Subscription growth powers BARK and Trupanion’s latest earnings

American pet players are showing signs of improvement despite market volatility, with BARK trimming its losses and Trupanion swinging to profit, marking gains across retail and insurance.

BARK

New York-based omnichannel dog brand BARK posted a net loss of $7 million (€6M) in the first quarter of FY2026 ending 30 June 2025. This represents a $3 million (€2.6M) improvement from the previous year.

While the total revenue of $102.9 million (€88.1M) was down 11.5% year-over-year (YoY), it surpassed company guidance, driven by stronger-than-expected new subscriptions and a greater shift toward higher-value Super Chewer monthly subscription plans. 

Commerce revenue, which includes the company’s retail business, jumped 49.5% to $13.7 million (€11.7M), following strong growth at Costco, Amazon, Chewy and TJX.

The company’s pet airline segment, BARK Air, also surpassed $2 million (€1.7M) in revenue.

Outlook

For the second quarter of FY2026, BARK expects a total revenue between $102 million (€87.4M) and $105 million (€89.9M). 

The pet player notes that it will not provide full-year guidance at this time due to “ongoing uncertainty” on tariffs and their impact on overall demand and operating costs. 

“The Company will continue to evaluate market conditions and provide updates as the macroeconomic landscape becomes clearer,” it says. 

Trupanion

American pet insurer Trupanion swung from a $5.9 million (€5.1M) net loss in Q2 2024 to a $9.4 million (€8M) net income in Q2 2025, boosted by a $7.8 million (€6.7M) gain from exchanging a preferred stock investment for intellectual property. 

Revenue rose 12% to $353.6 million (€302.8M), while adjusted EBITDA more than doubled to $16.6 million (€14.2M) from $7.4 million (€6.3M) a year earlier.

In the first half of FY2025, revenue climbed 12% YoY to $695.5 million (€595.7M), with subscription business revenue up 16% to $475.2 million (€407M). The Seattle-based pet player swung from a $12.7 million (€10.9M) net loss to a $7.9 million (€6.8M) net profit from January to June 2025.

Subscriptions

Subscription business revenue reached $242.2 million (€207.3M) in Q2, an increase of 16% compared to the second quarter of 2024.

As of 30 June, Trupanion has over 1.66 million enrolled pets, which is a 2% drop YoY. Meanwhile, subscription-enrolled pets rose 4% YoY to 1.06 million.