Reports total revenue of $965.1 million, up 56% year over year
Reports adjusted EBITDA(1) of $66.3 million, up 82% year over year and free cash flow(2) of $64.1 million, up 372% year over year
ALHAMBRA, Calif., May 7, 2026 /PRNewswire/ -- Astrana Health, Inc. ("Astrana," and together with its subsidiaries and affiliated entities, the "Company") (NASDAQ:ASTH), a physician-centric, technology-enabled healthcare company empowering providers to deliver accessible, high-quality, and high-value care to all, today announced its consolidated financial results for the first quarter ended March 31, 2026.
"We had a strong start to 2026, delivering disciplined growth, strong medical cost performance, continued operating leverage, and early performance from new full-risk contracts in line with our expectations," said Brandon Sim, President and Chief Executive Officer of Astrana Health. "In an increasingly dynamic healthcare environment, we believe advantage will accrue to organizations that can integrate care delivery, data, and financial accountability into a single operating system. Astrana has built exactly that: a proprietary healthcare operating platform that enables us to embed AI and workflow orchestration directly into clinical and operational workflows across the enterprise. Combined with our longitudinal patient relationships and data continuity, our infrastructure allows us to translate AI into durable clinical and economic value while continuing to improve patient outcomes, operating efficiency, and scalability. We believe Astrana is well positioned to continue widening that advantage over time."
Financial Highlights for First Quarter Ended March 31, 2026:
All comparisons are to the three months ended March 31, 2025 unless otherwise stated.
Total revenue of $965.1 million, up 56% from $620.4 million
Care Partners revenue of $909.7 million, up 51% from $601.0 million
Net income attributable to Astrana of $14.4 million, up 116% from $6.7 million
Earnings per share ("EPS") - diluted of $0.29, up 107% from $0.14
Adjusted EBITDA(1) of $66.3 million, up 82% from $36.4 million
Adjusted EPS - diluted(3) of $0.74, up 76% from $0.42
Net cash provided by operating activities of $68.1 million, up 309% from $16.6 million
Free cash flow(2) of $64.1 million, up 372% from $13.6 million
(1)
See "Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin" and "Use of Non-GAAP Financial Measures" below for additional information.
(2)
See reconciliation provided with the condensed consolidated statements of cash flow and "Use of Non-GAAP Financial Measures" below for additional information.
(3)
See "Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted" and "Use of Non-GAAP Financial Measures" below for additional information.
Recent Operating Highlights
Delivered on its commitment to convert key contracts to full-risk arrangements, with approximately 80% of Care Partners capitation revenue and approximately 40% of consolidated membership now in full-risk arrangements.
Launched Astrana's delegated full-risk model with a payer partner in Texas, expanding Medicare Advantage membership in the market to more than 14,000 members.
Continued deleveraging ahead of schedule, with net leverage declining to approximately 2.3x on a pro forma trailing twelve-month basis and to 2.2x based on the midpoint of the Company's full-year guidance.
Foothill Regional Medical Center ("FRMC") received Healthgrades' 2026 Patient Safety Excellence Award™ for the fourth consecutive year and was named among Healthgrades' America's 100 Best Hospitals for Joint Replacement in 2026. FRMC also received the Healthgrades Joint Replacement Excellence Award for the second consecutive year, reflecting continued strength in clinical quality and patient outcomes.
Segment Results for three months ended March 31, 2026:
All comparisons are to the three months ended March 31, 2025 unless otherwise stated.
Three Months Ended March 31, 2026
(in thousands)
CarePartners
CareDelivery
CareEnablement
IntersegmentElimination
CorporateCosts
ConsolidatedTotal
Total revenues
$
909,703
$
85,077
$
87,745
$
(117,425)
$
—
$
965,100
% change vs. prior year quarter
51
%
155
%
122
%
Cost of services
785,531
72,544
48,704
(47,423)
—
859,356
General and administrative expenses
72,546
14,374
17,259
(69,974)
27,532
61,737
Depreciation and amortization
12,170
1,122
1,629
—
558
15,479
Total expenses
870,247
88,040
67,592
(117,397)
28,090
936,572
Income (loss) from operations
$
39,456
$
(2,963)
$
20,153
$
(28)
(1)
$
(28,090)
$
28,528
% change vs. prior year quarter
(11)
%
(5)
%
470
%
(1)
Loss from operations for the intersegment elimination represents sublease income between segments. Sublease income is presented within other income, which is not presented in the table.
2026 Guidance:
Astrana is providing the following guidance for total revenue and Adjusted EBITDA for the quarter ending June 30, 2026 and reiterating guidance for the year ending December 31, 2026 based on the Company's existing business, current view of existing market conditions, and assumptions.
Three Months EndingJune 30, 2026
Year EndingDecember 31, 2026
Guidance Range
Guidance Range
($ in millions)
Low
High
Low
High
Total revenue
$
965
$
1,000
$
3,800
$
4,100
Adjusted EBITDA
$
65
$
70
$
250
$
280
Free cash flow
$
105
$
132.5
See "Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA," "Guidance Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow," 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 2:30 p.m. PT/5:30 p.m. ET today (Thursday, May 7, 2026), during which management will discuss the results of the first quarter ended March 31, 2026. 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=HHhCPjaF
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. Non-controlling interests represent third party equity ownership interests in the Company's consolidated entities (including certain VIEs). The amount of net income or loss attributable to non-controlling 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 approximately 1.55 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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company's guidance for the quarter ending June 30, 2026 and the year ending December 31, 2026, ability to meet operational goals, ability to meet expectations in deployment of care coordination and management capabilities, ability to decrease cost of care while improving quality and outcomes, ability to deliver sustainable revenue and EBITDA growth as well as long-term value, ability to respond to the changing environment, statements about the Company's liquidity, and successful completion and implementation of strategic growth plans, acquisition strategy, and merger integration efforts, as well as statements regarding the material weakness in internal control over financial reporting and the Company's ability to remediate such material weakness in a timely manner. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company's management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company's reports to the SEC, including, without limitation the risk factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent quarterly reports on Form 10-Q. Any forward-looking statements made by the Company in this release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
FOR MORE INFORMATION, PLEASE CONTACT:
Carolyne Sohn, Investor Relations[email protected]
ASTRANA HEALTH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
March 31,2026
December 31,2025
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
478,383
$
429,474
Receivables, net (including amounts from related parties)
467,395
374,465
Income taxes receivable
—
1,799
Other receivables
28,017
26,385
Prepaid expenses and other current assets
25,647
26,264
Loans receivable
4,658
4,926
Total current assets
1,004,100
863,313
Non-current assets
Property and equipment, net
59,546
57,332
Intangible assets, net
257,118
270,968
Goodwill
874,799
865,305
Income taxes receivable, net of current portion
26,220
26,220
Loans receivable, net of current portion
49,068
48,724
Investments in other entities, equity method
27,257
25,637
Operating lease right-of-use assets
33,933
35,738
Other assets
26,786
25,424
Total non-current assets
1,354,727
1,355,348
Total assets (1)
$
