Astrana Health Inc.
03/02/2026 | Press release | Distributed by Public on 03/02/2026 06:12
Regulation FD Presentation, Business/Financial Results (Form 8-K)
Astrana Health, Inc. Reports Fourth Quarter and Year End 2025 Results
Company to Host Conference Call on Monday, March 2, 2026, at 5:30 a.m. PT/8:30 a.m. ET
| · | Reports total revenue for the year ended of $3,181.8 million, up 56% year-over-year, and at the higher end of guidance | |
| · | Reports adjusted EBITDA for the year ended of $205.4 million and free cash flow(1) of $104.5 million |
ALHAMBRA, Calif., March 2, 2026 /PRNewswire/ -- Astrana Health, Inc. ("Astrana," and together with its subsidiaries and affiliated entities, the "Company") (NASDAQ: ASTH), a leading physician-centric, technology-powered, risk-bearing healthcare management company enabling providers to deliver accessible, high-quality, and high-value care to all, today announced its consolidated financial results for the fourth quarter and year ended December 31, 2025.
"Astrana delivered record revenue, adjusted EBITDA, and free cash flow in 2025, demonstrating the strength and predictability of our fully delegated, payer-agnostic care model and AI-enabled technology platform in a dynamic operating environment," said Brandon Sim, President and Chief Executive Officer of Astrana Health. "Our disciplined approach to risk, strong physician alignment, and technology-enabled clinical infrastructure drove consistent performance while creating measurable value for patients through improved outcomes, greater access, and lower total cost of care. As we move through 2026, with Prospect Health integration ahead of schedule, we are confident in our ability to deliver on guidance that reflects approximately 24% revenue growth and 29% adjusted EBITDA growth at the midpoint."
Financial Highlights for Year Ended December 31, 2025:
All comparisons are to the year ended December 31, 2024 unless otherwise stated.
| · | Total revenue of $3,181.8 million, up 56% from $2,034.5 million |
| · | Care Partners revenue of $3,022.6 million, up 55% from $1,949.0 million |
| · | Net income attributable to Astrana of $22.5 million |
| · | Earnings per share ("EPS") - diluted of $0.46 |
| · | Adjusted EBITDA(2) of $205.4 million, up 21% from $170.4 million |
| · | Adjusted EPS - diluted(3) of $2.20 |
Financial Highlights for the Fourth Quarter 2025:
All comparisons are to the quarter ended December 31, 2024 unless otherwise stated.
| · | Total revenue of $950.5 million, up 43% from $665.2 million |
| · | Care Partners revenue of $892.5 million up 38% from $647.7 million |
| · | Net income attributable to Astrana of $6.0 million |
| · | EPS - diluted of $0.12 |
| · | Adjusted EBITDA(2) of $52.5 million, up 50% from $35.0 million |
| · | Adjusted EPS - diluted(3) of $0.54 |
| (1) | See reconciliation provided with the condensed consolidated statements of cash flow and "Use of Non-GAAP Financial Measures" below for additional information. |
| (2) | See "Reconciliation of Net Income (Loss) to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted" and "Use of Non-GAAP Financial Measures" below for additional information. |
| (3) | See "Reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin" and "Use of Non-GAAP Financial Measures" below for additional information. |
Update on Annual Report Filing
The Company will be filing a Form 12b-25 with the Securities and Exchange Commission to extend the deadline for its Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K") due to a material weakness in internal control over financial reporting, which is expected to relate to, but may not be limited to, the Company's acquisition and purchase accounting processes. This matter relates to the timing and documentation of certain control procedures and does not reflect any material misstatement of the Company's financial results, nor does it result in any restatements of historical periods. The Company currently expects to file the 2025 Form 10-K within the fifteen-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended, and is making targeted investments in our accounting organization to accelerate remediation.
Stock Repurchase Program
The Board of Directors has increased the maximum aggregate amount of shares of the Company's common stock that may be purchased under the Company's existing share repurchase program from $50 million to $100 million. Repurchases may be made through a variety of methods, which could include open market purchases, accelerated share repurchase transactions, negotiated block transactions, 10b5-1 plans, other transactions that may be structured through investment banking institutions or privately negotiated, or a combination of the foregoing. The amount and timing of future repurchases, if any, may vary depending on management's assessment of the intrinsic value of the Company's common stock, the market price of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, applicable legal requirements, the level of operating, financing and other investing activities, and other considerations. The repurchase authorization does not have an expiration date.
The Company is not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. During the three months ended December 31, 2025, 633,844 shares were repurchased under the Company's share repurchase plan. As of December 31, 2025, $35.9 million remained available under the repurchase plan. The Company may determine to continue to make repurchases under the program following the filing of the Form 10-K for the year ended December 31, 2025.
