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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and TRUPANION, INC. (TRUP). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $376.9M, roughly 1.6× TRUPANION, INC.). On growth, TRUPANION, INC. posted the faster year-over-year revenue change (11.7% vs 6.9%). Barnes & Noble Education, Inc. produced more free cash flow last quarter ($61.9M vs $25.3M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs 11.0%).
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
TRUPANION, INC.TRUPEarnings & Financial Report
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).
BNED vs TRUP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $376.9M |
| Net Profit | $25.0M | — |
| Gross Margin | 21.7% | 17.3% |
| Operating Margin | 6.8% | 1.9% |
| Net Margin | 4.2% | — |
| Revenue YoY | 6.9% | 11.7% |
| Net Profit YoY | -49.7% | — |
| EPS (diluted) | $0.72 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $598.2M | $376.9M | ||
| Q3 25 | $274.2M | $366.9M | ||
| Q2 25 | $233.0M | $353.6M | ||
| Q1 25 | $419.7M | $342.0M | ||
| Q4 24 | $559.7M | $337.3M | ||
| Q3 24 | $250.9M | $327.5M | ||
| Q2 24 | $192.7M | $314.8M | ||
| Q1 24 | $415.4M | $306.1M |
| Q4 25 | $25.0M | — | ||
| Q3 25 | $-18.3M | — | ||
| Q2 25 | $-23.0M | — | ||
| Q1 25 | $17.9M | — | ||
| Q4 24 | $43.2M | — | ||
| Q3 24 | $-103.9M | — | ||
| Q2 24 | $-41.9M | — | ||
| Q1 24 | $-9.3M | — |
| Q4 25 | 21.7% | 17.3% | ||
| Q3 25 | 20.2% | 16.4% | ||
| Q2 25 | 30.3% | 15.5% | ||
| Q1 25 | 22.3% | 14.9% | ||
| Q4 24 | 23.0% | 15.7% | ||
| Q3 24 | 17.9% | 15.1% | ||
| Q2 24 | 28.7% | 12.8% | ||
| Q1 24 | 24.2% | 11.8% |
| Q4 25 | 6.8% | 1.9% | ||
| Q3 25 | -8.4% | 1.6% | ||
| Q2 25 | -4.9% | 0.7% | ||
| Q1 25 | 4.5% | -0.4% | ||
| Q4 24 | 8.4% | 0.1% | ||
| Q3 24 | -15.4% | 0.5% | ||
| Q2 24 | -16.3% | -1.7% | ||
| Q1 24 | 0.4% | -2.0% |
| Q4 25 | 4.2% | — | ||
| Q3 25 | -6.7% | — | ||
| Q2 25 | -9.9% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | -41.4% | — | ||
| Q2 24 | -21.7% | — | ||
| Q1 24 | -2.2% | — |
| Q4 25 | $0.72 | $0.13 | ||
| Q3 25 | $-0.54 | $0.13 | ||
| Q2 25 | $2.97 | $0.22 | ||
| Q1 25 | $0.59 | $-0.03 | ||
| Q4 24 | $1.63 | $0.04 | ||
| Q3 24 | $-7.69 | $0.03 | ||
| Q2 24 | $-15.68 | $-0.14 | ||
| Q1 24 | $-3.49 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $11.7M | $370.7M |
| Total DebtLower is stronger | $122.5M | $101.8M |
| Stockholders' EquityBook value | $283.2M | $383.9M |
| Total Assets | $1.1B | $915.0M |
| Debt / EquityLower = less leverage | 0.43× | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $370.7M | ||
