ EPS estimates and a miss of analysts’ book value per share estimates.

As expected, the stock is down 10.2% since the results and currently trades at $215.81.

Read our full analysis of Progressive’s results here.

Lemonade

Built on the principle of giving back unused premiums to charitable causes selected by policyholders, Lemonade is a technology-driven insurance company that offers homeowners, renters, pet, car, and life insurance through an AI-powered digital platform.

Lemonade reported revenues of $194.5 million, up 42.4% year on year. This number surpassed analysts’ expectations by 4.8%. It was a stunning quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

The stock is up 46.2% since reporting and currently trades at $86.58.

Read our full, actionable report on Lemonade here, it’s free.

Trupanion

Born from a vision to help pet owners avoid economic euthanasia when faced with expensive veterinary bills, Trupanion provides medical insurance for cats and dogs through data-driven, vertically-integrated products priced specifically for each pet's unique characteristics.

Trupanion reported revenues of $366.9 million, up 12.1% year on year. This print topped analysts’ expectations by 1.3%. Overall, it was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and a solid beat of analysts’ book value per share estimates.

The stock is down 13.1% since reporting and currently trades at $36.58.

Read our full, actionable report on Trupanion here, it’s free.

Earnings results often indicate what direction a company will take in the months ahead. With Q3 behind us, let’s have a look at Stewart Information Services and its peers.

Property & Casualty (P&C) insurers protect individuals and businesses against financial loss from damage to property or from legal liability. This is a cyclical industry, and the sector benefits when there is 'hard market', characterized by strong premium rate increases that outpace loss and cost inflation, resulting in robust underwriting margins. The opposite is true in a 'soft market'. Interest rates also matter, as they determine the yields earned on fixed-income portfolios. On the other hand, P&C insurers face a major secular headwind from the increasing frequency and severity of catastrophe losses due to climate change. Furthermore, the liability side of the business is pressured by 'social inflation'—the trend of rising litigation costs and larger jury awards.

The 33 property & casualty insurance stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 14.7%.

Thankfully, share prices of the companies have been resilient as they are up 5.4% on average since the latest earnings results.

Stewart Information Services

Founded in 1893 during America's westward expansion when property records were often disputed, Stewart Information Services provides title insurance and real estate services, helping homebuyers, sellers, and lenders verify property ownership and protect against title defects.

Stewart Information Services reported revenues of $796.9 million, up 19.3% year on year. This print exceeded analysts’ expectations by 31%. Overall, it was a stunning quarter for the company with an impressive beat of analysts’ revenue and EPS estimates.

"I am proud of our third quarter results as they demonstrate our momentum," commented Fred Eppinger, chief executive officer.

Unsurprisingly, the stock is down 6.4% since reporting and currently trades at $70.27.

Best Q3: Root

Pioneering a data-driven approach that rewards good driving habits, Root is a technology-driven auto insurance company that uses mobile apps to acquire customers and data science to price policies based on individual driving behavior.

Root reported revenues of $387.8 million, up 26.9% year on year, outperforming analysts’ expectations by 4.5%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ net premiums earned estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 19.7% since reporting. It currently trades at $71.87.

Weakest Q3: Progressive

Starting as a small auto insurance company in 1937 with a pioneering focus on high-risk drivers, Progressive is a major auto, property, and commercial insurance provider that offers policies through independent agents, online platforms, and over the phone.

Progressive reported revenues of $22.51 billion, up 14.2% year on year, in line with analysts’ expectations. It was a softer quarter as it posted a significant miss of analysts’ EPS estimates and a miss of analysts’ book value per share estimates.

As expected, the stock is down 4.3% since the results and currently trades at $230.10.

Read our full analysis of Progressive’s results here.

First American Financial

Tracing its roots back to 1889 when California was experiencing its first major real estate boom, First American Financial provides title insurance, settlement services, and risk solutions for residential and commercial real estate transactions across the United States and internationally.

First American Financial reported revenues of $1.98 billion, up 40.7% year on year. This print surpassed analysts’ expectations by 6.2%. Overall, it was a stunning quarter as it also logged an impressive beat of analysts’ revenue estimates and a beat of analysts’ EPS estimates.

The stock is up 1.1% since reporting and currently trades at $62.06.

Read our full, actionable report on First American Financial here, it’s free for active Edge members.