Segment Results for Year Ended December 31, 2025:
All comparisons are to the year ended December 31, 2024 unless otherwise stated.
| Year Ended December 31, 2025 | ||||||||||||||||||||||
| (in thousands) |
Care Partners |
Care Delivery |
Care Enablement |
Intersegment Elimination |
Corporate Costs |
Consolidated Total |
||||||||||||||||
| Total revenues | $ | 3,022,602 | $ | 250,742 | $ | 246,660 | $ | (338,235 | ) | $ | - | $ | 3,181,769 | |||||||||
| % change vs. prior year | 55 | % | 83 | % | 59 | % | ||||||||||||||||
| Cost of services | 2,615,578 | 203,895 | 148,629 | (127,863 | ) | - | 2,840,239 | |||||||||||||||
| General and administrative | 217,656 | 45,004 | 52,130 | (210,400 | ) | 112,866 | 217,256 | |||||||||||||||
| Depreciation and amortization | 34,401 | 3,858 | 6,185 | - | 1,305 | 45,749 | ||||||||||||||||
| Total expenses | 2,867,635 | 252,757 | 206,944 | (338,263 | ) | 114,171 | 3,103,244 | |||||||||||||||
| Income (loss) from operations | $ | 154,967 | $ | (2,015 | ) | $ | 39,716 | $ | 28 | (1) | $ | (114,171 | ) | $ | 78,525 | |||||||
| % change vs. prior year | 10 | % | * | 117 | % | |||||||||||||||||
(1) Income from operations for the intersegment elimination represents rental income from segments renting from other segments. Rental income is presented within other income which is not presented in the table.
* Percentage change of over 500%
2026 Guidance:
Astrana is providing the following guidance for total revenue and Adjusted EBITDA for the three months ending March 31, 2026 and the year ending December 31, 2026 based on the Company's existing business, current view of existing market conditions, and assumptions.
|
Three Months Ending March 31, 2026 |
Year Ending December 31, 2026 |
|||||||||||||||
| Guidance Range | Guidance Range | |||||||||||||||
| ($ in millions) | Low | High | Low | High | ||||||||||||
| Total revenue | $ | 900 | $ | 1,000 | $ | 3,800 | $ | 4,100 | ||||||||
| Adjusted EBITDA | $ | 60 | $ | 70 | $ | 250 | $ | 280 | ||||||||
See "Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA" and "Use of Non-GAAP Financial Measures" below for additional information. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. See "Forward-Looking Statements" below for additional information.
Conference Call and Webcast Information:
Astrana will host a conference call at 5:30 a.m. PT/8:30 a.m. ET today (Monday, March 2, 2026), during which management will discuss the results of the fourth quarter and year end December 31, 2025. To participate in the conference call, please use the following dial-in numbers about 5 minutes prior to the scheduled conference call time:
| U.S. & Canada (Toll-Free): | +1 (877) 858-9810 |
| International (Toll): | +1 (201) 689-8517 |
The conference call can also be accessed via webcast at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=CAALhYDU
An accompanying slide presentation will be available in PDF format on the "IR Calendar" page of the Company's website (https://ir.astranahealth.com/news-events/ir-calendar) after issuance of the earnings release and will be furnished as an exhibit to Astrana's current report on Form 8-K to be filed with the SEC, accessible at www.sec.gov.
Those who are unable to attend the live conference call may access the recording at the above webcast link, which will be made available shortly after the conclusion of the call.
Note About Consolidated Entities
The Company consolidates entities in which it has a controlling financial interest. The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50% of the voting rights, and variable interest entities ("VIEs") in which the Company is the primary beneficiary. Noncontrolling interests represent third party equity ownership interests in the Company's consolidated entities (including certain VIEs). The amount of net income attributable to noncontrolling interests is disclosed in the Company's consolidated statements of income.
About Astrana Health, Inc.
Astrana Health is a physician-centric, AI-powered healthcare company committed to delivering high-quality, patient-centered care. Built from the physician's perspective, Astrana combines its scalable care delivery infrastructure, proprietary technology platform, and aligned provider networks to enable proactive, preventive care at scale - improving patient outcomes, enhancing patient experiences, supporting provider well-being, and driving greater value across the healthcare system.
Today, Astrana supports more than 20,000 providers and over 1.6 million patients in value-based care arrangements through its affiliated provider networks, management services organization, and integrated care delivery clinics spanning primary, specialty, and ancillary care. Together, Astrana is building the healthcare system we all deserve - one that delivers better care, better experiences, and better outcomes for all. For more information, visit www.astranahealth.com.
Astrana Health Inc. published this content on March 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 02, 2026 at 12:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]