| Q3 25 | $7.3M | $348.5M | ||
| Q2 25 | $9.1M | $319.6M | ||
| Q1 25 | $9.2M | $321.8M | ||
| Q4 24 | $11.6M | $307.4M | ||
| Q3 24 | $8.2M | $293.1M | ||
| Q2 24 | $10.5M | $277.2M | ||
| Q1 24 | $8.1M | $275.2M |
| Q4 25 | $122.5M | $101.8M | ||
| Q3 25 | $170.0M | — | ||
| Q2 25 | $103.1M | — | ||
| Q1 25 | $141.2M | — | ||
| Q4 24 | $177.6M | $127.5M | ||
| Q3 24 | $221.9M | — | ||
| Q2 24 | $196.3M | — | ||
| Q1 24 | $30.2M | — |
| Q4 25 | $283.2M | $383.9M | ||
| Q3 25 | $256.5M | $368.6M | ||
| Q2 25 | $272.2M | $355.5M | ||
| Q1 25 | $292.9M | $333.7M | ||
| Q4 24 | $211.4M | $323.3M | ||
| Q3 24 | $149.8M | $320.2M | ||
| Q2 24 | $80.4M | $305.8M | ||
| Q1 24 | $121.5M | $303.4M |
| Q4 25 | $1.1B | $915.0M | ||
| Q3 25 | $950.8M | $880.2M | ||
| Q2 25 | $790.3M | $847.8M | ||
| Q1 25 | $1.1B | $837.2M | ||
| Q4 24 | $1.0B | $806.9M | ||
| Q3 24 | $973.2M | $816.1M | ||
| Q2 24 | $909.9M | $795.9M | ||
| Q1 24 | $1.2B | $789.5M |
| Q4 25 | 0.43× | 0.27× | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.84× | 0.39× | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 2.44× | — | ||
| Q1 24 | 0.25× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $66.2M | $29.3M |
| Free Cash FlowOCF − Capex | $61.9M | $25.3M |
| FCF MarginFCF / Revenue | 10.4% | 6.7% |
| Capex IntensityCapex / Revenue | 0.7% | 1.0% |
| Cash ConversionOCF / Net Profit | 2.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $75.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $29.3M | ||
| Q3 25 | $-67.6M | $29.2M | ||
| Q2 25 | $52.6M | $15.0M | ||
| Q1 25 | $-41.9M | $16.0M | ||
| Q4 24 | $47.4M | $23.7M | ||
| Q3 24 | $-143.5M | $15.3M | ||
| Q2 24 | $81.7M | $6.9M | ||
| Q1 24 | $-35.8M | $2.4M |
| Q4 25 | $61.9M | $25.3M | ||
| Q3 25 | $-71.3M | $23.9M | ||
| Q2 25 | $49.5M | $12.0M | ||
| Q1 25 | $-44.7M | $14.0M | ||
| Q4 24 | $44.4M | $21.8M | ||
| Q3 24 | $-147.5M | $13.4M | ||
| Q2 24 | $79.1M | $4.0M | ||
| Q1 24 | $-39.0M | $-631.0K |
| Q4 25 | 10.4% | 6.7% | ||
| Q3 25 | -26.0% | 6.5% | ||
| Q2 25 | 21.3% | 3.4% | ||
| Q1 25 | -10.7% | 4.1% | ||
| Q4 24 | 7.9% | 6.5% | ||
| Q3 24 | -58.8% | 4.1% | ||
| Q2 24 | 41.1% | 1.3% | ||
| Q1 24 | -9.4% | -0.2% |
| Q4 25 | 0.7% | 1.0% | ||
| Q3 25 | 1.4% | 1.4% | ||
| Q2 25 | 1.3% | 0.8% | ||
| Q1 25 | 0.7% | 0.6% | ||
| Q4 24 | 0.5% | 0.6% | ||
| Q3 24 | 1.6% | 0.6% | ||
| Q2 24 | 1.4% | 0.9% | ||
| Q1 24 | 0.8% | 1.0% |
| Q4 25 | 2.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -2.34× | — | ||
| Q4 24 | 1.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
TRUP
| Subscriptionbusiness | $261.4M | 69% |
| Other | $115.4M | 31% |