Trupanion

Born from a vision to help pet owners avoid economic euthanasia when faced with expensive veterinary bills, Trupanion provides medical insurance for cats and dogs through data-driven, vertically-integrated products priced specifically for each pet's unique characteristics.

Trupanion reported revenues of $366.9 million, up 12.1% year on year. This number beat analysts’ expectations by 1.3%. It was an exceptional quarter as it also produced a beat of analysts’ EPS estimates and a solid beat of analysts’ book value per share estimates.

The stock is down 9.4% since reporting and currently trades at $38.14.

Read our full, actionable report on Trupanion here, it’s free for active Edge members.

As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the property & casualty insurance industry, including Trupanion and its peers.

Property & Casualty (P&C) insurers protect individuals and businesses against financial loss from damage to property or from legal liability. This is a cyclical industry, and the sector benefits when there is 'hard market', characterized by strong premium rate increases that outpace loss and cost inflation, resulting in robust underwriting margins. The opposite is true in a 'soft market'. Interest rates also matter, as they determine the yields earned on fixed-income portfolios. On the other hand, P&C insurers face a major secular headwind from the increasing frequency and severity of catastrophe losses due to climate change. Furthermore, the liability side of the business is pressured by 'social inflation'—the trend of rising litigation costs and larger jury awards.

The 33 property & casualty insurance stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 14.7%.

Thankfully, share prices of the companies have been resilient as they are up 6.1% on average since the latest earnings results.

Trupanion

Born from a vision to help pet owners avoid economic euthanasia when faced with expensive veterinary bills, Trupanion provides medical insurance for cats and dogs through data-driven, vertically-integrated products priced specifically for each pet's unique characteristics.

Trupanion reported revenues of $366.9 million, up 12.1% year on year. This print exceeded analysts’ expectations by 1.3%. Overall, it was an exceptional quarter for the company with a beat of analysts’ EPS and book value per share estimates.

“We delivered record quarterly profitability while accelerating subscription pet growth for the third consecutive quarter,” said Margi Tooth, Chief Executive Officer and President of Trupanion.

Unsurprisingly, the stock is down 10.3% since reporting and currently trades at $37.74.

We think Trupanion is a good business, but is it a buy today? Read our full report here, it’s free for active Edge members.

Best Q3: Root

Pioneering a data-driven approach that rewards good driving habits, Root is a technology-driven auto insurance company that uses mobile apps to acquire customers and data science to price policies based on individual driving behavior.

Root reported revenues of $387.8 million, up 26.9% year on year, outperforming analysts’ expectations by 4.5%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ net premiums earned estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 18.2% since reporting. It currently trades at $73.23.

Weakest Q3: Progressive

Starting as a small auto insurance company in 1937 with a pioneering focus on high-risk drivers, Progressive is a major auto, property, and commercial insurance provider that offers policies through independent agents, online platforms, and over the phone.

Progressive reported revenues of $22.51 billion, up 14.2% year on year, in line with analysts’ expectations. It was a softer quarter as it posted a significant miss of analysts’ EPS estimates and a miss of analysts’ book value per share estimates.

As expected, the stock is down 5.3% since the results and currently trades at $227.69.

Read our full analysis of Progressive’s results here.

Selective Insurance Group

Founded in 1926 during the early days of automobile insurance, Selective Insurance Group is a property and casualty insurance company that sells commercial, personal, and excess and surplus lines insurance products through independent agents.

Selective Insurance Group reported revenues of $1.36 billion, up 9.3% year on year. This number topped analysts’ expectations by 364%. Taking a step back, it was a softer quarter as it produced a significant miss of analysts’ EPS estimates and a significant miss of analysts’ book value per share estimates.

Selective Insurance Group scored the biggest analyst estimates beat among its peers. The stock is up 4.8% since reporting and currently trades at $85.06.

Read our full, actionable report on Selective Insurance Group here, it’s free for active Edge members.

Employers Holdings

With roots in Nevada and a strong concentration in California where 45% of its premiums are generated, Employers Holdings is a specialty provider of workers' compensation insurance focused on small and select businesses engaged in low-to-medium hazard industries across the United States.

Employers Holdings reported revenues of $239.3 million, up 6.8% year on year. This result surpassed analysts’ expectations by 10.4%. However, it was a slower quarter as it logged a significant miss of analysts’ EPS estimates and a significant miss of analysts’ book value per share estimates.

The stock is up 5.1% since reporting and currently trades at $42.79.

Read our full, actionable report on Employers Holdings here, it’s free for active Edge members.