TRUP — what changed in the latest 10-Q
A section-by-section comparison of TRUP's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-05 vs the prior 10-Q · 2026-04-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +37 | −15 | ~20 | 51 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | Some risk factors updated | +5 | 0 | ~1 | 0 |
| Other information | Text added/removed | +1 | −1 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-05
Subscription cost of paying veterinary invoices (non-GAAP)$385,169 $339,533
(1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation in accordance with GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was appr…
(2) Excludes the portion of stock-based compensation expense attributable to the other business segment. (3) Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.
(1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation in accordance with GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was appr…
Pet acquisition expense for commission-based policies(2,227)(1,524)
Text removed vs the prior filing · source: 10-Q · 2026-04-30
(1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation in accordance with GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was appr…
Three months ended March 31, 2026 compared to three months ended March 31, 2025. Total revenue increased by $42.1 million, or 12%, to $384.0 million for the three months ended March 31, 2026. Revenue from our subscription business segment increased by $36.4 million, or 16%, to $269.5 million for the…
Three months ended March 31, 2026 compared to three months ended March 31, 2025. Total cost of revenue for our subscription business segment increased by $26.6 million, or 14%, to $216.5 million, for the three months ended March 31, 2026. This increase was driven by a $23.2 million, or 14%, increase…
Total cost of revenue for our other business segment increased by $5.1 million, or 5%, to $106.1 million for the three months ended March 31, 2026. This increase was primarily driven by a $10.8 million, or 14%, increase in veterinary invoice expense, partially offset by a $5.7 million, or 26% decrea…
Three months ended March 31, 2026 compared to three months ended March 31, 2025. Technology and development expenses increased by $3.2 million, or 40%, to $11.3 million for the three months ended March 31, 2026. This increase was primarily due to a $1.7 million increase in general compensation and o…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-05
Our business and financial condition is subject to risks related to our writing of policies for unaffiliated third parties, including Pets Best.
Our other business segment primarily includes revenues and expenses related to underwriting policies on behalf of third parties that do not carry reference to the Trupanion brand. In the past, our other business segment involved numerous third parties to a varying extent, but in recent years this se…
We and Pets Best have agreed to end our relationship after the third quarter of 2028. We expect that enrollment from Pets Best will continue to decline as it rolls off business and engages other third-party underwriters. We do not control the timing or extent of this roll off and, accordingly, it ma…
Our share repurchase program may not be fully consummated, may increase the volatility of our stock prices, will diminish our cash reserves to the extent consummated, and may not enhance long-term stockholder value.
In June 2026, the Board approved a share repurchase program, pursuant to which we are authorized to repurchase up to an aggregate of $100.0 million of our outstanding shares of common stock. Accordingly, we expect to engage in share repurchases of our common stock from time to time. Our repurchase p…
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-05
On May 11, 2026, Margi Tooth, our President, Chief Executive Officer and member of the Board, adopted a trading plan intended to satisfy Rule 10b5-1 to sell up to 11,443 shares of our common stock and exercise and sell up to 23,448 options to purchase shares of our common stock over a period ending …
Text removed vs the prior filing · source: 10-Q · 2026-04-30
On February 17, 2026, Murray Low, a member of our Board of Directors, terminated the trading plan dated December 2, 2025, which authorized the sale of up to 20,020 shares of Trupanion, Inc. common stock over a period ending on December 31, 2026, subject to certain conditions.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice